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The Financial Situation
HE past week has been eventful. Just how
T
eventful the future alone will reveal conclusively. Certain elements in the current situation,

buyer in the bond market the purpose usually seemed
to be that of driving prices up to unprecedented
levels. At any rate, it had that effect. Dealers
which heretofore have been more or less suspended found it simple to make good and safe profits in
in solution as it were, have within the past week or distributing new Government issues. The whole
ten days become so well crystallized that the state situation began to take on a character closely akin to
of affairs in some of its aspects no longer appears that prevailing in the stock market in 1928 or 1929
amenable to the sort of evasive, opportunistic treat- when the news of the operation of a manipulative
ment it has been receiving at the hands of public pool was almost universally interpreted as indicating
officials. The highly volatile attitude of the Gov- the wisdom of buying the particular stock under
ernment on currency matters, its methods of raising manipulation. But such movements always do and alfunds, its profligate spending program, and its ways must come to an end. When this one ceased and
Janus-faced labor policy have received an unmis- Government intervention became a matter of preventtakable challenge. The time has certainly been ing the market from getting out of hand in its decline,
brought much nearer, if indeed it is not at hand, the situation naturally assumed a rather'different aswhen far reaching decisions
pect. When the Treasury
must be made in respect
overplayed its hand with
to such matters.
Asking the Farmers
its guaranteed bonds, and
those who subscribed for
"Mr. Young says the farmers won't stand
Refunding Operations
for certain things. It might be wise for him
them found themselves
to leave it to the farmers themselves," SecrePossible
faced with losses instead
tary of Agriculture Wallace said in reply to
T IS quite possible, and,
Owen D. Young's warning that farmers disof the anticipated profit,
liked being told what they could do with
according to those in
a
good deal of the unwartheir own.
close touch with the bond
ranted optimism about the
The statement was made in announcing
plans for balloting by individual farmers to
market, quite probable,
whole situation soon vanshow their desires in connection with a conthat the Treasury can by
ished. Now,assurances (if
tinuation of governmental control of agricultural production. The results will, he
further application of the
they are still given) that
added,"be up to the farmers."
methods it has been emit
is always safe to buy
The impression of course given in all this is
ploying find a solution of
that the question thus to be put to the
Government bonds since
farmers of the country is simply whether
a sort for its immediate
the Government itself will
they wish to be "regimented" or controlled
problems. Its hold upon
always "protect" the marin their operations.
Can any one doubt what the decision
the banks, its large cash
ket are received with wholewould be if such a question were really subbalances, the existence of
some skepticism.
mitted to the farmers of the country? But
a huge stabilization fund
of course they will not be asked to vote on
While sufficient time has
any such issue.
at the disposal of public
not
yet elapsed to demonWhat the Secretary will ask them to decide
officials,the continued willstrate results, it seems safe
—if decision is really left to their free choice
—is whether or not they feel that the price
ingness of many banks to
to predict that the foreign
that the Government is willing to pay is
take still more short term
exchange manipulations
adequate to recompense them for the liberty
that they will be called upon to surrender in
Government obligations
begun by the stabilization
return. An affirmative vote in these circumprovided the yield on them
fund on Wednesday last
stances obviously cannot be interpreted as
an indication that the farmers of the country
is more nearly adequate,
will soon lose any influence
desire to be regimented, or that they are
and the unscrupulousness
they may for the timeready to give up their rights to a fatherly
of the Treasuryin "rigging"
Government without charge.
being have upon the GovIn this case even liberty has its price, and
the bond market, all taken
bond market. Acernment
so far the Government has been willing to
together are believed in
cording to understanding,
pay that price.
most quarters sufficient to
it was to allay constantly
enable the Treasury to
recurring reports of further
succeed in dealing with the huge maturities with devaluation of the dollar in the near future that the
which it is now faced.
stabilization fund undertook to depress the French
But even such cash balances as those now carried franc in terms of the dollar, the theory being that
will not last a very great while at the rate the Govern- with more confidence in the dollar there would be
ment is now spending. It may be taken for granted greater willingness to buy Government obligations.
that from this time forward deficits will increase each The action thus taken, or rather the expected result
month for a good while to come. Within a relatively of the action thus taken, is apparently regarded by
short period of time the Treasury must ask for addi- Washington officials as likely to induce conviction
tional funds. In addition to the billion and three- on the part of the people at large that the Adminisquarters it must refund within the next month or a tration has become a determined advocate of sound
little more,it has only a little less than a billion dollars currency.
in obligations maturing in December. The more such
But will it have any such effect? Certainly there
facts as these are aired and contemplated, the less is little reason to suppose that it will. Indeed, it is
willing the banks of the country become to add further plain already that the financial community is in fact
to their already enormous holdings of Government even now convinced of nothing but that the Treasury
obligations.
is being hard pressed in connection with its forthManipulation Ineffective
coming financial operations, and is accordingly anxThe market no longer responds readily to manipu- ious to reassure investors as to its intentions in curlation. Formerly when the Government appeared as rency matters. As far as we are able to observe,

I




Financial Chronicle

1442

bankers and others in responsible places feel no more
assurance of the currency policies of the Government
than they did before. They have never really ex-.
pected further drastic tinkering with the currency
priorltolthe time when this Government offering was
welliout of the way. As to what may happen before
the winter is over, that in their minds is still another
and vastly differeht question. In short, no action
that the Government has taken in the foreign exchange market has caused,and no manipulative action
that itmay undertake in the future is likely to cause,
any growth in confidence in either the general domestic/situation or the policies of the Government.
Causes Deep-rooted

The causes of the situation just discussed are
too deep-rooted, and their nature has now become
too apparent, for such tactics to have much permanent influence. It may he true, as the Treasury apparently believes, that persistent distrust of its ideas
about the currency is an important factor in the
market for Government bonds. There are doubtless
a good many who,looking forward to what they term
inflation, are hesitant about buying high grade
bonds. The fact of the case is, however, that this
very uneasiness about inflation is not at present primanly the result of previous experiments with currency tinkering, but rather of the inability of careful students to see how the Treasury can under the
circumstances continue very much longer with its
gigantic spending program and be able at the same
time to finance itself by the sale of its obligations
in the ordinary way. Doubts on this score are of
course strengthened by the absence of any clear in.
dications of substantial and sustained improvement
in general business conditions, which naturally are
not helped by current labor disturbances. Anxiety
is also aggravated by the belief that the mere failure
of present programs to produce recovery adds constantly to the political strength of those groups who
see in currency tinkering a panacea for all manner
of ailments. The financial community moreover can
hardly be expected to have overlooked the fact that.
the President has never given any indication of
strong personal convictions in these matters.
All this plainly means that if the Administration
wishes to restore vitality to the market for Government obligations, it must turn its attention from
manipulation to the task of renovating its whole
program in a way far more fundamental than there
is any indication it has any intention of doing. The
logical, not to say inevitable, ultimate alternative is
resort to some one of the more obvious schemes of
printing money, probably accompanied if not preceded by a further sharp reduction in the value of
the dollar in the foreign exchange markets. Of course
such a course of action would not really solve any
of the pressing problems now faced by the Government at Washington. On the contrary, it would
only add, and add enormously, to the task of restoring normality in the business and financial world,
But considerations of this sort have not for a long
while past been controlling in official quarters, and
.,unfortunately do not seem certain to control in the
ear future.

\

Strike Conditions
with the strike which has been
ION
TN CONNECT
industries, some extraorthe
textile
in
1 spreading
have developed. Reconditions
disturbing
and
dinary
ports from the several centers on Monday and Tues


Sept. 8 1934

day could hardly have left much doubt that the
strike was not popular among the workers involved. A relatively small percentage of the
cotton textile workers, perhaps thirty per cent. in
all, responded to the call, and a good many of
these refrained from work only under pressure. The
situation was not much different in the silk
industry, while only about one out of ten woolen
and worsted workers responded. Yet these cornparatively small minorities, not represented at all
in many mills, have succeeded in forcibly closing
many mills where the workers showed no desire to
strike, by "motorizing" themselves after the fashion
of the military establishment.
Some of the press accounts of these forays are
startling in their menace to orderly government. We
read of strikers from one town appearing by the hundreds heavily armed at the gates of mills in other
villages many miles away and by force closing the
entrances and turning back both workers and owne
ers. Evidently the minorities who are voluntarily
taking part in the strike have taken the hints of their
leaders, whose utterances have certainly been such
as to incite to riot, but who later have loudly condemned public officials who have not enforced law
and order. Some men have been killed and many
have been wounded. Yet in these circumstances some
labor leaders had the audacity to declare that the
grievances would not be submitted to a governmentally appointed board until such time as they
had succeeded in closing every mill in the country.
Government dealings with labor questions during
the past few weeks have been both disappointing
and disturbing. The decision of the National
Labor Relations Board in the Heade Engineering
case not only is in direct conflict with the policy laid
down by the President himself in his settlement of the
automobile industry case last spring, but in vesting
in labor majorities all bargaining rights for all workers leaves labor minorities with virtually no rights
worthy of the name. It can hardly be considered
as anything short of an abject surrender to the demands of the American Federation of Labor. To
what extent the Government will find itself, through
its relief policy, in the position of virtually encouraging the strike if the strike continues is not clear, notwithstanding the statement of the Relief Administration that nothing like financial support was
intended.
But despite all this, we are not inclined to find
much discouragement in recent developments. We
feel confident that sooner or later facts such as
these will bring the rank and file of the people
sharply to their senses, and we doubt whether this
highly essential achievement can be reached in any
other way. If we must suffer in this manner to learn,
and unfortunately that seems necessary, it is better
that we do so now rather than later when the damage
would be still greater. Then too it must not be forgotten that elections are in the offing at which the
people of the country presumably will give expres'6n to their feelings about what is going on now.
he paramount duty at present is that of making the
true inwardness of current developments plain to
as large a part of the general public as possible.
The difficulties the Treasury is experiencing with
its forthcoming borrowing operations and the unexpected threatening turn that the textile strike
has taken, would in our judgment be worth all their
cost if only there were any clear evidence that they

Financial Chronicle

Volume 139

had caused the scales to fall from the eyes of the
officials at Washington. Unhappily, the evidence
points in the other direction. Other news of the
week is equally disheartening. On Monday a weeklong conference is scheduled to begin at Washington
which will be attended by national bank examiners
representing all parts of the country, all twelve Federal Reserve Agents, delegates from the Treasury
Department and the Reconstruction Finance Corporation, and whose purpose is reliably said to be
that of bringing concerted pressure to bear upon the
banks of the country to be more lenient in making
loans. This continuous nagging of banks, often already in precarious condition, to extend loans secured largely by faith in the New Deal is one of
those incongruous policies of a Government that
never tires of condemning these same banks for just
such policies in the mad twenties. Meanwhile, the
Government is apparently searching heaven and
earth for new ways to spend more money.
Senator Borah Warns Labor
QENATOR BORAH continues to earn the gratitude of all thoughtful men and women with his
denunciations of the destruction of liberty under
the New Deal. His words at Pocatello, Idaho, on
Labor Day ought to be prayerfully pondered by every
wage-earner in the country.
"No one," said he in part, "knows better than
labor that, where constitutional government has
been broken down, supplanted by the totalitarian or
bureaucratic State, labor has immediately been
robbed of its rights, its freedom of action, and forced
down to the level of economic slavery.
"No one knows better than labor that in all these
schemes of absolute government, of arbitrary power,
such as Fascism, Nazism, or Communism, the soul
of labor has been tortured, murdered, and that only
enslaved, brute force remains—that back of all
arbitrary governments are hunger and peonage for
the average man and woman....
"There is no exception to the rule, and never has
been, and, if we are to judge the future by the past,
never will be, that when constitutional government
has been destroyed and liberty has been denied or
forfeited, labor becomes the victim of ambition on
the one hand and the prey of greed on the other."

Twisting Truth
X-PRESIDENT HOOVER several times during
the past week must have been reminded of Kipling's line about twisting truth to make a trap for
fools. Among those who have taken advantage of
the opportunity to make unwarranted observations
concerning his article recently appearing in the
"Saturday Evening Post" none, it seems to us, has
greater cause to be ashamed than Secretary of the
Interior Ickes. "The Government has not regimented anyone," he is reported to have said to the
press on Monday,"but industry has. Go into one of
these big factories and see whether they regiment
you or not. You have to punch a lever all day long.
What Mayor LaGuardia said yesterday in Chicago
about a man in a coal mine taking a number and
losing his name was well said. The whole theory of
greater output is regimentation."
One would suppose from these words that there
was some way in which the employer could oblige
an individual to accept employment with him, and
that there were no zealous labor unions in existence.

E




1443

Of course, everyone knows that efficient production
under modern conditions requires carefully organized collective labor if not bargaining. But to offset
whatever disadvantages there may be inherent in
this fact are the greater productivity and larger
opportunity to enjoy the good things of life resulting from the process. The regimentation against
which ex-President Hoover and many others are complaining is that which proceeds from the Government
and destroys rather than promotes not only individual liberty but also productive efficiency which
is the basis of physical well being.
The Federal Reserve Bank Statement
ISTINCT changes in credit and currency tendencies are reflected in the condition statement of
the Federal Reserve banks which was made available Thursday. The deposits of member banks with
the system declined sharply; gold certificate holdings
of the Reserve banks also dropped, while currency in
circulation advanced. These changes are due to a
commingling of such factors as the silver nationalization program and its effects on foreign exchanges, the
holiday demand for currency and a Treasury decision
to build up its balances at the Reserve banks by use
of war loan deposits with member banks. Chief
importance attaches to a decline of gold certificates
to $4,960,078,000 on Sept. 5 from $4,979,482,000 on
Aug. 29, the recession of $19,404,000 resulting from
gold shipments to Europe which, in turn, were
stimulated directly by the silver program. Under
normal circumstances this loss might be considered a
good thing, but the fact that it was stimulated by our
dubious silver nationalization scheme places a
different face on the matter. As it is, the loss reflects
a quite understandable lack of faith in a monetary
policy that the Administration persists in following
despite all indications that it not only fails to produce
the business recovery anticipated, but acts as a
deterrent to business enterprise and thus deepens the
depression.
Holiday influences prevent a clear picture of the
underlying currency trend. Silver certificates are
pouring from the presses in large volume under the
nationalization scheme, and if other influences were
lacking this would result in a reduction of Federal
Reserve notes in circulation. Actually, however,
Federal Reserve note circulation increased to $3,149,659,000 on Sept. 5 from $3,103,289,000 on Aug. 29.
It is quite possible that the increase was occasioned
entirely by holiday demands for currency, but the
failure of this type of currency to decline previously
while silver certificates moved into circulation leads
to the surmise that currency hoarding also is contributing to the trend. Federal Reserve bank note
circulation dipped slightly to $31,432,000 from $31,933,000. The deposits of member banks on reserve
account with the system declined to $3,907,169,000
on Sept. 5 from $4,126,973,000 on Aug. 29, but this
change is compensated in good part by an increase in
deposits of the Treasury on general account to $162,988,000 from $29,936,000. Total deposits were off
to $4,273,047,000 from $4,360,833,000. Due to a
decline of "other cash," total reserves of the system
fell to $5,193,080,000 on Sept. 5 from $5,239,692,000
on Aug. 29. The decline in reserves was accompanied
by the fall in deposits, but since circulation increased,
the ratio of total reserves to deposit and Federal
Reserve note liabilities combinedislecreased slightly
to 70% from 70.2%.

D

1444

Financial Chronicle

Other changes in the condition statement were
not especially important. Discounts of the system
increased moderately to $23,637,000 on Sept. 5 from
$21,007,000 on Aug. 29. Open market bill holdings
were virtually unchanged at $5,219,000. Total
holdings of United States Government securities
showed no perceptible change at $2,431,809,000, but
an increase in the holdings of Treasury notes, which
was compensated by a decline in certificate and bill
holdings, appears to reflect preparation for coming
Treasury financing. The item of industrial advances
by the system, which now has become a regular
feature of the weekly reports, shows a further small
increase to $922,000 on Sept. 5 from $810,000 on
Aug. 29, while commitments to make such advances
increased to $491,000 from $357,000.
Business Failures
USINESS failures in August were slightly more
numerous than those in July. There were only
17 more failures in the latest report. With the exception of July, however, the number was below that
for any preceding month, back to September 1920.
The records of Dun & Bradstreet show that, for the
month just closed, there were 929 business defaults
in the United States, with total liabilities of $18,459,903. These figures compare with 912 failures in
July, involving a total of indebtedness amounting
to $19,325,517 and 1,472 similar defaults in August
1933, for which the liabilities were $42,776,049.
There has been a decline in the number of business
failures and in the amount of indebtedness shown in
almost every month this year. The reduction in the
number, however, was about seasonal. There is
usually a decline from January to August or September in almost every year in the record of failures.
In 1933 this reduction was very marked, considerably
above that shown in most other years. The Insolvency Index compiled by the above-mentioned
firm, possibly illustrates this feature of the monthly
failure record, as to the number of defaults, very
effectively.
Failures in January are generally more numerous
than in any other month. This year the Insolvency
Index for that month stood at 82.5. The last
mentioned figure indicates that there were about 82
business defaults in January 1934 for each 10,000
business concerns in the United States. The August
Insolvency Index was. 54.3, the lowest for any month
since September 1920. It was even lower than July,
which stood at 56.9, that month, on account of the
Independence Day holiday, having one less business
day than August. The reduction from January
to August this year was 28.2 points, equivalent to
34.2%. The Insolvency Index for August 1933 was
86.7 and the latter figure was 92.7 points below the
January Index of that year, a reduction of 51.7%.
The large decline in 1933 is readily explained by
conditions prevailing then. The January 1933
Insolvency Index at 179.4 was close to the high
record of 201.8 for January 1932. The five-year
average Index, covering the five-year 1925-29 period
for January was 139.5 and the August Index for the
same period 90.9, a reduction of 34.8%,substantially
the same as this year.
Each section of the United States contributed to the
reduction in failures in August this year, in comparison with that month last year. Separating the
report by Federal Reserve Districts, there were
several sections in which the number of business

B




Sept. 8 1934

defaults was less than one-half those reported in
August 1933. These include the Philadelphia District, Atlanta, Dallas and Minneapolis districts.
Large reductions are also shown by the Boston, Richmond, Cleveland, St. Louis, Kansas City and San
Francisco districts. For the New York District,
where more than one-third of all failures in the
United States occurred last month, the reduction
was less than 3%. By classes of business, failures
last month in trading lines numbered 597 for $7,569,397 of indebtedness; 236 for manufacturing concerns
involving a total of $7,489,195, and 95 in the third
class, chiefly agents and brokers, owing $3,401,311.
In August of last year there were 1,001 defaults
among traders for $18,217,330; 357 in manufacturing
lines owing $15,192,247, and 114 in the third division
for which the liabilities amounted to $9,366,472.
The New York Stock Market
RICE tendencies were decidedly irregular this
week in the New York stock market. The
week was short, owing to the Labor Day suspension
on Monday, and business in equities was on a very
small scale. As in the preceding week, tendencies
in the share market were overshadowed by serious
declines in United States Government securities and
the general uncertainty occasioned by the monetary
policy of the Administration. • On the New York
Stock Exchange trading for the week was started on
Tuesday, in a pessimistic atmosphere. Small declines were common, and total turnover was only
309,830 shares. The recession in quotations followed six previous daily declines. The trend was
reversed on Wednesday, however, with stocks of the
metal companies, railways and leading industrial
concerns in mild demand. Trading did not increase
markedly in volume, and the upward movement was
generally held to be without special significance.
On Thursday the market was unsettled by a severe
break in United States Smelting shares, which declined more than 14 points. Some rumors were circulated to the effect that a sound money pronounce• ment might be made by the Administration, and
such comments apparently increased the pressure on
the issue. Other metal stocks also were weak, while
the general market trend likewise was toward lower
levels, although trading remained dull. Recessions
again were the rule yesterday, with metal stocks and
others about equally affected, and dulness still prevalent. Announcement was made Thursday that
arrangements had been completed for sale of a
Stock Exchange seat at $90,000, off $5,000 from the
last previous sale, on Aug. 20.
The official market for United States Government
securities was highly active on all trading days of
the week, although dealings were small in the counter market, where most of the transactions usually
take place. Large fractional declines were recorded
in these securities Tuesday and Wednesday, with
the guaranteed obligations of the Federal Farm
Mortgage and Home Owners' Loan Corporations
weaker than others. The Comptroller of the Currency advised banks early Thursday that the guaranteed bonds could be lumped with direct Treasury
issues in condition statements, and some inquiry
for the guaranteed bonds developed on this notice.
Advances were scored both in direct and guaranteed
bonds Thursday, and the movement was continued
in the guaranteed issues yesterday, although direct
obligations again turned downward. These move-

P

Volume 139

Financial Chronicle

ments were especially significant in view of the
impending refunding announcement applicable to
$1,725,000,000 certificates of indebtedness due
Sept. 15 and called Fourth Liberty bonds payable
Oct. 15. Other departments of the bond market were
soft throughout the week, partly because of the declines in Treasury issues and partly because of
weakness in stocks. The foreign exchange markets
steadied and ceased to be an immediate influence
in the share market. Price tendencies in the commodity markets were moderately uncertain. Business indices again failed to furnish satisfactory evidence of any upturn in the autumn, and the concern
over this feature of the situation doubtless contributed to the weakness of stocks. Steel-making
operations for the week beginning Sept. 4 were estimated at 18.4% of capacity by the American Iron
and Steel Institute, against 19.1% last week, the
recession being attributed in most circles to the
holiday. Electric power production in the United
States for the week to Sept. 1 was 1,626,881,000 kilowatt hours, according to the Edison Electric Institute, against 1,648,107,000 kilowatt, hours in the
preceding week. Car loadings of revenue freight for
the week to Sept. 1, as reported by the American
Railway Association, were 645,780 cars, an increase
of 40,264 cars, or 6.6%, over the preceding week.
As indicating the course of the commodity markets, the September option for wheat in Chicago
closed yesterday at 106/
8c. the
1
2c. as against 1021/
close on Friday of last week. September corn at
Chicago closed yesterday at 791
/
4c. as against 78%c.
the close on Friday of last week. September oats
at Chicago closed yesterday at 541/
8c. as against
4c. the close on Friday of last week. The spot
511/
price for cotton here in New York closed yesterday
at 13.35c. as against 13.35c. the close on Friday of
last week. The spot price for rubber yesterday was
15.75c. as against 15.69c. the close on Friday of last
week. Domestic copper closed yesterday at 9c., the
same as on Friday of previous weeks.
In London, the price of bar silver yesterday was
21 13/16 pence per ounce as against 217
/8 pence per
ounce on Friday of last week. In the matter of
the foreign exchanges, cable transfers on London
closed yesterday at $5401/
8 as against $4.99/
1
2 the
close on Friday of last week, while cable transfers
on Paris closed yesterday at 6.68c. as against
6.69/
1
2c. on Friday of last week.
On the New York Stock Exchange 16 stocks
reached new high levels for the year, while 17
stocks touched new low levels. On the New York
Curb Exchange 13 stocks touched new high levels,
while 24 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 113,060
shares; Monday was Labor Day and a holiday; on
Tuesday, 309,830 shares; on Wednesday, 476,030
shares; on Thursday, 603,330 shares, and on Friday,
689,680 shares. On the New York Curb Exchange
the sales last Saturday were 51,990 shares; on Tuesday, 78,285 shares; on Wednesday, 102,475 shares;
on Thursday, 110,711 shares, and on Friday, 114,845
shares.
The stock market this week was lacking in activity
and somewhat irregular, with the price level of
equities closing moderately lower on Thursday and
Friday. General Electric closed yesterday at 181/
4




1445

as against 19 on Friday of last week; Consolidated
Gas of N. Y. at 27 against 28; Columbia Gas & Elec.
/
at 9 against 9%; Public Service of N. J. at 305
Threshing
Machine
at
39
Case
against 32½; J. I.
/8 against
against 41; International Harvester at 257
/
4 against 37%;
273/
4; Sears, Roebuck & Co. at 363
8 against 24/
1
4;WoolMontgomery Ward & Co. at 241/
4 against 48%; American Tel. & Tel. at
worth at 471/
8, and American Can at 97
1131/
4 against 1111/
against 98.
1
2
Allied Chemical & Dye closed yesterday at 127/
2 bid on Friday of last week; E. I. du
against 1291/
Pont de Nemours at 88 against 90; National Cash
4; International
/8 against 141/
Register A at 137
Dairy ProdNational
251
/
4;
against
1
2
Nickel at 24/
1
2
Sulphur
at 34/
Gulf
Texas
against
17;
ucts at 16%
/
4;
8 against 323
against 34½; National Biscuit at 321/
/
4 against 81; Eastman KoContinental Can at 803
4
dak at 99 against 993/4; Standard Brands at 191/
4
against 19½; Westinghouse Elec. & Mfg. at 321/
against 33½; Columbian Carbon at 651/8 against
/8 against 177/8; United States
67; Lorillard at 177
4; Canada
8 against 401/
Industrial Alcotol at 373/
Dry at 15% against 16; Schenley Distillers at 20%
against 211/2, and National Distillers at 19%
against 207
/8.
The steel stocks closed lower than on Friday a
week ago. United States Steel closed yesterday at
/
8 on Friday of last week; Bethlehem
33 against 337
/8
Steel at 28% against 29½; Republic Steel at 127
/8
against 13/
3
4, and Youngstown Sheet & Tube at 157
against 17. In the motor group, Auburn Auto closed
yesterday at 22% against 23% on Friday of last
week; General Motors at 28% against 29%; Chrys1
2
ler at 32% against 33, and Hupp Motors at 2/
against 2/
1
2. In the rubber group, Goodyear Tire &
/8 on
1
2 against 227
Rubber closed yesterday at 20/
against
/
8
Goodrich
at
101
Friday of last week; B. F.
8.
1
2against 163/
10%,and United States Rubber at 15/
declines
for
the
show
again
shares
The railroad
/
4
week. Pennsylvania RR. closed yesterday at 223
against 24 on Friday of last week; Atchison Topeka
/8; New York Central
1
2against 507
& Santa Fe at 49/
3
4 against
1
2against 21%; Union Pacific at 96/
at 21/
99; Southern Pacific at 17% against 18; Southern
4, and Northern Pacific
Railway at 16 against 161/
. Among the oil stocks, Standat 171/
8 against 18/
1
2
1
4
ard Oil of N. J. closed yesterday at 44 against 44/
/8
on Friday of last week; Shell Union Oil at 67
3
4 against
against 67
/8, and Atlantic Refining at 24/
25. In the copper group, Anaconda Copper closed
4 on Friday of last
yesterday at 117
/
8 against 121/
at
18/
1
2 against 19%;
week; Kennecott Copper
1
2 against 38,
American Smelting & Refining at 34/
and Phelps Dodge at 15 against 16.
European Stock Markets
RICE movements were uncertain this week in
dull trading on all securities markets in the
leading European financial centers. There was very
little aetivity on the London Stock Exchange, but
a fairly firm tone was maintained in that market.
The Paris Bourse and the Berlin Boerse were
exceedingly quiet, with recessions in quotations
somewhat more pronounced than advances. The
international currency scare of last week began to
diminish, largely as a consequence of the steadiness
of sterling exchange at a level corresponding to $5,
but it was realized keenly that present governmental
policies will result in continued unsettlement on this

P

1446

Financial Chronicle

point and there was no tendency to increase commitments. In France the debate as to further devaluation of the franc was carried on, despite assurances
by the French Government that the budget will be
balanced. With the leading gold currency subject
to domestic attacks of this nature, no great confidence was felt in other European capital centers
regarding monetary stability. Trade reports from
the foremost industrial countries of Europe are not
conclusive as to the trend, but the number of workers employed in British and German industrial
plants seems still to be on the increase.
Business on the London Stock Exchange was very
quiet in the initial session of the week, with the trend
of prices slightly irregular. British funds showed
fractional losses, despite recovery of the pound sterling in foreign exchange markets. South African
gold mining shares were soft, while domestic industrial securities showed minor changes in both directions. Anglo-American trading favorites declined
because of the discouraging strike news from the
United States. In Tuesday's session demand for
British funds improved a little and modest gains
were registered. Changes in the industrial section
were unimportant, but the African gold mining
securities declined sharply as the advance in sterling
exchange caused a lowering of the gold price in London. The international list remained soft, with
Anglo-American issues the weakest section. The
tone was better in most sections of the market on
Wednesday, but dealings still were on a restricted
scale. British funds continued their advance and
most industrial issues also were firm. Buying orders
from South Africa improved the quotations for gold
mining issues, and international securities also had
a farm tone. In another quiet session on Thursday,
further advances were scored in British funds and
some issues reached new high levels. Small and irregular movements were reported in industrial
stocks, gold mining issues and international securities. British funds again improved yesterday, but
industrial stocks were uncertain, while international securities declined.
Prices on the Paris Bourse drifted slowly downward as trading was resumed for the week on Monday. Changes were important only in a few issues,
but the downward trend affected all groups of
securities. German bonds were weaker than others,
owing to the pessimistic pronouncements made last
week by Dr. Hjalmar Schacht. The trend was reversed Tuesday, but turnover was small. Rentes
made a good showing, while more modest advances
appeared in French bank, utility and industrial
stocks. International securities were unchanged.
An irregular tone developed on Wednesday, with
dealings exceedingly small. Many issues were traded
only once throughout the session. Rentes were lower
at first, but a final recovery brought most quotations to figures slightly above the previous close.
Chief movements among prominent French industrial issues were toward lower levels, while changes
in the international section were inconsequential.
The upswing in rentes was continued Thursday, but
French bank and industrial stocks were mostly
lower in the quiet dealings. International securities
improved slightly, owing to more favorable reports
from New York. Small declines were recorded on
the Bourse in a dull session yesterday.
The Berlin Boerse was fairly active in the first
session of the week, with stocks in demand because




Sept. 8 1934

of promises of lower taxation by the German Government. All groups of issues were affected and
many prominent issues closed with gains of a point
or two. Utility stocks fared better than others,
while heavy industrial issues also were in good demand. Activity diminished on Tuesday, and the
tone turned irregular as profit-taking developed.
Slight losses were recorded in most issues, but there
were also a few small gains. There were no changes
of importance among the fixed-interest securities.
Uncertain movements again prevailed on Wednesday, with most issues closing a little lower, although
a few gains again were recorded. The session was
rather active, indicating a larger public participation than has been common on the Boerse recently.
In a quieter session on Thursday, prices moved
lower quite generally. The recessions were mostly
fractional, while bonds remained quiet and unchanged. Movements were irregular on the Boerse
yesterday, but most issues improved.
Trade Treaties
rrHE State Department in Washington, vastly
encouraged by the excellent public reception
of the reciprocal trade treaty with Cuba, hastened
to make arrangements this week for the conclusion
of a number of additional pacts of the same general
nature with countries in South America and Europe.
Terms of the treaty with Cuba are, indeed, highly
favorable to both countries, but it was admitted even
by the State Department that the close and special
political ties were an important favorable factor in
the negotiations. Whether equally favorable arrangements can be made with other countries is
doubtful. In only a few instances are there special
commodities such as sugar on which tariff concessions could be made by the United States in return
for concessions on our manufactures and foodstuffs,
and even where such possibilities exist the question
of our extensive most-favored-nation treaties will
come up. Our commercial relations with Cuba are
exempted from the provisions of most-favored-nation
treaties with other States. These comments are made
only to point out the difficulty of achieving important results elsewhere. Any arrangements that
actually increase the international exchange of
goods and services are a matter for gratification.
In accordance with the requirement for preliminary hearings on any reciprocal treaties to be concluded with other countries, the State Department
issued a series of announcements of such hearings.
The hearings, held by the Committee on Tariff Information, provide opportunities for statements by
American concerns that might be affected by tariff
changes. It was announced late last week that preliminary hearings will be held in connection with
proposed Brazilian and Haitian treaties next month.
The hearing on Haiti will take place Oct. 15 and that
on Brazil on Oct. 22. "Exploratory studies relating
to trade agreements with a number of other countries are well advanced," a State Department announcement said. Continuing its series of announcements, the State Department indicated on Tuesday
that hearings will be held Oct. 29 in connection with
a proposed trade treaty with Belgium. This action
proved surprising, as it had previously been assumed
that the Administration would not extend these arrangements to countries that are in default on their
indebtedness to the United States Government. On
Thursday it was indicated that hearings will be held

Volume 139

Financial Chronicle

Oct. 15 in connection with a Colombian treaty. It
may well be that the Colombian pact will be the
next to be completed, since a trade treaty with that
country actually was negotiated before Congress
granted the President powers to effect special tariff
arrangements. Signature of the pact with Colombia
was held up when the bargaining powers were voted,
and some changes probably are now contemplated.
"German External Debts
TER his three thunderous attacks on Germany's
long-term external indebtedness and his suggestion for an indefinite moratorium, nothing further has been said by Dr. Hjalmar Schacht, the
German economic dictator, regarding these loans.
His statements were examined with care in all capital markets and it was agreed everywhere that the
creditors would never consent to the vague moratorium demanded by Dr. Schacht. In Washington
it was suggested that the comments are part of a
developing situation, on which more would be said.
It seems obvious that the moratorium could not be
achieved by agreement,-but only by unilateral German action. A Berlin dispatch to the New York
"Times" predicts that Germany will not attempt a
general repudiation of long-term debts, as the moratorium declaration of last June had to be amended
when clearing arrangements were enforced by a
number of creditor countries.
Although Dr. Schacht stated in one of his addresses that such clearing arrangements will not
really prove effective, a further agreement on the
same lines was completed last Saturday between Germany and Holland. It applies, apparently, to all
German long-term debts to Dutch nationals. An
announcement by the Netherlands Government indicates that the German authorities have undertaken
to transfer interest at the general rate of 4/
1
2%,in
return for increased imports of German products by
Holland. If transfers effected exceed the 41/
2% interest requirement, any excess will be applied on the
principal of bonds. Dutch holders of German
equities on which dividends exceed 4/
1
2% will receive
in their own currency funds up to the 4/
1
2% level,
and in addition half the difference between the maximum transfer amount and the higher interest level.
An instructive indication of the degree of economic
regimentation now current in Germany was furnished Thursday, when a decree was issued prohibiting the establishment of new banks or other credit
institutions until Dec. 31, 1936.

N

Russia and the League
USSIAN entry into the League of Nations doubtless will be the principal business before the
Council of the League of Nations and the general
Assembly of that body in current and prospective
meetings. The Council began its deliberations at
Geneva yesterday, and its sessions will run concurrently with those of the Assembly, which gathers
next Monday for its annual meeting. There is little
doubt regarding the unanimously favorable vote for
Russian entry which is necessary, since the British,
French and Italian Governments have made careful
preparation during recent weeks through their diplomade representatives in all member-States. Russian
acceptance of the invitation also is assured, notwithstanding the uncomplimentary things said by Soviet
authorities in the past about the League. The entire
arrangement appears to be little more than an off-

R




1447

shoot of the diplomatic planning and scheming induced by recent political changes. France and Russia clearly have established a new rapprochement
since the Nazis gained power in Germany. The Russian idea of the Eastern Locarno pact was adopted
and promulgated by France, which insisted, however, that it must be consummated within the League
of Nations. French insistence on this point is generally attributed to a desire to strengthen the League
organization and restore some of the prestige lost
when Germany and Japan withdrew. Russia, sincerely anxious for a pact that would guarantee her
frontiers and make it an international offense to
foment uprisings in the Ukraine, is perfectly ready
to join the League if she can obtain the pact by that
means.
Some delicate questions naturally will be posed
by Russian entry into the League, and preparations
to meet them already are reflected in a number of
European reports. It is held likely that Russia will
want a permanent seat on the League Council, but
whether this will prove acceptable to some of the
smaller nations seems doubtful. The British Government recently has given evidence of a strengthening of its traditional friendship with Japan, and in
view of the strained relations between Japan and
Russia, British advocacy of Russian entry into the
League may seem somewhat offensive to Tokio. This
would prove especially true if, as some reports suggest, Russia bring; up before the Geneva body the
entire question of Russo-Japanese relations. Authoritative British circles are reported, however, as insisting that Russia's joining the League has nothing
whatever to do with the Far Eastern situation. The
Eastern Locarno proposal, according to British
views, was the alternative to an outright alliance
between Russia and France, and the entire issue
arose "as a result of the uneasiness caused by developments in Germany."
The Eastern Locarno pact, as originally proposed,
calls for the adherence of Germany and Poland, as
well as Russia, Czechoslovakia and the Baltic
States in the regional arrangement for mutual guarantees and assistance. Germany has been frankly
antagonistic and has gained an apparent supporter
in this matter in Poland. The position of the Warsaw Government has,in fact, been somewhat anomalous, since it formerly adhered to French policy
rather closely. Since the ten-year pact of peace was
concluded between Germany and Poland, the latter
country has seemed more amenable to German than
to French influence. It was reported late last week
that France was considering another large loan to
Poland and it may be surmised that such a loan
would stimulate Polish interest in the Eastern Locarno pact. But the Polish press engaged this week
in scathing attacks on French policy, which indicates
that negotiations for the loan are not making much
progress. From Washington came news last Sunday
that the three Baltic States of Estonia, Latvia and
Lithuania have concluded a pact of their own for coordination of their foreign policies. In Warsaw this
was regarded as a defeat for the Polish Government,
which prefers to keep the Baltic States divided, and
it may well be that the incident will stiffen Polish
resistance to the Eastern Locarno proposal. It is
generally accepted, on the other hand, that Russia
would not enter the League unless assured in advance of the conclusion of the regional pact. Quite
possibly the answer to this tangle of interests and

1448

Financial Chronicle

relationships will be found in modification of the
Eastern Locarno proposal that will make it acceptable to Germany and Poland.
Saar Election Campaign
THERE is already ample evidence that the Saar
1 election campaign which started recently may
well increase the international acerbity that has
been so pronounced on the European continent of
late. Chancellor Hitler set the campaign in full
swing ten days ago with his appeal for a return of
the rich mining area to Germany in the balloting
of next January. The other alternatives upon which
the Saarlanders will vote are unification with France
or continued control by the League of Nations. Since
the inhabitants are 98% German it is conceded that
return to the Reich is by far the most likely result
of the voting. But international incidents already
are developing and it is earnestly to be hoped that
they will not further endanger the precarious peace
now existing in Europe. The League of Nations made
public, last Saturday, charges by the Saar Governing Commission that 16,000 German residents of
the area are receiving military training in Germany
preparatory to the plebiscite. Documents are available, it was alleged, to show that the German Front
Organization in the Saar is maintaining constant
relations with authorities of the Reich. The incident
was cited to support the Saar Governing Commission's request that the League recruit 2,000 German
speaking persons from among League member States
to act as a police force while the plebiscite is held.
The request was transmitted to the member States,
Monday, with a suggestion by the Council President
for favorable consideration.
The interest of the French Government in the
situation was reflected, Tuesday, by publication in
Paris of a memorandum to the League setting forth
the French views on all aspects of the plebiscite,
whatever the results. In a dispatch to the New York
"Times" it was remarked that the memorandum was
obviously addressed in large part to the Saar voters,
who were promised complete equality before the
law and all civil and political rights if they should
vote for adherence to France. This result is not
anticipated, and close attention was paid, accordingly, to juristic problems that would arise if continued control by the League should be the choice of
the Saar inhabitants. There is no present provision
for ultimate adjustment of the question of sovereignty in this event, and it is suggested that the
League now define a further procedure for adjustment some years hence in the interest of the territory and the general interest. This aspect of the
problem will be developed in subsequent communications, the French memorandum promises. In the
meantime, the Saarlanders are assured by France
that the mines which are now under French control
will be returned to them on favorable terms if they
vote for continued League government. But if the
decision calls for return to Germany, then France
in no event will give up its claims to exploitation
of the mines until satisfactory repurchase arrangements by Germany are effected and full payment
is made. There is obvious danger in German sovereignty while France exploits the mines, and it is
suggested that the League fix the manner and
amount of Germany's payment before the plebiscite.
The question of the redemption of the French francs
now circulating in the area also is considered, and



Sept. 8 1934

it is suggested that they could be applied to transfer
of service on German debts to French nationals.
British Dole
XPERIENCES of foreign governments with
unemployment insurance schemes are especially
instructive at this time, since some Washington
officials hold similar measures necessary for the
United States, while doles in one form or another
already are a reality throughout this country. The
British Government introduced, on Monday, an extension of its costly scheme of'unemployment benefits, under a new act passed at the instance of the
present National Government. The unemployment
insurance was made applicable to juveniles between
the British school-leaving age of 14 and the age
of 16 which heretofore has been the lower limit of
its applicability. In a London dispatch to the New
York "Times" it is remarked that a total of approximately 700,000 boys and girls are potentially eligible
for payments. Some thousands promptly took advantage of this new provision, as the official unemployment figures on Monday reflected an increase
in the total even though there was an actual increase
in employment during August. The number of the
jobless increased 10,318 to 2,136,578, this gain resulting from the addition of 31,088 juveniles to the
roster, while the number of adult unemployed decreased by 20,770. Actual benefits paid to such
juvenile additions to the dole recipients will be only
two shillings weekly, and it is held likely that the
new law will be more fruitful in regulations and
statistics for facilitating Government control than
in pecuniary benefits for the young jobless. The
premium for each insured boy or girl is six pence
weekly, but under the system for contributions also
by the State and the employers it is estimated that
the national exchequer will be called upon to pay
a further $1,275,000 annually into the fund.

E

German Nazi Congress
PPROXIMATELY 500,000 members of the German National-Socialist party gathered in the
ancient city of Nuremberg, Tuesday, for their
annual conclave. The meeting of the Nazis was
their fourth, an enthusiasm ran high as they were
able to celebrate the completion of Herr Adolf Hitler's plans for complete domination of the Reich.
In one of his dramatic proclamations, issued by
Chancellor Hitler for the occasion, the prediction
was made that there will not be another revolution
in Germany for 1,000 years. Although the Chancellor was seated on the platform, his proclamation
was read to the 30,000 delegates by one of his associates. Only scant reference was made to the
4,000,000 dissentients in the recent plebiscite, which
resulted in approval of Herr Hitler's assumption of
Presidential prerogatives. Statements on the German economic situation were equally scarce, but it
was again asserted that Germany is preparing to
achieve independence of foreign raw materials for
use in industry by developing synthetic substitutes.
Most of the proclamation was devoted to a review
of political aspects of the Nazi movement and its
cultural aims. The only reference to foreign affairs
consisted of a reiteration of the now familiar insistence upon "rights which are indispensable for a
great nation." In an address on Thursday, before
more than 50,000 members of German labor camps,
Chancellor Hitler declared that eventually no Ger-

A

Volume 139

Financial Chronicle

man will receive the right to vote until he has served
a period in a Nazi labor camp. In several allusions
by the Chancellor, and also in the official program,
it was indicated that anti-Semitism remains one of
the cardinal points in the Nazi doctrine.
Austrian Developments
LTHOUGH quiet conditions have prevailed in
Austria since the Nazi revolt was put down
late in July, the outlook for that unfortunate little
country remains confused and uncertain. Italian
influence was dominant in Austria while Dr. Engelbert Dollfuss was Chancellor, and there has been no
apparent change in the few weeks of rule by Chancellor Kurt Schuschnigg. Some weeks ago it was
reported that Archduke Otto, the Hapsburg aspirant
to the Austrian throne, was endeavoring to enlist
the support of Premier Benito Mussolini for his
ambition, and it is now reported that the Italian
royal couple and Austria's former Empress Zita
have decided to link the Hapsburg and Savoy dynasties through the marriage of Archduke Otto and
Princess Maria, youngest daughter of the King and
Queen of Italy. The Associated Press reported this
decision in a dispatch of Tuesday from Viareggio,
Italy, which contained the significant statement
that an official announcement of the engagement
probably would be delayed pending clarification of
Archduke Otto's position with reference to restoration of the monarchy in Austria and Hungary. In
Rome it was held unlikely, according to a further
report to the Associated Press,that the Italian royal
family and Premier Mussolini would have consented
to the marriage had they not had strong faith in
the improvement of Otto's present position. Although this incident lends color to the surmise that
important changes in Austrian affairs are contemplated in some quarters, officials of the Austrian
Government again stated on Monday that there is
no present question of a Hapsburg restoration. It
was admitted, however, that the Government has
examined a list of members of the Hapsburg family
in preparation for a possible restitution of their
property. In an address at Innsbruck, Chancellor
Schuschnigg declared that Austria can exist on her
own resources. He asserted also that Austria
should be ruled by Austrians and not disturbed by
foreign influences.

A

1449

against 13-16% on Friday of last week. Money on
call in London yesterday was Yi%. At Paris the
open market rate remains at 2Y8% and in Switzerland at 13/2%.
Bank of England Statement
HE Bank of England statement for the week
ended Sept. 5 shows a loss of £7,390 of bullion
and this together with an expansion of £2,000,000
in circulation resulted in a decrease of £2,007,000 in
reserves. The Bank's gold holdings now aggregate
£192,328,463 in comparison with £191,659,266 a
year ago. Public deposits fell off £4,356,000 and
other deposits increased £6,914,641. Of the latter
amount £5,200,228 was to bankers' accounts and
£1,714,413 was to other accounts. The reserve ratio
dropped to 45.67% from 47.75% last week. Loans
on Government securities decreased £1,844,000 and
those on other securities £2,739,463. Other securities
consist of discounts and advances and securities
which rose £1,319,674 and £1,419,789 respectively.
The rate of discount remains at 2%. Below are the
different items with comparisons:

T

BANK OF ENGLAND'S COMPARATIVE STATEMENT.
Sept. 5
1934.

Sept. 6
1933.

Sept. 7
1932.

Sept. 10
1930.

Sept. 9
1931.

£
£
£
£
£
Circulation
381,284,000 375,225,961 365,122,461 353,930,664 361,326,291
Public deposits
29,636,000 21,454,197 7,618,226 21,807,574 9,013,456
Other deposits
125,877,355 142,400,608 124,803,583 10.5,378,419 101.303,231
Bankers' accounts_ 88,946,917 97,422,678 91,506,603 .54,845,474 67,166,323
Other accounts
36,930,438 44,977,930 33,296,980 50,532,945 34.136,908
Govt. securities
85,029,709 83,535,963 69,933,094 51,145,906 45,911,247
Other securities
17,698,686 22,117,791 30,884,915 36,033,940 27,411,081
Disct.& advances_
6,935,180 9.694,892 12,273,627 8,291,359 5,769,699
Securities
10,763,506 12,422,899 18,611,288 27,742,581 21,641,382
Reserve notes & coin 71,045,000 76,433,305 49,835,214 58,275,580 55,247,460
Coin and bullion
192,328,463 191,659,266 139,957,675 137,206,244 156.573,751
Proportion of reserve
to liabilities
45.81%
50.07%
37.63%
46.64%
45.67%
3%
Bank rate
2%
2%
4ki%
2%

Bank of France Statement
HE Bank of France statement for the week
ended Aug. 31 reveals a further gain in gold
holdings, the increase this time being 277,286,521
francs. Gold holdings now total 82,036,782,507
francs, in comparison with 82,277,928,401 francs a
year ago and 82,230,927,558 francs two years ago.
An increase appears in advances against securities of
91,000,000 francs, while the items of French commercial bills discounted, bills bought abroad and
creditor current accounts register decreases of 805,000,000 francs, 42,000,000 francs and 1,397,000,000
francs respectively. The Bank's ratio stands now at
80.04%,compared with 79.61% last year and 77.03%
the year before. Notes in circulation show a large
Discount Rates of Foreign Central Banks
increase, namely 1,761,000,000 francs. The total of
HERE have been no changes during the week in circulation is now at 81,732,339,760 francs which
the discount rates of any of the foreign Central compares with 82,865,239,410 francs a year ago and
banks. Present rates at the leading centers are 81,383,413,950 francs two years ago. Below we
furnish a comparison of the different items for three
shown in the table which follows:
DISCOUNT RATES OF FOREIGN CENTRAL BANKS.
years:

T

T

BANK OF FRANCE'S COMPARATIVE STATEMENT.
Country.

Rate In
Effect
Date
Sept. 7 Established.

Austria--Belgium __ _
Bulgaria__
Chile
Colombia_ _
Czechoslo•.•akia____
Danzig__ __
Denmark _.
England_ _ _
Estonia_ __
Finland_ _ _
France- -"
Germany_ _
Greece
Anlland

PreMous
Rate.

Country.

Rate In
Effect
Date
Sept. 7 Established.

434
214
7
414
4

June 27 1934
Aug. 28 1934
Jan. 3 1934
Aug. 23 1932
July 18 1933

5
3
8
534
5

314
4
214
2
534
416
234
4
7
2t4

Jan. 25 1933
July 12 1932
Nov. 29 1933
June 30 1932
Jan. 29 1932
Dec. 20 1933
May 31 1934
Sept. 30 1932
Oct. 13 1933
Sent. IS 1033

434
5
3
21.6
64
5
3
5
71-6

Hungary__
India
Ireland
Italy
Japan
Java
Jugoslavia.
Lithuania
Norway _ _.
Poland_ _ _ _
Portugal
Rumania _.
SouthAfrica
Spain
Sweden......

9

flsoltwarland

414
334
3
3
3.65
414
634
6
334
5
5.4
6
4
6
234
9

Preolous
Rate.

Oct. 17 1932 5
Feb. 16 1933 4
June 30 1932 354
Dec. 11 1933 334
July 3 1933 4.38
Aug. 16 1933 5
July 16 1934 7
Jan. 2 1934 7
May 23 1933 4
Oct. 25 1933 6
Dec. 8 1933 6
Apr. 7 1933 6
Feb. 21 1933 7
Oct. 22 1932 534
Dec. 1 1933 3
Tan

99 1091

1,

Foreign Money Rates
IN LONDON open market discounts for short bills
3 % on Friday
on Friday were Yt%, as against 4
3 % for three months' bills, as
of last week, and 4



Changes
for Week.

Aug. 31 1934. Sept. 1 1933.

Sept. 2 1932.

Francs.
Francs.
Francs.
Francs.
+277,286,521 82,036,782,507 82,277,928,401 82,230,927,558
13,851,214 1,290,625,883 3,323,933,544
No change

Gold holdings
Credit bals. abroad_
a French commercial
bills discounted_ _ —805,000,000 3,117,482,077 2,634,452,277 2,733.648,115
b Bills bought abr'd
—42,000,000 1,067.980,081 1,348,116,608 2,082,648,561
Adv. against smuts_
+91,000,000 3,141,840,801 2,763,333.372 2,844.351,239
Note circulation_ __ _ +1,761,000,000 81,732,339,760 82,865,239,410 81,383,413.950
Credit current accts. —1,397,000,000 20,763,891,614 20,485,690.243 25,370,547,003
Propor'n of gold on
hand to sight liab_
77.03%
—0.01%
80.0451
79.6151
a Includes bills purchased in France. b Includes bills discounted abroad.

Bank of Germany Statement
HE Reichsbank's statement for the last quarter
of August records an increase in gold and
bullion of 29,000 marks. The total gold holdings is
now 74,907,000 marks, in comparison with 307,320,000 marks a year ago and 768,308,000 marks

T

1450

Financial Chronicle

two years ago. Increases also appear in reserve in
foreign currency of 230,000 marks, in bills of exchange and checks of 353,872,000 marks, in advances of 61,374,000jmarks, in investments of 5,129,000 marks, in other assets of 40,300,000 marks,
in other daily maturing obligations of 15,071,000
marks and in other liabilities of 16,542,000 marks.
The proportion of gold and foreign currency to note
circulation is now at 2.1%, compared with 10.9%
last year and 24.2% the previous year. Notes in
circulation show an expansion of 321,886,000 marks,
bringing the total of the item up to 3,823,908,000
marks. Circulation a year ago aggregated 3,521,202,000 marks and two years ago 3,816,926,000
marks. Silver and other coin and notes on other
German banks record decreases of 95,751,000 marks
and 11,684,000 marks, respectively. Below we furnish a comparison of the various items for three years:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
for Week.
Weeds—
Gold and bullion
Of which depos. abroad
Reserve in foreign curt'.
Bills of exch. and checks
Silver and other coin
Notes on other Ger. bks
Advances
Investments
Other assets
Liabilities—
Notes in circulation
Other daily matur. oblig
Other liabilities
Propor. of gold & for'n
curr. to note eurcula'n

Aug. 31 1934. Aug. 31 1933. Aug. 31 1932.

Rekhavnarks, Retchsmarks. Reid:marks. Reichatnarks.
74,907,000 307,320,000 768,308,000
+29,000
16,973,000
93,778,000
63,353,000
No change
74,373,000 156,836,000
+230,000
3,630,000
+353,872.000 3,542,766,000 3,163.759,000 3,045,744,000
—95,751,000 212,911,000 196,619,000 188,594,000
—11,684,000
4,870,000
3,559.000
2.858.000
+61,374,000 128,247,000 163,075,000 207,376.000
+5.129,000 737,187,000 320,210,000 365,051,000
+40,300,000 649,492,000 548,620,000 768,672,000

Sept. 8 1934

Bankers' Acceptances
HE demand for prime bankers' acceptances has
been fairly brisk this week and while the supply
of bills is still short of the requirements, the offerings have been larger than last week. Rates are
unchanged. Quotations of the American Acceptance
1 1%
Council for bills up to and including 90 days are/
bid and 3-16% asked; for four months, 4% bid and
Yi% asked; for five and six months, M% bid and
4% asked. The bill buying rate of the New York
Reserve Bank is M% for bills running from 1 to 90
days and proportionately higher for longer maturities. The Federal Reserve Banks' holdings of acceptances decreased from $5,247,000 to $5,219,000.
Their holdings of acceptances for foreign correspondents, however, increased from $573,000 to $579,000.
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:

T

SPOT DELIVERY.
—180 Days— —150 Days— —120 Days—
Bid.
Asked.
Asked.
Bid.
Asked. Bid.
Prime eligible bills
34
%
34
34
%
—90 Dago— —60 Days— —30 Days—
Md. Asked.
Bid. Asked.
Bid. Asked.
Prime eligible bills
III
he
Si
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
34% bid
% bid
Eligible non-member banks

+321,886,000 3,823,908,000 3,521,202,000 3,816,926,000
+15,071,000 716,589,000 415,489,000 407,622,000
+16,542,000 180,678,000 217,693,000 711,465,000

Discount Rates of the Federal Reserve Banks
HERE have been no changes this week in the
—0 1%
2.1%
10.9%
24.2%.
rediscount rates of the Federal Reserve banks.
The following is the schedule of rates now in effect
New York Money Market
for the various classes of paper at the different
EALINGS in the New York money market re- Reserve banks:
mained quiet this week, with rates still fixed at
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
the levels to which they were forced by the official
Rate in
Date
Effect on
Previous
Federal Reserve Bank.
easy money policy. Because of the holiday last
Established.
Rate.
Sept. 7.
Monday,the ordinary issue of Treasury discount bills Boston
Feb. 8 1934
2
234
Feb. 2 1934
2
134
New York
was sold late last week, and the average discount on Philadelphia
Nov. 16 1933
234
Feb. 3 1934
2
Cleveland
234
the $75,000,000 obligations due in 182 days was Richmond
Feb. 9 1934
334
Feb. 10 1934
3.
334
Atlanta
0.18%, compared with 0.22% on the last previous Chicago
Oct. 21 1933
3
234
Feb. 8 1934
234
3
Louis
issue. Call loans on the New York Stock Exchange St.
Mar. 18 1934
334
Minneapolis
Feb. 9 1934
a
314
Kansas City
Feb. 8 1934
3
held at 1% for all transactions, whether renewals or Dallas
334
Feb. 16 1934
2
San Francisco
255
new loans, while a concession of 3'4% was again available every day in the unofficial street market. Time
Course of Sterling Exchange
loans were still %
3 @ 1% for all maturities. The
TERLING and all the foreign exchanges continue
brokers' loan tabulation of the New York Stock Exmore or less in a state of confusion. The
change covering the entire month of August proved
market for all currencies is on the whole dull and thin,
of some interest, owing to segregation of the borrow- so that the smallest transactions tend to give unings on United States Government security collateral
warranted swings in quotations. However, sterling
from those on other collateral. The loan total of exchange has fluctuated within narrower limits than
this tabulation fell during the month by $48,847,950 at any time in several weeks. The sharp decline in
to $874,207,875, and of the latter figure $66,092,850 sterling which developed on Friday of last week,
was secured by Treasury obligations. The brokers' when cable transfers went to $4.983%, the lowest
loan report of the Federal ReserveiBank of New since November was accompanied, it will be recalled,
York for the week to Wednesday night showed an by a corresponding weakness in the United States
increase of $31,000,000 to $824,000,000.
dollar in terms of French francs. The outstanding
feature of exchange this week was the marked rise
New York Money Rates
in the dollar as against the franc which occurred on
EALING in detail with call loan rates on the Wednesday. Thereafter francs continued relatively
Stock Exchange from day to day, 1% remained weak, ruling below the gold point. The upswing
the ruling quotation all through the week for both which took place in the dollar late on Wednesday
new loans and renewals. The time money market afternoon after the close of the European markets,
remains at a standstill this week, no transactions took foreign speculators against the dollar by comhaving been reported. Rates are nominal at %@1% plete surprise, and the struggle to cover in face of
for two to five months, and 1@13i% for six months. what appeared to be a trapping movement on the
Prime commercial paper has been in good demand part of the American exchange control induced a
throughout the week and a fair supply of paper has quasi-panic among the dollar short interests. It
4% for extra choice may not be positively asserted that the upswing in
been available. Rates are 4
names running from four to six months and 1% for the dollar was due to Treasury operations. Nevertheless the market seemed to be unanimous in the
names less known.

T

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Volume 139

Financial Chronicle

opinion that such was the case, as the operations in
the afternoon of Wednesday appeared to have been
carefully planned by a powerful force which might
have originated in Tieasury quarters. The United
States issues had been showing weakness for some
days previously and the counterswing in the course
of the foreign exchanges seemed to bear evidence
of Treasury plans to strengthen Government issues
and to pave the way for $1,725,000,000 of Government financing this month and next.
The range for sterling this week has been between
$4.98% and $5.02j for bankers' sight bills, compared with a range of between $4.98 and $5.063/
last week. The range for cable, transfers has been
between $4.99 and $5.023/
2, compared with a range
of between 84.98% and $5.07 a week ago.
The following tables give the mean London check
rate on Paris front day to day, the London open
market gold price and the price paid for gold by the
United States:
MEAN LONDON CHECK RATE ON PARIS
Saturday, Sept. 1
74.50 Wednesday, Sept.5
Monday, Sept.3
74.75 Thursday, Sept.6
Tuesday, Sept.4
Sept.7
74.865 Friday,

74.95
74.90
74.875

LONDON OPEN MARKET GOLD PRICE:
Saturday, Sept. 1
Wednesday, Sept. 5. _ _140s. 63id.
1418. 5d.
Monday, Sept. 3
141s. 7d.
Thursday, Sept. 6_ _ _140s. 8d.
Tuesday, Sept. 4
Sept. 7_ _.140s. 954d.
140s. 1030. Friday,
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
RESERVE BANK)
Saturday, Sept. 1
35.00
35.00 Wednesday, Sept. 5
Monday, Sept. 3
35.00
Holiday Thursday, Sept. 6
Tuesday, Sept. 4
Sept. 7
35.00
35.00 Friday,

The table showing the mean London check rate
on Paris from day to day reveals that sterling recovered from the extreme low of 74.50 francs to the
pound, which was recorded on Friday of last week
and again on Saturday last. It is generally conceded
that the weakness in the pound during the past few
weeks is due to widespread belief among speculative
interests on the other side, operating chiefly from
Paris, that the dollar is headed for further devaluation, probably by an increase in the United States
price for gold, and that the pound will in all likelihood follow the dollar in a possible future downward
trend. Undoubtedly these widely publicized fears
for the dollar are groundless. Elections are pending
here and it is highly improbable that any change
will be made in the United States monetary set-up
before Congress meets in January.
The bear traders in sterling were also caught this
week when sterling exchange ran up sharply on
Tuesday and the pound became firmer in terms of
francs. This upswing, the market was generally
convinced, was due to operations of the British
Exchange Equalization Fund. With the rise in
London exchange on Paris the London open market
gold price dropped. It will be recalled that on
Friday of last week the London open market price of
gold was set at 140s. 11.3/
2d. per fine ounce, till
then the highest quotation on record. On Saturday
last the price went to 141s. 5d. and on Monday
to 141s. 7d., easing off thereafter. On the Saturday
before Great Britain abandoned gold the London
open market gold price was 84s. 11Md. Authoritative comment in London is to the effect that in
spite of bear sales from the Continent there was no
guarantee that any change in dollar valuation or
any other form of currency inflation which might
take place here would necessarily lead to similar
action by the London authorities. The present
weakness in the pound in terms of francs, or gold,
London is inclined to believe must be attributed




1451

largely to the approach of seasonal strain on sterling.
This strain is as yet slight but it may assume greater
proportions later in the year owing to the higher
prices of cotton, wheat, and other raw materials and
foodstuffs which Great Britain is obliged to take from
many parts of the world. It is admitted that the
weakness in sterling is in large measure due to speculative short sales. Rumors widespread in Europe
that Great Britain will join in any attack on the
gold bloc currencies are frowned upon and it is
pointed out that Great Britain has certain interests
in and obligations to the gold bloc countries as well
as to the dollar and the so-called sterling group.
The London authorities reiterate that sterling is
tied to no other currency and must act in what is
considered to be the best interests of Great Britain
and the whole sterling bloc, but any course of action
which might seriously embarrass the gold countries
would, London insists, have damaging effects on
sterling. Rumors• have also been spread that the
British Exchange Equalization Fund has been less
active in recent weeks because it has exhausted its
reserves of gold and foreign exchange. These reports are also without basis in fact. It is estimated
that the amount of fresh Treasury bills which has
been taken up by the fund between March 31 and
Aug. 25 totals around £30,000,000. This, it is asserted, represents approximately the extent of its
sales of gold and foreign exchange. This is a very
small sum in comparison with the total volume of
the Exchange Equalization Fund of £375,000,000.
It is estimated in some quarters in London that in
the last six months the same fund has sold probably
£50,000,000 of gold to the Bank of France in order
to support sterling, and it is believed that the fund
is less willing to draw on its reserves now that seasonal pressure on sterling is developing. However,
it is believed that the fund will readily operate, as
it has in the past, to counteract unnecessary fluctuations in exchange, but not to resist normal movements.
London appears to show no concern as to the
ease in sterling in terms of either francs or the dollar
and it is pointed out that stocks in London are strong
and active and that there appears to be no recession in
British economic conditions. It is undoubtedly true
that despite the easier tone of exchange, funds continue to flow to the London market and to seek
domicile there in the form of investment in British
gilt-edged securities. The London market still
suffers from a superabundance of funds and money
rates are, if anything, just a fraction easier than they
were a week ago, although the open market rates
have been excessively easy for the last few years.
Call money against bills is in supply at Yi%. Twomonths' bills are Yi% to 13-16%, three-months' bills
25-32% to 13-16%,four-months' bills %% to 15-16%,
and six-months' bills 1%.
Again, as during the past three weeks, the high
price for gold in the London market has shut out
American buyers. All the gold available this week
was taken for unknown destination, which is generally
interpreted as for hoarding purposes, The gold as a
rule being left in the vaults of the great London banks.
Some of the open market gold takings for unknown
destination are doubtless for European central banks
and some of it also reaches the Bank of France, but
most of the gold remains on deposit in London
vaults for private account. On Saturday last there
was no report of gold on the open market. On Mon-

1452

Financial Chronicle

day there was available and taken for unknown
destination £133,000, on Tuesday £800,000, on
Wednesday £393,000, on Thursday £458,000, and
on Friday £242,000.
The Bank of England statement for the week ended
Sept. 5 shows a decrease in gold holdings of £7,390,
the total bullion standing at £192,328,463, which
compares with £191,659,266 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 Sept. 5 as reported by
the Federal Reserve Bank of New York, consisted of
imports of
1,000 from Palestine. Gold exports
totaled $13,184,000, of which $12,684,000 was
shipped to France and $500,000 to Holland. The
Reserve Bank reported no change in gold earmarked
for foreign account. In tabular form the gold movement at the Port of New York for the week ended
Sept. 5, as reported by the Federal Reserve Bank of
New York, was as follows:
GOLD MOVEMENT AT NEW YORK AUG. 30-SEPT. 5 INCL.
Exports
Imparts
$12,684,000 to France
$41,000 from Palestine
500,000 to Holland
$13,184,000 total
341,000 total
Net Change in Gold Earmarked for Foreign Account
None

The above figures are for the week ended Wednesday evening. On Thursday $58,800 of gold was
received, of which $48,500 canie from Chile and
$10,300 from Guatemala. There were no exports of
gold, but gold held earmarked for foreign account
decreased 66,100. On Friday there were no imports
of gold. $2,093,600 of gold was exported to Belgium.
There was no change in gold held earmarked for
foreign account. $278,000 of gold was received at
San Francisco from China.
Canadian exchange continues at a premium in
terms of the dollar. On Saturday last Montreal
funds were at a premium of from 23/8% to 2 7-32%.
On Monday, Labor Day, there was no market in
New York. On Tuesday Montreal funds were at a
premium of from 2 5-16 to 2Ys% ,on Wednesday at
2 11-16 to 2 15-16%, on Thursday at 2% to 2 25-32%
and on Friday at 2 3-32 to 2 31-32%.
Referring to day-to-day rates, sterling exchange on
Saturday last was dull and soft. Bankers' sight was
$4.98%@$4.99; cable transfers $4.99@$4.9934.. On
Monday, Labor Day,there was no market in New
York. On Tuesday the pound firmed up sharply.
The range was $5.01@$5.02 for bankers' sight and
35.013/s@$5.023/ for cable transfers. On Wednesday sterling was easier in light trading. Bankers'
sight was $5.00@$5.0214; cable transfers $5.0031@
$5.023/
2. On Thursday exchange was steady. The
range was .999/
8@$5.00% for bankers' sight and
$4.993'@$5.00% for cable transfers. On Friday
sterling was steady,the range was $4.99%@$5.00 for
bankers' sight and .993/
2@$5.003/ for cable transfers. Closing quotations on Friday were
.993
4
for demand $5.00M for cable transfers. Commercial sight bills finished at $4.99%; 60-day bills at
34.993/g; 90-day bills at 1. .98%; documents for payment(60 days) at $4.99, and seven-day grain bills
at $4.99%. Cotton and grain for payment closed
at $4.99%.

Sept. 8 1934

ruling well above dollar parity but since the drive
attributed to United States Treasury operations on
Wednesday, the French franc dropped below the
export point for gold from New York to Paris, falling
to 6.68, whereas the profitable export point is
placed at 6.693/2. However, because of the weakness in the dollar in terms of francs which characterized the past few weeks, the Federal Reserve
Bank of New York reported a shipment of $12,684,000 of gold to France, which follows upon a
shipment last week of $6,483,000. It is thought
unlikely that the relationship between the dollar
and the franc is essentially such as to foreshadow
any important gold movement from New York to
Paris. The inter-relation of the franc, sterling, and
the dollar is further discussed in the foregoing
resume of sterling exchange. The underlying position
of the French franc is by no means such as to justify
the expectation of continued excessive firmness of
francs in terms of dollars. However, the French
position at present is on the whole very strong.
Foreign capital continues to accumulate in Paris
and there is a plethora of short-term money there.
Private discount rates range from 13/2% to 13
4%,
which is exceedingly low for France. Owing to legal
obligations which compel the Government to reduce
the outstanding Treasury bills, which now amount
to 12,000,000,000 francs, to 10,000,000,000 francs
by the end of September, the big French banks are
building up unusually heavy balances with the
Bank of France, mainly because they are unable to
use them. Authoritative Paris comment is that the
*nstability of the dollar-sterling-franc relationship
does not add inducement for the productive use of
capital. The Bank of France statement for the week
ended Aug. 31 shows a further increase in gold
holdings of 277,286,521 francs, making the 26th
successive weekly increase in the bank's gold, bringing the total for the period to 8,108,583,061 francs.
The Bank's gold holdings now stand at 82,036,782,507
francs, which compares with 82,277,928,401 a year
ago, with 28,935,000,000 francs when the unit was
stabilized in June 1928. The Bank's ratio on Aug. 31
stood at 80.04%, compared with 80.05% on Aug. 24,
with 79.61% a year ago, and with legal requirement
of 35%.
There is nothing new of importfmce in the German
mark situation, which continues in every way unsatisfactory and depressing.
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 (guilder)

Old Dollar
Parity
3.92
13.90
5.26
23.82
19.30
40.20

New Dollar
Range
Parity
This Week
6.63
6.673 to 6.69%
23.54
23.74 to 23.83
8.91
8.68X to 8.71A
40.33
39.76 to 40.23
32.67
33.05 to 33.15
68.06
68.57 to 68.80

The London check rate on Paris closed on Friday
at 74.82, against 74.53 on Friday of last week. In
New York sight bills on the French center finished on
Friday at 6.67%, against 6.69% on Friday of last
week; cable transfers at 6.68, against 6.693/ and commercial sight bills at 6.66, against 6.673/2. Antwerp
belgas finished at 23.77 for bankers' sight bills and at
23.78 for cable transfers, against 23.80 and 23.81.
Final quotations for Berlin marks were 40.22 for
Continentaland Other Foreign Exchanges
bankers' sight bills and 40.23 for cable transfers, in
XCHANGE on the Continental countries con- comparison with 39.89 and 39.90. Italian lire closed
tinues firm in terms of both the dollar and at 8.683' for bankers' sight bills and at 8.693 for
sterling. French francs and the Belgian unit are cable transfers, against 8.693' and 8.703/
2. Austrian

E




Volume 139

Financial Chronicle

1453

XCHANGE on the Far Eastern countries presents
schillings closed at 19.20, against 19.25; exchange on
no new features from last week. These units
Czechoslovakia at 4.223., against 4.223; on Buchain sterling;
1 2; on Poland at 19.18, are strongly influenced by the movements
2, against 1.02/
rest at 1.023/
to the
attached
legally
because
rupee
against 19.213/ and on Finland at 2.21%, against the Indian
the
because
yen
Japanese
the
rate;
fixed
4for bankers' pound at a
2.213/2. Greek exchange closed at 0.953
with
steady
yen
the
hold
to
is
policy
control
sight bills and at 0.96 for cable transfers, against Japanese
respect to sterling. The Chinese units are influenced
0.95k and 0.96.
largely by the course of the world silver prices.
Closing quotations for yen checks yesterday were
XCHANGE on the countries neutral during the
on Friday of last week. Hong
war is of course influenced by the interrelations 29.95, against 29.89
at 393'@39 9-16, against 393'@
of dollar-sterling-franc exchange. Swiss francs and Kong closed
at 35 13-16@36, against 35.65®
Holland guilders, leading gold units, are firm, ruling 39 9-16; Shanghai
against 49.85; Singapore at
49.90,
at
well above dollar parity. Holland has been able to 35%; Manila
at 37.62, against
Bombay
58.75;
draw gold from New York. The guilder is also firm 58.75, against
37.65.
against
37.62,
at
Calcutta
in European markets. It is understood that a 37.65, and
great deal of the gold bought in the London open
Foreign Exchange Rates
market and hoarded in London is for Amsterdam
URSUANT to the requirements of Section 522
account. Dutch money is also in active employment
of the Tariff Act of 1922, the Federal Reserve
Funds are
in the gilt-edged issues in London.
certifying daily to the Secretary of the
abundent in Holland and money rates show a tend- Bank is now
the buying rate for cable transfers in the
ency to sag. The private discount rate continues at Treasury
of the world. We give below a
M% and the buying rate for prime guilder accept- different countries
week just passed:
ances at 9-16%. Swiss francs are also firm against record for the
RATES CERTIFIED BY FEDERAL RESERVE
EXCHANGE
all other currencies and the Swiss gold position is FOREIGNBANKS TO TREASURY UNDER TARIFF ACT OF 1922.
SEPT. 1 TO SEPT. 7 1934, INCLUSIVE.
strong. Gold holdings of the National Bank of
the
and
francs
,000
1,756,000
Noon Buying Rate for Cable Transfers inNetg York.
Switzerland stand at
Value in United States Money.
Country and Monetary
of
units
vian
Scandana
The
is
now
92.95%.
ratio
Unit
Sept. 1. Sept. 3. Sept. 4. Sept. 5. Sept. 6. Sept. 7.
course move in sympathy with sterling. Spanish
$
$
$
$
$
$
EUROPE.191025* .190758* .190241* .190141*
.190458*
Austria,sohilling
pesetas, rather inactive here, are generally steady, Belgium,
.238116 .238092 .237384 .237569
.238119
beige
.013125* .013125* .013000* .013000*
.013125*
Bulgaria, lev
strongly influenced by the French franc.
.042235 .042260 .042171 .042195
Czechoslovakia, krone .042178
.223958 .224050 .223041 .223016
.222736
krone
Bankers' sight on Amsterdam finished on Friday Denmark,
England, pound
5.014916 4.995446 4.994500
5.012416
4.988668
cable
sterling
at 68.61, against 68.74 on Friday of last week;
.022235 .022204 .022116 .022130
.022195
Finland, markka
.066939 .066936 .066738 .066793
066934
franc
France.
al
commerci
transfers at 68.62, against 68.75 and
.397621 .399007 .399700 .402078
Germany, reichsmark .398761
.009607 .009603 .009587 .009593
009609
Greece. drachma
.687442 .687650 .685638 .686078
sight bills at 68.59, against 68.72. Swiss francs Holland,
.687228
guilder
.300625* .300375* .300375* .300125*
300625
pengo
.087036 .087111 .086895 .086932
closed at 33.07 for checks and at 33.08 for cable Hungary.
086983
Italy, lira
.251925 .252125 .251116 .251016
.250625
Norway, krone
.191980 .192125 .191850 .191550
.191225
transfers, against 33.13 and 33.14. Copenhagen Poland, zloty
.045932 .045808 .045625
.045790
.045520
escudo
Portugal.
22.32,
at
transfers
.010170 .010175 .010140 .010160
cable
.010180
checks finished at 22.31 and
Rumania,leu
.138738 .138735 .138328 .138410
.138703
Spain, peseta
.258541 .258883 .257650 .257591
.257208
krona
against 22.30 and 22.31. Checks on Sweden closed Sweden,
.330600
Switzerland, franc__ .331317 HOLI- .331292 .331357 .330442
25.24
.023250 .023200 .023175 .023187
against
DAY
.023225
25.79,
at
transfers
dinar-Yugoslavia.
at 25.78 and cable
ASIAand 25.25; while checks on Norway closed at 25.12 China.355000 .354166 .355000 .358686
Chefoo (Yuan) dolir .355416
.355000 .354166 .355000 .356666
Hankow(yuan)dolir .355416
and cable transfers at 25.13, against 25.09 and 25.10.
.354531 .353750 .354843 .355312
Shanghla(yuan)der .354687
.355000 .354166 .355000 .356656
Tientsin(yuan)der .3.55833
Spanish pesetas closed at 13.843' for bankers' sight
.391562 .391250 .392500 .392500
Hongkong. dollar__ .391562
.376775 .376910 .375500 .375515
.374475
rupee
bills and at 13.85 for cable transfers, against 13.87% India,
.299375 .299540 .298925 .298700
.298150
Japan, yen
.586875 .587500 .585625 .585500
Singapore (S. S.) der .584687
and 13.88.
AUSTRALASIA-

E

E

P

3.989687* 3.988750* 3.975937* 3.970625*
3.968125
Australia. pound
4.006562•4.013437*3.991875*3.993750*
New Zealand, pound_ 3.985625
AFRICA4.957187*4.962500 4.932250•4.939500*
South Africa, pound 4.947000*
NORTH AMER.1.024739 1.028567 1.025807 1.026875
1.021302
Canada, dollar
.999150 .999150 .999150 .999150
.999150
Cuba, peso
.277016 .277433 .277016 .277433
Mexico. peso (silver). .
1.022125 1.025937 1.023500 1.024562
Newfoundland. dollar 1.018687
SOUTH AMER.
.334175* .334066 .333075* .3328004
.332500•
Argentina. peso
.083883* .083166 .083918* .0830004
.084475*
Brasil, milreis
.103500* .103000 .103500* .1027504
103250*
Chile, peso
.819000* .814250 .819000* .8107504
.816750*
Uruguay, peso
.571400* .571400* .571400• .5747004
.574700*
Colombia, peso
•Nominal rates;firm rates not available.

XCHANGE on the South American countries
continues to develop more activity as the scope
free markets for these currencies are expanded.
the
of
These units are largely influenced by the swings in
sterling exchange. This is espacially true in the case
of Argentine pesos and the Brazilian milreis. On
Sept. 1 a bill was introduced in the Brazilian Chamber
of Deputies which if approved, as seems quite likely,
Gold Bullion in European Banks
will bring about entire freedom of exchange in Brazil.
HE following table indicates the amount of gold
The bill provides for a bank of issue with gold backbe
would
exchange
bullion in the principal European banks as of
ing. The buying and selling of
Brazilin
Brazil.
Sept. 6 1934, together with comparisons as of the
free to any bank legally operating
to
lly
gold
bringing
voluntaria
corresponding dates in the previous four years:
ian citizens have been
past.
time
for
of
some
Brazil
the Bank
1930.
1931.
1932.
1933.
Argentine paper pesos closed on Friday, official Banks of- 1934.
t •
£
£
£
£
quotations, at 333 for bankers' sight bills, against England_.
. 192,328,463 191,659,268 139,957,875 137,206,244 156,573,751
379,821,737
468,541,754
France_a __ 656,294,260 858,223,427 657,847,420
63,548,050 123.455,750
35.254,150
12.438,750
2,896,700
Germany b.
333 on Friday of last week; cable transfers at 33%, Spain
98,958,000
91,924.000
90,264,000
90.391,000
90,582.000
56,503,000
58,093,000
61,652,000
75,643,000
68.812,000
against 33%. The unofficial or free market close was Italy
32,552,000
53,978,000
85,880,000
68,885,000
71,950,000
Netherlands
34,564.000
45,380,000
74,720,000
76,900,000
75,557,000
Nat. 13elg'm
27.10@27%, against 27%®27.45. Brazilian milreis, Switzerland
25,583,000
33,970,000
89,165,000
61,462,000
63,675,000
13,469,000
12,774,000
11,443,000
13,942,000
15,427,000
_
__
official rates, are quoted 8.30 for bankers' sight bills Sweden_
9,566,000
9,544,000
7,400,000
7,397,000
7,397,000
Denmark _ _
8,141,000
8,129,000
7,911,000
6,569,000
6,577,000
Norway
83'.
ftnd 8% for cable transfers, against 8.40 and
1,261,494,245 982,188,048 939.185.238
1,263,510,443
1,251,496,423
week_
Total
against
was
6%,
The unofficial or free market close
P1ey_ Week 1 245 337 320 1.262.353 143 1 2514 4I1R 5.56 070 453 737 9311 028_064
These are the gold holdings of the Bank of France as reported in the new form
6.80. Chilean exchange is nominally quoted 1034, of astatement.
b Gold holdings of the Bank of Germany are exclusive of gold held
against
23.10.
22.95,
at
is
Peru
nominal
abroad, the amount of which the present year is £846,700.
against 1034.

E




T

1454

Financial Chronicle

Sept. 8 1934

that they were needed for an "emergency," but not
only are powers once delegated "bound to be used,
The outstanding political event of the past week for one step drives to another," but the country now
has been the return of Mr. Hoover to the'field of knows that what was once an "emergency" is, if pospolitical discussion. Ever since his retirement from sible, to become a permanent regime.
the Presidency Mr. Hoover has scrupulously re'Many of Mr. Hoover's strictures upon Government
frained from criticism or comment regarding the regimentation in industry, agriculture and other
policies or acts of the Roosevelt Administration, matters are, of course, familiar, but some of his
and while he is generally believed to have taken criticisms are much to the point. The "cooperation"
some active part in the affairs of the Republican which has been emphasized as the underlying prinparty, he has not allowed himself to be quoted re- ciple of industrial mobilization seems to him only
garding the course which the party should pursue. - "coercive cooperation," "free will and consent" being
His attitude in these respects has been in harmony rarely present. The codes have inspired more unfair
with the best traditions of the Presidential office, trade practices than they have eliminated, real comand has lent dignity to his peculiar position as an petition has been restrained, larger costs, fixed minex-President. Now, however, with the publication imum prices and trade differentials "crash down at
in the "Saturday Evening Post" of the first instal- once on smaller units of business," and Government
ment of some extracts from his forthcoming book, dictation is everywhere telling men how they are to
he has stepped to the front as the champion of polit- "conduct their daily lives." "The whole thesis" beical doctrines which the New Deal has obscured or hind the agricultural program, Mr. Hoover declares,
spurned, and as a searching critic of the New Deal "is the very theory that man is but the pawn of the
itself in its practices and tendencies. With twenty State." The entry of the Federal Government into
years of important public service behind him, and business in competition with the citizen, as in the
with an intimate acquaintance with world affairs Tennessee Valley Authority and the allotment of
such as hardly any other American possesses, he public money for the erection of dams, reservoirs
breaks his silence to plead for liberty and to point and power plants, is not only frank socialism, but
out the dangers to which liberty in this country is as a relief for unemployment it is delusive, since
exposed.
more private employment will be displaced than the
Mr. Hoover's defense of liberty may well have Government enterprises will give.
come as a disagreeable surprise to the embattled
Mr. Hoover is particularly caustic in discussing
"brain trusters" whose conceptions of liberty have the currency features of the New Deal. One of the
taken such strange or fantastic forms. It must have main reasons for devaluating the dollar, he remarks,
been disconcerting to find a former President for was the reduction of "unbearable debt," but not only
whom nearly 16,000,000 citizens voted in 1932 de- was the obligation of contracts set aside, but the unclaring that liberty "is an endowment from the warranted assumption was made that "every single
Creator to every individual man and woman upon debt had become oppressive" and that every creditor
which no power, whether economic or political, can had gained something and every debtor had lost
encroach and not even the Government may deny," since the debt was contracted because of the state
that "man is master of the State, not the servant," of the currency. As a matter of fact, the Federal
and that the Constitution and the whole American Government was not insolvent, "in large areas of
system of government rest upon the idea of inalien- private debt" there was ample ability to meet the
able rights, majority rule, and judicial protection of obligation, and only "a very minor percentage of the
what is guaranteed. It could hardly have been total public and private debt" needed Government
pleasant to be reminded that the liberalism of lib- intervention. What is more, thanks to a "managed
erty "is not the possession of any political party," currency" the value of all classes of savings has been
and that belief in it no more marks a man as a arbitrarily cut down, the activities of educational,
Republican or a Democrat than does his belief in medical and other welfare agencies with ten billions
Christianity. These are old-fashioned notions to of endowments have been reduced by 40%, and inthe Washington innovators who have gone in for stead of a desired diffusion of wealth we shall have,
codes, price fixing, arbitrary control of production, if the intention of devaluation is realized, an inGovernment-prescribed wages and official "cracking creased concentration of wealth through the further
down," and who hold Congress in contempt and con- enrichment of the wealthy whose property "is, in
fidently hope to circumvent the courts.
the main,in equities." If, in addition to a managed
With liberty as his starting-point, Mr. Hoover currency, we are to have "managed credit" through
turns to the "large and vocal groups, both in and Government control of the banks, with Government
out of government," who claim that "liberty has dictation of who shall have credit and who shall not,
failed" and that "emergency encroachments upon its "we shall witness," declares Mr. Hoover,"a tyranny
principles should be made permanent." Turning never before contemplated in our history."
first to economic regimentation, he submits an imSome of the reactions to Mr. Hoover's article that
posing list of fifteen instances, or classes of in- have been reported from Washington do little credit
stances, in which the Executive has assumed vast to official fairness and courtesy in debate. Secretary
centralizing powers of control over industry, trade, Ickes, according to the correspondent of the New
labor, finance, tariffs, agriculture and judicial pre- York "Times," accused Mr. Hoover of "raising a
rogatives. The larger number of these usurped pow- straw man to be knocked down." "Liberty of privers, he points out, may be delegated by the Executive ilege," he is reported as saying, is what Mr. Hoover
to appointees most of whom are not required to have and his friends want. "They don't want to let go
Senate confirmation,and are exercised by staffs most of anything they have. It's a liberty of a small class
of which are organized without reference to Civil that by fair means or foul is determined to protect
Service merit requirements. Most of these powers itself that they are worried about. Mr. Hoover and
were originally delegated by Congress on the claim those who think along with him don't seem to. be

Mr. Hoover and His Critics




Volume 139

concerned with the masses of the people who want
decent living conditions and jobs with fair wages.
They emphasize the right of those with property to
be free from disturbance of any one.... The Government hasn't regimented any one, but industry
has. . . . The whole history of greater output is
regimentation. The great masses are fighting for
liberty being taken from them." This is extraordinary language for a Cabinet officer to use toward
a former President of the United States, and a still
more extraordinary distortion of what Mr. Hoover
wrote or of intentions which by reasonable implication can be inferred from his article. Secretary Ickes
is certainly free to differ from Mr. Hoover as radically as he chooses, but official courtesy, if nothing
more, should have forbidden the imputation of unworthy motives as a reply to sober criticism.
Secretary Wallace was quoted as saying that Mr.
Hoover "has inferred that the kind of liberty we
ought to have in the economic world is the liberty
one takes in running by a red light in an automobile." Chester C. Davis, Administrator of the AAA,
is reported to have observed that Mr. Hoover, in
1932, ran on a platform which said that "the fundamental problem of American agriculture is the control of production to such a volume as will balance
the supply with demand." He omitted, apparently,
to cite the declaration of the platform which reads:
"We will support any plan which will help to balance production against demand, and thereby raise
agricultural prices, provided it is economically sound
and administratively workable without burdensome
bureaucracy." Donald C. Richberg, Secretary of the
Executive Council, in a radio speech on Wednesday
night in which, according to the New York "Times,"
he "vigorously denounced . . . the practice of
criticizing Administration policies and departures
from the traditional practices," apparently had Mr.
Hoover's article in mind when he declared that "it
is not the ancient liberty to starve which needs defending," and that "those who arise in this day to
orate upon our ancient liberties are using either the
tactics of the demagogue by defending that which
no one is attacking, or they are making a low appeal
to class interests and blind selfishness."
By an interesting coincidence, Mr. Hoover's remarks about coercing the farmer were reinforced by
Owen D. Young on Tuesday in an address at a dedicatory exercise at the New York State Fair at Syracuse. "The farmer," Mr. Young declared,"will never
welcome governmental interference with his business. He may tolerate it if it is accompanied by a
Government subsidy, but he will never be happy
under it. ... If there is one thing sacred to the
farmer it is the freedom of action or inaction which
no other occupation knows.... We will yield the
right to no man to tell us what we must do on our
farms unless he takes responsibility for the results,
and he must always be right. We will accept the
penalty of nature's idiosyncrasies or our own misjudgment, but we will not accept either when some
one else undertakes to tell us what we can or can
not do." Secretary Wallace, commenting upon Mr.
Young's address, was quoted as saying that "the
intelligence of the average farmer is probably as high
as that of members of the boards of directors of the
hundred leading corporations. In fact, I think it
is a little higher." To be a corporation director is,
apparently, to suffer an appreciable handicap in
the eyes of the inspired circle at Washington.




1455

Financial Chronicle

It seems hardly worth while at this stage to
speculate about the possible bearing of Mr. Hoover's
article and the forthcoming book upon his position
as a Republican leader. On that subject one man's
guess is as good as another's, and all are equally in
the air. The significance of Mr. Hoover's article is
in its forcible reminder that liberty is in danger,
and its pointed and specific criticism of the methods
by which liberty is being undermined. It is a flimsy
rejoinder to say that Mr.Hoover, being a Republican,
will, of course, take the opposition side. What matters is that everything he has said is true, and that
it must be answered if the Administration is not to
stand condemned.

Stockholders' Reports
Business Advisory and Planning Council UrgesiMore
Revealing Data to Stockholders.

Pointing out that no single system of presenting
financial data in reports to stockholders is universally applicable to all corporations, but stressing
the necessity for consistency and uniformity in presenting data which should reveal clearly the financial position of the reporting firm and which will
disclose pertinent information without misleading
stockholders or prospective investors, and making
specific recommendations on various items which
are included in the balance sheet and income account statement, a report from the Committee on
Statistical Reporting and Uniform Accounting for
Industry of the Business Advisory and Planning
Council was made public by the Council Chairman,
S. Clay Williams.
The report was developed by T. H. Sanders, Professor of Accounting in the Harvard Graduate
School of Business Administration, and reflects the
conclusions reached after several months of careful
research as well as conferences with leading professional accountants and others interested in the
problem with which the report deals.
The report recapitulates the fundamental principles of accounting developed by experts in that
field over a long period of years. While it makes
no radical departures from recognized standards of
accounting, it nevertheless recommends, with respect to the finance reporting procedure, practical expedients for the treatment of hitherto disputed questions and urges the adoption by all corporations of a more liberal reporting policy, indicating what advances have been made and the direction
in which further progress may be expected. The
report stresses the fact that, owing to the large part
which investment plays in public business life, it is
imperative that investors receive complete information concerning business organizations, and points
out that the reliance placed on corporate financial
reports has reached the stage where they have become matters of considerable public concern. The
Committee maintains that the improvement of
financial reporting is one of the keys to the solution
of the problem of protecting investors.
Caution is emphasized against the feeling that a
financial statement can ever be substituted for judgment on the investor's part, but the fact that almost
all of the information whict the investor receives
must come to him, directly or indirectly, from the
published reports of the corporation is stressed.
With respect to such reports, the basic idea established by the Committee is that "the reader of the
statements is entitled to assume . . . that a

1456

Financial Chronicle

conscientious examination of the accounts has been
made and that the judgment of a qualified person
has been applied to them. In particular, he is entitled to believe that the general impression conveyed by the statements is intended to be conveyed
and that it is the right impression; neither technical
procedures nor anything else should be permitted
to stand in the way of attainment of this fundamental objective. Furthermore, the reader should
be able to assume, in the absence of notice to the
contrary, that the generally accepted principles of
accounting have been adhered to in the preparation
of the statement." The report warns, however,
against attributing to financial statements a greater
degree of certainty than they can possibly possess,
owing to the technical, special and mechanical limitations they must meet.
The report is outspoken in its attitude that a
single standardized reporting technique is not only
not a panacea for the difficulties of financial reporting, but that it is also impracticable owing to the
difficulties in the nature and set-up of commercial
organizations. It is equally vigorous in its recommendation for what it regards as a far better objective: "the recognition, adoption and consistent application by all business concerns of the basic principles of accounting, and the development and adoption, within each reasonably homogeneous field of
industry, of uniform accounting practice especially
adapted to the needs of that industry."
Of current interest is the advocation of quarterly
earnings statements and the preparation of the
annual income statements and balance sheets on a
consolidated basis with the presentation of accompanying comparative data for previous years. In
order that the reader may receive the correct impression from the statements and may be thoroughly
informed as to what each item on the report represents, the Committee recommends that the stockholders be informed of the accounting rules and
principles which have been followed in the preparation of the statements. The Committee further
recommends that many items be explained fully by
footnotes, and that more supplementary or explanatory tables be appended to the statements than has
been the general custom. The report advises that
in cases of doubt as to the consolidation or separate
listing of items, the decision should be made with
the investor's welfare as the primary consideration.
In line with the underlying principle stated in the
report that more complete disclosures of financial
results of operations and more revealing explanations of company accounting policies are desirable,
it discusses in some detail the inclusions and treatment of almost all of the customary items which
enter into the income statement and balance sheet.
Some of the more important specific recommendations are these:
Fixed assets should be reported, as a general rule,
on the basis of cost and a statement announcing
that this policy has been followed should be included. There should be either complete avoidance
or full and revealing disclosures of any "write-ups
and write-downs."
With reference to the reporting of a firm's reacquisition of its own securities, the report advises
against listing these marketable securities, and
recommends further that a full description of such
securities, their market, par or stated value, and
the amount at which carried should be expressly




Sept. 8

1934

stated on the balance sheets or disclosed by a footnote. Other investment securities which a firm may
hold should be described and their basis of valuation
explained.
Special emphasis is placed on the desirability of
full explanation of the policy of the reporting firm
with respect to "reserves" and the charges and
credits to them. The report states "it is coming
more and more to be felt that granting that the
non-disclosure of reserve provisions may in some
senses be the interest of stockholders, their interest
in knowing what provisions have been made is
greater. The trend is, therefore, in the direction of
more disclosures, and this seems desirable." Reserves for depreciation and depletion require complete explanation. Likewise requiring complete
disclosure is the item of surplus and the changes
made from year to year in it. The report holds
especially desirable the separation of earned surpluses from capital surpluses arising from paid-in
capital, reappraisals of assets, or other capital
adjustment.
The report urges the inclusion in the statement of
information relating to gross sales or gross income,
and that operating and non-operating income may
be differentiated. It is further recommended that
charges applicable to depreciation and/or depletion
be listed separately, in adequate amounts, and that
a consistent policy in determining the amounts be
followed from one accounting period to another, or
that departures from it be clearly explained.
The 'Committee consists of Walter S. Gifford,
President, American Telephone & Telegraph Co.;
Pierre S. du Pont, Chairman of the Board, E. I. du
Pont de Nemours, and William A. Harriman, Chairman of the Board, Union Pacific RR.

World Operation of Automobiles
In a review of the world operation of automobiles,
the Automotive-Aeronautics Trade Division of the
Department of Commerce reported that world registration of automobiles totaled over 331/2 millions as
of Jan. 1 1934, the exact total, 33,562,059, representing a decrease of only 5,236 from the 1933
figure.
The present enumeration brings out the striking
fact that world motor vehicle usage, excluding the
United States, is now greater than ever before, the
1934 figure being 9,505,032, compared with 9,250,275
in 1933. The most optimistic observers did not
expect 60 large an increase, which reached 3.3% in
the case of passenger cars. Trucks also gained
slightly, and a small loss was recorded in bus
operation abroad.
Total automobile operation in the United States
declined by 1.2%, a loss being registered in all three
classifications of vehicles which more than offset
the gain registered in countries outside the United
States.
World production, on the other hand, increased
37% in 1933, and all of the principal manufacturing
countries shared in that improvement. However,
the major part of the 1933 gain in production was
attributable to the increase of 589,267 units recorded
in the United States. Also, the United States was
by far the first ranking country in the matter of
exports of automobiles in 1933, with foreign sales
totaling 107,031 units.

Volume 139

Financial Chronicle

Toward the end of 1932, during which year automotive commerce reached its lowest depths, stocks
of motor vehicles in the hands of dealers overseas
were reduced to a minimum, or, in many cases, were
non-existent, and inventories remained low as 1933
drew to a close. In fact, numerous reports to the
Department of Commerce from its foreign offices
indicated that much business has been lost, because
of inability to obtain stocks from the United
States.
Decreased world registrations as of Jan. 1 1934,
together with greatly increased production and the
sale of automobiles during 1933, indicate that the
major part of the world's production was absorbed
by an active replacement demand rather than by
original owner purchases. This huge reserve of replacement business, which developed as a result of
restricted buying during the depression, was tapped
to some extent in 1933. However, since millions of
old vehicles are still in service, it is only reasonable
to believe that demand from this source alone must,
in the not distant future, lift world production and
sales to very substantial levels in order to replace
older vehicles no longer economically useful.
Aside from an improved domestic market, the outlook for the American motor industry held much
promise at the beginning of 1934 as regards foreign
sales, since so many overseas dealers were clamoring
for vehicles, particularly during the first few months
of the year.
Throughout the world there was a pronounced
trend toward the use of low-priced cars and trucks
as a result of the continued practice of economy,
and the quality which is to-day built into automobiles of that character. The high-priced vehicles,
which never sold in great volume, did improve their
position in some markets, although, generally, they
encountered sales resistance.
Exports of passenger cars, trucks and related
automotive products during 1933 from the United
States and Canada totaled $103,811,744 compared
with $89,277,094 in 1932. Indicative of the recent
improvement in export trade is the figure of P7,306,226, which represents combined automotive shipments from the United States and Canada during
only the first five months of 1934.
There can be no question of the further need
abroad for the powerful, rugged American type
passenger cars and commercial vehicles, which are
undoubtedly best suited to prevailing operating and
other conditions in most sections of the world.
Of particular importance in connection with commercial vehicle operation in the many countries is
the growing use of Diesel-powered trucks and buses.
European makers are losing no opportunity, however insignificant, to introduce this type of vehicle
at home and abroad. Apparently what is wanted
in many countries is a good quality, relatively lightcapacity Diesel engine which requires no specialized
skill to operate successfully.
On Per Capita Basis United States Ranks First.
At the beginning of 1934 the world ratio of automobiles to population remained at one for every 60
persons. Excluding the United States, the ratio
was one automobile for every 200 persons, a slight
increase over the 1933 figure. While the United
States ratio remained the same as in 1933, it still
maintained first place with one automobile for
every five persons, or enough to carry our entire
population should it be necessary for all of us to




1457

move by motor car at the same time. Hawaii was
again second, with one to eight; New Zealand third,
with one to nine; Canada fourth, with one to 10, and
Australia fifth, with one to 12.
Within the category of the countries having at
least one automobile for every 251 or more people,
are included potentially promising markets, such as
China, Egypt, Japan, the Philippines, Brazil, Colombia and Soviet Russia.
There were few changes in the relative importance
of motoring countries from the numerical standpoint. Following the United States with 24,057,027
registrations, came France with 1,890,174; England,
with 1,471,032; Canada, with 1,051,231; Germany,
with 690,000; Australia, with 561,110; Italy, with
347,264, and Argentina, with 267,055. Belgium,
Spain, Union of South Africa and New Zealand followed in the same order.
The least motorized region covered by the study
was Spitzbergen, which proudly acknowledges only
one motor vehicle, which is an American truck.
Bermuda and the Solomon Islands each have
39, Liberia 53, American Samoa 56, and New
Hebrides 71.
Tremendous Stlfilts Spent Annually.
The insistent urge for greater freedom of movement and .the demand for individual transportation
and increased facilities for the wider collection and
distribution of products of labor have, within the
past 15 years, caused an unparalleled expansion in
the combined automotive and highway industries.
The development of the automobile and the construction of roads have been predominant influences in effecting great changes in the economic and
social progress of the world during the short period
of a decade and a half. During the earlier days,
the number of individual units of motor transport
increased more rapidly than the construction and
improvement of routes, but since 1921 the highway
industry has gained considerably in providing adequate improved roads for the increasingly greater
number of motor vehicles. The allied industries of
automotive vehicles and highways affect even the
most remote hamlets and villages of practically
every section of the world, and most countries supply one or more materials or raw products for motor
vehicle manufacture. Tremendous sums are spent
annually for materials and labor throughout the
world. In 1929 the first authentic listing of world
highway mileages showed a total, in round numbers,
of 6,500,000 miles, and the latest survey for the
year 1933 indicated a total of 9,100,000 miles, an
increase in the short period of five years of about
2,600,000 miles, or more than enough to circle the
earth 104 times. The Bureau of Public Roads estimates that 90c. out of every dollar expended on highways in this country has been for salaries and wages.
In foreign countries, with the more limited use of
machinery and equipment for highway construction
and maintenance, it is probable that an even higher
percentage of the funds expended goes directly into
the hands of labor. In addition to the enormous
quantities of raw materials, machinery and other
equipment that have been consumed by the United
States alone in its more than a billion and a half
dollar investment in highways, foreign countries
have provided a fair market for American producers
of asphalt, cement, motor vehicles, road-building
machinery and allied equipment.

Financial Chronicle

1458

Sept. 8 1934

1936, and Texas & Pacific 5s, 1977, were from one to two
points lower than last week. Second-grade and speculative
issues showed the greatest weakness, Missouri Kansas Texas
adj. 5s, 1967, closing at 37, compared with 39M last week,
Allegheny 5s, 1950, at 23 as against 27, and New Haven
4s, 1967, at 503/i as compared with 53M•
There has been little change in utility bond prices. High
grades remained quite steady; lower grades fluctuated more
widely, with a tendency toward lower levels but only in certain cases. For instance, Potomac Edison 5s, 1956, declined
3 points, to close the week at 953i, Monongahela West Penn.
7
Public Service 54s, 1953, lost 23 points, closing at 81%
and Public Service of Oklahoma 5s, 1957, were off 23' points,
closing the week at 82. Lower-grade issues showed moderate
The Course of the Bond Market
losses for the week. American Power and Light 6s, 2016,
Bond prices have been generally easier this week, weakness declined 1 point to 46, Associated Telephone and Tele1%, closing at 467
/g, and Northern
continuing in the lower-grade rails, with second-grade utili- graph 53s, 1955, lost
%.
Indiana Public Service 5s, 1969, were off %,closing at 685
ties declining moderately. Market interest centered in the
Moderately lower prices were recorded by the majority of
Government group,the index of U.S.Treasury issues showing industrial bonds. Highest grades continued to hold well,
a loss of 0.84 of a point for the week. They were under par- Illinois Steel 43s, 1940, being unchanged at 106, while
ticular pressure on Wednesday, when they lost M point, Liggett & Myers Tobacco 5s, 1951, advanced N to 1153 and
whereupon they rallied weakly, apparently under Treasury Standard Oil, N. J. 5s, 1946, were also % higher, closing at
classification Republic Iron & Steel
support. The dollar in foreign exchange markets was lower 106/3s. In the steel
points to close at 933
4,National Steel 5s,
13.
lost
1953,
53s,
in the fore part of the week but rallied on Thursday,reputedly
1956, declined M point to 103, and Inland Steel 43s, 1978,
due to the operations of the stabilization fund. The ap- were % point lower, closing at 993
4. Rubber issues were
proaching Sept. 15 and Oct. 15 financing of about $1,725,- lower, U. S. Rubber 5s, 1947. losing 1 point to close at 853%
000,000 for two maturities will be confined to exchange and Goodrich 6s, 1945, declining 23,4 to 823'. Purity Bakerofferings, according to official Treasury announcement, the ies 5s, 1948, at the low for the week of 81 were off 3, but
Reflecting omission of the Congress
terms of which will not be made known until next week. rallied to 83%,off %.
Rican American Tobacco 6s, 1942,
Porto
dividend,
Cigar
inflation
fears. Member
The announcement helped to allay
4.
4 to 363
declined 23
banks in the Federal Reserve System showed reductions in
The foregin bond market appeared to lack fundamentai
their reserves by $220,000,000 this week, reflecting chiefly an strength. German bonds were particularly weak, while
increase in monetary circulation over Labor Day and, in Argentines were also subject to price recessions. Italian and
Japanese issues were somewhat lower, as were Danish bonds.
small part, the withdrawal of gold for export.
strength was exhibited by Polish issues, while Chilean
Some
displayed
have
some
softness
All classes of railroad bonds
rose fractionally. A speculative rise occurred in vabonds
closed
1995,
4s,
1013
at
as
gen.
Atchison
week.
during the
rious Mexican issues. Finnish and Norwegian bonds were
compared with 102k last week; Union Pacific 4s, 1947, sold fairly steady, but some weakness was exhibited by Australat 1053% as against 107%, and Pennsylvania 4s, 1948, at ian issues.
1053,4 as against 106. Bonds of medium-grade quality such
Moody's computed bond prices and bond yield averages
as the Atlantic Coast Line 43s, 1964, Great Northern 7s, are given in the following tables:
The great undeveloped countries of the world are
rapidly expanding their improved highways. The
greate4st of all, however, is the much enlarged program of the United States, with its three-year plan
of direct allocations of aid to several States by the
Federal Government for the fiscal year ending
June 30 1935, and the resumption of Federal aid
in the amount of $125,000,000 annually to the various States under provisions of the Federal Aid Highway Act, for the fiscal years ending June 30 1936
and June 30 1937, respectively, and which requires
the States to match the Federal aid dollar for dollar.

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

MOODY'S BOND PRICES.
(Based on Average Y(elds.)
120
U. B.
Govt. Domes1934
Bonds. tic.
DagY
Corp.
Averages.

120 Domestic Corporate*
by Ratings.
Ace.

Ac.

A.

Baa.

120 Domestic
Corporate* by Groups.
RR.

P. U. Indus.

All
120
1934
Domes
DaUy
Averages.
tic.

120 Domestic Corporate
by Rating*.
Ace.

Ac.

A.

Baa.

120 Domestic
Corporate by Groups.
RR.

ft
30
For-

P. U. Indus.

6.54
5.39
5.16
5.12
4.48
7.30
4.36
3.93
Sept. 7.. 5.00
Sept. 7-- 103.72 96.08 114.63 106.60 93.70 76.35 94.29 90.41 104.51
5.15
5.39
5.10
6.52
4.48
7.30
4.36
3.92
4.99
103.85 96.23 114.82 106.60 93.85 76.57 94.58 90.41 104.51
5.39
5.09
6.50
7.31
4.46
5.. 4.98 3.93 4.35 5.15
103.79 96.39 114.63 106.78 93.85 76.78 94.73 90.41 104.85
6.50
5.14
5.09
7.32
4.46
5.39
4.34
3.93
4.98
104.24 96.39 114.63 106.96 93.99 76.78 94.73 90.41 104.85
Stock E xchang e Close d.
Stock E xchang e Close d.
6.47
4.46
5.13
5.37
5.08
7.30
4.35
3.92
4.97
104.54 96.54 114.82 106.78 94.14 77.11 94.88 90.69 104.85
Weekly
Weekly7.31
6.47
4.46
5.12
5.08
5.37
4.36
3.93
4.97
Aug.31 Aug.31-- 104.56 96.54 114.63 106.60 94.29 77.11 94.88 90.69 104.85
7.34
6.44
4.48
5.12
5.38
5.03
4.34
3.94
24._ 4.96
24._ 104.90 96.70 114.43 106.96 94.29 77.44 95.63 90.55 104.51
6.50
4.48
7.33
5.10
5.39
5.05
4.34
3.93
17_ 4.97
17._ 105.29 96.54 114.63 106.96 94.58 76.78 95.33 90.41 104.51
7.30
6.57
4.46
5.11
5.13
5.39
4.34
3.94
10.. 4.99
10-- 105.24 96.23 114.43 106.96 94.43 76.03 94.14 90.41 104.85
6.41
5.00
4.96
7.37
4.44
5.30
4.29
96.70
77.77
3.89
91.67
96.08
4.90
115.41
105.20
107.85
97.62
3__ 105.97
7.47
4.46
5.00
5.33
4.91
8.37
4.32
3.91
July27-- 4.90
July 27-- 106.06 97.62 115.02 107.31 98.08 78.21 97.47 91.25 04.85
7.36
4.37
4.88
4.77
6.08
5.17
4.26
3.86
20-- 4.77
20-- 106.79 99.68 116.01 108.39 97.94 81.54 99.68 93.55 06.42
7.37
6.00
4.36
4.88
5.18
4.72
4.26
100.49
97.94
93.40
82.50
3.87
06.60
13_ 4.75
13-- 106.74 100.00 115.81 108.39
4.39
4.94
7.45
5.22
4.78
6.04
4.29
3.90
4.79
108.31 99.36 115.21 107.85 97.00 82.02 99.52 92.83 06.07
7.46
4.39
4.93
6.04
5.22
4.77
4.28
3.91
June 29_ 4.79
June 29__ 106 04 99.36 115.02 108.03 97.16 82.02 99.68 92.82 06.07
7.49
4.39
6.05
4.93
5.22
4.77
4.28
3.92
22_. 4.80
22__ 105.79 99.20 114.82 108.03 97.16 81.90 99.68 92.82 06.07
7.53
6.02
4.40
4.93
5.24
4.74
4.29
3.91
15__ 4.79
- 106.00 99.36 115.02 107.85 97.18 82.26 100.17 92.53 05.89
8.
15
7.35
4.43
4.98
4.80
6.08
5.27
4.33
3.93
99.20
81.54
92.10
05.37
96.39
4.83
107.14
105.52 98.73 114.63
7.29
4.46
8.15
5.02
5.31
4.84
4.35
3.96
4.87
105.27 98.09 114.04 106.78 95.78 80.72 98.57 91.53 04.85
7.26
4.46
6.12
4.99
5.30
4.83
4.35
98.73
91.67
81.07
3.98
96.23
04.85
4.86
106.78
May25.113.65
98.25
May 25._ 105.13
7.20
4.47
6.04
4.98
5.25
4.81
4.36
4.00
18_ 4.84
18._ 105.05 98.57 13.26 106.60 96.70 82.02 99.04 92.39 04.68
7.14
4.46
6.07
4.95
5.28
4.82
4.37
4.02
11_ 4.85
105.11 98.41 112.88 106.42 96.85 81.66 98.88 91.96 04.85
7.16
4.47
5.96
4.94
5.24
4.77
4.37
4.04
92.53
99.68
81.78
4.83
04.68
97.00
104.75 98.73 12.50 106.42
7.28
4.48
5.92
4.92
5.24
4.75
4.40
4.04
Apr. 27_- 4.82
Apr. 27-- 104.21 98.88 12.50 105.89 97.31 83.48 100.00 92.53 104.51
7.21
5.91
4.49
4.92
4.73
5.25
4.40
4.05
20-- 4.82
20._ 103.65 98.88 12.31 105.89 97.31 83.60 100.33 92.39 104.33
7.20
5.98
4.53
4.96
5.30
4.42
4.76
99.84
4.07
91.67 103.65
13__ 4.86
la__ 104.35 98.25 11.92 105.54 98.70 82.74
7.22
4.58
6.11
4.81
5.02
5.40
4.47
4.11
4.93
104.03 97.16 11.16 104.68 95.78 81.18 99.04 90.27 102.81
Mar.30_ _ took E xchang e Close
Mae.30. Stock E.:chant Close d.
7.34
6.24
4.64
4.91
5.11
5.48
4.54
4.15
23._ 5.01
23._ 103.32 95.93 10.42 103.48 94.43 79.68 97.47 89.17 101.81
7.23
4.60
6.18
5.06
5.43
4.85
4.50
4.11
16_ 4.96
16._ 103.52 96.70 11.16 104.16 95.18 80.60 98.41 89.86 102.47
7.25
4.66
5.53
4.91
8.31
5.13
4.56
4.13
5.03
103.06 95.63 10.79 03.15 94.14 78.88 97.47 88.50 101.47
7.88
4.72
4.97
6.33
5.20
5.57
4.64
4.16
5.08
101.88 94.88 10.23 01.81 93.11 78.66 96.54 87.96 100.49
7.49
6.24
4.70
5.54
4.93
5.19
4.63
97.16
4.16
100.81
88.36
Feb.
79.68
5.06
23-93.26
01.97
10.23
Feb. 23.- 102.34 95.18
7.52
4.70
5.54
4.92
6.18
5.19
4.68
4.18
16- 5.05
16_ 102.21 95.33 109.86 01.47 93.26 80.37 97.31 88.36 100.81
7.55
6.31
4.75
5.27
5.61
5.05
4.75
4.22
5.14
101.69 93.99 109.12 00.00 92.10 78.88 95.33 87.43 100.00
7.57
4.77
6.30
6.29
5.64
4.77
5.05
4.24
5.15
101.77 93.85 108.75 99.68 91.81 78.99 95.33 87.04 99.68
7.97
4.82
5.47
5.88
6.62
4.85
5.23
4.30
Jan. 26__ 5.31
Jan. 21)- 100.41 91.53 107.67 98.41 89.31 75.50 92.68 83.97 98.88
8.08
4.83
6.73
5.57
6.01
5.32
91.39
4.93
82.38
4.30
19_
74.36
98.73
5.38
87.96
107.67
97.16
90.55
00.36
19._
8.3e
4.87
7.12
5.81
6.35
5.54
5.04
4.38
12._ 5.59
12_ 99.71 87.69 106.25 95.48 84.85 70.52 88.36 78.44 98.00
8.53
4.94
6.04
6.74
5.74
7.56
5.19
4.43
5.81
00.42 84.85 105.37 93.26 82.02 66.55 85.74 74.25 97.00
7.13
4.35
5.90
4.87
5.17
4.72
4.25
3.86
Low 1934 4.75
High 1934 06.81 100.00 116.01 108.57 98.09 83.72 100.49 93.55 06.78
8.65
4.97
6.74
7.58
6.06
5.75
5.20
High 1934 5.81
4.43
Low 1934 99.06 84.85 105.37 93.11 81.78 68.38 85.61 74.25 96.54
7.23
4.60
6.04
5.43
4.83
6.16
4.49
93.26
89.31
Low
4.11
99.04
4.96
1933
77.66
89.31
108.03
92.39
100.33
03.82
1933
High
6.35 11.19
6.98
7.17
9.44
7.22
5.96
High 1933 6.75
4.91
Low 1933 98.20 74.15 97.47 82.99 71.87 53.16 69.59 70.05 78.44
Yr. AgoYr. Ago9.34
4.84
6.17
5.43
7.07
5.64
4.89
4.32
Sep. 7 '33 5.48
Sep. 7'33 103.54 89.17 107.31 97.78 87.04 71.00 89.86 80.49 98.57
2 Yrs.Ago
2 Yrs.Ago
10 44
5.97
6.56
7.52
6.46
5.72
76.14
85.99
5.59
4.75
82.87
6.08
'32
7
Sep.
66.90
77.22
87.69
100.00
81.54
101.32
Sep. 7'32
the average
•These prices are computed from average yields on the basis of one "ideal" bond (4x% coupon, maturing in 31 years) and do not purport to show eithermovement
of
and the relative
level or the average movement of actual price quotations. They merely serve to illustrate in a more comprehensive way the relative levelsIssue
pace 907.
1932.
6
Feb.
of
the
see
1928.
to
back
months
by
prices
bond
of
index
Moody's
For
market.
bond
the
of
picture
truer
the
being
latter
yield averages, the
10
Feb.
of
issue
in
1934.
published
the
was
•• Actu 1 average Price or 8 long-term Treasury Issues. t The latest complete list of bonds used In computing these Indexes
page 920. tt Average of 30 foreign bonds but adjusted to a comparable basis with Previous averages of 40 foreign bonds.




Volume 139

1459

Financial Chronicle

The New Capital Flotations in the United States During the Month of
August and for the Eight Months Since the First of January
the Treasury

The new financing done in the United States during the
month of August was on such a diminutive scale that no
comment is called for beyond noting the fact itself. The
grand total of new flotations footed up no more than $258,809,714, and this included $149,111,100 Home Owners' Loan
Corporation bonds, issued in three series, a refunding loan
of $50,000,000 extended to the Dominion of Canada in the
form of a bank credit bearing 2% interest and due in one
year, and an offering of $15,000,000 Federal Intermediate
2% debentures. On behalf of corporate en1
Credit banks 1/
tities, the financing was the smallest monthly total recorded
since February of this year, reaching no more than $18,019,000. Municipal flotations were at a virtual standstill during
August. The month's total dropped to the unbelievably low
figure of $26,679,614, representing the lightest month so far
in 1934.
United States Government issues, of course, appeared in
the usual order, and consisted entirely of offerings of new
Treasury bills sold on a discount basis. Because of the importance and magnitude of United States Treasury issues
we furnish below a summary of the new offerings sold during the month of August and also those put out during
the seven months preceding, giving particulars of the different issues, and presenting a complete record in that
respect for the first eight months of the current year.

In the following we show in tabular form
financing done during the first eight months of this year.
The results show that the Government disposed of $7,865,687,550, of which $4,675,329,400 went to take up existing
Issues and $3,190,358,150 represented an addition to the
public debt. For August by itself, the disposals aggregated
$375,827,000, of which $351,194,000 represented refunding
and $24,633,000 was an addition to the public debt:
UNITED STATES TREASURY FINANCING DURING THE FIRST EIGHT
MONTHS OF 1934.
Date
Offered. Dated.
Dec. 28 Jan.
Tan. 3 Jan.
Fan. 10 Jan.
Jan. 17 Jan.
Ian. 23 Jan.
Tan. 23 Jan.
Jan. 24 Jan.
January

Due.

Amount
Applied for.

Amount
Accepted.

Price.

8384.619,000 8100,990.000 Average 99.843
3 91 days
252.825,000 100.050,000 Average 99.843
10 91 days
289,397,000 125.340.000 Average 99.831
17 91 days
303.580,000 125.126.000 Average 99.831
24 91 days
100
29 13% mos. 3,424,212.200 528,101,600
100
524,748,500
1,360,564,500
mos.
29 'lli
381.422,000 150,320,000 Average 99.819
31 91 days
81654676.100

total

302,858,000
Jan. 31 Feb. 7 91 days
244,427,000
Ian. 31 Feb. 7 182 days
230,078,000
Feb. 6 Feb. 14 91 days
178,326,000
Feb. 6 Feb. 14 182 days
Feb. 12 Feb. 19 22 mos. 1,332,409.900
2.285,754.500
Feb. 12 Feb. 19 3 years
307,110.000
Feb. 15 Feb. 21 91 days
420,115,000
Feb. 21 Feb 28 182 days
Febru ary total
Mar. 1 Mar. 7 182 days
Mar. 7 Mar. 15 4 years
Mar. 15 Mar. 21 91 days
Mar. 22 Mar. 28 91 days
Mar. 22 Mar. 28 182 days

Yield.
.0.62%
*0.62%
*0.67%
*0.67%
2.50%
1.50%
.0.72%

125,493,000 Average 99.834
50,078,000 Average 99.524
75.008,000 Average 99.833
75,044,000 Average 99.501
100
418,291.700
100
428,730.700
75,155,000 Average 99.855
75,088.000 Average 99.688

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

51322888.400
393,054,000 3100.236,000 Average 99.781 "0.43%
3.00%
100
455,175,000 455.175.500
344,987,000 100,110,000 Average 99.978 00.09%
50,091,000 Average 99.980 '0.08%
194,789,000
0.19%
50,025,000 Average 99.904 .
138,221,000

New Treasury Offerings During the Month of August 1934.
8755,637.500
Secretary of the Treasury Morgenthau on July 26 anMarc h totalnounced a new offering of 182-day Treasury bills to the Mar.29 Apr. 490 days
184,356.000 $50,151,000 Average 99.981 .0.08%
50,096.000 Average 99.902 .0.19%
117,990,000
29 Apr. 4 182 days
amount of $75,000,000, or thereabouts. The bills, how- Mar.
3.25%
100
Apr. 3 Apr. 16 10-12 yrs 1049441,300 1049441,300
50,257,000 Average 99.982 *0.07%
182.226,000
ever, were dated Aug. 1, maturing on Jan. 30 1935, and Apr. 5 Apr. 11 .1 days
50,225,000 Average 99.908 *0.18%
147.811,000
Apr. 5 Apr. 11 2 days
75,047,000 Average 99.980 "0.08%
hence form part of the Government's financing for the Apr. 12 Apr. 18 91 days
164.508,000
50,033,000 Average 99.906 .0.19%
150.815,000
12 Apr. 18 182 days
month of August. Applications for the issue totaled $115,- Apr.
75.325,000 Average 99.980 .0.08%
184.572,000
Apr. 19 Apr. 25 91 lays
497,000, of which $75,025,000 was accepted. The average Apr. 19 Apr. 25 182 days 145,331,000 50.040,000 Average 99.907 .0.18%
41500615.300
price for these bills was 99.957, the average rate being 0.09%
April total
per annum on a bank discount basis. Issued to replace Apr. 26 ',cy 2 91 days 193,076,000 $75,055,000 Average 99.981 *0.07%
50.037,000 Average 99.918 '0.16%
198.699,000
Apr. 26 May 2 182 days
maturing bills.
75,114,000 Average 99.983 .0.07%
May 3 May 9 91 days 156,841,000 50,173.000
Average 99.928 '0.15%
Another new offering of $75,000,000, or thereabouts, of May 3 May 9 182 days 199,266,000
50,254,000 Average 99.984 '0.06%
172,335,000
May 10 May 16 91 days
182-day Treasury bills was announced by Mr. Morgenthau May 10 May 16 182 days 153,646,000 50,080,000 Average 99.929 *0.14%
0.06%
50.457.000 Average 99.98 .
190,788.000
17 May 23 91 days
on Aug. 2. The bills were dated Aug. 8, and mature Feb. 6 May
50.140,000 Average 99.936 *0.13%
164,468,000
May 17 May 23 182 days
1935. Tenders for the issue amounted to $108,613,000, of
3451.310.000
May total
which $75,327,000 was accepted. The average price for this
3.00%
100
yrs. 3,003,620,600 8824,816,550
12-14
15
June
4
June
2.125%
Issue was 99.942, the average rate on a bank discount basis June 4 June 15 5 years 4,931,780,600 528.591,700
100
99.96
*0.07%
Average
75,228,000
234,994,000
14 June 20 182 days
being 0.12%. The proceeds were used to refund a maturing June
75,353,000 Average 99.96 *0.07%
June 21 June 27 182 days 251,941.000
issue of bills.
31503987,250
total
June
Mr. Morgenthau on Aug. 9 announced a further new
205,138,000 375,167,000 Average 99.964 "0.07%
26 July 3 183 days
offering of $75,000,000, or thereabouts, of 182-day Treasury June
75,235,000 Average 99.96 '0.07%
208,743,000
July 5 July 11 182 days
75,144,000 Average 99.96 *0.07%
207.015,000
days
182
18
will
mature July 13 July
bills. The bills were dated Aug. 15, and
Average 99.968 '0.07%
75,200,000
157,856,000
19 July 25 182 days
Feb. 13 1935. Applieations for the issue totaled $201,- July
$300,746,000
July total_
491,000, of which $75,320,000 was accepted. The average
115,497,000 375,025,000 Average 99.95 *0.09%
price for the bills was 99.875, the average rate on a bank July 26 Aug. 1 182 days
75,327,000 Average 99.94 .0.12%
108,633,000
Aug. 2 Aug. 8 182 days
"0.25%
discount basis being 0.25%. Issued to replace maturing Aug. 9 Aug. 15 182 clays 201,491,000 75,320,000 Average 99.87
75,090,000 Average 99.88 .0.23%
254,800,000
Aug. 18 Aug. 22 182 days
bills.
75,085,000 Average 99.88 00.22%
299.185,000
Aug. 23 Aug. 29 182 days
A still further offering of $75,000,000, or thereabouts, of
5375,827,000
Augu St total
7,885,687,550
Gran d total
182-day Treasury bills was announced by Mr. Morgenthau
•Average rate on a bank discount basis
on Aug. 16. The bills were dated Aug. 22 and will mature
USE OF FUNDS.
Feb. 20 1935. Tenders to the offering amounted to $254,
New
Total Amount
Type of
800,000, of which $75,090,000 was accepted. The average
Indebtedness.
Refunding.
Accepted.
Security.
Dated.
price for the bills was 99.885, the_ average rate on a bank
8100,990,000 $100,990,000
Treasury bills
3
discount basis being 0.23% per annum. This financing pro- Jan.
$25,030,000
75,020,000
100,050,000
Treasury bills
Jan. 10
50,317,000
75.023.000
125.340,000
Treasury bills
vided for the refunding of $50,457,000 of similar securities, Jan. 17
45,092,000
80.034,000
125,126,000
bills
Treasury
Jan. 24
528,101,600
528,101,800
leaving $24,633,000 as an addition to the public debt.
234% Treas. notes
Jan. 29
524,748.500
524.748,500
29
134% Ctrs. of Ind.
Secretary of the Treasury Morgenthau on Aug. 23 an- Jan.
90.140,000
60.180,000
150,320,000
Treasury bills
Jan. 31
nounced another offering of 182-day Treasury bills to the
31,654.678.100 3391,247,000 81.283,429,100
Total
amount of $75,000,000, or thereabouts. The bills were dated
8125,493,000 $125,493,000
Treasury bills
Feb. 7
50.078.000
50,078,000
Aug. 29 and will mature Feb. 27 1935. Applications to the Feb. 7
Treasury bills
874,757.000
75,008,000 1 75,295.000
bills
Treasury
14
Feb.
offering amounted to $299,185,000, of which $75,065,000 was Feb. 14
75,044,000 f
Treasury bills
418,291,700
418,291,700
234% Treas. notes
accepted. The average price for these bills was 99.889, the Feb. 19
428,730,700
428,730,700
3% Treas. notes
Feb. 19
15,092,000
60,083,000
75,155,000
average rate on a bank discount basis being 0.22%. Issued Feb. 21
Treasury bills
75.088,000
75.088,000
Treasury Mlle
Feb. 28
to replace maturing bills.
.
$1,322,888,400 $388,017,000 $936,871,400
Total
Mr. Morgenthau on Aug. 28 announced a new offering of
$100,236,000 $100,236,000
bills
7
Treasury
Mar.
or
$75,000,000,
thereabouts, of 182-day Treasury bills. The
455,175,500
455,175,500
3% Treasury notes
Mar. 15
100,110,000
bills, however, were dated Sept. 5, maturing on March 6 Mar.21
100,110,000
Treasury bills
50,091,000
50,091.000
Treasury bills
Mar.28
1935, and hence form part of the Government's financing Mar.
50.025,000
50,025,000
Treasury bills
28
for the month of September. Applications for the issue
$755,837,500 $755,637,500
Total
totaled $342,426,000, of which $75,290,000 was accepted.
$50.151.000
850,151,000
4
Treasury bills
The average price for these bills was 99.908, the average Apr.
50,096,000
50,096,000
Treasury bills
Apr. 4
1,049,441,300
bonds
1,049,441,300
Treas.
16
334%
Apr,
rate being 0.18% per annum on a bank discount basis. Apr. 11
50,257,000
50,257,000
Treasury bills
50,225,000
50,225,000
Treasury bills
Issued to replace maturing bills. The rate on this offering Apr. 11
75,047,000
75,047,000
Treasury bills
Apr. 18
compares with 0.22% obtained on bills dated Aug. 29; Apr. 18
50,033,000
50,033,000
Treasury bills
75,325,000
75,325,000
bills
Treasury
Apr.
25
on
bills
bills
0.25%
dated
Aug.
22; with
dated
0.23% on
50,040,000
50,040,000
Treasury hills
Aug. 15; 0.12% on bills dated Aug. 8, and 0.09% on bills Apr. 25
CI KM Al k QM Cl RI. Al S 111A
'Fatal
1.
dated Aug.




1460

Financial Chronicle
Type of
Security,

Dated.
May 2
May 2
May 9
May 9
May 18
May 16
May 23
May 23

Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
, Treasury bills
Treasury bills

Total
June 15
June 15
June 20
June 27

3% Treasury bonds
2Si%'Treas. notes
Treasury bills
Treasury bills

Total
July 3
July 11
July 18
July 25

Treasury
Treasury
Treasury
Treasury

bills
bills
bills
bills

Total
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Aug. 29

Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills

Total
Grand total_

Total Amount
Accepted,
$75,055,000
50,037,000
75,114,000
50,173,000
50,254,000
50,080,000
50,457,000
50.140,000

Refunding.

New
Indebtedness.

$75,055,000
50,037.000
75,114.000
50,173,000
75,008,000

$25,326,000

75,115,000

25.482,000

$451,310,000

$400,502,000

$50,808,000

$824,816,550
528,591,700
75,226,000
75,353,000

$489,069,600

$335,746,950
528,591.700

75,226,000
50,091,000

25,262,000

$1,503,987,250

$614,386,600

$889,600,650

$75,167,000
75,235,000
75,144,000
75,200,000

$50,151,000
75,235,000
75,144.000
75,200,000

$25,016,000

$300,746,000

$275,730.000

$25,016,000

$75,025,000
75,327,000
75,320,000
75,090,000
75,065,000

$75,025,000
75,327,000
75,320,000
50,457.000
75,065,000

$375,827,000

$351,194,000

$24,633,000
$24,633,000

$7,865,687,550 $4,675,329,400 $3,190,358,150

Continuing further with our analysis of the corporate
offerings announced during August, we observe that there
were but four new issues totaling only $18,019,000. This
compares with 10 new issues for an aggregate of no less
than $145,778,914 put out in July. The August total consisted of $10,500,000 for industrial and miscellaneous companies; $6,315,000 for public utilities, and $1,204,000 in
behalf of railroads. Total corporate issues, as just mentioned, were $18,019,000, of which $11,519,000 represented
long-term offerings and $6,500,000 represented short-term
financing. No new stock issues were brought out during
the month. The month's new issues comprised $6,500,000
Sun Oil Co. deb. 3%s, Sept. 1 1939, placed privately;
$4,000,000 Sun Pipe Line Co. deb. 3%s 1935-40, also placed
privately; $6,315,000 Long Island Lighting Co. 1st ref. mtge.
5s B 1955, sold privately at 95 to the Metropolitan Life
Insurance Co. and the East River Savings Bank, New York,
and $1,204,000 Lehigh & New England Ry. Co. equip. trust
4s H 1935-44, acquired from the Reconstruction Finance
Corporation and publicly offered at 99% flat for certificates
dated May 21 1934 and maturing from Nov. 1 1935 to Nov. 1
1939, and 99% flat for certificates dated June 21 1934 and
maturing Nov. 1 1939 to May 1 1944.
The portion of the month's financing used for refunding purposes was $10,000,000, or approximately 55% of
the total. In July the refunding portion was $125,500,000,
or more than 86% of the total. In June it was $23,747,000,
or about 71% of the total. In May it was $2,958,000, or
about 9.3% of the total. In April it was $59,283,000, or
slightly over 67% of that month's total. In March it was
$12,569,200, or about 47% of the total. In February the
refunding portion was $2,308,000, or about 15% of the total
for that month. The refunding portion in January was
$1,500,000, or about 20% of the month's total. In August
1933 there were no refunding operations. The $10,000,000
raised for refunding in August (1934) comprised $3,500,000
new long-term debt to refund existing long-term debt and
$6,500,000 new short-term debt to replace existing longterm debt. Refunding issues announced during August consisted of $6,500,000 Sun Oil Co deb. 3%s due Sept. 1 1939,
to be used entirely for refunding, and $4,000,000 Sun Pipe
Line Co. deb. 3%s due Oct. 1 1935-40, of which $3,500,000
comprised refunding.
There were no new fixed investment trusts marketed
during August. It is also to be recorded that none of the
corporate flotations contained convertible provisions, nor
carried rights to acquire stock on a basis of one kind or
another.
Included in the month's financing, as previously mentioned, was a public offering by the Treasury Department
of three series of bonds of the Home Owners' Loan Corporation. The offering of these bonds, announced on Aug. 5,
marks the second occasion on which the Treasury Department has acted as fiscal agent for a Government agency,
the initial instance having been in the case of $100,000,000
Federal Farm Mortgage Corporation 3% bonds offered during July. As in the case of the latter issue, the new bonds
were offered on a bid basis. The bonds were offered in
three series, each not to exceed $50,000,000, designated as
1%% bonds Series C, due Aug. 15 1936; 1%% bonds
Series D, due Aug. 15 1937, and Series E, due Aug. 15 1938.
All series bear the date of Aug. 15 1934. The bonds are




Sept. 8 1934

not subject to call for redemption prior to maturity. The
obligations are exempt both as to principal and interest
from all Federal, State and local taxation (except surtaxes, estate, inheritance and gift taxes) now or hereafter
Imposed. They are fully and unconditionally guaranteed
both as to principal and interest by the United States. The
bonds, therefore, represent contingent liabilities of the Government, and will appear as such in statements of the
public debt. The Treasury announcement of the results of
the offering affords the following details:
Series C, 1%%, 1936. The total amount applied for was
$124,462,500, of which but $49,736,000 were accepted at
prices ranging from 101.590 to 99.411. Only part of the
amount tendered at the latter price was accepted. Average
price of the bonds of this series to be issued was 100.677,
and based on this price the yield to maturity, Aug. 15 1936,
is about 1.15%.
Series D, 1%%, 1937. The total amount applied for was
$48,177,000, of which $41,843,000 was accepted at prices
ranging from 101.130 to 99. Average price for the bonds
of this series to be issued was 99.931, and based on this
price the yield to maturity, Aug. 15 1937, is about 1.77%.
Series E, 2%, 1938. The total amount of bids applied for
was $60,487,100, of which $35,532,100 was accepted at prices
ranging from 101.035 to 99. Average price for the bonds
of this series was 99.962, and based on this price, the yield
to maturity, Aug. 15 1938, is about 2.01%. All bids below 99
for the three- and four-year bonds were rejected by the
Treasury Department "as being unsatisfactory in price."
Tenders for the three series amounted to $233,126,000, of
which $127,111,100 was accepted. In addition to the accepted bids, the Treasury itself purchased for the benefit
of its investment funds $8,000,000 of the three-year bonds
and $14,000,000 of the four-year bonds, making $149,111,100
in all. The proceeds of the bonds are to be used primarily for
cash expenditures incident to the reconditioning of homes on
which the Corporation takes mortgages.
The month's financing also included a new issue of $15.000,000 Federal Intermediate Credit banks 13
/
4% coll, trust
debentures dated Aug. 15 and due Dec. 15 1934, offered, as
usual, at price on application. The issue was quickly sold,
announcement having been made that subscriptions were
approximately four and a half times the amount of the
offering.
The following is a complete summary of the new financing.
corporate, State and city, foreign government, as well a,
farm loans issued during the month of August and the eight
months ending with August:
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
1934.
MONTH OF AUGUST—
Corporate—
Domestic—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Canadian—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other foreign
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Total corporate
Canadian Governnient
Other foreign Government
Farm Loan and Governmental.agencies
•Municipal, States, cities. &c
United States Possessions
Grand total
8 MONTHS ENDED AUG. 31—
Corporate—
Domestic—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Canadian—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other foreign—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Total corporate
Canadian Government
Other foreign Government
Farm Loan and Governmental agencies_
•Municipal, States, cities. &c
United States Possessions

New Capital. Refunding.
$

II

Toga.
$

8,019,000

3,500,000
6,500,000

11,519,00(1
6,500,00(1

8,019,000

10,000,000
50,000,000

18,019,000
50,000,000

153,111,100
18,417,690

11,000,000
8,261,924

164,111,100
26,679,614

179,547,790

79,261,924

258,809,714

65,958,900
31,050,000
2,908,800
27,675,399

131,960,200
104,705,000

197,919,100
135,755,000
2,908,800
27,675,399

1,200,000

1,200,000

127,593,099

237,865,200
50,000,000

365,458,299
50,000,000

312,111,100
563,250,856

285,300,000
79,236,184

597,411,100
642,487,040

Grand total
1,002,955.055 652.401.384 1.655,356,439
•These figures do not include funds obtained by States and municipalities from
any agency of the Federal Government.

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




21,500.000

61.7 oranioA

Total.
102,179,000
8,513.400
13,828,834
27,328,200

16.516,340

189,865,774
500,000
2,680,000
98,068,445
291.114,219

Total.
41,516,000
31,765,000
660.000
47.800,000
1,938,000

123,679,000
4,000,000

apgroirio lepIIVIIU

FOR THE MONTH OF AUGUST FOR FIVE YEARS.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING
1930.
1931.
1932.
1933.
1934.
MONTH OF AUGUST.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
Refunding.
Capital.
New
$
Corporate$
$
$
$
$
$
$
$
$
$
67,000,000
$
35,179,000
Domestic$
26,485,500
5,000.000
21,485,500
71,219,000
56.034,000
15,185,000
11,519,000
3,500,000
8,513,400
8,019,000
Long-term bonds and notes
13,350,000
800,000
12,550,000
60,375,500
51,080.000
9,295,500
6,500,000
1,350,000
6.500,000
12,478,834
Short-term
10,475,000
10,475,000
1.200,000
1,200,000
3,683.805
3,683,805
27.328,200
Preferred stocks
1,686.622
1,686,622
600,000
600.000
10,365.808
10,365.808
Common stocks
21,500,000
CanadianLong-term bonds and notes_
Short-term
16.516,340
Preferred stocks
Common stocks
Other foreignLong-term bonds and notes
Short-term
Preferred stocks
Common stocks
68,350,000
51.997.122 121,515,774
5,800,000
46,197,122
26,280,500 107,114.000 133,394.500
14.049,613
14,049,613
18,019,000
10,000,000
8,019,000
500,000
Total corporate
2,000,000
2,000,000
50,000,000
i:6-810•56
50,000,000
Canadian Government
Other foreign Government_
15,095,000
11.000,000 164,111,100
82,973,445
153.111,100
Farm Loan and Gov.agencies
74,963,933
706,683
74.257,250
37.839.967
4,096,100
•
33,743,867
41.602.539
9,862,764
31.739,775
26,679,614
8.261,924
18,417,690
*Municipal-States, cities, &c
ions.
United States P
86,125.000
6.506,683 126.961,055 204,989,219
120.454.372
62.024.367 111,210.100 173,234.467
55,652,152
9.862,764
45,789,388
79.261,924 258,809,714
179,547,790
Grand total
Government.
* These figures do not include funds obtained by States and municipalities from any agency of the Federal
THE MONTH OF AUGUST FOR FIVE YEARS.
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR
1930.
1931.
1932.
1933.
1934.
New Capital. Refunding.
Total.
Refunding.
Capital.
New
Total.
Capital.
Refunding.
New
Total.
Refunding.
Capital.
New
MONTH OF AUGUST.
Total.
New Capital. Refunding.
40,100,000
1,416,000
2.295,000
Long-Term Bonds and Notes2,295,000
1.204,000
31,785,000
1.204,000
15,680,500
5,000,000
Railroads
10,680,500
70,219.000
56.034,000
14.185,000
6,315,000
6,315,000
Public utilities
660,000
Iron, steel, coal, copper, &c
Equipment manufacturers
26.900,000
20,990,000
6,410,000
Motors and accessories
6,410,000
Other industrial and manufacturing
4,000,000
3,500,000
1,938,000
500.000
2,100,000
Oil
2,100,000
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding, &c..
1,000,000
1,000,000
Miscellaneous
67,000,000
56,679,000
26,485,500
5,000,000
21,485,500
71,219,000
56,034,000
15.18.5,000
11,519,000
3,500,000
8,019,000
Total
10,000,000
Short-Term Sonde and Notes
10,000,000
26.450,000
22.500,000
3.950,000
4,000,000
2,800,000
800.000
Railroads
2,000.000
28,580,000
28,580,000
Public utilities
Iron,steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
6.500,000
1,163,400
6.500,000
550,000
Oil
550,000
3,100,000
Land, buildings, &c
Rubber
Shipping
250,000
Inv. trusts, trading, holding, &c_
5.345.500
5.345,500
Miscellaneous
8,513,400
13,350.000
800,000
12,550,000
60,375.500
51,080,000
9,295,500
6.500,000
6,500,000
Total
Stocks1,350,000
10,956,334
8.975,000
8,975,000
Railroads
1,200,000
1,200,000
17,471,800
140,000
Public utilities
140,000
968,750
968,750
Iron,steel, coal, copper, &c
591.300
Equipment manufacturers
18,191,300
2,646,822
2.648,622
Motors and accessories
600.000
600,000
12,755.863
12.755.863
400,000
400,000
Other industrial and manufacturing
325,000
325,000
Oil
Land. buildings, &c
Rubber
Shipping
9.112,640
Inv. trusts, trading, holding, &c1,350,000
Miscellaneous
56,323,374
12,161,622
12,181,622
1,800,000
1,800,000
14,049,613
14,049,613
Total
40,100.000
1.416,000
12,295,000
Total12,295,000
26,450,000
22.500,000
3,950,000
1.350,000
1.204,000
48,721,334
1.204.000
27,455,500
5,800,000
21,655,500
Railroads
99.999,000
84,614,000
• 15.385,000
6,315,000
17,471,800
6,315.00(1
140,000
140,000
Public utilities
968,750
968,750
860,000
Iron,steel, coal, copper, &c
591,300
Equipment Manufacturers
26,11601,646
39,091,300
9,056,622
9,056.622
Motors and accessories
600,000
600,000
12,755,883
12,755.863
400,000
400,000
Other industrial and manufacturing
325,000
325,000
10,500,000
3,101,400
10,000,000
500,000
2,650,000
2,650,000
Oil
3,100,000
Land, buildings, &c
Rubber
Shipping
9,362,640
Inv. trusts,trading, holding, &c
6.345,500
6,345,500
Miscellaneous
68,350,000
51,997,122 121,515.774
5.800,000
46,197,122
26,280.500 107.114,000 133,394.500
14,049,813
14,049,613
18,019,000
10,000.000
8.019,000
securities
Total corporate

1.163,400
3,100,000
250,000
8,513.400
12,306,334
17,471,800
591,300
18.191,300

9.112,640
57.673,374
41,516,000
48.071,334
17,471,800
660,000
591,300
65,991,300
3,101,400
3,100,000
9,362,840
189,885.774

1-+

SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND
MUNICIPAL FINANCING FOR THE EIGHT MONTHS ENDED AUG. 31
FOR FIVE YEARS.
1934.
1933.
1932.
1931.
1930.
Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
$
$
$
S
$
$
$
$
$
$
131,960.200 197,919.100
$
23,621,000 111,008,500 134.629,500
16
$
$
211,202,300
94,956,500 306,158,800 817,020,600 651,758,200 1,468,778,800
104,705,000 135,755,000
2,086,778,660
16,600,000
278.628,2502.365,406.910
57,536,700
74,136,700
26,231,500 148,929,000 175,160,500 259.861.350
77,899,500 337.760.850 355.002.650
2,908,800
14,717,555
57,613,000
412,615,650
14.717.555
7.975,275
-------7.975,275 106,449,667
31,050,000 137,499,667 370,201,780
27,675.399
71,513,033
1,350,000 371,551,780
32,317,778 103.830,811
3,896,900
1,897.320
5,794,220 126,437,756
126,437,756 959,979,551
13,315,750 973,295,301
90,000,000
90.000,000 173,638,000
38,000.000 211,638,000
5.000,000
5.000,000
13.000,000
133,332
13,000,000
133,332
16,516,340
16,516,340
72,800,000
1,200,000
72,800,000 169.015.000
1,200,000
4.000.000 173.015,000
1,600,000
1,600.000
5,000,000
5.000,000
'31,000,000
31,000.000
365.458,299
50,000,000

285,300,000
79.236,184

597,411,100
642,487,040

652,401.384 1.655,356.439
..,.

126,584,920

269,237,066
1,400,000
397.221.986

202,462,978
60,000,000

329,047,898
60,000.000

249,305,975
2,000,000

245,782,820

495,088,795 1,472,569,373
2,000,000
40,922,000

46,000,000
92,500,000 138,500,000
44,600,000
298,422.720
536,024,813
58,115,926 594,140,739 1,006,695,912
1,400,000
692,000
692,000
295,000
291,648,632 688.870.618
834.022,788 396.398.746 1.230.421,534 2.565.082,285
.... — . . —
vernment.
29,185,654

10,060,000
765.707,700 2.238,277,073 4,190,191,981
9,500,000
50,422,000
47,242,000
411,306.000
31,000,000
75,600,000
30,500.000
16,222,683 1,022,918,595 938,001,475
295.000
9,675,000
822.430.383 3.387.512,668 5,626.916,456

CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE
UNITED STATES FOR THE EIGHT MONTHS ENDED AUG. 31 FOR FIVE
YEARS.
1934.
1933.
1932.
EIGHT MONTHS END. AUG.31.
1931.
New Capital.
Refunding.
Total.
New Capital. Refunding.
Total.
[New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
Long-Term Bonds and Notes—
New Capital.
$
$
$
$
$
$
$
$
Railroads
$
$
48.313,100 102,500,000 150,813,100
$
$
$
12,000,000
76,765.500
88,765,500
9,327,000
Public utilities
9,327,000
250,110,300
146,319,700
16,745,800
396,430,000 625,191,250
23.652,200
40,398.000
10,721,000
32.518,000
43.239.000
207,502,300
85,579,500 293,081,800
Iron, steel, coal, copper, &c
483,498,500 489,512,000 973,010.500 1.138.478,000
Equipment manufacturers
102,939,800
6,062.500 109,002,300
21,500.000
Motors and accessories
12,434,000
12,434,000
9.040,000
Other industrial and manufacturing
.
2.308.000
2,308,000
1,725,000
1.725.000
Oil
82,952,000
500,000
5,950,000
3.500,000
88,902,000 203,501,910
4,000,000
Land, buildings, &,c
2,000,000
400,000
-----___
2.000,000 142,550,000
400.000
900,000
900,000
2.500.000
50,000
Rubber
2,550.000
31.950.000
1,220,000
33,170.000 110.635,500
Shipping
30.000,000
Inv. trusts, trading, holding, &c-1,650,000
1,650.000
10,000,000
Miscellaneous
75,250,000
1.200.000
1,200.000
12.286,000
2,694.000
Total
14,980,000
63.285,000
65,958,900 131,960,200 197.919.100
23,621.000 111.008.500 134.629.500
211,202,300
94,956,500 306,158,800
Short•Term Bonds and Notes
979,820,600 651,758,2901.631.578,800 2.429,431,660
Railroads
7,000,000
63.947,000
70.947,000
_
7,277,000
7.277.000
11.325.000
23.500.000
34,825,000
Public utilities
34,970,000
12,530,000
23.000.000
47,500,000
32,500,000
55,500,000
12.000,000
16,1110:660 23,295,200 39,795,200
2,850,000 125,329,000 128,179,000
Iron, steel, coal, copper, &c
164,447,500
31,077,500 195,525,000 182,522,000
5.605,400
5,605.400
100.000
Equipment manufacturers
100,000
899,000
3,101.000
4,000,000
28,000,000
12,000,000
12,000.000
Motors and accessories
12.000,000
Other industrial and manufacturing
300,000
2,958,000
3,258,000
10,100,000
100,000
5,000,000
5,100,000
Oil
21,535,000
33,500,000
500,000
55,035,000
6,500,000
7,000.000
71,105.000
Land, buildings, &c
9.649,000
791.000
10,440,000
6,650.000
4.101,000
4,101,000
Rubber
8,260,850
1,400,000
9,660,850
47.975,650
5,959,100
5,959.100
Shipping
3.900,000
Inv. trusts, trading, holding, dr,c__
Miscellaneous
250.000
500,000
500,000
250,000
1,000.000
7.955.500
7.955.500
20.100,000
20.100,000
Total
15.750,000
31,050,000 105,905.000 136,955,000
16,600,000
59,136,700
75.736.700
26,231,500 148,929,000 175,160,500
Stocks—
259,861,350
82.899,500 342,760,850 391,002,650
Railroads
Public utilities
66,055,600
7.000,000
2.147,778
9.147,778
6.112.175
1.897,320
Iron, steel, coal, copper, &c
8,009,495
190,538,511
31,050,000 221,588.511 665,728,095
588.750
588,750
3.011,651
3,011,651
Equipment manufacturers
1,640,000
1,640,000 133.351,675
Motors and accessories
859.269
859,269
Other industrial and manufacturing
20.160,249
20,160.249
4,723,962
72,534.314
30,170,000 102.704,314
2.091,250
Oil
2.091,250
16.252,872
16.252,872 192,333,695
1,795.120
1,795,120
Land, buildings, &c
3.452,500
3.452.500
82.323,463
Rubber
1,466,500
525,000
1,466,500
525,000
16,320.000
2,168,750
Shipping
2,168,750
Inv. trusts, trading, holding, &c___
310.200
310.200
1,088.566
1.088,566
Miscellaneous
3.143.750
9.000.000
3,143.750
9.000.000
82,987,079
75.000
75.000
1,500.000
1,500.000
16,393,290
16.393.290 125.934.102
Total
30,584,199
30.584,199
86,363,920
32.317,778 118,681,698
11.872.175
13,769.495
1,897,320
Total—
232,887.423
31,050.000 263,937,423 1,369,757,671
Railroads
55,313,100 166,447,000 221,760.100
12,000,000
84,042,500
96.042,500
11,325.000
32,827.000
44,152,000
Public utilities
285,080,300 158.849.700 443,930.000 703,246,850
39.745,800
56,152.200
95.898,000
34.221.000
57.960,978
92,181,978
216.464.475 212.805.820 429,270,295
Iron, steel, coal. copper, &c
838,484,511 551.639.500 1.390.124.011 1,986.728,095
588,750
588,750
3.011,651
5,605,400
8.617.051
100,000
100,000
Equipment Manufacturers
105,478.800
9.163,500 114.642,300 182,851.675
12.000,000
12,000.000
Motors and accessories
12,434,000
12,434,000
21,040.000
859,269
859.269
Other industrial and manufacturing
20.460.249
5,266,000
25,726,249
14,823,962
72,634.314
36,895,000
109,529,314
2.091.250
Oil
2.091,250
120,739,872
39.450.000
1,000.000
160,189,872
10,000,000
11.000,000
466.940,605
1.795.120
1,795.120
Land, buildings, &c
15,101,500
791.000
400.000
15,892.500 231,523,463
400.000
900.000
900.000
6,601.000
6.651,000
50.000
Rubber
41,677,350
2,620,000
525.000
44.297.350 174,931,150
525,000
5.959.100
5,959,100
2,168,750
2,168,750
Shipping
33,900.000
Inv. trusts, trading, holding, &c___
1,650,000
310,200
1,650.000
10.000,000
310,200
1,088.566
1,088,566
Miscellaneous
3,143.750
500.000
9.250.000
3,643.750
9.250,000
159.237,079
75,000
75.000
10,655,500
10.655.500
48.779.290
2.694,000
51,473.290 204,969.102
Total corporate securities
127,593,099 237,865,200 365,458,299
126,584,920 202,462,978 329,047.898
249.305.975 245.782.820 495.088.795 1,472,569,373 765,707.700 2,238.277,073
4.190,191.981




10,060,000
392,907,000 4,583,098,981
7,158,000
54,400,000
8.180,000 419,486,000
-_ -----30,500,000
37,961,637 975,963,111
9.675,000
446.206,637 6,073.123.091

1930.
Refunding.
Total.
$
$
217,685,750 842,877,000
67,547,500 1,206.025,500
21,500,000
9,040.000
27,355,000
6,950,000
70.000

230.856,910
149,500,000
110,705,500
30.000,000
10.000.000
___---75.250,000
1,020.000 64,305,000
320,628.250 2,750,059,910
2,500,000
15,628,000
5,000.000
17.200,000
600,000
685,000
15,000,000

14,500,000
198,150,000
33,000,000
12,000,000
10,100,000
88.305,000
7,250,000
48,660.650
18,900,000

-____—_
1.000,000
57,613,000

1,000,000
16,750.000
448.615,650

12.9-12,250

66,055,600
678.640.345
133.351.675

1.371,500

apy102(13 l'EptleUU

237,865,200
50,000,000

4,723,962
193.705.195
82,323,463
16.320,000

82,987.079
382,000 126.316,102
14,665.750 1,384,423,421
220,185,750 923,432.600
96,087,750 2,082.815,845
5,000,000 187.851,675
21,040,000
14,823,962
45,926,500 512.867.105
7.550,000 239.073.463
755,000 175,686,150
15,000,000
48,900,000
10.000,000
159,237,079
2,402,000 207,371.102
392,907.000 4,583.098.981

fre6I 8 ldeg

LIGHT MONTHS END. AUG.31.
New Capital.
Corporate—
Domestic—
$
Long-term bonds and notes
65.958,900
Short-term
31.050,000
Preferred stocks
2,908.800
Common stocks
27,675,399
Canadian—
Long-term bonds and notes_
Short-term
Preferred stocks
Common stocks
Other foreign—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Total corporate
127,593.099
Canadian Government
Other foreign Government_
Farm Loan and Gov. Agencies
312,111,100
*Municipal—States, cities, &a
563,250,856
United States Po
'ons____
Grand total1,002.955.055
.

1463

Financial Chronicle

Volume 139

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

Amount.

Purpose of Issue.

Price.

To Yield
About.

S

Company and Issue, and by Whom Offered.

%

Railroads1,204,000 New equipment

9944-99.54

Public Utilities6,315,000 Retire current debt

95

OB4,000,000 Refunding; new construction

---- Lehigh & New England Ry. Co. Equip. Tr. 4s, H, Nov. 1 1935-May 1 1944. Offered by Stroud &
Co., Inc.; Janney & Co.; E. H. Rollins & Sons, Inc., and Edw. Lowber Stokes & Co.
5.40 Long Island Lighting Co. let Ref. M. 55, series B, 1955. Placed with Metropolitan Life Insurance
Co. and East River Savings Bank, New York.

Placed privately

Sun Pipe Line Co. Debenture 3358. due Oct. 1 1935-40. Placed privately by Brown Harriman &
Co. and Edward B. Smith & Co.

SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).

Amount.

Purpose of Issue.

Price.

Oil—
6,500,000 Refunding

To Yield
About.

Placed privately

Company and Issue, and by Whom Offered.

Sun Oil Co. Debenture 344s, due Sept. 1 1939. Placed privately by Brown Harriman & Co. and
Edward B. Smith & Co.

FARM LOANS AND GOVERNMENTAL AGENCY ISSUES.

Amount.

Issue and Purpose.

Price.

To Yield
About.

Offered by

15,000.000 Federal Intermediate Credit Banks Ili%
coll, trust deb., dated Aug. 15 and due Den.
15 1934 (provide $11,000,000 for refunding
and 84.000,000 new capital)
Price on application Charles R. Dunn, Fiscal Agent, New York.
49.736,000 Home Owners' Loan Corporation 134%
1.15 United States Treasury, Fiscal Agent.
Bonds, Series C. due Aug. 15 1936
100.677
x49.843,000 Home Owners' Loan Corporation 134%
99.931
1.77 United States Treasury, Fiscal Agent.
Bonds, Series D, due Aug. 15 1937
y49.532,100 Home Owners'Loan Corporation 2% Bonds,
Series E, due Aug. 15 1938 (proceeds of three
series to provide for reconditioning homes on
which mortgages have been taken by the
2.01 United States Treasury, Fiscal Agent.
99.962
Corporation)
164,111.100
x Includes $8,000,000 purchased by United States Treasury.

y Includes 514.000.000 purchased by United States Treasury.

Indications of Business Activity
Friday Night, Sept. 7 1934.
Business activity showed a recession, with steel and electric output continuing to decline and the gain in car loadings
less than seasonal. Retail business, however, continued
good, with the fall buying movement now in full swing in
most parts of the country. Summer goods have almost been
cleared by special sales events. Shoes were in better demand.
Wholesale business was also larger, and, owing to low stocks,
many retailers were rushing to cover needs in the dry goods
division. Reorders accounted for much of the business.
There was a good demand for groceries, and a larger business was done in hardwares. In the steel industry the output dropped to 18.4% of capacity and the immediate outlook
is not very promising. Backlogs are down to a very low
point. There was no revision in prices of steel or pig iron
for the fourth quarter delivery, and finished products were
generally unchanged. Scrap was weaker. Wholesale commodity prices last week rose to the highest level since January 1931. According to the Labor Department, the same
amount of goods that cost $1 in 1926 could have been bought
for 77.5c. last week, representing an increase of 0.8% over
the previous week. Farm products and food led the rise.
The index number of 77.5 compared with 69.7 a year ago
and 65.5 two years ago. With the Government report due
to-morrow, and considerable uncertainty over the textile
strike, speculation in cotton was on a small scale and prices
fluctuated within narrow limits, ending slightly lower for
the week. Private estimates on the crop were bullish and
caused rallies at times. Grain trading, too, was rather light,
and prices, after beginning the week at lower prices, subsequently showed strength. Rains fell in the growing areas
of the West, but came too late to help the domestic crop situation much. Reports of frost damage in Canada and further
injury to wheat in Australia influenced buying. Hogs were
higher, although there was some reaction recently. Hogs
at Chicago reached a top price of $8.05. Sheep and Iambs,
however, were lower. Flour was dull and lower. Hides of
late have been more active and firmer. Wool continued dull
despite an increase in inquiries, with prices firm. Copper
and lead held firm at the lower level, but there was a decline
of $1 in prime Western slab zinc. Tin was quiet and lower.
Other commodity markets were generally quiet, with mixed
trends. As to the weather, it has been generally cool at
New York, and showery. Rain fell heavily over the last
week-end over a territory from deep in Texas to the Canadian border, and temperatures were much lower. In Nebraska rains fell in nearly all sections of the State and were
adequate enough to enable farmers to begin fall grain seed-




ing. The apple and grape crops received beneficial rains
several days last week over the Ozarks. Good soaking rains
in Kansas last Friday and Saturday ended the worst drought
this generation has known. Snow flurries were reported in
Vermont. The weather in August was the second coldest on
record in Boston, according to the Weather Bureau there.
To-day it was raining and warm here, with temperatures
ranging from 65 to 76 degrees. The forecast was for cloudy,
with occasional rain to-night and probably Saturday. Overnight at Boston it was 60 to 70 degrees; Baltimore, 68 to 76;
Pittsburgh, 58 to 80; Portland, Me., 58 to 74; Chicago, 60 to
64; Cincinnati, 58 to 80; Cleveland, 60 to 66; Detroit, 56 to
62; Charleston, 76 to 84; Milwaukee, 52 to 64; Dallas, 62
to 78; Savannah,72 to 88; Kansas City,48 to 70; Springfield,
Mo., 50 to 70; St. Louis, 56 to 64; Oklahoma City, 54 to 74;
Denver, 54 to 76; Salt Lake City, 60 to 88; Los Angeles, 62
to 82; San Francisco, 54 to 76; Seattle, 58 to 70; Montreal,
50 to 76, and Winnipeg, 50 to 74.
Increase Noted in Net Operating Income of Class I
Railroads During First Seven Months of 1934 as
Compared with Similar Period Year Ago.
During the first seven months of 1934 Class I railroads of
the United States had a net railway operating income of
which was at the annual rate of return of
1.99% on their property investment, according to reports
filed recently by the carriers with the Bureau of Railway
Economics and made public Sept. 6. In the first seven
months of 1933, their net railway operating income was
$219,481,527, or 1.66% on their property investment. The
announcement of Sept. 6 continued:

r2-61,024,805,

Property investment is the value of road and equipment as shown by
the books of the railways, including materials, supplies and cash. The net
railway operating income is what is left after the payment of operating
expenses, taxes and equipment rentals but before interest and other fixed
charges are paid.
This compilation as to earnings for the first seven months of 1934 is
based on reports from 148 Class I railroads representing a total of 239,321
miles.
Gross operating revenues for the first seven months of 1934 totaled
$1,905,880,618 compared with $1,709,046,574 for the same period in 1933,
an increase of 11.5%. Operating expenses for the first seven months of
1934 amounted to 81.420,770,832 compared with $1,263,976,739 for the
same period in 1933, an increase of 12.4%.
Class I railroads in the first seven months of 1934 paid 8149,100.376 in
taxes compared with 8154,835.597 for the same period in 1933. a decrease
of 3.7%. For the month of July alone, the tax bill of the Class 1 railroads
amounted to $21285508.a decrease of $1,772,049 or 7.7% under July 1933.
Thirty-three Class I railroads failed to earn expenses and taxes in the
first seven months of 1934. of which nine were in the Eastern, seven in the
Southern, and 17 in the Western District.
Class 1 railroads for the month of July alone had a net railway operating
Income of $35,220,889, which, for that month, was at the annual rate of
return of 1.52% on their property investment. In July 1933, their net
railway operating income was $84,752,602, or 2.77%•

Financial Chronicle

1464

Sept. 8 1934

Gross operating revenues for the month of July amounted to $275,983,518 compared with $293,723,872 in July 1933, a decrease of 6%•
Operating expenses in July totaled $208,483,770 compared with $194,925.735 in the same month in 1933, an increase of 7%•

their own lines, compared with 248,480 cars in the preceding
week and 273,897 cars in the seven days ended Sept. 2 1933.
A comparative table follows:

Eastern District
Class I railroads in the Eastern District for the first seven months in
1934 had a net railway operating income of $165,477,754 which was at the
annual rate of return of 2.52% on their property investment. For the
same period in 1933, their net railway operating income was $143,285.228
or 2.16% on their property investment. Gross operating revenues of the
Class I railroads in the Eastern District for the first seven months of 1934
totaled $992.131,991 an increase of 13.4% above the corresponding period
in 1933, while operating expenses totaled $714,008,175, an increase of
14.9% above the same period in 1933.
Class I railroads in the Eastern District for the month of July had a net
railway operating income of $17,750,287 compared with $36,177,665 in
July 1933.
•
Southern District.
Class I railroads in the Southern District for the first seven months of
1934 had a net railway operating income of $33.612,146 which was at the
annual rate of return of 1.86% on their property investment. For the
same period in 1933, their net railway operating income amounted to
$33,214,538 which was at the annual rate of return of 1.80% on their
property investment. Gross operating revenues of the Class I railroads in
the Southern District for the first seven months of 1934 amounted to
$242,630,642, an increase of 7.7% above the same period in 1933, while
operating expenses totaled $183,983,957, an increase of 10.2%.
Class I railroads in the Southern District for the month of July had a
net railway operating income of $1,827,667 compared with $7,166,259 in
July 1933.
Western District
Class I railroads in the Western District for the first seven months in
1934 had a net railway operating income of $61,934,905 which was at the
annual rate of return of 1.30% on their property investment. For the
same seven months in 1933, the railroads in that District had a net railway
operating income of $42.981,761 which was at the annual rate of return of
0.90% on their property investment. Gross operating revenues of the
Class I railroads in the Western District for the first seven months' period
in 1934 amounted to $671,117,985, an increase of 10.2% above the same
period in 1933, while operating expenses totaled $522,778,700, an increase
of 9.9% compared with the same period in 1933..
For the month of July alone. the Class I railroads in the Western District
reported a net railway operating income of $15,642,935. The same roads
in July 1933. had a net railway operating income of $21.408.678.
CLASS I RAILROADS-UNITED STATES.

REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars.)

1934.
Month of JulyTotal operating revenues
Total operating expenses
Taxes
Net railway operating income
Operating ratio-%
Rate of return on property investment
Seven Months Ended July 31Total operating revenues
Total operating expenses
Taxes
Net railway operating income
Operating ratio-%
Rate of return on property investment

$275,983,518
208,483,770
21,285,508
35,220.889
75.54
1.52

1933.

%
Increase.

5293,723,872
194,925,735
23,057,557
64,752,602
66.36
2.77

-6.0
+7.0
-7.7
-45.6

1,905,880,618 1,709,046,574
1,420,770,832 1,263,976,739
149,100,376
154,835,597
261,024,805
219,481,527
74.55
73.96
1.99
1.66

+11.5
+12.4
-3.7
+18.9

Moody's Daily Index of Staple Commodity Prices
Undergoes Little Change.
For the second week in succession Moody's Daily Index
of Staple Commodity Prices has moved within a narrow
range. The net change for the week was a loss of 0.5 points
to 154.4, but the Index would have shown a gain of 0.7
points had it not been for a sharp drop in the duty-paid
sugar quotation, due to the lower tariff effective on Monday.
Trends in individual commodities were not clearly defined.
There were six net declines and as many gains, while scrap,
copper and cotton were unchanged. Hog prices reacted
steadily from their recent highs, and this loss shared the
spotlight with the drop in sugar mentioned above. The
remaining losses, in wool tops, silk, lead and silver, were all
negligible. Wheat showed by far the most important gain,
with hides, coffee, corn, cocoa and rubber following.
The movement of the Index number during the week,
with comparisons, is as follows:
Fri.
Aug. 31
Sat., Sept. 1
Mon., Sept. 3
Tues., Sept. 4
Wed., Sept. 5
Thurs.,Sept. 6
Fri.,
Sept. 7

Revenue Freight

154.9
not compiled
Holiday
153.5
153.9
154.1
154.4

2 Weeks Ago, Aug. 24
155.3
Month Ago, Aug. 6_ _ _____ 147.0
Year Ago.
Sept. 7 1933--128.9
1933 High, July 18
148.9
Low,
Feb. 4
78.7
Aug. 29
1934 High.
156.2
Low,
Jan. 2
126.0

Loadings for Latest Week Again
Show Increase.
Loadings of revenue freight for the week ended Sept. 1 1934
totaled 645,780 cars, an increase of 40,264 cars or 6.6% over
the preceding week but a decline of 27,998 cars or 4.2% from
the totalfor the corresponding week of 1933. The comparison
with the 1932 week is more favorable, the current week's
loadings being 84,455 cars or 15.0% higher. For the week
ended Aug. 25 loadings were 5% lower than in the corresponding week of 1933 but 12.6% above the like week of 1932.
Loadings for the week ended Aug. 18 showed a loss of 6.7%
when compared with 1933 but a gain of 15.8% when the
comparison is with the corresponding week of 1932.
The first 15 major railroads to report for the week ended
Sept. 1 loaded a total of 261,983 cars of revenue freight on




Car

Loaded on Own Lines
Weeks Ended-

Receivedfrom Connections
Weeks Ended-

Sept. 1 Aug.25 Sept. 2 Sept. 1 Aug.25 Sept. 2
1934. 1934. 1933. 1934. 1934. 1933.
Atchison Topeka St Santa Fe Ry_
Chesapeake & Ohio Ry
Chicago Milw.St. Paul& Pac.Ry.
Y Chicago & North Western Ry
Gulf Coast Lines
International Great Northern RR
Missouri-Kansas-Texas RR
Missouri Pacific RR
New York Central Lines
New York Chicago & St. Louis Ry
Norfolk dc Western Ry.
Pennsylvania RR
Pere Marquette Ry
Southern Pacific Lines
Wabash Ry

21,645
21,117
21,279
17,491
2,160
3,364
5,315
15,612
41,626
4,741
18,756
53,236
4,340
25,709
5,592

21,534
19,473
20,516
16,274
2.064
3,078
4,701
14,400
38,379
4,684
17,422
51,258
4,379
25,029
5,289

18,642 5,116 4,935 4,380
23,595 9,360 9,467 9,040
18,608 6,613 6,302 6,648
14,750 9,255 8,451 8,204
1,875 1,243 1,316 1,021
2,704 1,756 1,806 1,433
5,018 2,907 2,538 2,247
14,140 7,686 7,418 6,992
47,195 53.946 49,876 59,388
4,790 7,643 6,930 7,998
21,825 4,035 3,468 4,202
65,737 31,497 28,882 37,248
4,332 3,923 3,710 3,908
24,197
6,489 6,417 6,594 6,676

Total
261,983 248,480 273,897 151,397 141.693 159,385
x Not reported. y Excluding ore.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS.
(Number of Cars.)
Weeks Ended-

Chicago Rock Island & Pacific Ry_
Illinois Central System
St. Louis-San Francisco HY
Total

Sept. 11934.

Aug. 25 1934.

Sept. 2 1933.

24,573
29,002
14,317

22,168
26,652
12,618

20,927
26,623
12,029

67.892

61.438

59,579

The American Railway Association, in reviewing the week
ended Aug. 25, reported as follows:
Loading of revenue freight for the week ended Aug. 25 totaled 605,516
cars, which was an increase of4,952 cars above the preceding week,but 31.994
cars under the corresponding week in 1933. It was, however, an increase
of 67,749 cars above the corresponding week in 1932.
Miscellaneous freight loading for the week ended Aug. 25 totaled 221,361
cars, a decrease of 1,291 cars below the preceding week, but 2,908 cars
above the corresponding week in 1933, and 33,215 cars above the corresponding week in 1932.
Loading of merchandise less than carload lot freight totaled 160,685 aa,
an increase of 837 cars above the preceding week this year, but 8,137
cars below the corresponding week in 1933. and 10,391 cars below the same
week in 1932.
Grain and grain products loading for the week totaled 36,683 cars, a
decrease of 2,888 cars below the preceding week, but 7,956 cars above
the corresponding week in 1933. It was, however, a decrease of 1,288 cars
below the same week in 1932. In the Western districts alone, grain and
grain products loading for the week ended Aug. 25 totaled 24,879 cars, an
increase of 6,001 cars above the same week in 1933.
Forest products loading totaled 21,505 cars, a decrease of 1,042 cars
below the preceding week, and 5.677 cars below the same week in 1933, but
an increase of 4,897 cars above the same week in 1932.
Ore loading amounted to 27,745 cars, a decrease of 923 cars below the
preceding week, and 10,973 cars below the corresponding week in 1933.
but 20,535 cars above the corresponding week in 1932.
Coal loading amounted to 100,982 cars, an increase of 8,920 cars above
the preceding week, but a decrease of 29,354 cars below the corresponding
week in 1933. It was, however, an increase of 6,294 cars above the same
week in 1932.
Coke loading amounted to 4,234 cars, an increase of 500 cars above the
preceding week, but 2,234 cars below the same week in 1933. Compared
with the same week in 1932, it was an increase of 1.354 cars.
Live stock loading amounted to 32,321 cars, an increase of 839 cars above
the preceding week, 13,517 cars above the same week in 1933, and 13,133
cars above the same week in 1932. In Western districts alone, loading
of live stock for the week ended Aug. 25 totaled 27,681 cars, an increase of
13,053 cars above the same week in 1933.
The Eastern, Allegheny, Pocahontas and Southern Districts reported
reductions for the week ended Aug. 25 compared with the corresponding
week in 1933, but the Northwestern, Centralwestern and Southwestern
Districts reported increases. All districts, however, reported increases
compared with the corresponding week in 1932.
Loading of revenue freight in 1934 compared with the two previous
years follows.

Four weeks in January
Four weeks in February
Five weeks in March
Four weeks in April
Four weeks in May
Five weeks in June
Four weeks in July
Week ended Aug. 4
Week ended Aug. 11
Week ended Aug. 18
Week ended Aug. 25
Total

1934.

1933.

1932.

2,177,562
2,308,869
3,059,217
2,334,831
2,441,653
3,078,199
2,346,297
611,298
602,530
600,564
605,516

1,924,208
1,970,566
2,354,521
2,025,564
2,143,194
2,926,247
2,498,390
620,482
629,743
643,406
637,510

2,266,771
2,243,221
2,825,798
2,229,173
2,088,088
2,454,769
1,932,704
496,626
511,965
518,440
537,767

20.166.536

18 373 Ral

18.105.322

In the following table we undertake to show also the loadings for ,,he separate roads and systems for the week ended
Aug. 25 1934. During this period a total of 63 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 Union Pacific
System, the Chicago Milwaukee St. Paul & Pacific Ry., the
Illinois Central System, the Chicago & North Western RR.,
the Chicago Burlington & Quincy RR., the Chicago Rock
Island & Pacific Ry., the Missouri Pacific Ry., and the
Great Northern RR.

1465

Financial Chronicle

Volume 139

REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS(NUMBER OF CARS)-WEEK ENDED AUG.25.

1934.
Eastern District.
Group ABangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
Y.N.H.Sc Hartford
Rutland

Total Loads Received
from Connections.

Total Revenue
Freiphi Loaded.

Railroads.

1933.

1932.

1934.

1933.

1,063
2,718
7,111
905
2,854
9,521
627

662
2,605
7,912
952
2,817
10,211
648

924
2,664
7,465
602
2,557
9,654
632

298
4,109
8,419
2,224
1,575
9,651
849

232
4,642
9,156
2,668
1,533
10,375
955

24,799

25,807

24,498

27,125

29,561

4,935
8,745
11,344
153
1,532
6,828
2,006
18,641
1,732
250
251

6,097
9,052
12,562
133
1,036
7,811
2,387
21.703
2,207
552
412

4,946
7,763
10,469
156
1,410
7,211
1,402
17,460
2,330
354
285

5,746
5,465
11,982
1,546
955
6,217
22
24,737
1,602
36
152

6.724
5,194
13,340
1,732
841
6,276
30
28,014
1,931
42
347

56,417

63,952

53,786

58,460

64,471

597
1,168
6,631
19
260
176
1,782
3,033
6,030
3,025
4,684
4,379
4,360
1,204
5,289
2,656

553
1,328
7,935
19
189
213
1,713
3,035
6,694
4,365
4,513
4,218
6,109
1,380
5,300
3,960

467
1,561
7,747
21
450
169
963
2,157
4,976
2,842
4,576
3,649
3,093
1,217
5,055
2,722

955
1,965
9.556
59
101
1,893
715
5,152
6,875
185
6,930
3,710
4.258
994
6,594
2,316

1,031
1,776
11,083

45,293

51,524

41,665

52,261

57,019

Grand total Eastern District- 126,509

141,283

119,949

137,846

151,051

379
25,118
3,613
270
5.288
70
246
75
910
1,391
51,258
11,613
4,893
55
2.873

484
30,474
4,054
300
5,586
4
346
105
962
1,409
60,509
11,560
8,665
61
2,909

a
23,392
999
148
5,212
1
132
74
1.046
1,199
50,790
10,734
2,395
53
2,570

601
13,041
1,147
8
8,929
59
33
18
1,710
993
28.882
12,364
2,781
0
4,495

705
14,726
1,729
4
9,046
39
15
28
2,064
1,310
35,002
13,451
4,199
0
4,638

108,052

127,428

98.475

75,061

86,956

19,473
17.422
839
3,341

24,010
21,088
669
3.245

18,594
14,310
612
3,304

9,467
3,468
990
765

8,421
3,920
969
525

41,075

49,012

46,820

14,690

13,835

7,003
1,036
337
135
43
1,166
458
327
6,351
17,662
148

7,018
1.343
333
127
37
1,135
417
286
5,964
17,948
151

5,966
844
339
148
48
1,251
459
308
5,859
17,199
162

4,700
1,442
748
480
88
1,218
738
1,755
3,289
10,166
636

4,077
1,334
820
459
64
1,265
702
1.913
2,879
10,928
695

Total
Group BDelaware & Hudson
Delaware Lackawanna di West..
Erie
Lehigh dr Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario de Western_ Pittsburgh & Shawmut
Pittsburgh Shawmut & North
Total
Group CAnn Arbor
Chicago Indianapolis & Louisv_
C.C. C.& St. Louis
Central Indiana
Detroit di Mackinac
Detroit & Toledo Shore Line.- _
Detroit Toledo & fronton
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 & Lake Erie
Buffalo Creek & Gauley
Central RR. of New JerseyCornwall
Cumberland de Pennsylvania.- _
Ligonier Valley
Long Island
bPenn.-Reading Seashore Lines
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
Pocahontas DistrictChesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern District-.
Group AAtlantic Coast Line
Clinchfield
Charleston & Western Carolina_
Durham & Southern
Gainesville Midland
Norfolk Southern
Piedmont & Northern
Richmond Fred. & Potomac_ Southern Air Line
Southern System
Winston-Salem Southbound

Railroads.

so

121
1,844
771
5.118
7,673
220
7,644
3,967
5,410
882
6,265
3,164

Group BAlabama Tennessee & Northern
Atlanta Birmingham & CoastAtl.& W.P.-W.RR.of Ala
Centralof Georgia
Columbus& Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah
Mississippi Central
Mobile vt: Ohio
Nashville Chattanooga & Bt. L.
Tennessee Central

Total Revenue
Freight Loaded'
1932.
1934.
1933.
175
765
597
3,288
151
403
736
347
1,099
18,183
15,901
131
115
1,677
2,480
324

230
726
527
3,361
190
312
637
601
1,448
17,048
18.673
178
169
1,811
2,703
373

207
606
592
3.253
194
405
729
394
1,254
18,259
15,701
194
178
1.791
2,409
273

Total Loads Received
from Connections.
1934.
155
432
887
2.433
186
298
1,180
340
674
9,223
3,813
347
245
1,297
2,154
579

1933.
137
364
947
2,053
187
219
1,101
363
678
8,273
3.519
242
235
1,349
1,966
688

46,372

48,987

46,439

24,246

22,321

81,038

83,746

79,022

49,506

47,457

Northwestern District834
Belt Ry. of Chicago
17,730
Chicago & North Western
2,671
Chicago Great Western
Chicago Milw. St. P. Az Pacific_ 20,516
3,994
Chicago St.P. Minn.& Omaha_
8.840
Duluth Missabe dr Northern481
Duluth South Shore ,k Atlantic_
3,642
Elgin Jollet & Eastern
337
Ft. Dodge Des Moines & South
18,419
Great Northern
527
Green Bay dv Western
1,564
Lake Superior & Ishpeming
2,339
Minneapolis dr St. Louis
5.545
Minn. St. Paul & S. S. M
9,507
Northern Pacific
292
Spokane International
1,608
Spokane Portland dc Seattle.-

738
17,413
2,434
17,707
3,415
13,511
964
4,804
326
14,499
514
1,834
1,557
5,983
9.364
281
960

1,311
14.791
2,456
16,754
3,779
2.134
254
2,680
318
9,222
467
a
2,068
4,451
8.519
a
1,210

1,905
8,451
2,595
6,302
3,648
104
364
3.362
103
2.593
322
79
1,343
2.005
2,397
210
1,363

1,602
7.898
2,364
6.332
2,803
73
365
4.966
129
1,915
334
83
1,553
2,280
2,291
172
1,046

96,846

96,304

70,414

37,146

36,206

21,534
2,778
199
16,248
1,333
12,281
2,409
1,049
2.583
234
1,077
1,789
785
81
18.535
168
366
13,562
253
1,681

18,920
2,882
163
14,593
1,494
11,076
2,584
838
2,266
370
841
2.381
690
191
17,558
250
317
11,348
261
1,586

18,534
3,084
158
16,023
a
12,368
2,719
670
2,191
385
912
a
563
182
15,526
217
321
11,661
208
1,303

4,935
1,849
25
6.372
522
6.315
1,650
1,095
2,614
17
1,041
879
277
29
3,415
200
1,088
7,359
4
2.350

4,973
1,677
23
6,007
630
5,976
1,935
1.182
2,062
19
829
1.008
260
22
2,972
330
930
6,205
8
2.409

98.945

90,609

87.025

42,036

38,557

123
197
244
2,064
3,078
115
1.486
1,282
106
195
652
137
4,701
14,400
38
120
7,835
2,124
6.494
4,838
2,799
23

254
184
131
1,773
2,406
233
1,613
981
119
251
780
157
4,573
13,980
43
73
7,649
1.646
5.950
3,747
2,560
25

122
212
162
1,711
2,083
110
1,461
1,186
a
132
715
83
4,592
12,941
36
61
7.540
2,068
.5,356
3,671
1,532
18

3,179
251
202
1,316
1,809
675
1,512
688
321
748
234
156
2.538
7,418
25
122
3.346
1.376
2,251
3,469
14,562
29

3,501
204
129
950
1.406
867
1,338
712
285
677
251
289
2,383
6,786
20
140
3,186
1,169
1,767
2.764
14,080
35

Total
Grand total Southern District--

Total
Central Western DistrictAtch. Top. dc Santa Fe System_
Alton
Bingham & Garfield
Chicago Burlington & Quincy
Chicago & Illinois Midland
Chicago Rock Island dz Pacific_
Chicago gc 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 dz Grand Island
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
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 & TexasLitchfield & Madison
Midland Valley
Missouri & North Arkansas.._
Missouri-Kansas-Texas Llnes
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
Texas & New Orleans
Texas dc Pacific
Terminal RR.01St. Louis
Weatherford M.W.& N. W

42.939
45.792
48,227
49,128
Total
53,051
32,583
Total
25.260
25.136
34,759
34.666
a Not available. b Pennsylvania-Reading Seashore Lines include the new consolidated lines of the West Jersey & Seashore RR.,formerly part of Pennsylvania
RR., and Atlantic City ER..formerly part of Reading Co.

"Annalist" Weekly Index of Wholesale Commodity
Prices Advanced Slightly During Week of Sept. 4.
In an uneventful holiday week the "Annalist" weekly
index of wholesale commodity prices advanced 0.1 point
to 120.7 on Sept. 4 from 120.6 (revised) Aug. 28. Continuing, the "Annalist" said:
Livestock prices, the advance in which had Caused the recent sharp rise
of the index, were steadier, and the movements of the other commodities
were insufficient to make much difference. The farm products index
was unchanged at 112.3, but the food products group, largely with the
aid of higher meat prices, rose 0.9 point to 122.7, a new high since 1930.
The textile group declined 0.8 point to 112.6 as the textile strike became
a reality, while fuels dropped with weaker gasoline prices. Metals were
slightly higher.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES.
Unadjusted for Seasonal Variation. 1913=100.
Sept. 41934. Aug. 28 1934. Sept. 5 1933.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
I. all onnvmmiltlee on old dollar basis.
• preliminary. a Revised. b Based
Switzerland, Holland, and Belgium.




112.3
87.6
112.3
121.8
105.0
122.7
al13.4
123.6
*112.6
129.6
163.6
163.1
110.0
104.6
110.1
113.1
107.9
113.1
98.7
97.0
98.7
82.2
86.2
81.4
0120.6
102.9
120.7
71.2
70.4
70.5
on exchange quotations for France,

Retail Prices of Food at Highest Level Since Dec. 15
1931-United States Department of Labor Reports
Increase of 1.2% During Two Weeks Ended Aug.14.
Retail food prices advanced during the past two weeks to
the highest level reached since Dec. 15 1931, according to
an announcement made Aug. 28 by Commissioner Lubin of
the U. S. Department of Labor, Bureau of Labor Statistics.
"The Bureau's index number recorded the largest increase
over any two weeks' period in the present year with a rise
of 1.2%," Mr. Lubin said. "The current advance places
the retail food price level at 111.8% of the 1913 average."
He added:
They are 30%% below their 1926 average when the index was 160.6.
The current index shows an accumulated rise of slightly more than 4%
since April 24, when the present increase began. The index on that date
was 107.3.
As compared with the index of 90.4 for April 15 1933, the low point
reached since prewar days, current retail food prices are up by more than
2334%. They are 4.7% higher than for the corresponding period of a year
ago, and approximately 11% above the level of two years ago, when the
Indexes were 106.7 a nd 100.8. respectively.
The price rises during the past two weeks were widely scattered. Advances were recorded in 49% of the 51 cities covered by the Bureau. Milwaukee showed no change. Houston showed a decrease of 0.2 of 1%.
Of the 42 articles included in the retail price index, 19 showed advances.
8 declines and 15 remained at the level of two weeks ago.
The effect of the drought upon retail food prices is shown by an 8.6%
rise in the average price price of eggs, a 5.6% advance in butter and lard,
a 3.2% increase In pork chops, and a 1% or more higher price for sliced
ham, bacon, flour and corn meal. The 8 food items showing price declines

1466

Financial Chronicle

were onions, granulated sugar,leg oflamb,canned tomatoes, oleomargarine,
macaroni, vegetable lard substitute and canned red salmon. Among the
items showing no change in average price were, fresh milk, round steak,
cheese, corn flakes, rice, white bread, potatoes, canned corn and canned
peas.
Dairy products registered the largest increase for any of the groups of
items in the index. The average increase for this group was 1.8%. The
present index. 103.4, is 7% higher than for Aug. 15 1933 and 11% above
Aug. 15 1932. when the indexes were 96.6 and 93.1, respectively.
Foods other than dairy products, meats and cereals rose by 1.7%. The
Index for the other foods group, which includes such items as sugar, coffee,
tea, potatoes and canned foods, rose to 103.7. The present level is 6%
below the average for Aug. 15 1933, when the index was 110.2. It is 9%
above the level of two years ago, when the index registered 95.1.
Following the slight decline of two weeks ago retail meat prices resumed
their upward movement and advanced by 0.7 of 1%. Present meat prices,
with an index of 121.1. are 143.5% above a year ago, when the index was
105.7 and approximately 1% higher than two years ago when the index
registered 120.1. Cereal foods registered the smallest advance of any of
the groups increasing by only 0.4 of 1%. Current prices are 8;.5% above a
year ago and 24% higher than two years ago. The index for the past two
weeks 149.6 compares with 137.9 for last year and 120.4 two years ago.

Sept. 8 1934

Monthly Report of Railroad Credit Corp. for AugustCollections of $80,095 Made During Month.
The Railroad Credit Corp. in August made collections
amounting to 0,095, of which $60,925 was on account of
loans made to railroads to meet fixed interest charges, and
819,170 was in payment of interest. This was shown by a
letter accompanying the report filed Sept. 6 by the corporation with the Inter-State Commerce Commission. In an
announcement issued by the corporation it was stated:
The corporation in August made no liquidating distributions. Of the
$410,997 in cash reported on hand at the close of August, $257,066 represents the free balance available for the liquidation purposes of the Plan.
So far, nine liquidating distributions have been made, amounting to
$16,961,370, or 23% of the Pooled fund.

The corporation's report as of Aug. 31 follows:
THE RAILROAD CREDIT CORP. REPORT TO ICC AND PARTICIPATING
CARRIERS AS OF AUG. 31 1934.

Mr. Lubin's announcement of Aug. 28 also contained the
following:
Prices used in constructing the weighting 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 the average
price of 1913 as 100.0. Comparisons of the current index with the indexes
for the past five bi-weekly periods, one year ago and two years ago, are
shown in the following table.
INDEX NUMBERS OF RETAIL PRICES OF FOOD.
(191100.0.)
Aug. 14 July 31 July 17 July 3 June 19 Aug. 15 Aug. 15
1934. 1934. 1934. 1934. 1934. 1933. 1932.
Cereals
Dairy products
Meats
Other foods
All foods

149.6
103.4
121.1
103.7
111.8

149.0
101.6
120.2
101.9
110.4

147.7
100.8
120.5
101.4
109.9

146.6
101.1
120.0
101.2
109.6

146.5
101.1
117.8
101.2
109.1

137.8
96.5
105.7
110.2
106.7

120.4
93.1
120.1
95.1
100.8

Kansas City and Scranton with an increase of 4.6% show the greatest
advances. Other cities registering price increases of 2% or more during
the two weeks were Cincinnati, Los Angeles, Louisville, Memphis, St.
Louis, Baltimore, Denver, Birmingham, Chicago, Norfolk and Richmond.
Retail food prices in Washington, D. C., were up by 0.2 of 1%. Other
cities showing an advance of yi of 1% or less were Charleston, Columbus.
Dallas, New Haven, Seattle, and Butte.
As compared with Aug. 15 of last year, 49 of the 51 cities showed price
advances. Philadelphia with an increase of approximately 12%, showed
the largest advance. Retail food prices declined 0.3 of 1% in Indianapolis
and 0.8 of 1% in Los Angeles during the year period. In Washington, D.C..
the increases was slightly more than 6%•
As compared with the corresponding period of two years ago, all of the
51 cities showed material increases. The largest advance occurred in
Detroit where food prices advanced by 1934%. Chicago with an average
ncrease of 5% showed the smallest price rise. Retail food prices in Washington, D. C., are now 8% above two years ago.
The following table shows the per cent change which has taken place in
each city and in the individual food items during the past two weeks and
since a year ago and two years ago.
CHANGES IN RETAIL FOOD PRICES-BY CITIES.
Per Cent Change on
Aug. 14 1934.
Compared with

Per Cent Change on
Aug. 14 1934,
Compared with

City.
Aug. 15 Aug. 15 July 31
1932. 1933. 1934.
Atlanta
Baltimore
Birmingham_ _ _
Boston
Bridgeport
Buffalo
Butte
Charleston
Chicago
Cincinnati
Cleveland
Columbus
Dallas
Denver
Detroit
Fall River
Houston
Indianapolis .._ _
Jacksonville _
Kansas City-Little Rock..___
Los Angeles___
Louisville
Manchester_ __ _
Memphis
Milwaukee

Aug. 15 Aug. 15 July 31
1932. 1933. 1934.

+9.6 +3.8 +1.6 Minneapolis ___
+13.3 +8.7 +2.4 Mobile
+9.1
+6.1 +2.5 Newark
+10.2 +5.0 +1.5 New Haven_ __ _
+9.8 +5.4 +0.7 New Orleans_ __
+9.8 +3.3 +1.2 New York
+7.4 +5.7 +0.1 Norfolk
+5.5 +2.9 +0.4 Omaha
+5.0 +2.6 +2.1 Peoria
+13.2 +4.4 +3.2 Philadelphia _
+13.2 +2.8 +1.9 Pittsburgh
+5.7 +0.5 Portland, Me_.
+16.1
+14.5 +3.6 +0.5 Portland, Ore__
+9.1 +4.1 +2.1 Providence _ _
+19.4 +6.9 +1.7 Richmond
+10.3 +4.2 +1.1 Rochester
+17.2 +6.7 -0.2 St. Louis
+7.4 -0.3 +1.8 St. Paul
+11.4 +7.2 +1.4 Salt Lake City+16.8 +8.5 +4.6 San Francisco__
+13.1 +6.4 +1.5 Savannah
+16.4
+3.0 Scranton
+17.4 +5.3 +3.1 Seattle
+10.7 +4.9 +0.6 Springfield, Ill.
+14.8 +8.0 +3.6 Washlon,D.C.
+9.5 +0.8
0.0 United States__
BY COMMODITIES.
Per Cent Change on
Aug. 14 1934,
Compared with

Commodities.

Commodities.
Aug. 15 Aug. 15 July 31
1932. 1933. 1934.

Bread, white_
Cornflakes ____
Corn meal
Flour, wheat_ _
Macaroni
Rice
Rolled oats._..
Wheat cereal__
Butter
Cheese
Milk evapor'd_
Milk, fresh...Bacon, sliced
Chuck roast__ _
Barn, sliced_ _ _
Hens
Lamb,leg of
Plate beef
Pork chops__
Bib roast
Round steak _ _
Sirloin steak__ _
Bananas

+22.1
-1.2
+15.4
+51.3
+3.3
+26.2
-8.0
+8.0
+19.8
+4.4
+7.9
+7.6
+24.7
-8.3
+10.9
+3.9
+2.9
-7.1
+10.7
-8.1
-5.8
-5.7
+3.5




+9.2
-2.4
+18.4
+4.2
+1.3
+28.1
+11.3
+3.8
+17.6
+0.0
-1.4
+3.7
+28.5
+6.5
+21.1
+15.9
+10.3
+5.1
+31.0
+5.6
+9.4
+8.9
-2.1

+0.0
+0.0
+2.3
+2.0
-0.6
+0.0
+0.0
+0.4
+5.6
+0.0
+1.5
+0.0
+1.0
+0.0
+0.8
+1.3
-1.2
+0.0
+3.2
+0.0
+0.0
+0.3
+0.4

+17.1
+7.9
+10.6 +5.4
+8.4 +6.6
+10.1 +4.8
+10.1 +4.4
+7.5 +5.5
+5.8 +8.2
+19.1 +8.0
+13.7 +4.3
+14.1 +11.8
+13.0 +6.7
+10.1 +5.1
+7.2 +5.8
+9.7 +3.6
+12.8 +8.8
+10.8 +6.5
+14.8 +3.3
+18.0 +9.6
+14.1 +3.5
+9.1 +4.1
+9.6 +2.4
+11.5 +4.1
+7.0 +1.8
+13.0 +2.7
+8.0 +6.1
+10.9 +4.7

+0.8
+1.5
+0.9
+0.4
+1.3
+0.6
+2.0
+1.3
+1.4
+0.8
+1.5
+1.8
+0.7
+1.4
+2.6
+0.8
+3.6
+1.1
+1.5
+1.0
+0.8
+4.6
+0.4
+1.8
+0.2
+1.2

Per Cent Change on
Aug. 14 1934,
Compared with
Aug. 15 Aug. 15 July 31
1932. 1933. 1934.

Beans, navy _ _ _
Cabbage
Coffee
Corn, canned_ _
Eggs. fresh_
Lard, pure
Onions
Oleomargarine._
Oranges
Peas, canned_
Pork and beans_
Potatoes, white
Prunes
R11181nS
Salmon,red___.
Sugar
Tea
Tomatoes,can'd
Vegetable lard
substitute
_
Peaches, canned
Pears, canned__

+18.4
+20.0
-6.8
+7.6
+13.1
+27.0
+25.0
-8.2
+22.1
+32.3
-5.7
+17.6
+25.8
-16.4
-1.8
+11.8
+1.9
+10.6
-1.0

-3.3 +1.8
-20.0 +2.9
+2.2 +0.4
+9.7 +0.0
+19.8 +8.6
+11.3 +5.6
+4.7 -4.3
-2.2 -0.7
+28.9 +1.6
+29.2 +0.0
-2.9 +0.0
-42.9 +0.0
+19.4 +0.9
+4.3 +0.0
+7.5 -0.5
+1.8 -1.7
+10.7 -0.4
+10.6 -1.0
-0.5

-0.5
+0.5
+1.4

Net Change
During
August 1934.
AssetsInvestment in Mill. companies (loans outstanding).
Other Investments
Cash (reserved for tax refunds, $153,931.21)
Petty cash fund
Special deposits (reserve for tax refunds)
Miscellaneous accounts receivable (due from contributing carriers)
Interest receivable
Unadjusted debits
Expenses of administration
Total
14sf4liliesNon-negotiable debt to affiliated companies
Unadjusted credits
Income from securities and accounts (interest
accrued on loans, drc.)
Capital stock
Total

Balance
Aug. 31 1934.

$60,925.09 d $58,054,102.40
157,200.00
410,997.42
165,211.76
25.00
200,000.00
100,000.00 d

10,133.30

58.027.93
172,034.29
62,577.71
89,046.71

$52,352.75

$59,2G4,011.46

37,932.78

$4,749.75 d .56,728,508.96
1,912,514.69
57,102.50

561,787.81
1,200.00

$52,352.75

$59,204,011.46

d Denotes decrease.
•Emergency revenues to Aug. 31 1934
$75,422,410.62
Less: Refunds for taxes
$1,689,007.13
Distributions Nos. 1 to 9
16,961,370.08
Fund shares assigned to Railroad Credit
Corp
43,524.45
18,693,901.66
$56,728,508.96
Correct: AWL HUR 13. ClIAPIN, Treasurer.
Approved: E. R. WOODSON, Comptroller.
Washington, D. C., Sept. 1 1934 (NO. 30).

Wholesale Commodity Prices During Week of Aug. 26
at Highest Level This Year, According to United
States Department of Labor.
The general average of wholesale commodity prices showed
further strengthening during the week of Aug. 25 and rose
to the highest level of the present year, according to an
announcement made Aug. 30 by Commissioner Lubin of
the Bureau of Labor Statistics, United States Department
of Labor. In his announcement Mr. Lubin stated:
The Bureau's index number recorded the fourth consecutive weekly
advance. It increased by 1.1%. The current advance places the wholesale price level at 76.9% of the 1926 average, which is approximately
the same level as prevailed in February 1931.
The current rise was not widespread. It was confined mainly to farm
products, foods, hides and leather products and chemicals and drugs.
With farm products and foods removed from the index, the level for all
other commodities (manufactured and semi-finished products and certain
raw materials) showed no increase. Five of the 10 major groups covered
by the Bureau remained at the level of the week before and one, miscellaneous commodities, showed a lower general average.
Farm products, with a general rise of 4.2%, showed the greatest Increase. Foods advanced by 1.9%. These advances were directly attributed to the effect of the prolonged drought in agricultural sections. Among
the farm products showing marked rises were hogs, the prices of which
advanced by 25%, and cattle, which went up by 8;.i%. Following a
steady decline for six consecutive weeks, the hides and leather products
group showed a stronger tendency and moved upward by 3i of 1%.
The general level for all commodities (76.9) was 2% above the average
of two weeks ago and approximately 3% higher than a month ago. As
compared with the corresponding week a year ago, when the index was
69.6, the current index is higher by 103i%. It is 18% above two years
ago, when a level of 65.2 was reached. The increase since the low of
1933, the week of March 4, when the index was 59.6, was 29%. The
accumulated rise since the first week of January 1934 was 835 %•
Every commodity group showed a material price advance since the
low point of 1933. Farm products showed a rise of 783.5%, foods an
advance of 413.5%, and textile products an increase of 403.5%. The
smallest rise, occurring in chemicals and drugs, amounted to slightly more
than 6;4%. As compared with the 1934 low point, all groups showed
advances ranging from 0.4 of 1% for textile products to 25% for farm
products.

The following table was contained in Mr. Lubin's announcement:
Commodity.
Farm products
Foods
Hides dz leather products_
Textile products
Fuel & lighting materials.
Metals and metal products
Building materials
Chemicals and drugs
HousefumLshing goods....
Miscellaneous
All commoditiesother than
farm products and foods
All mmtnnelltlew

Aug. 25
1934.
71.8
75.5
84.6
71.1
75.2
85.9
86.4
76.0
82.9
70.1

Date and Low
of 1934.
Jan. 6
Jan. 6
Aug. 18
Aug. 11
Mar. 31
Jan. 6
Jan. 6
Jan. 6
Jan. 27
Jan. 6

57.4
62.7
84.2
70.8
72.4
83.3
85.5
73.3
81.7
65.9

P.C.of
Inc.
25.1
20.4
0.5
0.4
3.9
3.1
1.1
3.7
1.5
6.4

Date and Low
of 1933.
Feb. 4
Mar. 4
Mar. 11
Mar. 4
Mar. 4
June 10
Feb. 18
Apr. 15
May 6
Apr, 8

40.2
53.4
67.5
50.6
60.8
76.7
69.6
71.2
71.7
57.6

P.C.of
Inc.
78.6
41.4
25.3
40.5
23.7
12.0
24.1
6.7
15.6
21.7

78.4

Jan. 6 77.6

1.0

Apr. 22 65.5

19.7

7R II

Jan

51

Mar

200

A

710

4 SOS

49.5
61.6
70.8
53.0
72.7
80.0
69.6
73.0
74.9
64.4

68.9
74.1
84.2
71.1
75.2
85.9
86.4
75.9
82.9
70.3

67.3
72.2
84.6
70.8
75.3
85.9
86.5
75.5
82.8
70.1

68.6
71.8
85.1
71.1
74.7
88.2
87.1
75.5
83.0
69.9

78.4

78.4

78.4

78.4

78.5

4

64.5
70.8
86.1
71.4
74.7
86.3
86.7
75.6
83.0
70.1

71.8
75.5
84.6
71.1
75.2
85.9
86.4
76.0
82.9
70.1

-4

Farm products
Foods
Hides & leather products_
Textile products
Fuel & lighting materialsMetals & metal products_
Building materials
Chemicals and drugs
Housefurnishing goods
Miscellaneous
All commodities other
than farm products and
foods

co..4-4woom..4tomo1
cl.c.4o.o444o,o4

1

Aug. 25 Aug. 18 Aug. 11 Aug.4 July 28 Aug.26 Aso.27
1934. 1934. 1934. 1934. 1934. 1933. 1932.

70.2

76.9

76.1

754

75.1

74.7

69.6

65.2

All commodities

National City Bank of New York on Business Conditions-Prospects Fair for Sales Gain in September
and October.
The developments in the business situation during the
past month says the National City Bank of New York in its
September review, have done little to clear up the outlook
for Fall, which is now the question of chief concern to business men. The bank further says in part:
The chief causes of uncertainty are the indifferent prospects for the
capital goods Industries; apprehension as to the effects of the drought; and
the general difficulty of foreseeing how business will be affected by governmental policies. At present conservative views are evidently uppermost.
Merchants are cautious, and in the wholesale markets Fall buying has been
sluggish, the general policy having been to place conservative orders at
.
first, with the intention of reordering later if business justifies it. .
Since consumers have not been rushing the season, the prospect for
September and October sales gains appears to be fair, and If they develop
merchants will be back in the markets, and conditions will be all the better
for the conservative policies followed in the early season. Business activity
has now been declining for about four months, at first slowly, and in the
past two months rapidly. Naturally inventories have been reduced during
this decline, excess stocks liquidated, and other adjustments made which
are favorable to a pick-up. The situation is the reverse of one year ago,
when merchants had covered their requirements for months ahead and
4ndustrial operations had been overstimulated to a degree that made
recession inevitable.

Continued Advance in Wholesale Commodity Prices
During Week of Sept. 1 Reported by National
Fertilizer Association.
Wholesale commodity prices again advanced during the
week ended Sept. 1, according to the index of the National
Fertilizer Association. This index, the Association announced Sept. 4, advanced nine points for the latest week,
moving up from 75.0 to 75.9. During the preceding week
the index advanced eight points, two weeks ago it advanced
two points, and three weeks ago it advanced nine points.




The latest index number, 75.9, compares with the index
number of 73.1 a month ago and 67.2 a year ago. (The
three-year average 1926-1928 equals 100.) The Association
said that the index is at the highest point recorded since
March, 1931. The lowest point during the last several
years was reached on March 4 1933, when the index stood at
55.8. Continuing, the Association stated:
During the latest week six of the 14 groups in the index advanced, two
declined and six showed no change. Foods, fuel, including petroleum and
its products, grains, feeds and livestock, metals, fats and oils, and miscellaneous commodities advanced. Textiles and fertilizer materials dedined. The largest gain was shown in grains, feeds and livestock.
Prices for 43 individual commodities advanced while the prices for 23
declined during the latest week. A week ago there were 29 advances and
16 declines. Two weeks ago there were 35 advances and 28 declines. Cotton declined slightly during the latest week. Corn, oats and rye advanced,
although wheat and barley prices were slightly lower. Other farm products
that advanced were cattle, hogs, most foodstuffs, lard, practically all vegetable oils, beef, ham, pork, peanuts, cottonseed, and sweet potatoes. Other
important commodities that advanced were anthracite coal, coke, calfskins, hides, zinc, silk and burlap. The list of declining commodities included butter, eggs, heavy melting steel, flour, tin, silver and gasoline.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1928-1928=100)
Per Cent
Each Group
Bears to the
Total hides.

Group.

Latest
Week
lent. 1
1934.

Preceding
Week.

Month
Ago,

Year
Ago

23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
0.4
0.4
0.3

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

74.6
71.9
78.4
71.9
68.4
88.7
81.5
81.9
85.8
60.2
93.4
64.8
76.3
99.8

73.8
69.9
75.4
72.1
68.3
88.7
81.5
81.8
85.8
59.6
93.4
65.5
78.3
99.8

ms1 0o0m0000000-40-4-4
woocuo.mmowc..mo,-

Mr. Lubin's announcement further said:
In addition to hogs, cattle, and hides and leather, other important commodities responsible for the rise in the index were. All grains, live poultry,
cotton, eggs, hay, seeds, white potatoes, rye flour, fresh and dried fruits,
fresh and cured beef, fresh and cured pork, coffee, lard, leather, tallow,
vegetable oils, tankage, cotton textiles, manila hemp, sisal, anthracite,
prepared roofing, crude rubber, cylinder oil, and laundry soap. Important
items showing price decreases were. Sheep, hops, white flour, corn meal,
mutton, raw silk, silk yarns, wool yarns, pig tin, sand, gravel, and paraffin
wax.
The present index for the farm products group is 71.8% of the 1926
average, which is a new high for the year. The index is 23.4% above
a year ago and 45.1% higher than two years ago, when the indexes were
58.2 and 49.5, respectively. The accumulated rise since the first of the
year is more than 28%. The present level Is the highest since January
1931, when the index had declined to 73.1.
The index for foods also reached a new high level for the year. The
present index of 75.5 compares with 65.0 for a year ago and 61.6 for two
years ago, showing increases of 16.2% and 22.6%. respectively. The
present index now stands at the highest level that has been reached since
April 1931, when prices had declined to 76.3% of the 1926 average. The
rise since the first of the year was 21%. The outstanding increase in the
group was an approximate 6% rise in the average price of meats. Smaller
advances were also shown in the general level of fruits and vegetables,
butter, cheese, and other foods.
Advancing prices for hides and certain leather items caused the hides
and leather products group to increase by ji of 1%. The index for the
group, 84.6, was 5M % below prices prevailing the first of the year, when
the index registered 89.6. The current level compares with 92.8 for a
year ago and 70.8 for two years ago. The fractional higher prices for
chemicals and fertilizer materials which more than counterbalanced the
slightly lower or unchanged prices for other items in the group caused
the chemicals and drugs group to show a minor advance.
Textile products as a whole showed no change from the level of the
preceding week. Cotton textiles advanced on an average of 35 of 1%
and other textile products showed a smaller increase. Woolen and worsted
textiles recorded a slight drop. Raw silk declined by more than 2%.
Other groups showing no change in the general average were fuel and
lighting materials, metals and metal products, building materials and
housefurnishing goods.
The downward movement of cattle feed prices more than offset advancing prices for other items and resulted in a 0.3 of 1% decrease in
the "miscellaneous commodity group." For the fourth consecutive week
the group of all commodities other than farm products and foods" remained unchanged. The present index, 78.4, compares with 74.4, for a
year ago and 70.2 for two years ago.
The index number of the Bureau of Labor Statistics is composed of 784
separate price series, weighted according to their relative importance in
the country's markets and based on the average prices for the year 1926
as 100.0. The accompanying statement shows the index numbers of the
main groups of commodities for the past five weeks, and for the weeks
ended Aug. 26 1933 and Aug. 27 1932.
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF AUG. 25,
AUG. 18, AUG. 11, AUG. 4 and JULY 28 1934, and AUG. 26 1933 AND
AUG. 27 1932. (1926=100.0.)
Commodity,

1467

Financial Chronicle

Volume 139

69.5
60.9
52.3
64.7
69.4
84.4
74.7
78.7
78.7
48.2
87.0
64.9
66.7
90.1

100 n

All orntmq rnmhinwi

75 0

750

711

672

Indexes of Business Activity of Federal Reserve Bank
of New York.
The Federal Reserve Bank of New York, in presenting its
monthly indexes of business activity in its "Monthly Review"
of Sept. 1, said that "during the first half of August, no consistent tendency was apparent in the available measures of
general business activity." The Bank continued:
Sales of department stores in the Metropolitan area of New York appear
to have shown more than the usual seasonal increase from the July level,
and the dollar volume of sales was not materially different than in the first
half of August last year, when consumer buying in anticipation of price
increases reached its peak. Following a substantial decline in July, ear
loadings of merchandise and miscellaneous freight were little changed after
seasonal adjustment, but the movement of bulk freight over the railroads
showed a moderate contra-seasonal decline.
From June to July declines occurred in most of this Bank's seasonally
adjusted indexes of distribution and general business activity. After
maintaining a nearly constant level since the beginning of the year, the
index of car loadings of merchandise and miscellaneous freight declined 5%.
apparently reflecting to a considerable extent the sharp drop in shipments of
steel. Furthermore, some recession occurred in sales of department stores,
chain stores, and mall order houses, partly as a result of labor disturbances
and intense heat in certain sections. The volume of bulk freight was
maintained, however, by exceptionally heavy shipments of livestock from
drought areas, and no pronounced changes were apparaent in this bank's
indexes of new passenger automobile registrations and the volume of check
transactions.
(Adjusted for seasonal variations, for usual year to year growth, and where necessary
for price changes.)
1933.
July.
Primary DistributionCar loadings, merchandise and mIscellaneous____
60
Car loadings, other
63
Exports
56
Imports
75
Waterways traffic
59
Wholesale trade
112
Distribution to ConsumerDepartment store sales, United States
77
Department store sales, Second District
77
Chain grocery sales
78
Other chain store sales
77
Mail order house sales
67
Advertising
53
Gasoline consumption
69
Passenger automobile registrations
50
General Business ActivityDank debits, outside New York City
67
Bank debits. New York City
84
Velocity of demand deposits, outside N. Y.City90
Velocity of demand deposits, New York City
75
Shares sold on New York Stock Exchange
375
Lite insurance paid for
63r
Empjoyment In the United States
74
Business failures
71
Buildings contracts
17
New 'corporations formed in New York State
83
Real estate transfers
44
General price level.•
132
Composite index of wages.•
176
Cost of livino•
1:12
p Preliminary. r Revised. * 1913 averag100.

1934.
May.

1934.
June.

1934.
July.

60
60
51
62
67
94

60
61
56
64
67
88

57
60
552'
64p

75
74
68
75
72
63
74
48

72
69
68
78
67
80
72
57p

71
67
66
73
62
58
-569

62
47
72
51
54
65r
84
42
23
57
44
136
183
136

64
47
73
53
41
61r
83
47
20
60
49
137
183
12/1

62p
48
72
52
62
63?
81
45
21
66

91

1389
1829
137

Weekly Electric Production Again Declines-Loss of
0.6% from Corresponding Week of 1933 Also
Indicated.
The production of electricity by the electric light and power
industry of the United States for the week ended Sept. 1

1468

Financial Chronicle

Sept. 8 1934

was 1,626,881,000 kwh. according to the weekly report issued
by the Edison Electric Institute. This was a loss of 0.6%
when compared with the 1,637,317,000 kwh. produced
during the week of Sept. 2 1933. Production for the latest
week was also below that for the preceding week, the total
then being 1,648,107,000 kwh. This latter total was an
increase of 1.1% over the corresponding week of 1933. The
Institute's statement follows:

delphia Federal Reserve Bank, "has fallen off considerably
since June. Industrial production during July decreased
further by a larger amount than usual," it is stated, "and
compared unfavorably with a year ago, when the rate of
productive activity rose with uncommon rapidity; the total
volume of output thus far this year, however, is still about
11% larger than that in the first seven months last year."
The "Review" continued in part:

PER CENT INCREASES (1934 OVER 1933).

Activity in building and contracting also slackened somewhat. The
value of all contract awards decreased in the month but continued larger
than last year. Despite improvement in most types of construction since
last fall, the general level of operation has been relatively low.
Retail and wholesale trade sales showed larger than customary recessions from June to July and little change was apparent in early August.
The dollar volume of sales thus far this year has been larger than in the first
seven months last year, reflecting in part the influence of higher prices. ...
Industrial employment and payrolls, while continuing substantially
larger than last year, registered noticeable declines from June to July. . . .
Preliminary reports indicate that in August employment, wage payments
and working time in manufacturing plants showed some increases.

Major Geographic
Moisions.

Week Ended
Week Ended
Week Ended
Week Ended
Sept. 1 1934. Aug. 25 1934. Aug 18 1934. Aug.11 1934.

New England
Middle Atlantic
Central Industrial
Southern States
Pacific Coast
West Central
Rocky Mountain
Total United States.
x Decrease from 1933.

x3.1
10.2
x4.1
3.8
7.7
6.9
x2.4

x4.8
0.7
10.6
4.0
6.0
10.5
x7.6

x7.0
3.8
1.1
1.9
5.4
12.3
x8.2

x5.9
1.7
x0.3
1.3
8.1
11.5
13.7

i0.6

1.1

1.5

1.9

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.)
1934.

1932.

1933.

1931.

%Inc.
1934
Our
1033.

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 1,649,770 May 20 1,483,000 May 21 1,435,731 May 23 1,664,783 +11.2
May 28 1,654,903 May 27 1,493,923 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 17.8
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 1,598,136 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 1,440,386 Aug. 1 1,644,089 +1.3
Aug. 4 1,647,638 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 +LS
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 1,644,700 Sept. 5 1,635,623 -0.6
Bent. 8
Sent. 9 1.382.742 Sent. 10 1.423.977 Sent. 12 1.582_257
DATA FOR RECENT MONTHS.
Month of-

1934.

1933.

1932.

1931.

January __
February ___
March
April
May
June
July
August
September
October _
November
December_

7,131,158,000
6,608,356,000
7,198,232.000
6,978,410,000
7,249,732,000
7,056,116,000

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
6,633,765.000
6,507,804,000
6.638,424.000

7,435.782,000
6,678.915,000
7,370,687,000
7.184.514,000
7,180,210,000
7,070.729,000
7,286,576,000
7,166,086,000
7,099,421,000
7,331,380,000
6,971,644,000
7,288,025,000

1934
Over
1933.
10.0%
13.2%
16.4%
15.8%
11.0%
3.6%

Total
80.009.301.000 77.442.112 000 R6.063 959 nnn
Note.-The monthly figures shown above are based on reports covering approximately 92% of the electric light and power industry and the weekly figures are
based on about 70%.

Business Conditions in Cleveland Federal Reserve
District-Greater-Than-Seasonal Declines Noted in
Trade and Industry During July and First Half of
August.
In stating that most of the major lines of trade and industry in the Fourth (Cleveland) District showed distinctly
greater than seasonal declines in July and the first part of
August, the Federal Reserve Bank of Cleveland said that
"the level of business activity at present is not far above that
prevailing at the beginning of the year." The bank, in its
"Monthly Business Review" of Aug. 31, continued in part:
Production of rubber tires and rubber products declined in July and
August, according to reports, and operations at local factories were under a
year ago at this time. The large inventories built up in the early months
of this year are being worked off but still are a formidable factor.
Retail sales at department stores throughout the district declined at a
greater-than-seasonal rate and the adjusted index in July was slightly
above the low point of the year touched in January. Buying has been
curtailed generally in recent weeks despite the fact that retail prices have
exhibited a slight downward tendency for the past four months.
Employment generally was reduced in July at a greater-than-seasonal
rate and the falling-off was exceeded by the drop in payrolls because of a
reduction in the number of hours worked at many plants. In contrast
with a year ago considerable improvement in both employment and payrolls is still evident. . . .
Although crop prospects declined slightly in this section in July and
August, they compared more favorably with a year ago than did the average for the entire country. In some sections crops are only slightly below
normal in condition, but in others a less favorable situation is evident.

Considerable Drop in Business Activity in Philadelphia
District Since June Reported by Federal Reserve
Bank of Philadelphia-Industrial Production Decreased More Than Usual.
Business activity throughout the Third (Philadelphia)
District, says the Sept. 1 "Business Review" of the Phila-




Manufacturing.
The demand for products manufactured in this district has slackened
considerably since June and the volume of sales by local factories has been
smaller than that reported for the same period last year. Unfilled orders
for manufactures generally about the middle of August showed a marked
decline as compared with the volume at the end of June, and on the same
date last year. Prices of manufactures continue noticeably higher than a
Year before. Collections have declined somewhat during the month and
as compared with a year ago.

Drought Seen As Restricting Business Activity in St.
Louis Federal Reserve District-Downward Trend
of July More Pronounced During August.
In its Aug. 30 "Monthly Review" (compiled Aug. 22), the
St. Louis Federal Reserve Bank reports that "drought conditions dominated the commercial and industrial situation
to a large extent in the Eighth (St. Louis) District during
the past 30 days. Record high temperatures and continued
lack of adequate rainfall served to restrict business activities as a whole," the bank said, "and the recessionary trends
noted during the preceding 30-day period were considerably
more pronounced." The bank continued, in part:
Many important crops sustained further deterioration from July to
August, particularly in the northern tiers of the district, and, with few
exceptions, production much below average is indicated. Withal, the volume
of business as a whole continued above that of the corresponding period a
year ago, and in many communities, mainly in the South, effects of the
drought were little felt and agricultural and business conditions maintained
the favorable position which they held during the preceding several months.
While generally through the district the record hot weather tended to hold
down business activities, it resulted in an unusually heavy movement of
seasonal merchandise into consumption channels, notably electrical supplies,
apparel, beverages, &c., and the clearance of such commodities was more
thorough than has been the case in a number of years. . .
Most affected by the drought were feed crops-corn, hay and pasturagecommercial vegetables, fruits and truck gardens. Between July 1 and
Aug. 1 prospects for corn in this district declined 111,694,000 bushels, and
white potato prospects last 1,379,000 bushels, the heaviest deterioration for
any single month since these records have been kept. Corn and wheat prices
have moved' upward, and at mid-August hog and cotton values reached the
highest levels in a number of years.
Retail trade in July, as reflected by sales of department stores in the
principal cities, was 3.7% greater than for the same month in 1933 and
29.4% less than the June total this year; cumulative total fer the first seven
months this year was 20.8% greater than for the comparable period a year
ago. Combined sales in June of all wholesaling and jobbing firms reporting
to this bank were 12% greater than during the preceding month, and 22%
below the July 1933 total; for the first seven months the total was 15% in
excess of the same period in 1933.

Business Activity in New England Declined More Than
Seasonal During July, According to Federal Reserve Bank of Boston.
"During July a decline of slightly larger than seasonal proportions was recorded in general business activity in New
England from the level maintained in June," states the Federal Reserve Bank of Boston, which said that the decrease
was caused "principally by the influence of the heavy industries, such as the metal trades, machinery and building."
The bank said that "in 1933 an unusual contra-seasonal peak
occurred during July and August in both production and retail distribution." The following, in part, is also from the
bank's "Monthly Review" of Sept. 1:
According to the Department of Labor and Industries, the number of
wage earners employed in 1,555 manufacturing establishments in Massachusetts during July was 2.5% less than in June, and aggregate weekly payrolls decreased 1.3%. The decline in employment was about the same as
the average decrease during the past eight years, while the reduction in
aggrgate weekly payrolls was smaller than the average for these eight
years. . . .
The dollar volume of retail sales in Massachusetts reported by 1,089
establishments during July was 0.2% smaller than in July 1933. This year
the month of July contained 25 working days, of which four were Saturdays,
and last year the month contained 25 working days, of which five were
Saturdays. Since Saturday is the most important shopping day of the week
in most lines of retail trade, consideration should be given to the calendar
influence. About 51% of the concerns reported a gain in dollar sales
between July 1933 and July 1934, 42% reported a decline, and 7% reported
no change.

Volume 139

Financial Chronicle

Employment and Wages in Steel Industry Declined
During July According to American Iron and Steel
Institute-Operations also Lower.
The recent decided decline in steel operations is reflected
in the report of wages and employment in the steel industry
for July which was issued by the American Iron and Steel
Institute, Aug. 31. The report shows that while the
industry's operating rate in July declined from 52.68% of
capacity to 26.75, a drop of 49%, employment and wages
during the month showed a much less severe drop. The
following is also from the Institute's report:
The number of wage earners employed in July was 383,673, as compared with 415,547 in the previous month, a decline of only 7%. Average
hours worked per week for each wage earner was 24.4 compared with
35.7 in the previous month, a drop of 11.3 hours or 31%•
Total wages exclusive of salaried employees was $26,150,272 in July, a
decline of $14,480,042 or 35% from the previous month. Average earnings
per hour among the wage earners declined only 1% from 63.9 cents per
hour to 63.2 cents.
The total number of employees in the industry in July was 424,126 compared with 455,966 in June. The total payroll for the industry was $34,913.521, a decline of 31% from June's total of $49,466,664.
The following table shows the comparison between July 1934. June 1934
and June 1933.
July 1934. June 1934. June 1933.
338,146
455,966
424,126
All employees
305,239
415,547
38;3,673
Wage earners
Wages
$26,150,272 $40,630,314 $24,441,054
39.4
35.7
24.4
Hours per week per worker
47.3c
63.9c
63.2c
Average earnings per hour
45.37
52.68
26.75
Operating rate

Second Consecutive Increase During July in Number
of Unemployed Workers Reported by National
Industrial Conference Board.
The total number of unemployed workers in July 1934,
was 8,609,000, according to an estimate of the National
Industrial Conference Board issued Aug. 25. This is an
increase of 675,000, or 8.5%, from June 1934, and a decline
of 4,594,000, or 34.8%,from the total in March 1933, when
unemployment was at its highest point. Continuing, the
Conference Board said:
The increase In unemployment in July from June followed an increase
of 89,000 in June from May 1934, when unemployment was down to 7.845.000, the lowest point since March 1933. Of the total increase from
June to July. 403,000 occurred in manufacturing and mechanical industries.
271.000 in trade, and 4,000 in extraction of minerals. In transportation
there was a decline in unemployment of 43,000.
As compared with the situation in March 1933, unemployment in July
1934. was 54.3% lower in manufacturing and mechanical industries;
17% lower in transportation; 41.5% lower in trade;28.7% lower in domestic
and personal service; and 19.3% lower in extraction of minerals.
In this estimate the workers employed through the Public Works Administration are counted as employed. Emergency workers employed under
government auspices, usually part time. in lieu of direct unemployment
relief are counted as unemployed.
The following table shows the number of unemployed workers In the
various industrial groups in March 1933, July 1933, June 1934. and
July 1934.
Number of Unemployed.
Industrial Group.
Extraction of minerals
Manufacturing and mechanical
Transportation
Trade
Domestic and personal service
Industry not specified
Other Industries (a)

Mar. 1933 July 1933. June1934 July 1934
576.000 604.000 461,000 465.000
6.423.000 4,919.000 2,535,000 2,938,000
1,591,000 1,503.000 1,364.000 1.321,000
2,126,000 1,870.000 973,000 1,244,000
567,00 434,000 433,000
607,000
519,000 498,000 416,000 430,000
296.000 296.000 296,000
296,000

All Industries
12,158.000 10,256,000 6.479,000 7,128,000
Allowance for new workers since 1930
1.045,000 1,160.000 1,455,000 1,481.000
Ce088.9
13,203,000 11,416,000 7.934.000 8,609.000
Total unemployed
a This group Includes agriculture, forestry and fishing, pub lc service and proessional service. The number given is hat of the unemployed in 1930. no figures
being available from which later changes In unemployment can be computed.

Increase of 5% in Wheat Plantings for 1935 Authorized
By AAA-Utilization of 90% of Base Acreage Expected to Yield 775,000,000 Bushels-Benefit Payments Placed at $102,000,000.
The Agricultural Adjustment Administration announced
on Aug. 23 its decision to authorize, incident to the 1935
wheat program, the planting of 90% of the base acreage of
signers of wheat adjustment contracts.
The AAA announced that co-operating wheat growers
have been authorized to increase wheat plantings for harvest
in 1935, 5% over last year. They will be entitled to benefit payments on the same basis as last year while increasing
their acreages.
As a result, said the announcement, the output of wheat
next year both of co-operating producers and those who did
not sign adjustment contracts, given average yields and
average acreage by non-co-operating producers, would be
about 775,000,000 bushels. This would provide for maintenance of a normal carry-over next year and normal supplies
for export even though increased quantities of wheat should
be fed through the winter and spring.
The curtailment of 10% in the basic wheat acreage in
1935 now proposed, compares with 15% called for in 1934.




1469

Associated Press advices from Washington Aug. 23 commenting on the AAA's action said:
The change from the 15% reduction was regarded by officials as a partial
approach to the goal of adjusting supplies to normal domestic consumption,
plus whatever exports may be available.
In arriving at the decision the administration compromised between an
effort to guard against political criticism resulting from this year's curtailment in the light of drought damage and an effort to avoid repetition of
surpluses with consequent low prices.
Officials also believe that some reduction by co-operating farmers is
necessary to compensate for inceeased plantings by non-co-operators next
year. Present high prices may lead the latter to increase their acreage.

Regarding its plans the AAA on Aug. 23 said:
This course is expected to produce, under average weather conditions
and allowing for the normal abandonment of wheat acreage, approximately
775,000.000 bushels of wheat for harvest in 1935. Benefit payments to
co-operating producers would total approximately $102,000.000 at the
rate of 29 cents per bushel on the domestic allotment of the base pro.
duction of the co-operating producers, as was announced early in July.
Some 51,500,000 acres of the Nation's base wheat acreage of 66,000,000
acres is covered by the contracts which have been signed by producers.
Planting of 90%, or approximately 46,000,000 acres of this land, would
be authorized under the plan.
The anticipated national total production of 775,000,000 bushels of
wheat, from farms of co-operators and others, together with an estimated
carry-over of 125,000,000 bushels at the beginning of this marketing
year, would provide a total supply of 900.000,000 bushels of wheat to
care for the domestic consumption, which has averaged 625,000,000 bushels
per year in the past, and to leave a total of 275,000,000 bushels available
'In 1935-36 for export and carry-over.

In an announcement bearing on the World Wheat Agreement (to which we refer in another item), the AAA Aug. 24
stated:
Should an agreement be reached by the exporting and importing countries, either at the November meeting or later this winter, to continue
restrictions of wheat acreage for next year's crop, the United States would,
of course, take whatever action would be necessary to comply with its
commitments under the agreement.
The acreage which it is now planned to plant would provide 100,000,000
bushels for export and 25.000,000 bushels for livestock feed in addition
to quantities usually fed chickens and other stock. At the present time.
the world surplus of wheat is still large and the barriers to wheat imports
in the principal consuming markets of Europe are still so high that this
is about as much wheat as we could expect to sell abroad, even if European
crops should be average or smaller. It is hoped, however, that continuation of the wheat agreement next year will result in such continued improvement in the world wheat situation as to enable us to export this
quantity of wheat without undue depression on prices received.

Weekly Crop Report of Bank of Montreal-Canadian
Western Wheat Crop Estimated Slightly Above
Yield of Year Ago.
"In the Prairie Provinces of Canada harvesting has been
delayed by unsettled weather but threshing is under way
again in most districts and is well advanced in the southern
and central areas of the three provinces," according to the
weekly current crop report of the Bank of Montreal, issued
Sept 6. "Frost damage has affected the grades in the
north," the Bank said. It continued:
Estimates place the western wheat crop at slightly above last year's
yield. The yield of coarse grains is very light and pasturage is poor.
In Quebec crops generally are in satisfactory condition and with favorable
weather conditions average yields are in prospect in most sections. In
Ontario threshing of spring grains reveals a better than average yield with
quality good. Estimated yields of roots and apples and peaches are much
below average.
In New Brunswick and Prince Edward Island crops continue to make
good progress. In Nova Scotia yields will be materially below average
due to lack of moisture. In British Columbia the yield of grain is about
average. A particularly heavy second crop of alfalfa is practically harvested
and tree fruits are ripening satisfactorily.

Argentine Wheat Crop 29,945,500 Bushels Above
Estimates.
Buenos Aires advices Sept. 1 to the New York "Times"
said:
Argentina's last wheat crop was 29,945,500 bushels in excess of expectations, according to final figures published by the Minister of Agriculture.
This places the total crop at 286.118,000 bushels.
It was this excess that prevented Argentina from abiding by the London
Wheat Conference quota, according to recent official explanations,
Calculations based on today's figures indicate that Argentina still has
a surplus of approximately 13,412.000 bushels to be shipped before the
new crop comes on the market at the end of the year.
The country requires 2,600,000 metric tons for seed and local wheat
consumption. This leaves 5,187,000 tons available for export.
Argentina has already shipped 3,526.630 bushels more than the quota
assigned for the period from Aug. 1 of last year to Dec. 31 of this year.

Wheat Production This Year Estimated By International Institute of Agriculture at About 3,000,000,000 Bushels.
The International Institute of Agriculture announced on
Sept. 5 that a wheat production of between 78,000,000 and
79,000,000 metric tons (about 3,000,000,000 bushels) may
be expected this year for the whole Northern Hemisphere,
excluding Russia and China. Associated Press accounts
from Rome Sept. 5 further said:
The figure given is 7,000,000 to 8.000,000 metric tons (about 260,000,000
bushels) below the harvest of 1933 in the same area.
Preliminary estimates, all showing crops smaller than in 1933. have been
published by 17 countries representing about two-thirds of the total for
Europe, excluding Russia. The institute's European estimate is 39.500.000

1470

Financial Chronicle

metric tons (approximately 1,500,000,000 bushels). The institute indicated
it expected the Russian crop to be mediocre, with only a slight margin
for export purposes.
The North American crop was expected to be more than 1,500,000 metric
tons (about 54,900,000 bushels) less than last year.

Decrease of Approximately 430,000,000 Bushels in
World Wheat Production from Last Year Estimated
by Bureau of Agricultural Economics.
World wheat production outside of Russia and China is
expected to be about 430,000,000 bushels less than last
year, according to the August survey of world wheat prospects by the Bureau of Agricultural Economics, United
States Department of Agriculture. Production in the northern hemisphere, not including Russia and China, is expected
to be about 325,000,000 bushels less than last year and the
crop of the southern hemisphere about 105,000,000 bushels
less. Under date of August 29 the Bureau also announced:
The world carry-over of wheat now appears about the same as last year.
The United States carry-over on July 1 is now estimated at 290,000,000
bushels which together with the estimated production of 491,000,000 bushels
indicates a domesticsupply of 781,000,000 bushels. With a normal domestic
utilization of about 625,000,000 bushels this would leave a carry-over
next July of about 156,000,000 bushels if there are no net imports or exports.
It seems likely, however, that more than average amounts of wheat may
be fed in drought-stricken areas which would decrease the carry-over.
With the indicated total supplies, wheat prices now seem likely to fluctuate during the 1934-35 marketing season at about the level reached during
the latter part of July. With short supplies of hard spring and durum
wheats east of the Rockies, prices are likely to be high enough to invite
imports, especially of durum wheat.

France Revises Plan to Handle Wheat Surplus.
A breakdown in the French wheat control caused the
Cabinet on August 31 (according to Associated Press advices
from Paris) to approve a revised plan to handle the 110,000,000-bushel surplus that is disrupting the market. The
advices added:
The Cabinet decided the situation was almost as serious as that of a
year ago and was, in fact, made worse by the failure of price fixing and the
millers' open defiance of the Government, the millers having said that
they intended to operate according to the law of supply and demand.
The present surplus is about one-third of the annual French consumption.
The Government intends to seek a more strict enforcement of milling regulations, an increase of exports and an encouragement of stock feeding to
maintain the official price of $1.95 a bushel, which farm authorities say
has been disregarded throughout the country.
France had hoped to pay her adverse balance of trade with Germany
with surplus wheat but now Germany is expected to buy Russian grain.

August Flour Production Higher Than in Preceding
Month or Corresponding Month of 1933.
General Mills, Inc., in presenting its summary of flour
milling activities for approximately 90% of all flour mills
in the principal flour milling centers of the United States,
reports that during the month of August 1934, flour output
totaled 5,402,781 barrels as against 4,760,259 barrels in the
preceding month and 4,534,059 barrels in the corresponding
period in 1933. In July 1933 production amounted to
5,679,183 barrels.
During the two months ended Aug. 31 1934 flour output
by the same number of mills reached a total of 10,183,040
barrels as compared with 10,213,242 barrels during the
two months ended Aug. 311933. The corporation's summary
follows:
PRODUCTION OF FLOUR (NUMBER OF BARRELS).
Month of August.
1934.
Northwest
Southwest
Lake central and southern
Pacific Coast

1933.

1,289,684 1,194,610
1,841,328 1,482,104
1826.511 1,588,409
445,258 288,936

2 Mos. End. Aug. 31.
1934.
2.531.830
3,563,836
3,413.788
673,586

1933.
2,830,532
3,406.961
3.410,887
564,862

Sept. 8 1934

Cuban Decree Regulating Exports of Sugar to United
States Reported Designed to Prevent Sale Below
New York Market Price.
A decree regulating the exportation of sugar destined for
the United States has been approved by the Cabinet it was
stated in a cablegram from Havana Sept. 1 to the New York
"Times" which also had the following to say:
Dr. Carlos de la Blonds, Secretary of Agriculture, said this measure
would prevent the sale of Cuban sugar below the United States market price
in view of the preference granted by the new reciprocity treaty.
A commission to control exports will be appointed by President Mendieta
from a list submitted by the Sugar Institute.
"The commission will limit exports to the United States market," Dr. de la
Rionda said. "It will not grant permits for exports of sugar unless it is sold
at a price at least equal to the New York market price on the date the sale
was consummated less 9-10 of a cent which is the Cuban preferential.
"We are awaiting regulations from the United States Department of
Agriculture including in this year's Cuban quota all unsold Cuban sugars
now held in United States bonded warehouses."

World's Visible Supply of Coffee Decreased 3,122 Bags
from Aug. 1 to Sept. 1.
Although the world's visible supply of coffee, excluding restricted stocks in Brazil, totaled 8,498,972 bags on Sept. 1,
only a few thousand bags more than the 8,495,850 bags
total of Aug. 1, the component changes were more marked
according to figures released Sept. 4 by the New York Coffee & Sugar Exchange. The Exchange said:
The U. S. visible supply increased by 57,122 bags during the month to
a total of 1,446.972 while stocks in Brazilian ports increased by 204.000
bags to 3,613,000. European supplies, however, decreased by 258,000
bags to 3,439,000 bags. Since July 1, European supplies have dropped
642,000 bags; the high figure attained on July 1, however, was due to
the fact that Brazil had suspended "coffee bonus" on shipments to Europe
after July 1 which consequently caused a heavy rush of shipments prior
to that date.

Brazil Destroyed 1,147,000 Bags of Coffee During
August-31,082,000 Bags Burned Since Start of
Program.
During August, Brazil destroyed 1,147,000 bags of coffee
the largest total for any month since September last year,
according to cables to the New York Coffee & Sugar Exchange, Inc. Since the beginning of the program of destruction in June 1931, the Exchange said, 31,082,000 bags
have been reduced to ashes, equivalent to more than 15
months consumption for the entire world. Under date of
Sept. 5 the Exchange added:
About 2,000.000 bags additional are held by the National Coffee Department and scheduled for elimination within the next month according
to previously announced plans. As Brazil's crop just harvested is expected
to amount to only 14,102,000 bags, slightly less than the world's annual
demands for Brazilian goods, and as all surpluses with the exception of
the above mentioned 2.000,000 are either pledged against the 1930-40
coffee loan or tied up for other purposes, a temporary halt is near for this
economic plan which has no counterpart in the history of economics and
which by its very immensity and originality has kept the business world
agasp since its inception.

3,668,369 Head of Cattle Purchased by AAA Up to
Aug. 25 in 20 Western Drought-Stricken StatesPayments of $32,378,396 Made for 2,393,000 Head.
Farmers in 20 Western drought-stricken States have received more than $32,000,000 in payment for drought cattle
purchased by the Agricultural Adjustment Administration
and turned over to the Federal Surplus Relief Corporation
for processing for relief distribution, it was announced Aug.
27. The announcement said that the exact total of payments was $32,378,396, up to Aug. 25, Of this amount,
$11,802,524 constituted benefit payments, and $20,575,872
constituted purchase payments. The following is also from
the announcement:

Decrease of 235,399 Bags Noted in World Coffee Consumption During First Two Months of Crop Year
as Compared With Year Previous.
World consumption of coffee during the first two months
of the new crop year,July and August, amounted to 3,575,905
bags, a decrease of 6.5% from the 3,811,304 bag total during
the similar period in 1933, according to statistics compiled
by the New York Coffee & Sugar Exchange. United States
deliveries to consumption for the two months the Exchange
announced Sept. 6, amounted to 1,552,905 bags, a loss of
16.1% under the 1933 months when 1,850,304 bags were used.
Continuing, the Exchange said:

Drought cattle purchases up to Aug. 25 totaled 3,668.369 head. The
payments made to that date were for approximately 2,393,000 head. The
average amount paid per head was around $13.53.
Payments are sent out from four disbursing offices. These are located
at St. Paul for payments in Minnesota, Montana, North and South Dakota,
Wisconsin, Wyoming, and formerly for Texas; Kansas City for payments
In Colorado, Kansas, Nebraska, New Mexico, Oklahoma, Texas, Missouri;
San Francisco for payments in Arizona, California, Idaho, Nevada, Oregon,
Utah; and the new office in Chicago for payments in Iowa only at present.
The following table gives the purchase and benefit payments by the
States to which they have been sent.
Benefit
Purchase
State-Payment. Payment.
StalePayment. Payment.
Arizona
$418,992 8254.241 Nevada
41,512
80,072
Callornia
69,537 New Monde()
133.295
622,095
912,305
Colorado
247,532 North Dakota.... 3,272,638 1.759,847
417,403
41,941
Idaho
29,745 Oklahoma
167.027
253,036
Iowa
23,117 Oregon
40,730
5,025
9,698
Kansas
317,623 South Dakota.... 4,578,234 2,393,594
591,409
Minnesota
910.337 Texas
1,747.491
3,938,128 2,638,507
Missouri
348,659 Utah
225,717
577,737
364,411
Montana
733.597 WLsconsin
170.422
1,384,780
302,879
Nebraska
500,251 Wyoming
344,049
850,229
660,464

European deliveries amounting to 1,875,000 bags showed a gain of 8.8%
over the 1,724,000 total in 1933 while deliveries to the rest of the world
were estimated at 148,000 bags compared with 237,000 bags last year, a loss
of 37.5%.
During the month of August, United States deliveries were 851,751 bags
against 920,039 last year. European consumption was 1,004.000 against
842.000 in 1933 while the balance of the world took 88,000 this August
against 132,000 bags a year ago. World deliveries for the month were 1,941,751 bags, a gain of 47.712 bags over the total for the same month last year.

Petroleum and Its Products-New Federal Control
Program Planned-Standard Oil of New Jersey
Praises Oil Administration - Attorney-General
Allred Seeks to End "Hot Oil" Shipments-Crude
Production Dips Below Federal Allowable.
The Oil Administration is now working upon a revised
Federal control plan for the oil industry which will co-

Grand total




5,402,781 4,534,059 10.183,040 10,213,242

Volume 139

Financial Chronicle

ordinate State and Federal laws, to be submitted at the next
session of Congress, Administrator Ickes disclosed in a
review of the accomplishments of the oil code during the
past year, made public last Saturday, the day before the
code's first anniversary, in which the Oil Administrator cited
the waste and loss of potential oil through careless and selfish
activity of a minor part of the industry.
"General conditions in the production end have improved
steadily under the program for keeping supply and consumptive demand in accord," he continued. "Our position
is jeopardized by the legal attack on its validity in the
Amazon and Panama cases. This litigation has now
reached the United States Supreme Court after our position
had been maintained by the Circuit Court of Appeals.
With continued victory in the litigation, I anticipate that
the current year will bring success in the elimination of
'hot oil' and assure stability."
In connection with balancing crude oil production with
market demand, the Oil Administrator drew attention to
the steps taken by the Petroleum Administrative Board
to assure the scientific development of new fields. He
praised the co-operation shown by the industry in developing
these plans which were drawn up in accordance with "sound
engineering practice and economic necessity."
While admitting that the Oil Administration had not
been entirely successful in eliminating the gasoline price
wars which have harassed the industry during the past
year or so, Mr. Ickes stated that the Federal authorities
had made substantial progress toward wiping these out
and cited the fact that price wars had been less under the
code than in the period preceding its adoption. Wage
conditions have been immeasurably improved under the
code, he said, citing the reduction in working hours and
increases in wages during this period.
"Summing up, there is promise of attaining true conservation and sound economic stability, along with just
standards of fair competition," Mr. Ickes said. "Weak
spots have appeared in the methods available under the
Recovery Act and the code. To strengthen them, we
urged legislation at the last session of Congress to answer
the need for additional authority so that more effective
methods could be used. Adequate consideration of our
recommendations was prevented by lack of time.
"Legislation again will be presented to the new Congress,
legislation to permit a closer relationship between the proration programs of the States. The individual States lack
the authority necessary to maintain stability in an adjoining commonwealth and should be bulwarked by Federal
law."
While marked progress had been made during the first
year of operations under the oil code, much of the betterment can be attributed as much to good luck as to good
management, according to "The Lamp," official publication
of the Standard Oil Co. of New Jersey.
Although the establishment of Federal oil allowables by
Mr. Ickes was praised by the publication, at the same
time it warned that unless production is held within these
limits the entire control program will be endangered. Overproduction of oil continued on a large scale during the
past year, it was continued, with current production of
"hot oil" placed at between 60,000 and 75,000 barrels.
Due to increased demand, stocks of crude and products
showed a drop of 15,000,000 barrels on July 31 from the
like 1933 date. Intensive effort to maintain the nation's
stocks of crude and refined products at favorable working
levels was recommended by the publication.
A gain of 7% in consumption and exports of crude oil
and its products to approximately 1,000,000,000 barrels
during 1934 was forecast by "The Lamp," which also estimated the exports of motor fuel may drop 14%, but despite
this, total gasoline consumption this year will rise 6% to
approximately 435,000,000 barrels.
Injunctions against 31 refineries operating in the East
Texas area have been obtained by Attorney-General Allred
during the past week or so, in a renewed drive against
production of "hot oil" in that area. In addition to this
action, State oil control agents have endeavored to have
several railroads named in an injunction forbidding shipment of oil pioducts that had not been certified as "legal"
by the Railroad Commission judged in contempt of court
for their alleged violation of the injunction, only to be
informed that the State courts had no jurisdiction over
inter-State shipments.




1471

Revision of Federal regulations to plug this loophole developed very quickly, however, when Administrator Ickes
was notified of the trend of events. Under the revised form
regulating inter-State shipments of oil, effective to-day,
each carrier transporting petroleum products must receive
an affidavit from the shipper that he is offering products
manufactured from legally produced crude oil before the carrier can accept the shipment for movement into inter-State
trade from East Texas, or before an intra-State shipment
can be diverted to a destination outside of the State.
Possible penalties for carriers violating the revised regulations include maximum fines of $500 and (or) six months
in
—
jail for each offense while shippers are liable to a maximum
penalty of $10,000 fine and (or) 10 years in jail if they should
make false statements.
Administrator Ickes explained in announcing the new
rulings that the previous forms, released in July, were not
effective, but forecast that Federal and State co-operation,
under the revised regulations governing transportation of
crude oil and refined products, will end such violations.
Attorney-General Allred, who obtained temporary injunctions forbidding 12 refiners from handling crude oil
that had not been approved by the Commission late last
week, on Tuesday was granted a temporary injunction in
the State District Court in Austin by Judge W.F. Robertson,
forbidding 19 additional refineries operating in East Texas
from transporting crude oil and its products without having
obtained permission of the Commission.
The temporary injunction obtained by a group of 25
refiners forbidding the Commission to enforce these rulings
was rendered useless by revision of the regulations over
the week-end to provide that all refiners must obtain tenders
from the Commission to handle crude oil, the same procedure as is now required of pipe line operator, tank car
shipper or tank truck operator. The tenders are issued only
on crude oil shipments which are known to the Commission
as having been produced in conformity with State and
Federal control regulations. The previous ruling, against
which the refiners were successful in obtaining a temporary
injunction, required that the refiners make detailed reports
on crude oil handled to the Commission. Incidentally, it
was reported that several of the companies violated provisions of the injunction the refiners obtained and now
face contempt of court proceedings.
The movement for creation of a new oil and gas regulatory
body to take over the functions now assumed by the Railroad Commission at the special session of the Texas Legislature has lost most of its strength and it is now reported
that there is little chance of such a change becoming effective
in view of the success of Attorney-General Allred in winning
the Democratic nomination for Governor, which in Texas
is virtually tantamount to election.
It was reported from Texas that much of the illegal shipments of crude and refined products which the Texas and
Pacific and the International and Great Northern are alleged
to have transported in tank cars in violation of the Railroad
Commission's rulings on tenders being necessary before refiners could make shipments out of Texas was sent into the
interior refined markets which have been reduced to a
precarious condition in recent weeks due to cut-price competition induced by these shipments of "bootleg" oil and gasoline
which have been available at sub-market levels. Unless a
stop is put to these shipments, downward revision of crude
oil prices is a definite possibility, oil men pointed out.
The first of three wells being drilled by the Eason Oil Co.
in the Crescent pool in Logan County, Okla., on a one
well to 10-acre basis in defiance of the Oil Administration's
regulations for that field of one well to 40 acres was brought
in Sept. 3:making 2,220 barrels of oil in the first 20 hours.
The appeal of the Government for an injunction restraining
the company from continuing its drilling activities in this
field is still pending. At the same time, it was announced
that operators in the Edmond pool, a new development in
northern Oklahoma County, have rejected a plan for future
drilling on a one well to 40-acre basis and accepted the one
well to 10-acre plan which has been in practice for many
years.
The Nation's daily average crude oil production last week
was below the Federal allowable which has happened but a
few times in previous weeks during the current year. Total
output was 2,422,150 barrels, off 42,550 barrels from the
previous week and 27,150 barrels under the Federal allowable
for August, according to the American Petroleum Institute.
This compared with 2,721,400 barrels in the like 1933 week.

1472

Financial Chronicle

Sept. 8 1934

California showed alrdip of 34.600 barrels to`460,400, the Pacific Coast, will be filed with the Court in the imagainst the Federal allowable of 490,200 barrels. In Okla- mediate future.
homa, operators cut production 16,500 barrels to 460,550,
No major price changes were reported in the Nation's
compared with the Federal total of 480,100 barrels set for refined products markets during the past week although the
the State. Texas was the only major oil producing State to gasoline price structure was weak under the combined influshow a gain over the previous week and to produce more ence of the normal seasonal decline in consumption which is
than the Federal allowable, showing a gain of 5,000 barrels getting under way and the uncertainty caused by the heavy
to 1,004,400, against 1,001,300 barrels. The A. P. I. stocks of surplus gas in the Guld Coast market. However,
report does not include "hot oil."
the report that the Planning and Co-ordination Committee
The United States Bureau of Mines Tuesday reported a had agreed upon a definite plan for the obsorbtion of these
rise of 3,225,000 barrels in stocks of crude and refined stocks which was submitted to Administrator Ickes for his
products during July, against an increase of 2,095,000 barrels consideration, was a strengthening factor in the situation.
in June this year and 5,963,000 barrels in July a year agoRevision of margins allowed gasoline dealers and jobbers
A sharp gain in refined products this year was offset by the was reported under discussion in informal talks among oil
large reduction of crude stocks. Gasoline stocks, in July, companies, according to trade reports. At the present time,
however, dipped 1,771,000 barrels, against a decline of these margins are on a flat basis with dealers guaranteed 3
2,837,000 barrels in June.
cents on the low-grade gasoline and 4 cents on regular and
All pipe lines in Wyoming have been classed as common premium grades, while jobbers are allowed as much as 6 cents.
carriers by the State Public Service Commission, which means
Although proposals are still in the process of discussion,
that all such lines are now obliged to accept for transporta- it is reported that one proposition receiving serious considertion any gas or oil production that operators may have at ation would cut margins when retail prices are lowered followany point within reach of the pipe line. The decision ing price-cutting tactics to obtain or maintain gallonage
followed a petition by the Texas Co. asking the Commission volume. The practice of "flat" margins to dealers and jobto force the New York Oil Co. to accept natural gas from bers has met with serious disfavor with many companies who
the former's wells for shipment. At the present time, it is have claimed that this practice constitutes an important
the custom for the firm desiring to ship gas or oil via pipe factor in contributing to irregular markets. In July, the Oil
lines to sell his production to the pipe line firm or an asso. Administration sent out questionnaires to all oil companies
ciated company.
in a survey of the effect of margins and margin policies of
There were no price changes posted during the week:
distributors on gasoline and other refined products quotations.
In the local refined products market, prices held unPrices of Typical Crudes per Barrel at Wells.
changed. Gasoline consumption was unfavorably affected
(All gravities where A. P. I. degrees are not shown.)
Bradford. Pa
$2.55 Eldorado, Ark., 40
$1.00
by the stormy weather on Labor Day but prices held despite
1.32 Rusk, ex., 40 and over
Corning. Pa
1.08
a softening of the undertone of the market. Other products
Illinois
1.13 Darst Creek
.87
Western Kentucky
1.08 Midland District. Mich
1.02
showed no change although demand for fuel and heating
Mid-Cont., Okla.,40 and above..... 1.08 Sunburst Mont
1.35
Hutchinson, Tex., 40 and over
.81 Santa Fe Springs, Calif., 40 and over 1.34
gained slightly under seasonal influences.
Spindietop, Tex.,40 and over
1.03 Huntington. Calif., 26
1.01
Winkler, Tex
.75 Petrolia, Canada
In Chicago, readjustments in tank-wagon heating fuel
2.10
Smackover. Ark., 24 and over
.70
prices brought No. 2 oil down 34-cent a gallon and No. 3
REFINED PRODUCTS-EXPANSION OF TEXAS MARKETING
oil 3' -cent a gallon, effective Tuesday. In Milwaukee,
PLAN CONSIDERED-RETAIL MARKETS SHOW NO CHANGE
price-cutting by trackside station factors was held respons-PAPOOSE CARGO RELEASED BY COURT ORDER-MOTOR
ible for a one-cent a gallon cut in retail gasoline,prices posted
FUEL STOCKS CONTINUE SEASONAL DECLINE.
Early announcement was expected of Administrator Thursday to 15.5 cents.
Stocks of gaslline continued their seasonal decline, reports
Ickes' approval of the plan for absorbing surplus stocks of
gasoline developed by the Planning and Co-oidination and to the American Petroluem Institute indicating a dip of
major companies in the industry which provides for expansion 383,000 barrels for the week ended Sept. 1 to 45,737,000
of the marketing plan now in effect in the East Texas area barrels. Total withdrawals for August were 2,845,000
to include all markets east of tne Rocky Mountains which barrels. Storage of gas oil and fuel oil rose 1,411,000 barrels.
Refinery operations broke 3.3% to 70% with daily average
is reported now before him for consideration.
In addition to providing for the purchase of surplus stocks runs of crude oil to stills dipping 113,000 barrels to 2,361,000
by the major companies in an effort to bolster the Nation's barrels.
bulk and retail markets which have eased off in the past two
Price changes follow:
Sept. 5.-Chicago tank-wagon heating oil prices were cut %-cent a
or three weeks under the pressure of large stocks of surplus
on No. 2 and 34-cent a gallon on No. 3.
gasoline held in the Gulf Coast market, the new plan pro- gallon
Sept. 6.-Retail gasoline prices were cut one cent a gallon in Milwaukee
refiners
must conform with all State and Federal County by all marketers to 15.5 cents.
vides that
Gasoline, Service Station, Tax Included.
control measures under pain of punishment by the Federal
New York
Cleveland
18
5.175
Minneapolis
169
Government for violation of the agreement.
Denver
Atlanta
21
New Orleans
.22
8 15
Detroit
18
Philadelphia
14
.175
Purchases of surplus stocks of gasoline held by independent Boston.
Houston
Buffalo
185
18
San Francisco
185
Jacksonville
173
refiners operating in the East Texas area in the period since Chicago
20
St. Louis
.17
Cincinnati
.18
Los Angeles
.18
Aug. 13 by major companies under the marketing plan
Kerosene, 41-43 Water White, Tank Car, F. 0. B. Refinery.
totaled 210,000 ban els, according to an announcement New York:
I North Texas
03-.03% I New Orleans,.8.0434-.04%
(Bayonne)_$.O5-.0534 I Los Angeles_ ...04%-.053i y Tulsa
.03)4-.03)4
made by Mr. Ickes in Washington Sept. 4. The bulk of the
purchases was made by the Humble Oil & Refining Co.
Fuel Oil. F. 0. B. Refinery or Terminal.
Y.(Bayonne):
California 27 plus 13
8.85
Gulf Coast C
and the Gulf Refining Co. Other companies making pur- N.Bunker
1.30
C
51.30
81.05-1.20!Phila. bunker C
Diesel 28-30 D____ 1.95 New Orleans C__. .95-1.10
chases included the Standard Oil Co. of Indiana, Standard
Gas Oil, F. 0. B. Refinery or Terminal.
Oil of Louisiana, Standard of Kentucky, Tidewater Oil
8.02-.02%
N. Y.(Bayonne):
i Chicago:
Tulsa
Co. of Oklahoma and the Sun Oil Co.
27 plus
a 0438-.05 I 82-36 GO .......$.02-.02%
Ruling that the Court did not have jurisdiction over any
S. Gasoline, Motor (Above 65 Octane), Tank Car Lots, F. 0. B. RefinerY
Standard 011N. J.:
N. Y.(Bayonne):
Sinclair Refining_ .0651
of the principal defendants, Judge Bowen, in the United
Motor, U. S___ .00%
Shell Eastern Pet.8.06% Chicago
$ 04X-.04%
States District Court in Seattle late Thursday dismissed the
82-63 octane- .0634 New York:
04)4
New Orleans
:Stand. Oil N.Y. .06%
Colonial-Beacon ..06% Los Angeles. ex.04%-04II
temporary injunction restraining the tanker Papoose from
*Tide Water Oil Co .0634
i TOICS8
0631 Gulf ports ----.05%-.05%
Oil (Cal.) .07
y Gulf
04)4
06% Tulsa
discharging its cargo of 3,000,000 gallons of East Texas :Richfield
Warner-Quin. Co_ .07
Republic Oil
.06%
gasoline at Tacoma. The injunction had been issued on
x Richfield "Golden." z "Fire Chief." $0.07 • Tydol,$0.07. y "Good Gulf.'.
Aug. 25 on a petition filed by the Petroleum Administrative 50.07%. a "Mobilgas."
Board which held that the gasoline on the Papoose had been
Crude Oilr Output Off 42,650 Barrels During Week
refined from "hot oil."
EndediSept. 1 1934-Falls Below Federal Quota by
The Court ruled that an equity action can be brought only
27,150 Barrels-Stocks of Gas and Fuel Oils Again
in a district court where the defendants reside, and that none
Higher.
of the defendants in the case, including the officials of the
The American Petroleum Institute estimates that the
Fletcher Oil Co., to whom the cargo is consigned, shipowners daily average gross crude oil production for the week ended
or the captain, were residents in the district in which the Sept. 1 1934 was 2,422,150 barrels, a decrease of 42,550
action had been brought. Following this ruling, it became barrels from the total output of the previous week. The
known that a motion on similar grounds to dismiss the tem- output for the latest week was also lower than the Federal
porary restraining order granted by Judge Bowen Wednes- allowable figure which became effective Aug. 1-the decline
day forbidding the Tanker Republic, now docked at Van- being 27,150 barrels. The week under review was one of
couver, Wash., to land its cargo of East Texas gasoline on the few weeks that actual output of oil has been under




Financial Chronicle

Federal quotas since Washington took a hand in control of
petroleum. The daily average production for the four
weeks ended Sept. 1 1934 was 2,477,850 barrels; for the
week ended Sept. 2 1933 it was 2,721,400 barrels.
Further details as reported by the Institute follow:

DAILY AVERAGE CRUDE OIL PRODUCTION.
(Figures in Barrels)
Federal
Average
Actual Production.
Agency
4 Weeks
Allowable Week End. Week End. Ended
Effective
Sept. 1
Aug. 25
Sept. 1
1934.
Aug. 1.
1934.
1934,
Oklahoma
Kansas

480,100
131,200

Week
Ended
Sept. 2
1933.

460,550
128,000

477,050
135,050

497,450
131,710

548.150
129,500

Panhandle Texas
59,800
North Texas
60,950
West Central Texas
27,100
West Texas
154,850
East Central Texas
51,800
East Texas
414,850
Conroe
47,850
Southwest Texas
57,400
Coastal Texas (not Including Conroe)
130.000
---Total Texas
1,001,300 1,004,400

58,700
60,550
27.100
154,200
52,150
413,050
47,200
56,905

59,100
60.050
27,200
154,000
52,400
409.700
47.350
56,950

49.300
53,250
21,900
161,750
58,450
609,450
91,800
51,800

129,500

129,200

131.300

1199,400

995,950 1,229,000

North Louisiana
Coastal Louisiana
Total Louisiana
Arkansas
Eastern (not incl. Mich.)
Michigan
Wyoming
Montana
Colorado
Total Rocky Mtn,States
New Mexico
California

24,560
73,700

24,400
72,450

24,500
71,600

26.750
47,000

87,200

98,200

96,850

96,100

73,750

30.400
102,200
33,200

31,450
108,200
30,600

31,400
101,550
28,200

31,400
103,300
28,800

31,350
99,050
31,000

35,000
8,800
3.000

38,450
10.350
3,700

38,550
9.750
3,800

35,450
9.700
3,600

28,850
0,800
2,400

46,800

52,500

52.100

51,750

38,050

46.700
490,200

47,850
460,400

48.100
495,000

47,550
493,800

41,350
500.200

Total United States_ _ _ _ 2.449.300 2.422.150 2,464.700 2,477,850 2.721.400
Note.-The figures indicated above do not include any est mate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS, FINISHED AND UNFINISHED GASOLINE AND
GAB AND FUEL OIL STOCKS, WEEK ENDED SEPT. 1 1934.
(Figures in thousands of barrels 01 42 gallons each.)

a Stocks
Stocks
of
or
b Stocks
of
FinUnof
Gas
ished
Repos ing
finished Other
Daily P. C.
and
Aver- Ore?- Gaso- Goo- Motor
Fuel
Total. P. C. age. ated. line.
line.
Fuel.
Oil.

Daily Refining
CapacUy of Plants.
District.

Patennal
Rate.

East Coast..
582
Appalachian.
150
Ind., Ill., Ky
446
Okla., Kan.,
Missouri__
461
Inland Texas
351
Texas Gulf_
566
La. Gulf__
163
92
No. La.-Ark.
Rocky Mtn_
96
California__
848
-Totals week:
3,760
Sept. 1 1934
AIM. 25 1934 3.700

Crude Runs
to Salle.

Stacks

582 100.0
140 93.3
422 94.6

498 85.6 13,848
96 68.6 1,555
354 83.9 7,018

1,023
283
1,046

198 13,092
148 1,425
49 4.752

386
167
552
162
77
64
822

244
77
491
122
51
35
393

63.2 4,484
1,036
46.1
88.9 3,601
75,3 1,270
239
66.2
663
54.7
47.8 12,023

517
293
1,409
201
91
134
873

658 3,756
630 1,533
166 10,034
17 2,514
22
593
39
595
2.323 70,391

2,361 70.0 d45,737
2 474 753 c4R.120

5,870
6.044

4,250 114,685
4.200 113.274

83.7
47.6
97.5
96,4
83.7
66.7
96.9

3,374 89.7
3.374 89.7

•Amount of unfinished gasoline contained In naphtha distillates. b Estimated.
Includes unblended natural gasoline at refineries and plants also blended motor
fuel at plants. c Includes 28,549,000 barrels at refineries and 17.571.000 barrels
at bulk terminals in transit and pipe lines. d Includes 28.603,000 barrels at re.
fineries and 17,134.000 barrels at bulk terminals. In transit and pipe lines.

August Slab Zinc Production Higher-Shipments
Continue Decline-Inventories Higher.
According to the monthly report issued by the American
Zinc.Institute 26,269 short tons of slab zinc were produced
during the month of August 1934. This is a decrease from
the 24,843 tons produced during the preceding month and
compares with 33,510 tons produced during August 1933.
Slab zinc shipments for the first time in the last five months
were lower than production. Shipments for August were
lower than for any preceding month since April 1933, the
August total being 21,659 short tons as against 26,950 tons
shipped during the preceding month and 42,403 tons shipped
during August 1933. Inventories at Aug. 31 stood at
102,192 short tons as against 97,582 tons on July 31 and
99,264 tons on Aug. 31 1933. The Institute's statement
follows:




Produced
During
Period.
1929.
Total for year. 631,601
Monthly aver. 52,633
1930.
Total for year. 504,463
Monthly aver_
42,039
1931.
Total for year. 300,738
Monthly aver_ 25,082
1932.
January
22,471
February
21,474
March
22,448
April
20,575
May
18,605
June
16,423
July
14,716
August
13,611
September _._ _
13,260
October
15,217
November...... 18,076
December _
18,653
Total for year. 213,531
Monthly aver_
17,794
1933.
January
February .
March
April
May
June
July
August
September....
October
November......
December......

Shipped
During
Period.

75,430

6,352
529

57,999

68.491

18,585

36.275
36.356

143,618

196
16

31,240

47,769

26,651

314,514
26,210

129,842

41
3

19.875

23,099

18,273

22,404
21,851
22,503
18,032
18,050
14,971
12,841
16,360
20,638
19,152
15,970
15.745

129,909
192,532
129,477
132,020
132,575
134,027
135,902
133,153
125,774
121,840
121,948
124,856

31

22,044
21.752
22,016
20,796
20,850
18,742
18,295
14,514
14,915
17,369
19,753
21,023

21,001
20,629
21,078
19,489
20,172
19,670
17,552
15,067
13,809
15,901
17,990
20,372

24,232
23,118
23,712
20,821
19.637
16,116
16,949
18,017
16,028
10,333
8,640
8,478

218,517
18,210
15,162
14,865
15,869
19,399
27.329
36,647
45.599
42,403
34,279
37.981
26,783
27,885

Total for year. 324,705
Monthly aver_ 27,059

344,001
28,667

32,954
30,172
33,721
30,562
30,992
25.143
24,843
211 2/19

Average Unfilled
Retorts Orders
During End of
Period. Period.

602.601
50,218

18,867
19,661
21,808
21,467
21,516
23,987
30.865
33,510
33,279
35,141
32,582
32,022

1934.
January
February
March
April
May
June
July
Austust

(a)
Retorts
Stock at Shipped Operating
for
End of
End of
Period. Export. Period.

26,532
32,361
32,753
31,948
35,635
30,186
26,950
21.11.59

2
3
2
2
2
2
17
1

128.561
133,357
139.296
141,364
135,551
122,891
108,157
99,264
98,264
95,424
101,223
105,560

40
45
44
22
22
44
22

18.560
coo.w.,bawooloovmo
Owom000hmolmmo

Imports of crude and refined oil at principal United States ports totaled
956,000 barrels for the week ended Sept. 1, a daily average of 136,571
'barrels, compared with a daily average of 143,429 barrels for the week
ended Aug. 25 and 116.071 barrels for the four weeks ended Sept. 1.
Receipts of California oil at AtlantiC and Gulf Coast ports totaled
300,000 barrels for the week ended Sept. 1, a daily average of 42,857
barrels, compared with a daily average of 65,679 barrels over the last
four weeks.
Reports received for the week ended Sept. 1 1934 from refining companies
owning 89.7% of the 3.760.000 barrel estimated daily potential refining
capacity of the United States indicate that 2,361,000 barrels of crude oil
daily were run to stills operated by those companies and that they had in
storage at refineries at the end of the week. 28,603,000 barrels of finished
gasoline, 5,870,000 barrels of unfinished gasoline and 114,685,000 barrels
of gas and fuel oil. Gasoline at bulk terminals, in transit and in pipe lines
amounted to 17,134.000 barrels.
Cracked gasoline production by companies owing 95.6% of the potential
charging capacity of all cracking units, averaged 510.000 barrels daily
during the week.

1473

SLAB ZINC STATISTICS (ALL GRADES)-1929-1934.
(Tons of 2000 Pounds.)

wtobawwbamon't...7w
:...Imaam.401e.wwwww

Volume 139

239
20
111,982
109,793
110,761
109,375
104,732
99,689
97,582
102.192

44
0
3
0
0
48
0
0

21,970
22.500
21,683
21.526
22.154
22,590
24,127
25.968
25.019
25.819
27,159
26,318

6,313
8,562
8,581
18,072
21,056
27,142
35.788
25,594
27,763
23,366
20,633
15,978

23,653
28,744
30,763
26,952
26.692
27,193
31,284
30,324
30.442

26,975
27,779
28,816
25,349
25,086
27,720
29.048
30.637

26,717
26,676
21.976
27,398
20,831
21,726
16.058
14.281

a Export shipments are included in total shipments.
Note.-These statistics include all corrections and adjustments reported at the
year end.

Production of Crude Petroleum During July Lower
than in Preceding Month-Stocks of Refinable
Crude Oil Continue Gains.
According to reports received by the Bureau of Mines,
Department of the Interior, the production of crude petroleum in the United States during July totaled 81,548,000
barrels. This represents a daily average of 2,631,000 barrels, a decrease of 37,000 barrels from the daily average in
June.
Daily average production in Texas and California in July
was practically unchanged from June but output in Oklahoma showed a material decline in decreasing from 551,000
barrels daily in June to 504,000 barrels daily in July. The
decline in Oklahoma was fairly well distributed over the
State, with the Oklahoma City field having the largest
decrease. Daily average production in Texas was 1,106,000
barrels, of which the East Texas field had 543,000 barrels or
close to half the State total. Production in Kansas, the
fourth ranking State, showed little change from June but the
output of Louisiana continued to increase as an aftermath
of new development work in the coastal area. Practically
all of the fields on the Louisiana Gulf coast increased their
output in July, the gains in the Leesville and Iowa fields
being the most notable.
The trend of stocks was reversed in July, when the total
on hand showed a net decline of approximately 2,000,000
barrels, as compared with an increase of nearly 1,500,000
barrels in June. The largest decline in stocks in July affected pipe-line and tank-farm stocks of East Texas oil,
which declined from 35,950,000 barrels on July 1 to 34,156,000 barrels on July 31. The Bureau of Mines further reported:
Primarily because of increased crude runs and a gain in the percentage
yield of gasoline, the daily average output of motor fuel Increased from
1,184.000 barrels in June to 1,214,000 barrels in July. The indicated
domestic demand for motor fuel totaled 37,695.000 barrels, or a daily
average of 1,216,000 barrels. When consideration is given to the speculative buying of gasoline in June 1933 and May 1934. the actual demand for
July 1934, appears to have been approximately 3% higher than July a year
ago. Stocks of motor fuel declined nearly 1,800,000 barrels during the
month.
With the exception of kerosene, the domestic demand for the minor
refined products declined materially, with corresponding increases in stocks.
This decrease in demand was particularly evident in the case of gas oil
and fuel oil.
According to the Bureau of Labor Statistics, the price index for petroleum
products during July 1934 was 51.3, compared with 50.6 in June and 41.3
in July 1933.
The refinery data of this report were compiled from refineries with an
aggregate daily recorded crude-oil capacity of 3,540,000 barrels. These
refineries operated during July at 73% of their capacity, given above,
which compared with a ratio of 72% in June.

1474

Financial Chronicle
SUPPLY AND DEMAND OF ALL OILS.
(Thousands of barrels of 42 Gallons.)

New SupplyDomestic production:
Crude petroleum
Daily average
Natural gasoline
Benzol.a
Total production
Daily average
Imports:
Crude petroleum
Refined products
Total new supply, all oils
Daily average
Increase in stocks, all oils
DemandTotal demand
Daily average
Exports:
Crude petroleum
Refined products
Domestic demand:
Motor fuel
Kerosene
Gas oil and fuel oil
Lubricants
Wax
Coke
Asphalt
Road oil
Still gas (production)
Miscellaneous
Losses and crude used as fuel
Total domestic demand
Daily average
StocksCrude petroleum
Natural gasoline
Refined products
Total, all oils
Days' supply
a From Coal Division.
Mines. c Decrease.

Jan.-July Jan.-July
1933.
1934.

July
1934.

June
1934.

July
1933.

81,548
2,631
2,945
122
84,615
2,730

80,040
2,668
'2.838
160
83,038
2,768

84,387
2,722
2,769
163
87,319
2,817

530,228
2.501
20,454
1,027
551,709
2,602

517,617
2,442
19,078
754
537,449
2.535

2,695
1.406
88,716
2,862

1)3,575
1,137
87,750
2.925

3,411
1,282
92,012
2,968

20,368
8,317
580.394
2,738

19,673
8,297
565,419
2,667

3,225

2,095

5.963

c9,180

17,440

85,491
2,758

85,655
2,855

86,049
2,776

589,574
2,781

547.979
2,585

4,128
6,143

3,795
6,055

4,523
7,443

22,970
43,264

20,478
40,981

37,695
2,815
21,223
1,491
53
481
1,525
1,357
4,142
137
4,301

36,296
2,372
23,961
1,569
87
563
1,602
1.262
3,707
148
4,237

34,458
2,041
25,066
1,630
107
861
1,431
1,067
4,524
144
2,754

229,859
24,680
192,227
11,037
550
4,685
6,708
4,278
25,101
1,021
23,196

214,392
20,991
182,198
9,393
661
5,192
6,169
2,902
25,960
847
17,815

75.220
2,426

75,804
2,527

74,083
2,390

523,340
2,469

486,520
2,295

355,260 357,239 350.894
3,723
4,574
4,551
233,222 227.995 250,932

355.260
4,551
233,222

350,894
3,723
250,932

593,033 589,808 605,549 593,033 605,549
234
213
218
207
215
b Rece pts of foreign crude as reported to Bureau of

PRODUCTION OF CRUDE PETROLEUM BY STATES AND
PRINCIPAL FIELDS.
(Thousands of barrels of 42 Gallons.)
July 1934.
Total.
Arkansas
California:
Huntington Beach
Kettleman Hills
Long Beach
Santa Fe Springs
Rest of State
Total California
Colorado
Illinois
Indiana
Kansas
Kentucky
Louisiana-Gulf Coast- Rest of State
Total Louisiana-Michigan
Montana
New Mexico
New York
Ohio-Central dt Eastern
Northwestern
Total Ohio
Oklahoma-Okla. city
Seminole
Rest of State
Total Oklahoma__. _
Pennsylvania
Tennessee
Texas-Gulf Coast
West Texas
East Texas
Panhandle
Rest of State
Total Texas
West Virginia
Wyoming-Salt Creek
Rest of State
Total Wyoming_.
U.S. total

DatlyAo.

June 1934.
Total. DallyAo.

Jan.Jat7y
1934.

Jan.July
1933.

1,016

33

963

32

6,564

6,678

1,455
2,082
2,096
1,286
9,135
16,054
109
394
74
4,210
427
2,320
748
3.068
939
341
1,460
335
277
80
357
5,396
3,399
6,814
15,609
1,270

47
67
68
41
295
518
3
13
2
136
13
75
24
99
30
11
47
11
9
3
12
174
110
220
504
41

1.423
1,841
2.168
1,254
8,781
15,467
88
392
72
4,101
440
1,921
708
2,629
935
292
1,418
313
273
89
362
6,084
3,463
6,962
16,509
1,288

48
61
72
42
293
516
3
13
2
137
15
64
24
88
31
10
47
10
9
3
12
203
116
232
551
43

5,103
4,341
16,822
1,857
6,148
34,271
336
538
739
1,277

165
140
543
60
198
1,106
11
17
24
41

5,011
4,161
16,582
1,752
5,738
33,244
343
537
646
1,183

167
139
553
58
191
1,108
11
18
21
39

8,888
12,132
13.728
8,861
58,923
102,532
632
2,694
481
27,203
2,625
11,487
5,400
16,887
6,282
1,789
9,551
2,127
1,883
579
2,462
39,049
22,860
46,544
108,453
8,372
6
34,399
28,646
108.221
11,507
39.092
221,865
2,357
3,766
3,580
7,346

5,968
12,796
15,041
11,249
54,495
99,549
564
2,232
376
23,766
2,614
8.097
5,692
13.789
3,299
1.172
7.714
1,739
1,844
583
2,427
35,304
23,501
41,461
100,266
7,064
3
33,560
34,164
120,320
7,798
37,869
235,711
2,082
4,175
2,397
6,572

81.548

2.631

80,040

2.668

530.228

517,617

NUMBER OF WELLS COMPLETED IN THE UNITED STATES.a

011
Gas
Dry
motto

Jan.-July
1934.

Jan.-July
1933.

548
73
248

6,984
669
2,308

3,541
462
1,922

550

0051

5 095

July
1934.

June
1934.

July
1933.

1,182
93
392

1,126
124
363

1 eel

1 Mx

a From Oil and Gas Journal and California Offices of the American Petroleum
Institute.

Sales of Major Non-ferrous Metals Light-Zinc
Reduced to 4.20-cent Basis.
"Metal and Mineral Markets" in its issue of Sept. 6 stated
that buying of major non-ferrous metals during the last
week was on a reduced scale, compared with the record for
the two preceding weeks. Though the holiday had something
to do with the low rate of activity, most sellers inclined to
the opinion that there was nothing in the business picture
to cause consumers to follow anything but a conservative
policy for the present. Political uncertainty seems to have
been added to the numerous issues retarding business.
Prices showed little change. Prime Western zinc sold off
five points for the week, domestic copper and lead were
unchanged. Sterling exchange accounted for most of the




Sept. 8 1934

fluctuations in tin prices. The tin statistics for August,
taking the producers' view, were favorable. Our index
number for non-ferrous metal prices for August was 70.86,
against 70.19 in July. The rise was caused chiefly by the
higher silver market. "Metal and Mineral Markets" further stated:
Copper Unchanged.

The close of August brought in a little extra business in domestic copper
to which producers attached no special significance. The end of the
month found virtually no accumulations of current production in the
hands of sellers. Sales for the last seven days totaled about 3,800 tons.
New business in copper products remains disappointing. The price of
"Blue Eagle" copper held at nine cents, Valley.
Foreign business in copper was moderate in volume, with the price
unsettled on rather liberal offerings by producers who were not ao aggressive
in selling when the market was quite a bit higher than at present. A feature
In the foreign demand last week was the steady call for copper from Japan.
Sales abroad were reported yesterday at prices ranging from 7 to 7.05
cents c.i.f, usual ports. Some producers believe that the weakness in the
foreign market eventually should lead to an agreement to control production outside of the United States.
Exports of refined copper from the United States during the first seven
months of the current year totaled 145,952 short tons, against 67,228 tons
in the same period last year. The exports, by countries, for the JanuaryJuly period of 1934, with comparable figures for last year, were as follows:
Exported toChile
Belgium
France
Germany
Great Britain
Italy
Netherlands

January
1933.
2
2,931
19,513
6,423
8,118
8,431
1,128

to July
1934.
4
6,138
29,239
28,372
20,219
11,261
9,843

January to July
Exported to1934.
1933.
Sweden
9,341
3,704
China and Hong Kong__ 1,742
940
Japan
25.885
11,221
Other countries
4,710
4,015
Totals

67,228

145,952

Stocks of copper in British Metal Exchange official warehouses on Aug. 18
amounted to 39,752 tons, against 36,572 tons at the beginning of the month.
Lead Price Steady.
Lead sales last week, following the active buying of the preceding sevenday period, fell off sharply to less than 2,000 tons. Although the week
included a holiday, general lack of interest in the metal on the part of
consumers was held to be the principal reason for the decline in market
activity. This attitude of buyers was attributed, in turn, to a feeling
of uncertainty which was said to prevail In general business, largely as a
result of recent'developments of a political character.
Despite the small volume of metal that changed hands during the week,
prices continued steady at 3.75 cents, New York, the contract settling
basis of the American Smelting & Refining Co., and 3.60 cents, St. Louis.
The bulk of the business of the week was for accounts of manufacturers
of sheet lead and pipe.
Domestic lead shipments have averaged 29.685 tons monthly over the
first seven months of the current year. This compares with a monthly
average of 28,930 tons for the whole of 1933 and 26,438 tons for the whole
of 1932. Shipments to consumers during the first seven months of 1934
totaled 207,798 tons, against 191,906 tons in the same period last year.
Production of refined lead during the first seven months was 245,429
tons, againsy 187,080 tons in the January-July period last year.
Zinc Business at 4.20 Cents.
The market for prime Western zinc eased off in more than one direction
last Thursday, business passing on that day at 4.225 cents. On the following day there were sellers at 4.20 cents, St. Louis, and metal was
available at the lower level over the remainder of the week. Producers
booked a small tonnage on the decline. Statistically, the position of
zinc Is held to be strong, but, with demand slack, sellers are not disposed
to support the price structure. A favorable development last week was
the announcement from Joplin that producers of concentrate will again
curtail operations.
Good Tin Sales.
Demand for tin was particularly good early last week, between 500 and
600 tons changing hands on Thursday and again on Friday. Subsequently,
this interest In the metal almost entirely disappeared; total sales on Tuesday
and yesterday are estimated at not more than 25 tons on either day. Prices,
however, continued to improve as the week progressed, reflecting a corresponding movement in sterling exchange over the period. Much of the
buying early in the week was for consumer accounts, with deliveries extending as far ahead as January and February of next year.
The monthly tin statistics of the Commodity Exchange show a decline
in the visible supply, not including the Straits carryover, of 819 long
tons. The visible supply at the end of August was 15,494 tons, against
16,313 tons a month previous and 33,534 tons at the end of August last
year. United States deliveries for August were larger than expected,
totaling 4,045 tons, against 3,575 tons In July and 8,020 tons in August
1933. Deliveries outside of the United States in August totaled 3,402
tons, against 3,530 tons in July and 3,929 tons in August last year.
Chinese tin, 99%, was quoted nominally as follows: Aug. 30, 50.725
cents; 31, 50.800 cents; Sept. 1, 50.900 cents; 3d, holiday; 4th, 51.250
cents; 5th, 50.925 cents.

Steel Production Unchanged-Scrap at New LowAugust Pig Iron Lower.
Pig iron production in August showed a decline of 13.9%
from July, following that month's recession of 38.6% from
June, states the "Iron Age" of Sept. 6. The August rate
of output, at 34,012 tons daily, was 48.4% below the peak
of the year, reached in May, and was the lowest' since
May 1933, when the daily average was 28,621 tons. The
"Age" added:
Total production in August was 1.054,382 tons, compared with 1,224,826
tons in July. There was a net loss of 14 active blast furnaces during the
month, 16 having been blown out or banked while two were lighted.
Despite the sharp losses in output in the past two months, production
year to date is still 50% above the total for the corresponding period
in 1933.
Whether the current downward trend will continue through September is a
question that cannot now be answered with certainty. Improvement
in iron and steel bookings since Labor Day has not been impressive, although
the final liquidation of stocks accumulated In the second quarter Is counted
on to drive more tonnage into the market as the month progresses. Further declines in heavy melting scrap at Pittsburgh and Chicago, driving the
"Iron Age" scrap composite to $9.75 a ton, a new low for the year, are not

Financial Chronicle

Volume 139

encouraging, nor is the general spirit of business unsettlement that has been
engendered by chronic labor turmoil climaxing in the nation-wide textile
strike.
Rail programs have been completed at both Chicago and Pittsburgh and
rolling of steel for railroad equipment is on a steadily diminishing scale.
Automobile production this month will be intermittent and the total will
probably fall considerably short of the 197,608 units turned out in September a year ago. The outlook for the remainder of the year is even less
promising, but renewal of the automobile code has had the effect of speeding up preparations for production of new models. Considerable business
in tools and dies has been placed and the three largest motor car builders
are now in the market for parts.
Farmer buying of wire products, usually more active with the approach
of fall, has been disappointing, but demand for agricultural implements
has improved sufficiently to cause the scheduling of heavier output.
Tin plate production is holding at 40% of capacity, although specifications seem to be headed for a seasonal decline. New public projects calling
for steel are of unusual size. For the Colorado River aqueduct the Southern California Water District will buy 58,000 to 68,000 tons of plates,
shapes and reinforcing bars within the next two or three months, with the
first opening of bids on Oct. 3. Of the steel to be bought, the concrete
bars alone will account for 56,100 tons. Bids on 18,000 tons of reinforcing
steel for the Fort Peck, Mont., dam will be taken on Sept. 24.
Structural steel awards, at 9,200 tons, including 2,485 tons for the
Bonneville, Ore., dam, compare with 22,730 tons in the previous week.
New structural projects, at 35,750 tons, are the largest since the last week
in April.
Steel ingot production, after slumping sharply over Labor Day, has
shown some recovery and the current average, 19%, is unchanged from a
week ago. Improvement, however, has been unevenly distributed. The
Cleveland-Lorain rate is up 11 points to 24% and the Valley average has
risen eight points to 20%, but these increases are offset by recessions of
five points to 23% at Chicago, one point to 18% in the Philadelphia area,
and one point to 9% at Pittsburgh, the last-named rate being the lowest
since the July 4 holiday week in 1932. The Detroit average is unchanged
at 76%. while the Wheeling district remains on a 24% basis.
Steel consumers, protected against higher prices until the close of the
year by code provisions, are playing a waiting game,in the expectation that
present quotations, in the absence of an impressive seasonal upturn in
business, will eventually yield to the law of supply and demand. Uneasiness as to the future is clearly manifest in the course of scrap prices and in
recent reductions in steel company salaries.
The Navy's effort to break the steel code was unsuccessful. Bids opened
on 66 tons of plates on Tuesday disclosed no deviation from code required
delivered prices except by a jobber, which quoted a warehouse price f.o.b.
cars or wharf, Pittsburgh. The Navy had asked for bids on a shipping
point basis.
The "Iron Age" composite prices for pig iron and finished steel are unchanged at $17.90 a ton and 2.124c. a lb. respectively.
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
Sept. 5 1934, 2.124c., a lb.
Based on steel bars, beams, tank plates,
One week ago
2.1240. wire, rails, black pipe, sheets and hotOne month ago
2 1240. rolled strips. These products make 85%
One year ago
1 9590. of the United States output.
Low.
High.
1934
2.0080. Jan. 3
2 1990. Apr. 24
1933
1.867c. Apr. 18
2.0150. Oct. 8
1932
1.926c. Feb. 2
1.9770. Oct. 4
1931
1.945o, Dec. 29
2.0370. Jan. 13
1930
2.018c. Dec. 9
2.2730. Jan. 7
1929
2.273c. Oct. 29
2,3170. Apr. 2
1928
2.217c. July 17
2.2860. Dec. 11
1927
2.2120. Nov. 1
2402c. Jan. 4
Pig Iron,
Sept. 5 1934, $17.90 a Gross Ton. Based on average of basic iron at Valley
One week ago
$17.90 furnace foundry irons at Chicago,
One month ago
17.90 Philadelphia, Buffalo, Valley, and BirOne year ago
mingham
16.71
Low.
High
1934
$17.90 May 1
$16.90 Jan. 27
1933
16.90 Dec. 5
13.56 Jan. 3
1932
14.81 Jan. 5
13.56 Dec. 6
1931
14.79 Dec. 15
15.90 Jan. 6
1930
18.21 Jan. 7
15.90 Dec. 16
1929
18.71 May 14
18.21 Dec. 17
1928
18.59 Nov. 27
17.04 July 24
1927
19.71 Jan. 4
17.54 Nov. 1
Steel Scrap.
Sept. 5 1934, $9.75 a Gross Ton. fBased on Nov. 1 heavy melting steel
One week ago
$9,921 quotations at Pittsburgh, Philadelphia
One month ago
10.331 and Chicago.
One year ago
11.751
High,
1.4W.
1934
$13.00 Mar. 13
$9.75 Sept. 5
1933
12.25 Aug. 8
6.75 Jan. 3
1932
8.50 Jan. 12
6.42 July 5
1931
11.83 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
16.50 Dec. 31
13.08 Ju y 2
1927
15.25 Jan. 11
13.08 Nov.22

The American Iron and Steel Institute on Sept. 4 announced that telegraphic reports which it had received
indicated that the operating rate of steel companies have
98.7% of the steel capacity of the industry will be 18.4%
of the capacity for the current week, compared with 19.1%
last week and 25.8% one month ago. This represents a
decrease of 0.7 points, or 3.7%, from the estimate for the
week of Aug. 27. Weekly indicated rates of steel operations
since Oct. 23 1933 follows:
1934193331.6% Jan. 15
Oct. 23
26.1% Jan. 22
Oct. 30
25.2% Jan. 29
Nov. 6
27.1% Feb. 5
Nov. 13
Nov. 20- -. __28.9% Feb. 12
26.8% Feb. 19
Nov. 27
28.3% Feb. 26
Dec. 4
31.5% Mar. 5
Dec. 11
34.2% Mar. 12
Dec. 18
31.6% Mar. 19
Dec. 25
mar. 26
193429.3% Apr. 2
Jan. 1
30.7% Apr. 9
Jan. 8

34.2%
32.5%
34.4%
37.5%
39,9%
43.8%
45.7%
47.7%
46.2%
46.8%
45.7%
43.3%
47.4%

1934Apr. 16
Apr. 23
Apr. 30
May 7
May 14
May 21
May 28
June 4
June 11
June 18
June 25
July 2
July 9

193450.3% July 16
28.8%
54.0% July 23
27.7%
55.7% July 30
26.1%
56.9% Aug. 6
25.8%
56.8% Aug. 13
22.3%
54.2% Aug. 20--- _21.3%
56.1% Aug. 27
19.1%
57.4% Sept. 4
18.4%
56.9%
56.1%
44.7%
23.0%
27.5%

1475

Considered a forerunner of this, the number of small orders from a widely
diversified list of steel consumers increased during the week, indicating
depletion of general manufacturing stocks.
Steelmakers do not anticipate an early and marked gain in requirements
from any of the leading consuming groups. The trend in government
expenditures for construction work and housing programs, however, will
be up as the winter approaches, and in the aggregate will take substantial
amounts of steel, widely scattered.
Seven thousand tons of steel has been placed for the navy ships recently
awarded to private yards, and 3,000 tons additional is expected this week.
The navy department will begin to take bids Sept. 14 for 25,000 tons of
steel for the 13 ships to be built in navy yards, and can be expected to be
in the market over the next few months.
A sharp reduction in automobile production to barely 30,000 units resulted last week when Ford and other manufacturers continued closed.
Output this week may increase slightly with the resumption of operations
Tuesday, but during the month schedules will be held down rigidly to the
level of retail demand.
Railroad freight advances, which if granted will lift the cost of pig iron
production $I a ton, are not expected to stimulate railroad purchasing.
Nevertheless, some additional equipment may be placed this year, and the
volume of miscellaneous buying shows a tendency to increase.
The Pennsylvania is to decide early this month whether to go ahead with
construction of 1,000 freight cars. If the Lehigh Valley obtains a loan
from the Government, in addition to repairing 2,500 freight cars it will
buy 500 coal cars. Cambria & Indiana is endeavoring to obtain used
trucks for repairing 1.000 hopper cars. Woodward Iron Co. is in the
market for 60 50-ton iron ore cars, and Pittsburgh, Shawmut & Northern
for two locomotives. Preliminary estimates indicate 150 freight cars were
awarded in August, compared with 19 in July.
Largest steel tonnage requirements continue to originate in construction
work. Structural awards for the week increased to 15,790 tons from
10,385 tons in the preceding week. Bids are to be taken shortly on 13,000
tons for New York's downtown postoffice; 18,000 tons of reinforcing ban
and 5,000 tons of pipe for the Wiota, Mont., dam.
Shell Oil interests are reported placing a heavy tonnage of plates for
refinery work in Venezuela, and the Sun Oil Co., Philadelphia, is contemplating construction of a 100-mile pipe line from Philadelphia to the
northern New Jersey coast. A Pittsburgh district mill has sold 16,000
kegs of nails for export.
This month may bring the first test of steel prices since their advance
three months ago, consumers generally having operated thus far on stocks
previously acquired. The industry seldom has been so dependent on
stability of prices.
The reduction in steel salaries will save producers $10,000.000 a year,
on the basis of July payments. That is about the deficit in the first quarter
this year, but as the cut will apply to only one month this quarter it will
be too late to keep the industry out of the red.
Scrap prices have sustained the sharpest loss this year, "Steel's" scraP
composite being off 25 cents to $9.58.
Steelworks operations last week were reduced 2 points to 1835%, lowest
since the second week in April 1933. Chicago dropped 2 points to 2734;
eastern Pennsylvania 134 to 1834; Youngstown 3 to 18; New England 4 to
25; Buffalo 434 to 19. Birmingham was up 5 to 30. Detroit held at 77;
Pittsburgh 10; Wheeling 26; Cleveland 15.
"Steel's" iron and steel price composite is down 5 cents to $32.17, while
the finished steel index is unchanged at $54.

Steel ingot production for the week ended Sept. 3, is
placed at a shade under 19% of capacity according to the
"Wall Street Journal" of Sept. 6. This compares with 20%
in the previous week and with 2234% two weeks ago. The
"Journal" continued:
U. S. Steel is estimated to have maintained a rate of about 19%, the
same as in the preceding week. Two weeks ago the corporation was at
22%. Leading independents are a fraction under 19%, against a shade
below 2034% in the week before and a little over 2234% two weeks ago.
The following table gives the percentage of production for the nearest
corresponding week of previous years, together with the approximate change
from the week immediately preceding:

1933
1932
1931
1930
1929
1928
1027

Industry.

U. S. Steel.

Independents.

42 -7
12 -1
31 -1
5734- 34
8734-134
7734 +1A
#17IX- S.6

41-6
11-1
34- A
65-1
93-1
77 __
70-1

4234-8
1234-1
29 -1
51
-83 -2
7734+234
65 --

Natural Gasoline Output Higher During Month of
July 1934.
According to the United States Bureau of Mines, Department of the Interior, the daily average production of natural
gasoline in July was 3,990,000 gallons, an increase of 20,000
over the average in June. Production of natural gasoline in
the East Texas field continued to increase but the output
of the Panhandle district declined. Production in California
increased, due largely to a larger output at Kettleman
Hills. Stocks of natural gasoline held at the plants on
July 31 1934, totaled 66,778,000 gallons, a decline of approximately 2,500,000 gallons from the total on hand July 1.
(Thousands of Gallons.)
Stocks End of Ito.

Production.
Jon.July
1934.

Jan.July
1933.

July
1934.

June
1934.

"Steel," of Cleveland, in its summary of the iron and steel
markets, on Sept. 3, stated:

2,700
Appalachian
Illinois, Kentucky, Mich- _ 500
Oklahoma
28,100
Kansas
1,800
Texas
38,100
Louisiana
3,100
1,100
Arkansas
Rocky Mountain
4,700
California
43,600

3,000 32,700 32,900
4,500
4,700
500
27,600 206,700 201,200
1,900 15.000 13,300
36,600 262.000 261,400
2,700
3.300 23,600
1,100
7,500
9,000
4,600 33,000 32,100
40,700 284,100 282,000

4,490
335
26,718
1,588
27,336
1,157
211
1,489
3,454

5.825
320
26,764
1,633
29,030
644
200
1,362
3,361

While retrenchment to the five-day week for salaried employees in the
iron and steel industry reflects subdued sentiment in the markets, a moderate
improvement in demand is expected to set in this month and to gain momentum with the fall season.

Total
123,700 119,200 859,100 801,300
3,990
Daily average
3,970
4,050
3.780
Total(thousands of bbls.). _ 2,945
2,838 20,454 19,078
95
96
90
Daily average
95

66.778

69,129

1:L545

1,648




July
1934.

June
1934.

Financial Chronicle

MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1933 TO
AUGUST 1934-GROSS TONS.
Reported for 1933 by companies which made 97.82% and for 1934 by companies
which made 99.39% of the Open-Hearth and Bessemer Steel Ingot Production
In 1933.

Sept. 8 1934

DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
STATES BY MONTHS SINCE JAN. 1 1929-GROSS TONS.

January
February
March
April
May
June
First six months_
July
August
September
October
November
December
12 MCk9. average

1929.

1930.

1931.

1932.

111,044
114,507
119,822
122,087
125,745
123,908
119.564
122,100
121,151
116,585
115,745
106,047
91,513
115.851

91,209
101,390
104,715
106,062
104,283
7,804
100,891
85,146
81,417
75,890
69,831
62,237
53,732
86.025

55,299
60,950
65,556
67,317
64,325
54,621
81,356
47,201
41.308
38,964
37,848
36,782
31,625
50,069

31,380
33,251
31,201
28,430
25.276
20,935
28,412
18,461
17,115
19,753
20,800
21,042
17,615
23.733

26
24
27
25
27
26
25
27

12,875,461 1,705,319 14,580,780 14,906,311 207

39,110
44,709
33,268
53,817
73,201
98,632
126,734
106,058

17.99
20.57
15.30
24.76
33,68
45.37
58.30
48.79

72,011

33.13

26
26
26
25

87.811
80,188
58,507
71,944

40.40
36,89
26.92
33.10

19.674,879 2,425,779 22,100,658 22,594,079 310

72.884

33,53

72.999
90,951
102.255
115.901
124,174
115,999
58,903
50,495

33.15
41.31
46.44
52.64
56.39
52.68
26.75
22.93

1,991,204
1,847,690
1,331,029
1,629,495

1,786,467
1,993,638
2,540,143
2,622.372
3,000,624
2,714,983
1,343,732
1,245,445

242,014
191,673
156.939
129,834

172.489
175,873
203,904
257,482
331,620
282,592
119,869
109,598

2,233,218
2,039,363
1,487,968
1,759.329

1.953,956
2,169,511
2,744,047
2.879,854
3.332,244
2,997,575
1,463,601
1,355,043

2,283,079
2,084,894
1,521.189
1,798,606

1,970,979
2,182,826
2,760,888
2,897,529
3,352,695
3.015,972
1,472,584
1,363,359

27
24
27
25
27
28
25
27

8 mos
17,247,404 1,653,427 18,900,831 19,016,832 208
91,427 41.52
a The figures of "percent of operation" for 1933 are based on the annual
capacity
as of Dec. 31 1932 of 67,386,130 gross tons, and for 1934 on the annual capacity
as
of Dec. 311938. of 68,478,813 gross tons for Open-hearth and Bessemer steel ingots

Preliminary Estimates of Production of Bituminous
and Anthracite Coal for Month of August Show
Gain over Preceding Month.
According to preliminary estimates made by the United
States Bureau of Mines, Department of the Interior, production of bituminous coal during the month of August 1934
amounted to 27,490,000 net tons. This compares with 25,280,000 net tons produced in the preceding month and 33,-,
910,000 net tons during August 1933. Anthracite output
during August totaled 3,618,000 net tons as against 3,443,000
net tons during July and 4,396,000 net tons during August
1933. The Bureau's statement follows:
Total for
Month
(Net Tons).

No. of
Working
Days.

Calendar Yr.
Average Per
to End of
Working Day
August
(Net Tons). (Net Tons).

August 1934 (Preliminary)Bituminous coal
27,490,000
27
1,018,000 235,449,000
Anthracite
3,618,000
27
134,000
39,827,000
Beehive coke
39,800
27
1,474
611,200
July 1934 (Revised)Bituminous coal
25,280,000
25
1,011,000
Anthracite
3,443,000
25
137,700
Beehive coke
44,000
25
1,760
August 1933Bituminous coal
33,910,000
27
1,256,000 208,602,000
Anthracite
4,396,000
27
162,800
30,460,000
Beehive coke
70.500
27
2.615
542.700
Note.-All current estimates will later be adjusted to agree with the results of
the complete canvass of production made at the end of the calendar year.

August Pig Iron Output Off 13.9%.
The "Iron Age" of Sept. 6 stated that production of coke
pig iron in August totaled 1,054,382 gross tons, compared
with 1,224,826 tons in July. The daily rate in August, at
34,012 tons, showed a loss of 13.9% from the July rate of
39,510 tons a day. The daily production last month was the
lowest since May 1933, which averaged 28,621 tons. The
The "Age" added:
There were 61 furnaces In blast on Sept. 1, making Iron at the rate of
31,295 tons a day, cqmpared with 75 furnaces on Aug. 1. operating at
the
rate of 35,585 tons a day. Sixteen furnaces were blown out or banked during
August and two furnaces were blown in. The Steel Corp. blew out or
banked
three,independent steel companies blew out or banked nine and blew two In,
and merchant producers took four off blast.
Among the furnaces blown out or banked are the following: One Edgar
Thomson, of the Carnegie Steel Co.; one Ohio furnace, National Tube Co.;
one Fairfield, Tennessee Coal, Iron & Railroad Co.; one Eliza, Jones &
Laughlin Steel Corp.; one Monessen, Pittsburgh Steel Co.; one Cambria,
Bethlehem Steel Co.; one Ashland, American Rolling Mill Co.; one Campbell, Youngstown Sheet & Tube Co.; two Haselton, Republic Steel Corp.;
one River, Corrigan, McKinney Steel Co.; one Toledo, Plckands, Mather
gc Co.;the Globe Iron Co.furnace; one Madeline, Inland Steel Co.;one City
furnace, Sloss-Sheffield Steel & Iron Co.; and the Brooke furnace, of the
E.& G. Brooke Iron Co.
One Steelton furnace,of the Bethlehem Steel Co.,and the Trumbull-Cliffs
furnace, of the Republic Steel Corp., were put in blast.




568,785
554.330
542.011
623,618
887,252
1,265,007

11,703
10,818
17,605
15.418
10,001
10,097

8,810
8,591
4,783
5,857
5,948
13,074

Half year
July
August
September
October
November
December

9,798,313
1,224,826
1,054,382

4,441,003
1,792,452
1,833,394
1,522,257
1,358,361
1,085,239
1,182,079

75,642
10,188
8.733

47,063
18,661
16,953
13,339
16,943
14,524
9,369

1934.

1933.

Year
13,212,785
136,762
x These totals do not include charcoal pig iron, The 1932
of this
Iron was 15,055 gross tons as against 46,213 gross tons in 1931. production
y Included in pig
Iron figures.

Weekly Production of Bituminous Coal Shows Sharp
Increase-Anthracite Output Also Higher.
Production of coal increased Eharply in the week ended
Aug. 25. According to the weekly report issued by the
United States Bureau of Mines, Department of the Interior.
The total output of soft coal is estimated at 6,200,000 net
tons, a gain of 428,000 tons, or 7.4% over the preceding
week. Production during the corresponding week in 1933
amounted to 7,754,000 tons.
Anthracite production in Pennsylvania during the week
ended Aug. 25 is estimated at 755,000 net tons. Compared
with the preceding week, this shows an increase of 97,000
tons, or 14.7%. Production during the corresponding week
last year amounted to 1,032,000 tons.
During the calendar year to Aug. 25 1934 there was produced a total of 229,163,000 net tons of bituminous coal and
38,862,000 net tons of anthracite coal as against 202,816,000
tons of bituminous and 29,636,000 tons of anthracite during
the calendar year to Aug. 26 1933. The Bureau's statement
follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS.)
Week Ended
Aug. 25
1934.c

Aug. 18
1934.d

Calendar Year to Date.
Aug. 26
1933.

1934.
1933.
1929.
Bitum. coal-a
Weekly total 6,200,000 5,772,000 7,754,000 229.163,000 202,816,000 334.761,000
Daily avge__ 1,033,000 962,000 1,292.000 1,142,000 1,008,000 1,662,000
Pa. anthra.-b
Weekly total 755,000 658,000 1,032,000 38,862,000 29.636,000 44,666,000
Daily avg..- 125,800 109,700 172,000
194,800
148.600
223,900
Beehive cokeWeekly total
9,600
8.100
17,100
595,000
529.900 4,490.600
Daily avge__
1,600
1,350
2,850
2,931
2,610
22,121
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.
Aug. 18
1934.

Aug. 11
1934.

Aug. 19
1933.

Alabama
174,000
169,000
Arkansas and Oklahoma
29.000
27,000
Colorado
70.000
70,000
Illinois
587,000
585,000
Indiana
202,000
202,000
Iowa
46,000
44,000
Kansas and Missouri
71,000
69,000
Kentucky-Eastern
538,000
505,000
Western
113,000
96,000
Maryland
23,000
20,000
Michigan
5,000
4.000
Montana
34,000
28.500
New Mexico
20,000
20.000
North Dakota
26,000
22,000
Ohio
310,000
343,000
Pennsylvania (bituminous) 1,510,000 1,520,000
Tennessee
67,000
64,000
Texas
13,000
11,000
Utah
31,000
28,000
Virginia
148,000
147,000
Washington
32,000
26,000
WestVirginla-Southern_b 1,265,000 1,302,000
Northern_ c
375,000
402,000
Wyoming
80,000
74,000
Other States
3,000
3,000

Aug. 20
1932.

Aug. 1923
Average.a

888§§§§n§§n§§§§§§§§§§§§

1,016,870
1,073,012
898,236
1,345,422
1,976,428
2,564,420
3,168,354
2,863,569

1,215,226
1,263,673
1,619,534
1,726,851
2,042,896
1,930,133

.-t.

994,663
1.049,579
878,620
1,316,040
1,933,266
2.508,417
3,099,162
2,801,033

January
February
March
April
May
June

a
..4.

Total
1934.
Jan
Feb
March
April
May
June
July
August_

109,000
126,781
94,509
135,217
216,841
296,765
355,836
370,370

1933.

0-4 t4

8 mos
Sept
Oct
Nov
Dec

885,663
922,798
784,111
1,180,823
1,716,425
2,211,652
2.743.326
2,430,663

Ferromanganese.y

1934.

wo
to
00o0t..-C4.-gopw..1.00 wsw0,pvc-4m
0
W.-w nappko w F00p.a0
w
.09o0y,
WW:410
bbb

1933.
Jan
Feb
March.__
April
May
June
July
August...

Approx. Per
Daily
Cent.
Output OperaAU Cos. non.a

121,000
397,000
81,000
18,000
173.000
51,000
442,000 1,363,000
440,000
178,000
100.000
52,000
145,000
95,000
538,000
765,000
161,000
217,000
44,000
20,000
21,000
2,000
24,000
50.000
49,000
17,000
20,000
9,000
871,000
219,000
01,216.000 3,734,000
118,000
55,000
24,000
11,000
83,000
36,000
128,000
248,000
18,000
47,000
1,314,000 1,515,000
875.000
d330,000
154,000
57.000
4,000
3.000

.

Month.

Monthly
Calculated No.of
Output
Monthly WorkBessemer. Companies Output All tog
Reporting. Companies. Days.

1934.
39,201
45,131
52,243
57,561
65,900
64,338
54,134
39,510
34,012

PRODUCTION OF COKE PIG IRON AND OF FERROMANGANESE
(GROSS TONS)
Pig Iron.x

OpenHearth.

1933.

,OWnt..WWWW0C00a
W.comi...410.WW

Steel Ingot Production Lower in August.
The American Iron and Steel Institute in its latest monthly
report of steel ingot production places the output of all
companies in August at 1,363,359 tons as compared with the
July output of 1,472,584 tons. In August 1933, 2,863,569
tons were produced. The approximate daily output for the
27 working days in August 1934 was 50,495 tons in comparison with 58,903 tons in July, with 25 working days. In
August 1933 which contained 27 working days, daily output
averaged 106,058 tons. The figures since January 1933 are
tabulated by months below:

WM011,000.
0 ...SWO.
:0-400
,
1000

1476

Total bituminous coal
5,772,000 5,780,000 e7,595,000 5,015,000 11.538,000
Pennsylvania anthracite _
658,000
693,000
961,000
628,000 1,926,000
Total coal
6.430.000 6.473,000 8.556.000 5.643.000 13.464,000
a Average weekly for entire month. b Includes operations on the N. Sc W..
C. Sc 0., Virginian, K. Sc M.. and B. C. Sc G. c Rest of State, including the Panhandle and Grant. Mineral and Tucker counties. d Revised figures. e Original
estimates. No revision will be made in the national total until receipt of final
operators' reports from all districts.

Financial Chronicle

Volume 139

1477

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 Sept. 5, as reported by
the Federal Reserve banks, was $2,470,000,000, an increase
of 89,000,000 compared with the preceding week and of
$106,000,000 compared with the corresponding week in 1933.
After noting these facts, the Federal Reserve Board proceeds
as follows:
On Sept. 5 total Reserve bank credit amounted to $2,407.000,000, an
Increase of$4,000.000 for the week. This Increase corresponds with increases
Of $74,000,000 in money in circulation and of $143,000,000 in Treasury cash
and deposits with Federal Reserve banks and a decrease of $18,000,000 Hi
monetary gold stock, offset in part by decreases of $220.000,000 in member
bank reserve balances and $2,000,000 in non-member deposits and other
Federal Reserve accounts and an increase of $9,000,000 in Treasury and
National bank currency.
Toe System's holdings of bills discounted increased $3,000,000 while
holdings of bills bought in open market and of United States bonds remained
practically unchanged. An increase of $12,000,000 in holdings of United
States Treasury notes was offset by a decrease in holdings of Treasury certificates and bills.

The statement in full for the week ended Sept. 5 in comparison with the preceding week and with the corresponding
date last year will be found on pages 1514 and 1515.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
Sept. 5 1934, were as follows:

Increase (-I-) or Decrease (—)
Since
Sept. 5 1934. Aug. 29 1934. Sept. 6 1933.

Bills discounted
Bills bought
U.6. uovermnent securities
other Reserve bank credit

24,000,000
6,000,000
2,432,000,000
6,000,000

+3,000.000
+1,000.000

—121,000,000
—2,000,000
+266.000,000
—0,600,000

TOTAL RESERVE BANK CREDIT2,467,000,000
+4,000,000 +137,000,000
Monetary gold stock
7,963,000,000 —18,600,000 +3,921,000,000
Treasury and National Bank currency2,412,000,000
+9,000,000 +133,000,000
Money in circulation
+58,000,000
5,419,000,000 +74,000,000
Member bank reserves balances
3,907,000.000 —220,000,000 +1,408,000,000
Treasury cash and deposits with Federal Reserve banks
3007000,000 +143,000,000 +2,760,000.000
Non-member deposits and other Federal Reserve accounts
—96,000,000
—2,000,000
428,000.000

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 show an increase
of $31,000,000, the total of these loans on Sept. 5 1934
standing at 24,000,000, 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 $641,000,000 to 8675,000,000, while loans "for account
of out-of-town banks" from $151,000,000 to $148,000,000,
and loans "for the account of others" remained even at
$1,000,000.
Returns of

Member Banks in

CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.

Loans and investments—total

New York.
Sept. 51934. Aug.29 1934. Sept.6 1933.
$
7 186,000,000 7,098,000,000 6,711,000.000

Loans—total
On securities
All other
Investments—total
U. S. Government securities
Other securities

3 117.000,000 3,016,000,000 3.405,000,000
1 505,000,000 1,485,000,000 1,795,000,000
1 612,000,000 1,531,000,000 1,610,000,000
4 069,000,000 4,082.000,000 3,306.000.000
2,827,000,000 2,866,000,000 2,257,000.000
1 242,000,000 1,216,000,000 1,049,000,000

Reserve with Federal Reserve 13ank
Cash in vault

1,332,000,000 1,493,000,000
38,000,000
38,000,000

Net demand deposits
Time deposits
Government deposits

6 284,000,000 6,280,000,000 5,200,000,000
661,000,000 659,000,000 757,000,000
598.000,000 659,000,000 388,000,000

Due from banks
Due to banks

62,000,000
66,000,000
59,000,000
1,571,000,000 1,556,000,000 1,130,000,000

847,000,000
38,000,000

Borrowings from Federal Reserve Bank_
Loans on secur. to brokers & dealers
For own account
675,000,000
Fo r aceount of out-of-town banks_ _ 148,000,000
For account of others
1,000,000
Total
On demand
On time
Loans and investments—total
Loans—total
On securities
All other




824,000,000

641,000,000
151,000,000
1,000,000

761,000,000
96,000,000
9,000,000

793,000,000

866.000,000

513,000,000 481,000,000 580,000,000
311,000.000 312,000,000 286,000,000
Chicago.
1,434,000,000 1,464.000.000 1,201,000.000
549,000,000

575,000,000

678,000,000

238,000,000
311,000,000

262,000,000
313.000.000

334,000,000
344,000,000

Sept. 5 1934 Aug. 29 1934. Sept. 6 1933.
$
$
885,000,000 4389,000,000 523.000,000

Investments—total
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank__
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks

584,000,000
301,000,000

583,000,000
306,000,000

301,000,000
222,000,000

514.000,000
36,000.000

540,000,000
39,000,000

313,000,000
27,000,000

1 431,000.000 1,446,000,000
373.000,000 372,000,000
32,000,000
39,000,000

970,000.000
353,000,000
61.000.000

153,000,000
426,000,000

170,000,000
421,000,000

246,000,000
263.000,000

Borrowings from Federal Reserve Bank_

Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements of the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks themselves and covering the same week,instead of being held until
the following Monday, before which time the statistics covering the entire body of reporting member banks in 91 cities
cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on Aug. 29:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 91 leading cities on Aug. 29 shows increases for the week
of $108,000.000 in net demand deposits and $68,000.000 in reserve balances
with Federal Reserve banks, and decreases of $17,000,000 in loans and
investments and $33,000,000 In Government deposits.
Loans on securities declined $17.000,000 at reporting member banks in
the New York district and $24,000,000 at all reporting member banks.
"All other" loans increased $9,000,000 in the New York district, $5,000.000
in the San Francisco district and $12,000,000 at all reporting banks.
Holdings of United States Government securities declined $14,000,000
in the New York district, $8,000,000 in the Chicago district and $24,000,000
at all reporting member banks. Holdings of other securities increased
$14,000,000 in the New York district and $19,000,000 at all reporting banks.
Licensed member banks formerly included in the condition statement of
member banks in 101 leading cities, but not now included in the weekly
statement, had total loans and investments of $1,176,000,000 and net
demand, time and Government deposits of $1,274.000,000 on Aug. 29,
compared with $1,182,000,000 and $1,267,000,000,respectively,on Aug.22.
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 Aug. 29 1934, follows.
•

Increase (±) or Decrease (—)
Since
Aug. 29 1934. Aug. 22 1934. Aug. 30 1933.

Loans and investments—total17.708,000,000
Loans—total
On securities
All other

—17,000,000 +1,101,000,000

7,802,000,000

—12,000,000

—731,000,000

3,247,000,000
4,555,000,000

—24,000,000
+12,000,000

—519,000,000
—212,000.000

9,906,000,000

—5,000,000 +1,832,000,000

U. S. Government securities__ 6,627,000,000
Other securities
3,279,000,000

—24,000,000 +1,496,000.000
+19,000,000 +336,000,000

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. It. banks

3,132,000,000
243,000,000

+68,000,000 +1,348.000,000
+44,000,000
+9,000,000

12,926,000,000
4,510,000,000
1,203,000,000

+108,000,000 +2,499,000.000
+2,000,000
—3,000,000
—33,000,000 +338,000,000

1,560,000,000
3,732,000,000

+10,000.000 +421.000,000
—9,000,000 +1,273,000.000

5,000,000

—26,000,000

League of Nations Again Warns of Necessity of Increasing Police Force in Saar During Plebiscite
Next January—French Note on Saar to League.
The acting President of the Council of the League of Nations on Sept. 3 recommended that all members of the League
"lend their full support to the Governing Commission of the
Saar" in increasing the police force in that area during the plebiscite period next January. The Governing Commission
recently asked for 2,000 extra police. The most recent
reference to the projected plebiscite was contained in our
issue of Sept. 1, page 1320. League of Nations officials on
Sept. 1 made public charges by the League's Governing
Commission in the Saar that 16,000 German residents in the
territory were receiving military training in Germany in
preparation for the plebiscite. A dispatch from Geneva to the
New York "Times" described these charges as follows:
The charges were based on documents seized at the offices of the Voluntary
Labor Service, a division of the German Front in the Saar. They were
transmitted to-day to all members of the League Council.
Geoffrey G. Knox, Chairman of the Commission, asserted in his memorandum to officials here that the seized documents had "only added to the
gravity of the charges already made against the German Front."
He declared that the documents proved that agents of the German Front
were maintaining constant relations with Reich authorities and that many
infractions of the criminal code had been uncovered as a result of the seizure_

1478

Financial Chronicle

Would Curb Members.
The situation is so serious, Mr. Knox said, that the Commission has
drafted an order compelling the young men enrolled in the Voluntary Labor
Organization to report to the police regularly.
More than 10,000 Saar Germans have already been trained in the Reich,
Mr. Knox added, at a cost to Germany of 12,900,000 reichsmarks.

The French Foreign Office on Sept. 4 published its memorandum on the Saar, describing the French attitude toward
the plebiscite. We quote from United Press Paris advices of
Sept. 4 regarding this memorandum:
It insists on the necessity of a Franco-German agreement regarding the
purchase of the rich Saar coal mines before the Germans take over the
territory again, in the event the vote favors return to the Reich.
"The French Government is ready to advance suggestions," the memorandum said, "but does not wish to allow any doubts of its desire to be paid
the full value of the mines."
They were seized from, France by Germany in the war of 1870, and since
the end of the World War have been under the supervision of the League of
Nations, along with the rest of the Saar area.
The memorandum insisted that France be paid gold for the mines, adding.
"However, in the event of a vote to prolong the status quo, the mines remain the property of the French State."
In a significant paragraph the memorandum warns:
"Whatever regime is chosen for the Saar. it will be the duty of the League
of Nations to safeguard the rights acquired by the population in the 15 years
of the League's administration."

G. F. Towers Appointed Governor of
Central Bank of Canada.
Graham Ford Towers, Assistant General Manager of the
Royal Bank of Canada, was on Sept. 6, appointed Governor
of Canada's new Central Bank. The new Governor, who
is 37 years old, is described as one of the youngest of the
Dominions leading bank officials. He entered the service
of the Royal Bank as an economist in 1920. A dispatch
from Ottawa Sept. 6 to the New York "Times" also had the
following to say in part:
In 1922 he became assistant accountant of the Havana branch and was
appointed a year later as assistant inspector of Cuban branches. In 1924
he was made foreign inspector. His work took him to the foreign branches
of the bank in the West Indies, Central and South America, London, New
York, Paris and Barcelona. In 1929 he was appointed chief inspector and
in 1933 Assistant General Manager.
Mr. Towers is the author of a book on financing foreign trade.
The new Governor will leave for Europe soon to study the work of central
banks. His appointment is for seven years.
Premier Bennett is expected to choose a deputy governor to assist Mr.
Towers before the latter returns from Europe. . . .
The 85,000.000 capital stock of the Bank of Canada will be issued within
the next two months for popular subscriptions. The Bank will take over
from the chartered banks their entire stock of gold. Its duties will be to
regulate internal credit and foreign exchange and mitigate fluctuations in
trade employment and prices.
It will have the sole right of note issue after a transition period of ten years.
A 25% gold coverage has been fixed for Canada's Central Bank. Premier
Bennett strenuously opposed a motion at the last session of Parliament to
place it on a managed rather than an automatic gold standard. It is said,
however, that there is no intention to make this automatic in the present
condition of the world's exchange.

References to the new Central Bank appeared in our
issues of July 7, page 39 and July 21, page 364.
Debt Agreement Between Holland and Germany Provides For Reduction In Most Interest Payments
By Germany—Dutch Imports of German Products
Would be Increased.
Announcement was made at The Hague on Sept. 1 by the
Netherlands Government that it had entered into an agreement with Germany for the payment of German debts by
which most interest transfers would be reduced to 432% and
Dutch imports of German products would be increased. The
agreement will remain in effect until June 30, 1935, according
to the advices contained in a wireless message from The
Hague to the New York "Times"from which we also quote.
If special request is made for the transfer of more than 4)4% interest the
surplus will be applied on the principal as far as bonds are concerned. On
shares with dividends of more than 43i% half of the difference between the
maximum transfer amount and the higher dividend will be transferred.
On profit-sharing notes and dividend coupons three-fourths of the interest
will be paid. Proceeds from rentals and leases will be transferred in full.
The regulation made for bonds also applies to the interest on private
loans and mortgages. Further information will be given soon on coupons
on Young and Dawes loan bonds payable between July 1 and Dec.31 of this
year.
Foreign exchange necessary for the transfer of the interest and other payments will be available from supplementary deliveries of German goods to
the Netherlands.
Dutch officials said that under the circumstances they did not consider it
would be to the general interest to apply coercive measures to get more than
they obtained in the agreement.

Establishment of New Banks in Germany Prohibited
Until End of December 1936.
A decree was issued in Berlin on Sept. 6 by the Reich
Ministry of Economics prohibiting the organization in Germany of new financial instituions and the opening of new
branch offices of already established banking houses until
Dec. 31, 1936. A Berlin Cablegram to the New York
"Times"says:




Sept. 8 1934

The official explanation is that the banking and credit field is now overcrowded with competing institutions.
Exceptions to the ruling may be obtained under special circumstances
from the Ministry of Economics, and in the case of agricultural banks from
the Ministry of Agriculture.
Comment in the financial press indicates that the government hopes by
the end of the year after next to have discovered new principles for controlling competition among banks and other organizations dealing with money
and credit.

Austria to Convert Old Loan Issues, Not Float a
New One.
Vienna advices Sept. 1 are taken as follows from the New
York "Times":
The Austrian Government denied today rumors published in foreign
newspapers that Austria intended to float a foreign loan. The government
is declared to be planning only to convert several of its foreign loans, including the one guaranteed by the League of Nations.
Two Austrian business weeklies were confiscated today because they
published reports concerning the alleged loan.

Dutch East Indies Loan—Government Backs Conversion 4s for 485,000,000 Guilders.
From Amsterdam Aug. 28 a wireless message to the New
York "Times" stated:
The Dutch Government announced to-day a 4% Dutch East Indies
conversion loan, State guaranteed, in the amount of 485,000,000 guilders.
Slightly more than 172,000,000 guilders already has been placed at par,
while participation of institutions to the maximum amount of 68,000,000
guilders is definitely pledged. Subscriptions will be received until Sept. 14.

Pact of Co-operation Signed by Estonia, Latvia and
Lithuania—Agreement Intended to Co-ordinate
Foreign Policies of Baltic Nations.
The State Department at Washington announced on
Sept. 2 that a Baltic pact, providing for the co-ordination
of the foreign policies of Estonia, Latvia and Lithuania,
had been signed at Riga on Aug. 30. The pact providMro"r
co-operation in tariffs and other economic and social matter's
of concern to the three Nations. It was first suggested
1922, but at that time Lithuania objected to the agieeTnent.
A Washington dispatch of Sept. 2 commented on thirara
other projected treaties between the three countries as follZ73:
The Wilno question, which has long held up settlement, was put aside
in the pact just Initialed to permit an alliance that had decided commerical
benefits for all three countries and at the same time would permit them to
adopt a united foreign policy in case it became necessary for the buffer
States to range themselves later against Chancellor Ilitler's policies.
Foreign Minister Deck of Poland visited Lithuania several weeks ago
in an attempt to bring such an alliance within the circle of the GermanPolish non-aggression pact, but was unsuccessful.
The Latvian and Estonian Foreign Ministers subsequently visited Moscow and on returning approached Lithuania to the end that she become
a party to the pact signed by their countries last year. Lithuania refused,
holding, it is undeestood, that such a move would upset her relations with
Poland.
A subsequent agreement was reached which for the most part leaves
the political question aside but is tempered, according to word received
here, to draw the three nations closer together in a common bond of protection in which none of the major powers has a part.

Debt Negotiations Between United States and Soviet
Russia at Standstill.
Negotiations between the United States and Soviet Russia
for a settlement of debts and other claims amounting to more
than $500,000,000 appeared likely to end in complete failure,
after the State Department announced on Sept. 6 that recent
conferences were "without any satisfactory result whatever." Acting Secretary of State Moore in the communique :
quoted Secretary Hull as previously stating that "it was not
possible to be optimistic that any agreement will be reached."
Mr. Moore added that "we have gone the limit in making concessions on the material questions involved and are convinced that to go further would be an unthinkable sacrifice
of the public interest." Mr. Moore's statement of Sept. 6
issued after conferences with Ambassador Troyanovsky, follows in full:
"It will be recalled that last Tuesday, in order to dispel any impression
that our Government is chargeable with delaying negotiations with the Soviet
or trying to exact unreasonable terms, I invited a further conversation with
Ambassador Troyanovsky, and thus there was last night a long talk between
the Ambassador and Mr. Robert F. Kelley. Chief of the Division of Eastern
European Affairs, and myself, which, I regret to say, was without any satisfactory result whatever.
"Following the last previous conversation, Secretary Hull authorized the
announcement that it was not possible to be optimistic that any agreement
will be reached, and I am now compelled to emphasize that statement very
strongly.
"We have gone the limit in making concession') on the material questions
Involved and are convinced that to go further would be an unthinkable sacrifice of the public interest."

Negotiations for a settlement of debts and claims were
begun in Moscow about seven months ago, but after these
produced no positive result they were transferred to Washington, six weeks ago. On Aug. 24 Secretary of State Hull
issued the statement in which he said that discussions would
continue, but asserted that "it Is not possible to be optimistic
that any agreement will be reached."

Volume 139

Financial Chronicle

Associated Press advices from Washington, Sept. 6, discussed the latest breakdown in the negotiations as follows:
Determined to make every possible effort to settle the question, however,
the State Department took the initiative on Tuesday and invitd Mr. Troyanovsky to participate in a further discussion. To-day's announcement showed
the Russian position, taken in the counter-proposal, is still maintained by
Mr. Troyanovsky, and that the divergence in the Russian and American points
of view is too great to be bridged by any concessions either side has made.
Neither Mr. Troyanovsky nor the State Department has made official announcement of the terms of settlement suggested in their proposals, but it
Is understood on good authority that the chief obstacle to an agreement is
on the term length of credit facilities for the Soviet Union which would be
advanced through the Export-Import Bank.
The Soviet, it is understood, has asked for long term credits, running
fifteen or twenty years, while the United States has offered credit facilities
running not more than five years.
The breakdown of the negotiations dims the prospect of any immediate
sizable increase in trade between the two nations despite the high hopes for
expanded business expressed by Maxim Litvinoff, Soviet Commissar for Foreign Affairs, at the time recognition was accorded by President Roosevelt.
TheUnited States, it is understood, is willing to accept a small portion
of the actual debt claimed, but is not prepared to extend payments of the
claims and repayments of the credits over a term of years so far in the unpredictable future.

State Department Plans Reciprocal Trade Agreements
with Brazil, Haiti, Colombia and Belgium—Other
Agreements Planned.
The State Department gave evidence this week that it
plans a succession of hearings on reciprocal trade treaties
with other Nations, when it formally announced the dates for
a number of such hearings and indicated that others could
be expected shortly. These agreements are expected to follow along the same principles as those embodied in the pact
.recently concluded with Cuba. On Aug. 31 the State Department announced its intention to negotiate trade agreements
with Brazil and Haiti and said that exploratory studies regarding prospective trade agreements with a number of other
Governments are well advanced. The time limit for filing
written statements and applying for supplemental oral hearings to the Committee for Reciprocity information in connection with the agreement with Brazil was set for Oct. 15 and
for Haiti Oct. 8. The oral arguments on the Brazilian agreement will be heard by the Committee on Oct. 22, and those
on the Haitian agreement on Oct. 15. The State Department
on Sept. 4 announced that it was negotiating a reciprocal
agreement with Belgium and that interested parties had until
noon, Oct. 22, to present objections to suggestions on the list
of commodities involved in trade between the two countries.
Hearings on this agreement will begin Oct. 29.
On Sept. 5 the State Department announced its intention
of negotiating a new reciprocal trade agreement with Colombia to replace the one negotiated before Congress granted
President Roosevelt tariff bargaining powers. Applications
for a hearing on this agreement must be presented by Oct. 8.
Hearings will be held on Oct. 15.
Bank Of Brazil Pegs Currency To Franc.
Associated Press advices Aug. 31 from Rio de Janeiro, as
given in the Baltimore "Sun" stated:
The Bank of Brazil announced that effective to-day the milreis will
be pegged to the French franc—a decision understood to have developed
as a consequence of the oscillation of the dollar and pound.
At the opening market the 90.day dollar was 12 milreis and the pound
59.534 milreis.

Brazil To Free Exchange—Bill Before Chamber Calls
for Issue Bank With Gold Reserve.
From the New York "Times" we take the following from
Rio de Janeiro, Sept. 2:
If a bill introduced yesterday in the Chamber of Deputies is approved
Brazil will be headed for exchange freedom. The bill provides for a
bank of Issue with gold backing. The buying and selling of exchange
would be free to any bank legally operating in Brazil.
The bill calls for promulgation within eight days.

Imports—Will Buy Only From Countries That Receive Her Products.
Montevideo advices Sept. 3 were reported in the New
York "Times":
Uruguay Curbs

Uruguay has instituted a new system of exchange control based on
the principle of buying only from Uruguay's customers.
Exchange permits authorizing remittances to foreign countries will be
Issued only as the respective countries create exchange by purchasing Uruguayan products. Permits will be issued for only 75% of the exchange
thus created.
The Government has not explained how it intends to use the remaining 25%.
Included in the 75% are the Government's payments of interest on
foreign loans, all dividend payments and personal remittances.

Combats Embargo—Curbs Italian Goods After
Rome's Ban On Colombian Coffee.
According to a Bogota cablegram Sept. 6 to the New
York "Times, Italy's favorable trade balance with Colombia
will be wiped out by a ruling of the Exchange Control Board
Bogota




1479

limiting the sale of exchange for the purchase Of goods in
that country to the value of Italy's purchases from Colombia.
The cablegram added:
The action follows an Italian embargo on Colombian coffee and applies
to all other countries restricting the importation of Colombian products.

Secretary Wallace Enumerates Farm Benefits Expected
From Trade AgreementBetween United States
and Cuba.
Close to 1,000,000acres of American farm land willbe needed
to produce the increased agricultural exports to Cuba if the
new trade agreement between Cuba and the United States
works out as expected, it was estimated on Sept. 5 by Secretary of Agriculture Henry A. Wallace. The signing of the
tariff treaty was noted in our Sept. 1 issue, page 1321. In
listing the benefits thereunder Secretary Wallace on Sept. 5
said:
As recently as 1929 our exports of agricultural products to Cuba amounted
to 537.000,000. By 1933 these shipments had shrunk to $7.000,000.
Part of this decline, it is true, accompanied the decline in Cuba's purchasing
power resulting from extremely low prices for sugar, but an important
factor was the sharp increase in Cuban import duties.
As a result, between 1929 and 1933, our exports of lard declined from
80.000 000 to 11.000,000 pounds;of pickled and cured pork,from 44,000,000
to less than 8,000,000 pounds; of wheat flour, from 1.200.000 to 745.000
barrels; of rice. from 13,000,000 to 5.000,000 pounds; and of Potatoes. from
47,000,000 to 12.000,000 Pounds.
In the entire range of our agricultural products to Cuba there is only one
product the shipments of which in 1933 surpassed those of 1929—cottonseed
oil. Exports of this increased from 1,300,000 to about 5,000,000 Pounds,
because the Cuban duty on lard was increased so much more than the duty
on cottonseed oil.
The hope of the American farmer in a better Cuban market, rests specifically on such facts as these: By the terms of the new trade agreement
Cuba will reduce its duty on lard from $9.60 per 100 pounds to $2.27 on Sept.
3 1934.and to 51.86 on Sept.3 1935, and finally to $1.45 on Sept. 3 1936.
This is the rate which was in effect in 1927 and earlier. In addition Cuba
has agreed to eliminate, by Sept. 3 1936, the present consumption tax of
$1 per 100 pounds.
On cured pork, Cuba has agreed to reduce the import duties by from 20
to 40%; on cottonseed oil, from $5.90 to $1.37 per 100 pounds. The
agreement looks to maintaining a just relationship between the vegetable
oils and lard in the Cuban market.
On potatoes the agreement calls for a reduction in the Cuban duty from
31.81 to 91 cents per 100 pounds during the four months July 1 to Oct. 31
of each year. On wheat flour milled in the United States and made entirely
of wheat grown in the United States, Cuba has increased the preference from
30 to 40%, together with a commitment to eliminate, within the next two
years the consumption tax on imported wheat flour. Similarly. the United
States has been granted an increase from 40 to 50% lathe preference on rice.
The benefit of the Cuban agreement to American agriculture can not be
measured entirely by the above concessions, however, for Cuba also agreed
to substantial tariff reductions in a long list of industrial items. As purchasing power in these American industries is increased. American farmers
will find an improved domestic market.
Naturally. Cuba could not afford to make these concessions to the
United States unless the United States made some concessions to Cuba.
This Is the essence of the tariff reciprocity program. Accordingly, the
United States agreed to lower tariffs on the two most important products,
sugar and tobacco.
The duty on Cuban sugar was reduced from 1.5 to 0.9 cents per pound.
Under previous legislation, however, a quota of 1,900,000 tons had been
established for Cuban sugar. The result will be that the reduction in the
sugar duty, while a real gain to Cuba, will not permit the flooding of the
American market and injury to American producers.
The duty applicable to Cuba on filler tobacco for cigars was reduced 37%%
or from 28 cents per pound to 17% cents for unstemmed and from 40 cents
to 25 cents for stemmed. This is the class of tobacco in which Cuba is
principally interested. Reductions were also made in the duties applicable
to Cuba on wrapper tobacco and cigars. At the same time, however, a
Provision was made for a quota on Cuban tobacco equivalent to 18% of the
tobacco entering into the manufacture of cigars in the United States in the
preceding calendar year. This figure represents the proportion of Cuban
tobacco used in cigars in this country during the last 10 years. The object
of this provision Is to protect the growers of cigar leaf tobacco in the United
States from disastrous competition from Cuban tobacco at a time when they
are entering into agreements to curtail their own acreage and production.
In establishing these quotas on sugar and tobacco a principle has been
recognized which will be followed in connection with the general tariff
bargaining program. This is the recognition of the necessity for establishing
quantitative limitations on the importation of products which are similar
to and compete directly with American products the production of which
Is being restricted or curtailed.
The remaining concessions of importance granted to Cuba were a reduction of 50% in the United States duty on rum and seasonal reductions in
the duties on a number of vegetables exported to the United States chiefly
during the winter months. The products upon which reductions were made
were lima beans, white potatoes, tomatoes, cucumbers, eggplant, okra,
green peppers and squash. The periods during which the reduced rates
apply range from Dec. 1 to the last day of the following February in the case
of tomatoes to Dec. 1 to May 31 for okra and squash.
of Banana Workers in Costa Rico Settled
Agreement Fixes Pay at Fifteen Cents an Hour.

Strike

The strike of banana workers in Costa Rico, which had
been in effect about a month, was settled on Aug. 28
with the signing of an agreement calling for pay of about
15 cents an hour for ordinary labor and an eight-hour day.
Higher rates of pay are provided for special work. In
indicating the foregoing, a special cable from' San Jose,
C. It., Aug. 28, to the New York "Times" of Aug. 29, said:
This has been the greatest and longest strike in the history of Costa
Rica. Although leaders announced a peaceful strike, many thousands of
stems of bananas and many acres of plantations have been destroyed.
The planters insist it was not a strike, but a revolt with Communists
leading Nicaraguan malcontents and former followers of the late General

1480

Financial Chronicle

Augusto Sandino. The Government deported many Nicaraguans, but
few
arrests have been made.

New York Stock Exchange to Apply for Registration
as National Securities Exchange—Customers to
Pay Tax Imposed by Securities Exchange Act of
1934—Fee Set by Exchange at One Cent for Each
$500.
The Governing Committee of the New York Stock Exchange, on Sept. 6, adopted a resolution to register the Exchange as a National securities exchange under the Securities
Exchange Act of 1934. The Committee also resolved that
the registration fee imposed by the Act on a National securities exchange be collected from the brokers who in turn will
collect it from their clients. The fee for registration is
1-500ths of 1%. The Governing Committee decided that
members pay to the Exchange 3ne cent for each $500, or
fraction thereof, of the dollar volume of the sales they handle.
The brokers are compelled by the Stock Exchange to charge
and collect the fee from their customers.
The resolution authorizing the Exchange to make application for registration as a National securities exchange was
adopted as follows:
Resolved, that the President and the other officers of the Exchange be
and they hereby are authorized to execute on behalf of the Exchange
and
to take such action as may be necessary to make effective an application
for the registration of the Exchange as a National securities exchange
pursuant to Section 6 (a) of the Securities Exchange Act of 1934, such registration to become effective not earlier than 12:01 a.m. (Eastern Standard
Time) on Oct. 1, 1934, and to be in such form as may be approved by
Counsel.

The resolutions relative to the imposition of the tax on
the customers, through the brokers, follow:
Whereas the Securities Exchange Act of 1934 imposes on a National

securities exchange a registration fee equal to 1-500th of 1% of the aggregate dollar volume of sales of securities upon such national securities exchange subsequent to its registration as a National securities exchange, be
it
Resolved, that upon registration of the Exchange as a National securities
exchange, there shall be paid to the Exchange by each member thereof of
firm registered thereon in such manner and at such time as the Committee
of Arrangements shall direct the sum of one cent for each 8500 or fraction
thereof of the dollar volume of the sales upon the Exchange of securities
(whether or not cleared by Stock Clearing Corp.) cleared by such member
or registered firm:
Further Resolved, that any such member or firm who is required by the
foregoing resolution to pay any sum to the Exchange in respect of any sale
upon the Exchange, shall charge and collect from the person for whom he
was acting in making such transaction the sum of one cent for each
$500
or fraction thereof of the dollar amount involved in such transaction;
Further Resolved, that Chapter VII of the rules of the Governing Committee be and hereby is amended as follows:
Amend Section 12 of Chapter VII of the Rules, which now reads as
follows:
No member shall, directly or indirectly, by agreement or otherwise,
assume or bear for his own account or relieve his principal from any part
of any stamp tax imposed by the United States or by any State on transfers
or sales of securities;
by adding the following:
or from any part of any charge upon the sale of securities upon the Exchange
because of the registration fee imposed upon National securities exchanges
by the Securities Exchange Act of 1934.

The Committee of Arrangements of the Exchange on
Sept.6 announced the adoption of the following rules regarding the registration fee:
1. Commencing with a date to be announced later, every member and
registered firm engaged in clearing or settling transactions effected upon
the
Exchange shall maintain a daily record of the aggregate dollar amount
of
the sales of securities made upon the Exchange and cleared or settled by
him or it. The amount of money shall be computed upon the actual
sales
price, disregarding commissions, taxes or accrued interest on bonds. Blotter
dates shall be used throughout. Only Sales upon the exchange shall be
included, whether the securities are tax-exempt or not. Odd lot dealers
shall record both the full lots and the odd lots which they sell upon the Exchange. If a firm clears and settles a transaction for a member or firm,
that in turn clears it for another principal, only the firm settling the transaction shall include It in its record. Monthly reports of the daily totals
above referred to shall be submitted to the Exchange in the manner described
below.
2. Every such member and registered firm shall pay to the Exchange at
monthly intervals, in the manner described below, a sum equal to one cent
for each $500 or fraction thereof of the total sum required to be reported
under the foregoing rule.
3. With respect to all transactions which are required by these rules to
be included in the foregoing tabulation, the member or firm responsible for
reporting any transaction to the Exchange shall charge to the account, as
billed, for which such transaction was made the sum of one cent for each
$500 or fraction thereof represented by such transaction.
Whenever the account against which such charge is made Is that of a
member or registered firm who is acting for a principal, such member or
firm shall withhold from the sum credited to the account ofsuch principal, as
billed. an amount equal to one cent for each $500 or fraction thereof, represented by the transaction made for such principal.
4. Attention is directed to the amendment to Section 12 of Chapter VII
of the Rules, adopted by the Governing Committee on Sept. 6 1934, which
prohibits the absorption by any member or firm of any tax or charge, as
described in the said section.
In rendering to customers confirmations of sales made upon the Exchange
for their account, the charge required by these rules either shall be shown
separately or be treated in the same manner as transfer taxes. In either
case the confirmation shall contain an explanatory legend.
5. On or before the tenth day of the first month following the date when
these rules become effective, and on or before the tenth day of each month
thereafter, each member or firm required by these rules to report to the
Exchange shall report, upon forms to be furnished by the Exchange, both
its aggregate dollar sales volume and the amount due thereon. A check for
the sum due, payable to "Treasurer, New York Stock Exchange," shall
accompany the report.




Sept. 8 1934

6. Members or firms that cease the clearing or settling of security transactions shall promptly render reports for any interim period resulting from
such change, and shall pay promptly any sum due under the above rules.

Record Trading on New York Cocoa Exchange—.
Turnover During First Eight Months Largest for
Any Similar Period.
—Trading on the New York Cocoa Exchange for the first
eight months of 1934 amounted to 39,222 contracts, equivalent to 525,575 tons or 1,176,660,000 lbs. The Exchange said
that it marked the largest turnover for the similar eight
months period in its history. Under date of Sept. 5 the Exchange continued:
The previous record for the period was established in 1929 when 34,400
contracts or 460,960 tons were traded. In 1933, the volume for the first
eight months was 33,645 contracts or slightly under the 1929 record. Each
"contract," which is the unit of trading on the New York Cocoa Exchange,
is for 13.4 tons or 30,000 lbs.
The volume of trading in August was 7,574 contracts, making it the most
active month of the year. This monthly figure has been exceeded only once
in the Exchange's history—in July 1933 when the turnover was 10,560
contracts.

Hides Futures Trading on Commodity Exchange
Reached New High During August.
Trading in hide futures on Commodity Exchange, Inc.,
reached a new high record during August, with a turnover
of close to 100,000,000 pounds, the Exchange announced
Aug. 31. Futures trading in this commodity, the Exchange
said, has attracted widespread interest and the volume has
shown a steady increase since the inception of trading in
the new standard hide contract in April .
A record for a single day's trading in the commodity on
the Exchange was also established the past month on Aug. 15,
when, as noted in our issue of Aug. 18, page 1029, sales
aggregated 9,480,000 pounds.
World Production and Consumption of Hides in 1933
Reported Higher Than 1932.
World demand and supply of cattle hides in 1933 were
much larger than in the preceding year, according to the
Leather-Rubber-Shoe Division of the United States Department of Commerce. Production of hides in that year
totaled 80,090,000 pieces, an increase of more than 63x%,
while consumption was 73,102,000 hides, an increase of
approximately 11% over 1932, said an announcement issued
Aug. 29 by the Department, which continued:
British India was the largest producer of hides during the past year and
accounted for almost 19% of the total. Most of the hides produced in
India are exported, but there is a considerable waste in Indian production
as many of the available supplies are not collected. More than 13,000,000
hides were produced in the United States during 1933, which was equal to
almost 1654% of the total world output. while Russia ranked as the third
leading producer with a production slightly greater than 10,170,000 hides.
it was stated.
Besides being the second most important hide-producing country, the
United States was the largest consumer in 1933, absorbing approximately
15,500,000, or slightly more than 22% of the total world production. Increased activity in the United Kingdom and reduced leather production In
Germany resulted in the former country replacing the other as the second
most important user of hides. The United Kingdom consumed 15% of
the world's hide consumption in 1933, while Germany accounted for slightly
less than 15%. Prance continued as the fourth most important user of
hides in 1933, consuming 8,187,000, which was equal to more than 11%
of world consumption during the year, statistics show.

Chase National Bank of New York Invites Tenders
of External Sinking Fund 6% Gold Bonds of
1923, Series A, of Argentina.
Tenders have been invited by the Chase National Bank
of the City of New York, acting for the fiscal agents, for
the sale to it of Government of the Argentine Nation external sinking fund 6% gold bonds, of 1923, Series A, at
prices below par, in an amount sufficient to exhaust the
sum of $419,570.23. Tenders of such bonds with coupons
due on and after March 1 1935 will be received at the Corporate Trust Department of the bank, 11 Broad St., New
York, up to 12 o'clock noon, Oct. 1 1934.
Tenders in Amount of $332,966 of Argentine External
Sinking Fund 6% Gold Bonds, State Railway
Issue of 1927, Invited by Chase National Bank
of New York,
The Chase National Bank of the City of New York, acting
for the fiscal agents, is inviting tenders for the sale to it of
Government of Argentine Nation external sinking fund
6% gold bonds, State Railway issue of 1927, at prices below
par, in an amount sufficient to exhaust the sum of $332,955.59. Tenders of such bonds with coupons due on and
after March 1 1935 will be received at the Corporate Trust
Department of the bank, 11 Broad St., New York, up to
12 o'clock noon, Oct. 1 1934.

Volume 139

Financial Chronicle

New York Stock Exchange Rules on Bonds of
Rio de Janeiro (Brazil).
Ashbel Green, Secretary of the New York Stock Exchange,
issued the following announcement on Sept. 4:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
Sept. 4 1934.
Notice having been received that payment of $5.6875 per $1,000 bond
is now being made on City of Rio de Janeiro 634% external secured sinking
fund gold bonds, due 1953, on surrender of the Aug. 1 1934 coupon:
The Committee on Securities rules that beginning Sept. 5 1934 the
said bonds may be dealt in as follows:
(a) "with Aug. 1 1931 ($10.06 paid) and subsequent coupons attached";
(b) "with Aug. 1 1931 ($10.06 paid) to Feb. 1 1934, inclusive (ex Aug.
1 1934) and Feb. 1 1935 and subsequent coupons attached":
That bids and offers shall be considered as being for bonds under option
(a) above, unless otherwise specified at the time of transaction; and
That the bonds shall continue to be dealt in "flat."
ASHBEL GREEN, Secretary.

Rulings by New York Stock Exchange on Two Bond
Issues of Minas Geraes (Brazil) Incident to Part
Payment of Sept. 1 Coupons.
The following announcement of rulings by the New
York Stock Exchange on two bond issues of the State of
Minas Geraes (Brazil) have been issued by Ashbel Green,
Secretary:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
Sept. 4 1934.
Notice having been received that payment of $6.50 Per $1,000 bond
is now being made on State of Minas Geraes 6%% secured external sinking
fund gold bonds of 1928. due 1958,on surrender of the Sept. 1 1934 coupon:
The Committee on Securities rules that beginning Sept. 5 1934 the
said bonds may be dealt in as follows:
(a) "with March 1 1932 ($6.56 paid) and subsequent coupons attached";
(b) "with March 1 1932 ($6.56 paid) to March 1 1934, inclusive (ex
Sept. 1 1934) and March 1 1935 and subsequent coupons attached";
That bids and offers shall be considered as being for bonds under option
(a) above, unless otherwise specified at the time of transaction; and
That the bonds shall continue to be dealt in "flat."
Sept. 4 1934.
Notice having been received that payment of $6.50 per $1,000 bond
is now being made on State of Minas Geraes secured external gold loan
of 1929, series A,63 % bonds, due 1959, on surrender of the Sept. 1 1934
coupon:
The Committee on Securities rules that beginning Sept. 5 1934 the said
bonds may be dealt in as follows:
(a) "with March 1 1932 ($6.56 paid) and subsequent coupons attached":
(b) "with March 1 1932 ($6.56 paid) to March 1 1934 inclusive (ex
Sept. 1 1934) and March 1 1935 and subsequent coupons attached";
That bids and offers shall be considered as being for bonds under option
(a) above, unless otherwise specified at the time of transaction; and
That the bonds shall continue to be dealt in "flat."
ASHBEL GREEN, Secretary.

Chairman Kennedy of SEC Confers with
President Roosevelt.
Joseph P. Kennedy, Chairman of the Securities and
Exchange Commission, conferred with President Roosevelt
at Hyde Park, N. Y., on Sept. 4 and reported that the
Commission will be ready to take over control of the securities
market on Oct. 1. Associated Press accounts on Sept. 4from
Hyde Park said:
En route to Washington to complete the rules and regulations, Mr.
Kennedy said the vital manipulative regulations would be drafted in
the next week or so.
Asked what the effect of Federal control on the market would be. Mr.
Kennedy, who himself was formerly a trader. said "It may cut down the
manipulative volume, but I can see no effect upon natural prices and no
harm to legitimate business."
He was asked what the cut in volume might mean. "It may mean
the loss of some brokers' fees, that's all," he replied,
Mr. Kennedy said he discussed with the President the attitude of the
Commission toward the smaller exchanges throughout the country. "These
will be taken care of on their individual merit," he explained. He saw
no reason why Federal control would prevent either "bull or bear" swings
In the market, but he believed the elimination of pools would go far to
end manipulation and keep the swings within natural economic bounds.

Transfer of Securities Division of FTC to SEC.
The transfer of the securities division of the Federal
Trade Commission, which has administered the Securities
Act of 1933 since its enactment more than a year ago, to
the Securities and Exchange Commission, took place on
Sept. 4. In an announcement issued Sept. 4 in behalf of
the SEC Francis P. Brassor, its Secretary, said:
As provided by the Securities Exchange Act of 1934, under authority
of which the SEC was created, both the Securities Act of 1933 and the
Securities Exchange Act of 1934 will be administered by the new Commission.
During the period of its administration of the Securities Act lasting
over a year. the FTC has built up a considerable body of rules and has
adopted several forms for the registration of securities under the statute.
These Lutes and forms will remain in force under the administration of
the new Commission unless altered or repealed by it. Wherever they refer
to the Federal Trade Commission, the name of the new Commission will
be substituted. The personnel of the securities division of the FTC
has been transferred with the transference of the Act.
All communications regarding the Securities Act and filings under it
should be addressed henceforth to the new Commission.
The SEC, pursuant to the authority conferred upon it by Sec. 19-A
of the Securities Act of 1933, has adopted the following rule:
(I) Wherever the words "Federal Trade Commission" appear in any
of the rules, regulations, instructions, or forms, adopted or approved by




1481

the FTC under the Securities Act of 1933, the words "Securities and
Exchange Commission" are substituted therefor.
(2) This rule shall become effective Sept. 4 1934.

Federal Reserve Board Reports Completion of Preliminary Draft of Regulations on Credit and
Margins Under Securities Exchange Act of 1934.
An announcement issued on Sept. 1 by J. J. Thomas,
Vice-Governor of the Federal Reserve Board, made known
that a preliminary draft of regulations on credit and margin
under the Securities Exchange Act of 1934 had been completed. We quote the announcement as follows:
The Federal Reserve Board, under the terms of the Securities Exchange
Act of 1934, is required to issue by Oct. 1 1934 regulations relating to
the extension and maintenance of credit in connection with the purchasing
and carrying of securities. A preliminary draft of these regulations,
prepared by the staff but not previously considered by the Board, was
furnished for comments and suggestions to a limited number of persons,
but not for publication. The Federal Reserve Board has not yet decided
upon the terms of the regulations, and particularly it has not established
margin requirements. In the preliminary draft, for the purpose of discussion, the margin requirements used are those prescribed in the law
as a basis for the Board's determination of margins. It is the Board's
expectation to issue the regulations during September.

New York Stock Exchange Takes Action to Expedite
Registration Under Rules of SEC—Fills Out
Applications for Firms from Own Records.
Forms, filled out with the necessary information, have
been sent by the New York Stock Exchange to those firms,
with listed securities, who have not as yet filed application
for temporary registration under rules of the Securities and
Exchange Commission. The information was secured by
the Exchange from its own records, and in a letter sent on
Sept. 4 to the yresidents of the corporations by J. M.
•Hoxsey, Executive Assistant of the Committee on Stock
List, it is stated that "if it is your intention that the securities of your company shall be temporarily registered
under the rules and regulations heretofore issued, we request
that you cheek this form to see that it agrees with your
own records, and that duplicate forms be dated, signed
and returned to us on the date that you receive this. . . ."
The action of the Exchange was taken to facilitate the
registering of the firms before Sept. 15, the final day set
by. the SEC for receiving applications to become effective
Oct. 1. The Stock Exchange has set Sept. 13 as the final
day applications will be received by the Committee on
Stock List to enable it to comply withf the date fixed by
the SEC. A previous warning by the Exchange regarding
the limited time within which to register was sent to the
firms on Aug. 30; reference thereto was made in our issue
of Sept. 1, page 1326. In its letter of Sept. 4 the Exchange
said that "so far as we have as yet been advised, we believe
that it is the intention of every listed corporation to have
temporary registration accorded to its listed securities."
Robert S. Byfield Commends SEC for Exempting
Foreign Bonds from Registration Regulations—
Urges that Temporary Exemption Be Made Permanent.
The Securities and Exchange Commission was commended for its decision temporarily to exempt foreign dollar
bonds from the full registration requirements of the Securities Exchange Act of 1934, in a statement issued Sept. 2
by Robert S. Byfield, President of Foreign Bond Associates.
Mr. BY-field- said that there i; considerable danger
ng that foreign Governments,, municipalities and corsistiporz,tions be placed in the same class as domestic issuers,
and expressed the hope tliat for the Bike of _American
holders of foreign bonds the SEC will ultimately decide to
grant permanent exemption. The statement, in part,
read as follows:
"Foreign issuers would have it entirely within their power to determine
whether or not their securities were to remain listed on an American Exchange" had the Commission insisted upon demanding full registration
of their securities. "How dangerous this might have been may be evident
when it is realized that in many cases it would have been to the definite
interest of a foreign obligor to have its bonds delisted or even rendered
contraband in the American market." This, he feels, would enable foreign
Issuers to buy in and repatriate their obligations more cheaply.

While Mr. Byfield in his bulletin recognizest that' the
Commission might find it difficult to exempt foreign issuers
permanently from registering in view of the fact that issuers of some of our highest grade domestic securities must
register, he feels that speculation in foreign bonds is comparatively rare and that forcing foreign obligors to furnish
information as to the status of their obligations would
actually furnish little clue as to the intrinsic value of their
securities, would throw little light on the complicated
subject of foreign bonds and would give no indication of
the future political stability of a foreign Government.

1482
Boston Stock Exchange to Enforce
Act of 1934.

Financial Chronicle
Securities Exchange

A resolution has been adopted by the Governing Committee of the Boston Stock Exchange making any violator
of the Securities Exchange Act of 1934 subject to penalties
provided in the Constitution of the Exchange. The resolution was announced on Aug. 24 by George A. Rich,Secretary,
as follows:
The Governing Committee at a meeting held on Aug. 21 1934 adopted
the following resolution, which is made a part of the rules, as amended
Sept. 6 1933 and is to be inserted between paragraphs five and six, of
Sec. 2, Chap. IX, of said rules.
Any member who wilfully violates any provisions of Title I of the Securities and Exchange Act of 1934, or any rule or regulation thereunder.
shall be deemed guilty of an act inconsistent with just and equitable principles of trade, and the offending member shall be subject to the penalties
provided in Sec. 6 of Article XVI of the Constitution.
GEORGE A. RICH, Secretary.

Similar action has also been taken by the New York Stock
and New York Curb Exchanges, reference to which was
made in our issue of Aug. 25, page 1166.
Report Criticizing Securities Act of 1933 Adopted by
American Bar Association—Its Revision Urged.
A report which declared that the Securities Act of 1933
"rides rough-shod over legal principles which have long
been established" was adopted by the American Bar Association at the closing session on Aug. 31 of its annual convention at Milwaukee. The report, which was that of a
special committee, recommended that the Act be revised
"with the aid of corporation directors and executives,
bankers and lawyers familiar with the practical problems"
of finance. The Milwaukee "Sentinel" said:
The revision was urged in the interest of "simplification and clarification."
"The Act imposes drastic liabilities, in essence, which are regarded by
those made subject to them as unfair and unjustified," the Committee
reported. "It radically alters the ordinary established machinery for
the distribution of securities. It rides rough-shod over legal principles
which have long been established, such as limited corporate liability,
agency and the burden of proof."

New York Tobacco Exchange to Inaugurate Trading
Sept. 19—Basic Contract and Delivery Points
Determined—Governors Selected.
The Board of Governors of the New York Tobacco •Exchange, Inc., at a meeting Sept. 6 fixed Sept. 19 as the date
for the inauguration of trading. The new Exchange, it
was stated, will provide the first organized market for futures
trading in tobacco contracts.
The personnel of the Board of Governors was announced
by the Exchange on Sept. 5, at which time the Exchange
also made known the basic contract and the official delivery
points. As to the latter two, the Exchange announced:
The Exchange has determined upon United States Standard Flue-cured
Type 12, Grade B4F as the basic contract. This grade was selected
because B4F is one of the largest grades in volume during a normal year.
The records of the United States Department of Agriculture show that
the Department last season graded 19,880 lots, or 2,486,049 pounds in 134F.
The decision in favor of Type 12, Grade B4F which is the bright leaf
tobacco, will mean that the opening of trading on the Exchange will coincide with the opening of the season and that trading in futures will run
parallel with spot trasnactions, thus furnishing a basis of comparison.
Other grades and types will be acceptable as permissible deliveries under
definite differential specifications. The unit of trading will be 10,000
pounds or approximately 10 hogsheads. Two delivery points have been
approved: Norfolk and (or) Newport News, Va., and Louisville, Ky.
Serious consideration is being given to an aaditional delivery point in
North Carolina, the bright leaf district.

John W. Hanes of Chas. D. Barney & Co., is President
of the Exchange. His appointment was referred to in our
issue of Sept. 1, page 1336. Other officers are: John L.
Julian of Fenner & Beane, First Vice-President, Edward A.
Brown, Secretary, Harry B. Brockhurst, Treasurer, and
Paul G. L. Hilken, Assistant Secretary. The officers were
also announced on Sept. 5 by the Exchange as Governors.
The following are also members of the Board:
Louis P. Christenson, Vice-President of the Manufacturers Trust Co.;
Harold L. Bache of J. S. Bache & Co.; John R. Collins with Hubbard
Bros. & Co.; Howard C. Hirsch of Hirsch, Lillienthal & Co., and Bernard
Genes with W. R. Grace & Co.

SEC Investigates Break in United States Smelting
Stock—Is Advised by New York Stock Exchange
There Was No Short Selling in Issue.
Joseph P. Kennedy, Chairman of the Securities and
Exchange Commission, yesterday (Sept. 7) telephoned from
Washington to the New York Stock Exchange to investigate
the sharp drop of United States Smelting, Refining & Mining
Co. stock on Sept. 6, when the issue recorded a net loss of
143 points for the day. The stock declined an additional
4 points yesterday. Mr. Kennedy's inquiry was said to have
been made after the SEC had received complaints regarding
the action of the stock. Ferdinand Pecora, member of the
Commission, said that the Stock Exchange had advised Mr.




Sept. 8 1934

Kennedy that there was no short selling in the stock on
Sept. 6 and had attributed the decline to disappointing earnings estimates for the company. A Washington dispatch of
Sept. 7 to the New York "Sun" added the following regarding the investigation:
Mr. Pecora pointed out that Section 9 of the Securities and Exchange
Act, which carries penalties for operation of manipulative devices goes into
effect Oct. 1, and that the Commission could do nothing if it were ascertained there was a manipulation in the stock.
"All that we could do," Mr. Pecora said, "is to inform ourselves of all
the facts with respect to activity in the stock for our use in formulating
rules and regulations under Section 9."
Officials of the Securities and Exchange Commission indicated that
while the matter of the United States Smelting, Refining & Mining stock
price decline will be closed for the time being a Commission investigation
for its own information might be taken later.
The Securities and Exchange interest in the development in the stock
came about through complaints received at Commission headquarters in
Washington concerning the sudden decline.

Outstanding Brokers' Loans on New York Stock
Exchange Lower During August—Decreased $48,847,950 During Month to $874,207,876 Aug. 31—
Government Securities Pledged as Collateral
$66,092,850.
A decrease of 8,847,950 in outstanding brokers' loans
during August was reported on Sept. 5 by the New York
Stock Exchange. The amount outstanding on Aug. 31,
the Exchange announced, totaled 74,207,876, which compares with $923,055,826 on July 31. The latter figure represented a decrease of $159,184,300 from the June 30 total of
$1,082,240,126.
In the report for August the Exchange, for the first time,
shows the face amount of United States Government securities pledged as collateral for borrowings. The report showed
that the securities pledged during August amounted to
$66,092,850. Members were requested by the Exchange
on Aug. 23 to show, in the future, the extent to which they
had pledged Government securities as collateral. As to this,
the New York "Times" of Sept. 6, said:
The principal purpose of this decision, it was understood, was to reveal
more clearly the reasons for the sharp swings in the total figures which
occur from time to time. A period of Government financing, for example.
might result in a substantial gain in the total and under previous forms of
reporting it could not be ascertained how much of this might have resulted
from an increase in speculative activity and how much from borrowings by
dealers in Government securities who happened also be members of the
Exchange.

The Exchange's report for August showed that demand
loans during the month amounted to $545,125,876, which
contrasts with the July total of $588,073,826, while time loans
in August totaled $329,082,000 against $334,982,000 in July.
The report follows:
New York Stock Exchange member total net borrowings on collateral,
contracted for and carried in New York as of the close of business Aug. 31
1934, aggregated $874,207,876.
The detailed tabulation follows:
Demand.
Time.
1. Net borrowings on collateral from New York Banks
or trust companies
$480,651,328 $321,934,000
private
from
2. Net borrowings on collateral
bankers,
brokers, foreign bank agencies or others in the City
of New York
64,474,548
7,148,000
9545,125,876 $329,082,000
Combined total of time and demand borrowings, $874,207,876.
"Government
securities" pledged as collateral for
Total face amount of
the borrowings included in items (1) and (2), $66,092,850.

Below we give a two-year compilation of the figures:
1932—
Aug. 81
Sept.30
Oct. 31
Nov.30
Dee. 31
1933—
Jan. 31
Feb. 28
Mar. 31
Apr. 29
May 31
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov. 30
Dec. 30
1934—
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 81
June 30
July 31
Aug. 31

Demand Loans.
$263,516.020
269.793,583
201,817,599
213,737.258
226,452.358

Time Loans.
$68,183,300
110,008,000
122,884,600
123,875,300
120,352,300

Total Loans.
9331,699,320
379,801,583
324,702,199
337,612.558
346.804,658

255.285,758
222.501,556
207,601,081
207,385,202
398,148,452
582,691.556
679,514,938
634,158,695
624.450,531
514,827,033
544,317,539
597,953,524

104,055,300
137.455,500
103,360.500
115,106.986
130,360,986
197,694,564
236,728,996
283,056.579
272,145,000
261,355,000
244,912,000
247,179,000

359.341.058
359,957,056
310,961,581
322,492,188
528,509,438
780,386,120
916,243,934
917,215,274
896,595.531
776.182,033
789,229.539
845.132,524

626,590,507
656,626,227
714,279,548
812.119,359
722,373.686
740,573,126
588.073.826
545,125,876

276,484,000
281,384,000
267,074,400
276,107,000
294,013,000
341,667.000
334.982.000
329,082,000

903,074.507
938,010,227
981,353.948
1,088,226,359
1,016,386.689
1.082,240,126
923,055,826
874,207,876

Market Value of Listed Stocks on New York Stock
Exchange Sept. 1, $32,618,130,662, Compared with
$30,752,107,676 Aug. 1—Classification of Listed
Stocks.
As of Sept. 1 1934, there were 1,200 stock issues aggregating 1,309,743,479 shares listed on the New York Stock
Exchange, with a total market value of $32,618,130,662.
This compares with 1,199 stock issues aggregating 1,294,090,365 shares listed on the Exchange Aug. 1 with a total

1483

Financial Chronicle

Volume I.).

market value of $30,752,107,676, and with 1,203 stock issues
aggregating 1,294,762,403 shares with a total market value
of $34,439,933,735 July 1. In making public the Sept. 1
figures on Sept. 5. the Exchange said:

value and the total average price of bonds listed on the Exchange:

As of Sept. 1 1934. New York Stock Exchange member total net borrowings on collateral amounted to $874,207.876. The ratio of these member
total borrowings to the market value of all listed stocks on this date was
therefore 2.68%. Member borrowings are not broken down to separate
those only on listed share collateral from those on other collateral; thus
these ratios usually will exceed the true relationship between borrowings on
all listed shares and their market value.

1932Aug. 1
Sept. 1
Oct. 1
Nov. 1
Dec. 1
1933Jan. 1
Feb. 1
Mar. 1
Apr. 1
May 1
June 1
July 1
Aug. 1

As of Aug. 1 1934, New York Stock Exchange member
total net borrowings on collateral amounted to $923,055,826.
The ratio of these member total borrowings to the market
value of all listed stocks on that date was therefore 3.00%.
In the following table listed stocks are classified by leading
industrial groups with the aggregate market value and average price for each:
Sept. 1 1034.
Market
Value.
Autos and accessories
Financial
Chemicals
Building
Electrical equipment manufacturing_
Foods
Rubber and tires
Farm machinery
Amusements
Land and realty
Machinery and metals
Mining (excluding iron)
Petroleum
Paper and publishing
Retail merchandising
Railways and equipments
Steel, iron and coke
Textiles
Gas and electric (operating)
Gas and electric (holding)
Communications (cable, tel. and radio)
Miscellaneous utilities
Aviation
Business and office equipment
Shipping services
Ship operating and building
Miscellaneous business
Leather and boots
Tobacco
Garments
U. S. companies operating abroad_ Foreign companies (incl. Cuba & Can.)
All listed stocks

$
2,099,650,324
920,036,815
3,527,295,568
267,242,559
765,446,284
2,323,835,836
246,869,299
324,479,436
137,024,891
32,342,550
1,095,466,359
1,150.694,364
4,071,004,015
223.483,016
1,787,670,664
3,465,431,056
1,204,646,745
175,608,964
1,548,041,841
943,985,22
2,476,176,79
168,623,44
144,205,08
244,039,35
6,478,81
30,557,642
68.797,561
217,689,890
1,481,145,898
16,276,173
653,170,533
800,713.657

Ayer.
Price.
$
19.75
16.14
48.94
17.05
18.72
31.37
24.43
26.36
9.48
6.53
22.04
20.98
20.56
13.28
28.87
30.04
31.16
14.72
22.28
10.20
69.86
17.48
7.44
22.53
3.09
8.44
12.25
34.28
57.1
16.0.
19.4
21.7

Aug. 1 1934.
Market
Value.
$
1,938,628,776
890,101,374
3,377,338.976
245,733,703
725,072,139
2,221,860,555
218,968,711
309,206.214
116,323,285
30,962,294
969,647,955
1,049,038.342
3,449,336.839
211,042,345
1,723,236,305
3,366,598.303
1,175,475,670
167,070,086
1.560,840,700
968,891,538
2,403,418,681
145,547,904
136,555,844
231.747,507
6,898,405
27,545,042
70,589,526
217,476.837
1,449,596,519
15,998,631
588,892,194
742,466,47

Aver.
Price.
18.24
16.18
46.87
15.68
17.73
30.09
21.67
25.12
8.06
6.25
20.28
19.13
18.89
12.55
27.82
29.19
30.41
14.00
22.46
10.04
63.92
15.09
7.04
21.40
3.29
7.61
12.57
34.25
55.94
15.78
17.54
20.11

32,618,130,662 24.90 30,752,107,676 23.76

Market Value of Bonds Listed on New York Stock
Exchange-Figures for Sept. 1 1934.
The New York Stock Exchange, in an announcement
issued yesterday (Sept. 7) showing the total market value of
listed bonds as of Sept. 1, said:
As of Sept. 1 1934, there were 1,579 bond issues aggregating $44,337,161,163 par value listed on the New York Stock Exchange, with a total market
value of $39,453,963,492.

This compares with 1,574 bonds issues aggregating $43,964,154,513 par value, listed on the Exchange Aug. 1 1934,
with a total market value $39,473,326,184.
In the following table, listed bonds are classified by Governmental and industrial groups, with the aggregate market
value and average price for each:
Sept. 1 1934.
Market
Value.

Aver.
Price.

Aug. 1 1934.
Market
Value,

Aver.
Price.

$
$
$
$
U. S. Government
19,642,157,690 102.87 19,455,291.938 103.91
Foreign Government
4,696,267,256 83.26 4,721,786,612 83.49
Autos & Accessories
55,830,513 89.53
55,947,109 89.71
Financial
66,526,435 93.28
66,766,765 93.62
Chemical
86,027,282 85.45
87,410,177 86.82
Building
47,992,885 72.80
46,920,687 77.71
Electrical Equipment Mfg
62,343,688 96.20
62,008,725 96.20
Food
220,355,290 99.41
219,121,461 99.43
Rubber & Tire
146,716,933 89.23
150,603,006 91.70
Amusement
44,349,580 55.64
46,867,967 48.80
Land & Realty
11,907,155 27.86
12,272,200 28.71
Machinery & Metals
33,256,256 45.10
32,424,967 43.98
Mining (excluding iron)
155,052,631 65.91
153,241,522 65.11
Petroleum
567,760,716 97.42
556,141,535 97.38
Paper & Publishing
64,817,851 72.24
64,591,804 72.23
Retail Merchandising
20,495,449 72.68
20,851,077 73.94
Railway .Sr Equipment
7,873,893,623 73.00 8,021,728,314 74.67
Steel, iron and coke
369,359,350 84.88
368,660,045 85.08
Textile
8.386,532 53.90
8,166,975 53.56
1,823,735,452 97.35 1,826,004,431 97.54
Gas and electric (operating)
168,695,744 72.79
Gas and electric (holding)
168,510,658 72.71
Communication (cable. tel. and radio) 1,082,253,033 104.46 1,082,214,860 104.4
Miscellaneous Utilities
377,679,662 63.55
387,891,179 65.26
Business and office equipment
19,296,410 90.50
19,216,413 90.13
Shippinr, services
14,419,468 42.48
13,679,662 40.30
Shipbuilding and operating
13,099.299 51.94
12,946,215 51.34
Miscellaneous businesses
5,889,332 99.63
5,911,500 100.00
1,021,174 98.75
Leather and boots
775,575 75.00
Tobacco
89,167,105 113.70
88,275,126 112.56
192,530,214 46.64
1.1. S. companies operating abroad .....
201,834,386 47.95
Foreign companies (incl. Cuba and
1,481,028,32 67.90 1,526,914,299 69.53
Canada)
All listed bonds

39,453,963,492 88.99 39,473,326.184 89.79

The table was issued in the above form the first time last
month by the Exchange, the figures for Aug. I were given in
our issue of Aug. 11, page 849. The following table, compiled by us, gives a two-year compilation of the total market




Market
Value.

Average
Price.

$38,615,339,620
40,072,839,336
40,132,203,281
39.517.006,993
38,095,183,063

74.27
77.27
77.50
76.38
73.91

31,918,066,155
32.456,657,292
30,758.171,007
30,554,431,090
31,354,026,137
32,997,675,932
33,917,221,869
34,457,822,282

Market.
Value.

1933$35,218,429,936
Sept. 1
34,513,782.705
Oct. 1
33,651,082,433
Nov. 1
34,179,882.418
Dec. 1
193434,861,038,409
Jan. 1
36,263,747,352
77.27 Feb. 1
36.843,301,965
78.83 Mar. 1
37,198,258,126
74.89 Apr. 1
37,780.651,738
74.51 May 1
38,239,206.987
76.57 June 1
39,547,117.863
80.79 July 1
39.473,326,184
82.97 Aug. 1
84.43 Sept. 1.. _ _ _ 39,453,963,492

Average
Price.
so ,
$84.63
83.00
82.33
81.36
83.34
86.84
88.27
89.15
90.46
90.17
90.80
89.79 I
88.99

Estimate of Dividend Payments by Standard Oil Companies for First Nine Months of 1934 $15,056,732
Above First Similar Period Year Ago-Disbursements During Third Quarter to Be Smallest in
Recent Years.
Cash dividend payments by the companies of the Standard
Oil group for the first nine months of 1934 are estimated at
$101,537,187, compared with $86,480,455 in the corresponding period of 1933, an increase of $15,056,732, or approximately.18%, according to figures compiled by Carl H.
Pforzheimer & Co. Aggregate disbursements of the group
in the third quarter of 1934, the firm announced, will total
$18,582,065, which, although the smallest quarterly total
for some time, does not indicate adverse dividend actions,
but merely reflects the change in dividend policy by several
of the large companies, whereby distributions are being made
semi-annually in the second and fourth quarters instead of
quarterly as heretofore. Among the companies now on a
semi-annual dividend basis, the firm said, are the Standard
Oil Co. of New Jersey, Imperial Oil, Ltd., International
Petroleum Co., Ltd., Standard Oil Export Corp. and several
of the pipe line companies. The firm also announced:
Total distributions in the preceding quarter amounted to $58,698.141.
Inasmuch as the only unfavorable dividend action taken this quarter was
the emission of the quarterly dividend by the Standard Oil Co. of Nebraska,
one of the smaller units. the large decline in total payments in the current
quarter when compared with the second quarter is wholly accounted for
by the absence of distributions by those companies on a semi-annual basis
and by the fact that last quarter Imperial Oil and International Petroleum
paid extra cash dividends of 15 cents and 44 cents a share respectively in
addition to the semi-annual dividends.
Although total distributions in the current quarter will be slightly lower
than the $19,546,576 paid out by the group in the corresponding quarter
of 1933 an unfavorable comparison is not indicated, since, at this time last
year Imperial and International were still on a quarterly dividend basis
distributed approximately $7,300,000. On the contrary, several companies have resumed dividend payments and others have increased their
rates since the third quarter of last year.
Ohio Oil Co. declared another dividend of 15 cents a share this quarter.
In June of this year company resumed dividend payments after having
suspended them since December 1932. Socony-Vacuum, which omitted
dividends in the second and third quarters of last year resumed distributions
in December 1933 and has since continued making quarterly payments.
while the Standard Oil Co. or Kansas, which had not paid any dividends
since March 1931, resumed payments in January this year.
Rumble Oil & Refining Co., South Penn Oil Co., National Transit Co.
and Southern Pipe Line Co. are the companies which have increased their
dividend rates since the third quarter of last year and which together with
those companies that have resumed dividend payments are responsible for
the larger total of disbursements for the first three quarters this year over
the corresponding period of last year.
The record of quarterly dividend payments during recent years follows.
Full Year.
lot Quarter. 28 Quarter. 3d Quarter. 415 Quarter.
1934
$24 256 981 $58 698 141 $18 582 065
1933
32,406,332 34,527,547
19,546,576 842,457,920 5128,938,375
1932
181,050,985
46,801,053 46.278,873 43,858,468 44,112,501
931
63,101,797 57,843,467 51.263,688 48,530,230 220.739,182
1930
66,687,168 68,555,901 68,271,015 83,012,644 286,526,728

Governors of Federal Reserve Banks Confer with
Secretary of Treasury Morgenthau and Reserve
Board Officials-Forthcoming Government Financing, Open Market Operations and Margin
Rules Reported Discussed.
The Governors of the 12 Federal Reserve Banks met at
Washington on Sept. 6 with Secretary of the Treasury
Morgenthau and members of the Federal Reserve Board.
Acting Governor J. J. Thomas of the Reserve Board declined
to indicate the nature of the discussions, which, however
newspaper reports state, are understood to have concerned
open market operations, margin requirements and the
forthcoming Treasury financing. Those in attendance at the
meeting included, Eugene R.Black, Governor of the Federal
Reserve Bank of Atlanta, who recently resumed the duties
of that office, after temporarily serving as head of the
Reserve Board, Governor George L. Harrison of the New
York bank, Governor Roy A. Young of the Boston Reserve
Bank, Governor George J. Schaller of the Chicago bank, and
Governor E. R. Fancher of the Cleveland bank.
With reference to the meeting the Washington correspondent of the New York "Journal of Commerce" said:

Financial Chronicle

1484

Before Oct. 15 the Federal Reserve Board, under the law, must fix
marginal requirements for stock transactions. These regulations will be
announced shortly.
It was not considered likely that Federal Reserve Banks would embark on
a policy of acquisition of a considerable volume of additional Government
securities. Present holdings of Reserve banks are $2,432,000,000, an increase of $266,000,000 over a year ago. Member bank reserve balances
amounted to $3,907,000,000, a gain of 81,468.000,000 in a year. Excess
reserves are now close to $2,000,000,000, the largest in history.

Stock of Money in the Country.
The Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by Federal Reserve banks and agents. The figures this time are for
July 31 1934 and show that the money in circulation at
that date (including, of course, what is held in bank vaults
of member banks of the Federal Reserve System) was
$5,317,175,302, as against $5,373,469,752 on June 30 1934
and $5,629,852,526 on July 31 1933, and comparing with
$5,698,214,612 on Oct. 31 1920. Just before the outbreak
of the World War, that is, on June 30 1914, the total was
only $3,459,434,174. The following is the full statement:

Sept. 8 1934

d This total includes $24,004,522 deposited for the redemption of Federal Reserve
notes ($1,037,825 in process of redemption).
e Includes $1,800,000,000 Exchange Stabilization Fund.
f Includes $33,157,677 lawful money deposited for the redemption of National
bank notes ($19,229,162 in process of redemption. Including notes chargeable to the
retirement fund), $2,105,450 lawful money deposited for the redemption of Federal
Reserve bank notes ($3,644,116 in process of redemption, including notes chargeable
to the retirement fund), $1,350 lawful money deposited for the retirement of additional circulation (Act May 30 1908), and $60,717.734 lawful money deposited as a
reserve for Postal Savings deposits.
g The amount of gold and silver certificates and Treasury notes of 1890 should
be deducted from this amount before combining with total money held in the
Treasury to arrive at the total amount of money in the United States.
h Includes money held by the Cuban agency of the Federal Reserve Bank of
Atlanta.
i The money in circulation includes any paper currency held outside the continental limits of the United States.
Note.-Gold certificates are secured dollar for dollar by gold held in the Treasury
for their redemption for uses authorized by law; silver certificates are secured
dollar for dollar by standard silver dollars held in the Treasury for their redemption
(or by silver bullion); United States notes and Treasury notes of 1890 are secured
by a gold reserve of $156,039,431 held in the Treasury. Treasury notes of 1890
are also secured dollar for dollar by standard silver dollars held in the Treasury;
these notes are being canceled and retired on receipt. Federal Reserve notes are
obligations of the United States and a first lien on all the assets of the issuing
Federal Reserve bank. Federal Reserve notes are secured by the deposit with
Federal Reserve agents of a like amount of gold certificates or of gold certificates
and such discounted or purchased paper as Is eligible under the terms of the Federal
Reserve Act, or until March 3 1935, of direct obligations of the United States If
so authorized by a majority vote of the Federal Reserve Board. Federal Reserve
banks must maintain a reserve in gold certificates of at least 40%, including the
redemption fund which must be deposited with the United States Treasurer, against
Federal Reserve notes in actual circulation. Federal Reserve bank notes are
secured by direct obligations of the United States or commercial paper, exeeln
where lawful money has been deposited with the Treasurer of the United States
for their retirement. National bank notes are secured by United States bonds
except where lawful money has been deposited with the Treasurer of the United
States for their retirement. A 5% fund is maintained in lawful money with the
Treasurer of the United States for the redemption of National bank notes and
Wederal Reserve bank notes.

§
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5,453,712,918
1,671,392,918
718,674,378
2,681,691,072
1,507,178,879
21,602,640
8,408,392,036
3,760,754,909
2,436,864,530
2,952,020.313
1,845,569,804
212,420,402

CS
vt
is
to 0
c5...5
.0
-,-•

a

8,488,077,704

Held for
Federal
Reserve
Banks
and
Agents.
1 Amt. Held as Reserve Against
Security Ag'nst United States
Gold and Silver
Notes
Certificates (,4 (and Treasury
Treasury Notes
Notes
of 1890).
of 1890).

MONEY HELD IN THE TREASURY.

8
to
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00
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Is Is 0 N
C to GO N

Ye

b(4,121,386,810)

ei

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to.
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03

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3,999,055,310
1,752,158,896
1,212,360,791

.
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156,039,431
156.039,088
152,979,026
152,979,026
150,000,000
100,000,000

MONEY OUTSIDE OF THE TREASURY.

It!0
•
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tr.
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KIND OF
MONEY.

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13,634,380,567
10.014.268,674
8,479,620,824
5,396,596,677
3,797,825,099
1,007,084,483

e- 04 -.000 000/A0N
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13,705,798,883

TOTAL
AMOUNT.

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r. 0. z
0
•Does not include gold other than that held by the Treasury.
b These amounts are not included In the total since the gold or silver held as
security against gold and silver certificates and Treasury notes of 1890 is included
under gold, standard silver dollars and silver bullion, respectively.
c $1,560,000 secured by silver bullion held In the Treasury (Act May 12 1933).




Savings Banks In New York City Continue 3% Interest
Rate-No Immediate Change Appears Likely,
Contrary To Earlier Expectations.
Trustees of the Seamen's Bank for Savings of New York
City announced yesterday (Sept. 7) that they had voted to
disburse interest at the rate of 3% annually for the third
quarter of this year. This is the same rate that was paid in
the previous quarter, and indicated that mutual savings
banks in New York City would maintain the rate established
some time ago, despite expectations in some quarters that
a change would be made. The New York "World-Telegram"
of Sept. 7 commented on this situation as follows:
All institutions in the city, with three exceptions, currently are paying
the 3% rate. The Bowery and Citizens' Savings Banks are disbursing 3%
on the first $1,000 of deposit and 214% on amounts in excess of that
figure. The Emigrant-Industrial Savings Bank, on the other hand, pays
3% on the first $1,500 and 256% on additional amounts.
Declining yields on investments, together with the scarcity of new
capital issues eligible for inclusion in savings banks' portfolios, inspired
the belief in some quarters that interest rates would be reduced. No
announcement hos been forthcoming as yet on the rate to be paid on
deposits for the final quarter of the year, it was announced at the offices
of the Savings Bank Association of the State of New York.

ing by Comptroller of Currency Permitting National
Banks to Combine Holdings of Treasury-Guaranteed Securities With Direct Government Obligations.
A ruling by the Comptroller of the Currency made known
on Sept. 6, rescinds the requirement that National banks
in their statements of condition report separately their
holdings of Treasury-guaranteed securities and direct
Government obligations. Under the ruling banks are permitted to lump the two classes of securities under the general
heading of "United States Government obligations, direct
and fully-guaranteed."
The ruling, which is reported to have been urged by
National banks, had the immediate effect, the New York
"Journal of Commerce" noted, of causing a sharp rise in the
Home Owners Loan bonds which had borne the brunt of
much of the selling which recently appeared in the market.
The rise in these issuer., it was added, caused a general
moderate upturn in the list. From the same paper (Sept. 7)
we quote:
It was anticipated that similar action would be taken by State Superintendents so that the rule Would be made uniform for National and for State
Institutions.
The move, it was bell ed, will be a prelude toward giving the Government guaranteed issues a privileges held by Government issues in control of
Government executives. In addition, it was believed, legislation is likely
allowing full discounting privileges for the guaranteed Issues at the Federal
Reserve banks. They are eligible at present for discount only when they
mature within a six-month period.
The National banks may carry Government bonds at par if the purchase
price was parity or a premium. The guaranteed issues held by the banks
were purchased at premiums and now are selling at discounts. Presumably
they will be carried at par value.
The letter of the Comptroller stated that in their next statement of condition the banks might include in one item Government issues and guaranteed issues.

The New York "Sun"of Sept.6 commenting on the ruling,
said in part:
Local National banks received the Comptrollers' ruling, which sacrificed statistics for the sake of imparting greater popularity to guaranteed
bonds, by mail this morning. In his circular letter the Comptroller told
them that a change had been made in the required form for their next
statement of condition, namely, that item 4, Government-guaranteed
obligations, could be lumped with Item 3, Government direct obligations.

Volume 139

Financial Chronicle

7tio

The Comptroller's office insists that advertised or printed display condins statements shall agree with statements prepared in the form received
by him and in the absence of instructions to the contrary, which have now
reached the banks, bonds of the Home Owners Loan Corporation and of the
Federal Farm Mortgage Corporation, as well as securities of the Reconstruction Finance Corporation, would have been required to be listed
separately on bank balance sheets.
Large National banks here felt that the ruling related to a trivial matter.
but recognized the effect it would have upon smaller banks, particularly
outside of the larger cities, whose depositors recognize the meaning of United
States Government bonds on bank condition reports but who fail to consider guaranteed obligations in the same category.
The requirement that National banks list separately Government guaranteed issues was made originally by the Comptroller of the Currency and
applied to the June 30 condition report. The March 5 National bank statements had lumped all Treasury direct and indirect obligations under the
general caption "United States Government Bonds Owned" and the
splitting up of this item June 30 caused much dissatisfaction and complaint
from the smaller banks. Since June, it has been reported, most of the
smaller banks have sold HOLC bonds as soon as received from customers
and this process has contributed to the demoralized market lately for these
obligations, though the primary cause has been continued active issuing
of such obligations through mortgage relief operations.
As for the statistical value of the information now no longer required
by the Comptroller, that will be available through the Federal Reserve
Board, which is now requiring reports from member banks which report
weekly on a new form which segregates Government guaranteed obligations
from direct issues.

Report of Senate Banking and Currency Committee
into Stock Exchange Operations—Third Instalment Treats of Relationship Between Commercial
Banks and Investment Affiliates.
The third and final instalment of the report of the Subcommittee of the Senate Banking and Currency Committee
covering the inquiry conducted by it into Stock Exchange
operations was made public on Sept. 1. The two earlier
instalments were referred to in these columns, July 21,
page 362 and Aug. 11, page 852. As in one of the previous
instalments, the present also bears on the formation of
investment affiliates by officers of banks, and in the portion
of the report issued Sept. 1 it is stated:
Admittedly, the investment affiliates were organized at the instance of
the banking institutions to enable the banks to engage in business and
operations that were prohibited to such banks.

The report also says:
The creation of investment affiliates by commercial banks was undesirable, not only because these affiliates circumvented the law but because
these affiliates created conditions and situations which were detrimental
both to the investing public and the banking institutions.
Possessed with this instrumentality that enabled these banking institutions to conduct a business and indulge in practices which governmental
authority through legislative enactment had forbidden to commercial banks,
these banking institutions, infected with speculative fervor, indulged in
practices and transactions which had the direst consequences.
Commercial banks found a fertile field mong their depositors for purchasers of security issues which their investment affiliates were sponsoring.
These banks, violating fiduciary duty to depositors seeking disinterested
Investment counsel from their bankers, referred these depositors to the
affiliates for advice. These depositors were sold securities in which the
affiliates had a pecuniary interest.

1485

engaged in floating bonds of their countries, many of which are now in
default.
Turning to private banks and bankers, the report went exhaustively into
the financial set-ups, as revealed in the hearings, of such houses as J. P.
Morgan & Co., Dillon, Reed & Co., Kuhn Loeb & Co., and others.

Among other things, the report said:
The evils inherent in the conduct by an incorporated bank, though an
investment affiliate of an investment banking business are equally ingrained
in the conduct of a private banker accepting deposits of an investment
banking business. The reasons impelling the divorcement of investment
banking from incorporated commercial banks are equally cogent for the
divorcement of investment banking from private bankers doing a commercial banking business.

First Federal Savings & Loan Association of Omaha.
The First Federal Savings & Loan Association of Omaha,
authorized by the Federal Home Loan Bank Board under
an Act of Congress approved by the President June 13 1933,
was organized on Aug. 27, according to the Omaha "Bee",
which states that Francis P. Matthews was elected President
of the Association. Harold D. Le Mar, Secretary-Treasurer
of the P. F. Petersen Baking Co., was elected Vice-President; Victor C. Graham, former Secretary of the Omaha
Stock Exchange, was elected Secretary-Treasurer; Frank
Latenser, Omaha architect, Harold L. George, Secretary of the K-B Printiag Co., and the three officers comprise the board of directors. Mr. Matthews also will serve
as attorney. It was stated that the Association expected
to start functioning between Sept. 1 and Sept. 15. From
the "Bee" we quote:
Formation of

First Mortgage Loans.
The Association will make first mortgage loans on real estate for any
purpose
Rates of interest on loans and dividends to investors will be announced
later by the board of directors. Monday night Mr. Matthews said he
favored as low a rate to borrowers as would be consistent with sound
business. Ile said the first purpose of the Association was to provide
convenient plan for home owners. Other board members agreed with
him that loans could be made at 5%% repayable monthly.
3 to 4% Interest.
The Omaha association expects to pay 3 to 4% on savings, which are
guaranteed up to $5,000 by a 100 million dollar insurance fund.
The Federal Savings & Loan has a setup like the Federal Reserve bank,
with 12 regional banks under a board in Washington. These 12 banks
are rediscounting banks and all local associations are members.
The capital, reserves, surplus, income and franchise of the Federal
Savings & Loan are exempt from Federal taxation, and are subject to no
state, county or local taxes greater than are levied on similar home financing institutions.

$76,290,000 Accepted Wof $342,426,000 Tendered to
Offering of $75,000,000 or Thereabouts of 182-Day
Treasury Bills Dated Sept. 5—Average Rate 0.18%.
The tenders to the offering of $75,000,000 or thereabouts
182-day Treasury bills dated Sept. 5 1934, received (as
The National City Co., affiliate of the National City Bank, of
in our issue of Sept. 1, page 1325) up to Aug. 31
indicated
and the Chase Securities Corp., affiliate of the Chase NaReserve banks and the branches thereof,
the
at
Federal
tional Bank, it was noted in Associated Press accounts from
of which $75,290,000 were accepted.
$342,426,000
totaled
from
excerpts
in
Washington, Sept. 1, were cited frequently
to the offering, Henry Morgentenders
the
announcing
In
testimony quoted to bring out the practices followed, of
the Treasury, said on Aug. 31 that the
of
Secretary
Jr.,
thau
said:
report
the
Press)
Associated
(we
quote the
the former
accepted bids ranged in price from 99.914, equivalent to
A spectacle was presented where an investment affiliate of one of the
a rate of about 0.17% per annum, to 99.907, equivalent to a
largest commercial banks in the country, which had sponsored or had accumulated or had option on a substantial block of securities was vigorously
of about 0.18% per annum, on a bank discount basis.
rate
engaged, through a highly geared selling organziation in selling securities
part of the amount bid for at the latter price was
Only
of
interest
to the investing public without any adequate disclosure of the
the investment affiliate in these securities.
accepted. The average price of Treasury bills to be issued,
The investing public, relying upon the close affiliation of the investment
Secretary Morgenthau stated, is 99.908 and the average
company to the commercial bank, had a right to expect disinterested counsel.
rate is about 0.18% per annum on a bank discount basis.
Instead, the investment affiliate, availing itself of the good-will attendant
to similarity to the name of the bank, was disposing of securities in which
Other recent offerings of similar securities sold at average
t had a substantial pecuniary interest in selling.
on a bank discount basis, per annum, of about 0.22%
rates
In part the Associated Press accounts also had the follow- (bills dated Aug. 29), 0.23% (bills dated Aug. 22), 0.25%
ing to say regarding the report:
(bills dated Aug. 15), and 0.12% (bills dated Aug.8).
In vigorous fashion the report condemned trading in the stock of the
parent company by the investment affiliate and the activities of officers
and directors in connection with such procedure. It was brought out that
that National City Co. sold National City Bank stock short in repeated
instances, assigning as the reason a desire to stabilize the market while blocks
of the stock were distributed.
The testimony of Albert H. Wiggin, former President of Chase National.
was recited at length to show his activities in forming several investment
corporations, the stock all held by members of his family, for purposes of
dealing in stocks, including that of the bank itself.
The report also cited Wiggin's pension of $100,000 a year, giving at the
same time a court precedent under which it was contended that such a
pension was illegal. After this disclosure on the committee, the Chase
board of directors discontinued the pension at Wiggins request. . . .
The report noted that officers and directors of banks borrowed "large
sums" from their banks either with inadequate collateral or with no collateral at all to finance their speculative transactions, adding.
"It has been estimated that approximately 33% of the bank failures
were caused by loans to officers and employees of banks."
At another point it said that "a series of practices and transactions which
banking officials either engaged in or countenanced cast a somber reflection
upon the ethical standards of the banking fraternity," and went on to
cite a loan of $10,000 by National City Co. to John Ramsey, General
Manager of the Port of New York Authority, at a time that the bank was
floating a $66,000,000 issue of bonds of that agency.
In this connection it went in detail into National City loans to former
President Machado and other Latin American officials when the bank was




New Offering of 182-Day Treasury Bills in Amount of
$75,000,000 or Thereabouts—To Be Dated Sept. 12
1934.
A new offering of $75,000,000 or thereabouts of 182-day
Treasury bills was announced on Sept. 6 by Henry Morgenthau Jr., Secretary of the Treasury. The bills will be
dated Sept. 12 1934, and will mature on March 13 1935, and
on the maturity date the face amount will be payable without
interest. They will be sold on a discount basis to the highest
bidders. Tenders to the offering will be received at the
Federal Reserve banks, or the branches thereof, up to 2
p. m., Eastern Standard Time, Monday, Sept. 10. Tenders
will not be received at the Treasury Department, Washington. There are no maturing bills at this time, so that the
new issue will result in an increase in public debt. In his
announcement of Sept. 6 Secretary Morgenthau said:
They (the bills) will be issued in bearer form only, and in amounts or
denominations of $1.000, $10.000.:3100.000, $500,000, and $1,000.000
(maturity value).

1486

Financial Chronicle

No tender for an amount less than 81,000 will be considered. Each
tender must be in multiples of $1,000. The price offered must be expressed
on the basis of 100, with not more than three decimal places, e.g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders on Sept. 10
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 amoun 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 Sept. 12 1934.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt,from all
taxation, except estate and inheritance taxes. No loss from the sale or
other disposition of the Treasury bills shall be allowed as a deduction, or
otherwise recognized, for the purposes of any tax now or hereafter imposed
by the United States or any of its possessions.

$13,000,000 of 13'% Debentures Offered by Federal
Intermediate Credit Banks.
Public offering of a new issue of approximately $13,000,000
Federal Intermediate Credit banks 13/% collateral trust
debentures, dated Sept. 15 1934 and deliverable on the same
date, maturing in six to nine months, was announced Sept. 6
by Charles R.Dunn,Fiscal Agent. The books to the offering
were opened yesterday (Sept. 7). There are maturing on
Sept. 15 approximately $22,000,000 of 2% and 23/2%
debentures of the banks. The proceeds of the new offering
will be used towards the payment of these maturing securities,
the balance will be paid in cash by the banks. In his announcement of the new offering Mr. Dunn said:
The debentures are priced on application. These debentures are eligible
collateral for 15-day loans, by member banks, at the Federal Reserve banks
under an Act of Congress approved May 19 1932. All issues of debentures
must be secured by at least a like face amount of cash or obligations discounted or purchased or representing loans made in accordance with the
provisions of the Act. The entire capital of the 12 Federal Intermediate
Credit banks was paid in by the United States Treasury.

An offering of approximately $15,000,000 of 13% debentures by the banks on Aug. 7 was referred to in our issue
of Aug. 11, page 854.
$17,746,000 of Government Securities Purchased by
Treasury Department During Week of Sept. 3.
Government securities in amount of $17,746,000 were
purchased in the open market, for the investment account
of the various Government agencies, by the Treasury Department during the week of Sept. 3, it is indicated in a statement issued Sept. 4 by the Treasury. During the previous
week ended Aug. 27 the Department made purchases in
amount of $10,798,000. Since the inauguration of the
Treasury's support to the Government bond market last
November, reference to which was made in our issue of
Nov. 25, page 3769, the weekly purchases have been as
follows:
Nov. 25 1933
88,748,000 Apr. 21 1934
830,500.000
Dec. 2 1933
2,545.000 Apr. 28 1934
4,885,000
Dec. 9 1933
7,079,000 May 5 1934
5,001.500
Dec. 16 1933
16,600,000 May 12 1934
500,000
Dec. 23 1933
16,510,000 May 19 1934
4,000,000
Dec. 30 1933
11,950,000 May 26 1934
5,000,000
Jan. 6 1934
44,713,000 June 2 1934
Jan. 13 1934
33,868,000 June 9 1934
Jan. 20 1934
17,032,000 June 16 1934
Jan. 27 1934
2,800,000 June 23 1934
Feb. 5 1934
7,000,000 June 30 1934
500,000
.22,528,000 July 7 1934
Feb. 13 1934
Feb. 17 1934
7.089.000 July 14 1934
3,828,000
Feb. 24 1934
1,861,000 July 23 1934
400,000
Mar. 3 1934
10,208,100 July 30 1934
Mar. 10 1934
6,900,000 Aug. 6 1934
Mar. 17 1934
7,909,000 "Aug. 13 1934
45,098,100
Mar. 24 1934
37,744,000 Aug. 20 1934
1,250,000
Mar.31 1934
23,600,000 Aug. 27 1934
10,798,000
Apr. 7 1934
42,369,400 Sept. 3 1934
17,746,000
Apr. 14 1934
20,580,000
•In addition to this amount, $538,491) of bonds held by the Treasury as collateral
security for postal Ravings deposits purchased Feb. 9 by FDIC.
"In addition $22,000,000 of securities of HOLC purchased direct.

Treasury Purchases of Silver Totaled 11,574.26 Fine
Ounces During Week of Aug. 31.
According to figures issued Sept. 4 by the Treasury Department, 11,574.25 fine ounces of silver were received by the
various United States mints during the week ended Aug. 31
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
Aug. 31, 9,739.25 fine ounces were received at the San
Francisco Mint and 1,835 fine ounces at the Denver Mint.
During the previous week ended Aug. 24 the Department




Sept. 8

1934

purchased 376,503.65 fine ounces. The total weekly 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
• Corrected figure.

Ounces.
1,157
547
477
94,921
117.554
375.995
232,630
322,627
271,800
126,604
832,808
369,844
354,711
589,274
10,032
753,938
436,043
647,224

Week EndedMay 11
May 18
May 25
June 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

Ounces.
600.631
503,309
885,056
295,511
200,897
206,790
380,532
64,047
*1,218,247
230,491
115,217
292,719
118,307
254,458
649.757
376,504
11,574

The Treasury's statement of Sept. 4 contained a figure of
total receipts since the issuance of the Dee. 21 proclamation
and up to Aug. 31 of 11,712,000 fine ounces.
Silver Transferred to United States Under Nationalization Order-12,301,731 Fine Ounces During Week
of Aug. 31.

During the week of Aug. 31 a total of 12,301,731 fine
ounces of silver were transferred to the United States under
the Executive Order of Aug. 9, nationalizing the metal. A
statement issued Sept. 4 by the Treasury Department showed
that receipts since the order was issued and up to Aug. 31
total 71,854,841 fine ounces. The order was given in our
issue of Aug. 11, page 858. The statement by the Treasury
of Sept. 4 shows that the silver was received at the various
mints and assay offices during the week of Aug. 31 as follows:
Philadelphia
New York
San Francisco
Denver
New Orleans
Seattle
Total for week ended Aug. 31

Fine Ounces.
21.292
8,025,609
4,104.650
102,971
47,209
12,301,731

Following are the weekly receipts since the order of Aug. 9
was issued:
Week EndedAug. 17 1934
Aug. 24 1934
Aug. 31 1934
Total

Fine Ounces.
33,465,091
26,088,019
12,301,731
71,854.841

Receipts of Hoarded Gold During Week of Aug. 29,
$892,524-$38,634 Coin and $853,890 Certificates.
Figures issued by the Treasury Department on Sept. 4
indicate that gold coin and certificates amounting to
92,523.75 was received during the week of Aug. 29 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 Aug. 29, amount to $99,029,606.57. The figures show
that of the amount received during the week ended Aug. 29,
$38,633.75 was gold coin and
53,890 gold certificates.
The total receipts are shown as follows:
Received by Federal Reserve Banks:
Week ended Aug. 29
Received previously
Total to Aug. 29 1934
Received by Treasurer' Office:
Week ended Aug. 29
Received previously

Gold Coin.
Gold Certificates.
838,633.75
8846,590.00
28,878,338.82
67,312,150.00
828,916,972.57

368,158.740.00

8250,994.00

$7,300.00
1,695,600.00

Total to Aug. 29 1934
8250,994.00
81,702.900.00
Note.-Cold bars deposited with the New York Assay Office to the amount of
$200,572.69 previously reported.

Forthcoming Treasury Financing-Secretary Morgenthau's Conference With President Roosevelt at
Hyde Park, N. Y.
Following a conference at Hyde Park, N. Y., on Aug. 31
between President Roosevelt and Secretary of the Treasury
Morgenthau, the Treasury Department at Washington issued
on that day a statement to the effect that announcement of
the details of its Sept. 15financing would be made on Monday
next Sept. 10. This statement said:
Announcement of the terms of the Sept. 15 financing by the Treasury
will be made on Monday. Sept. 10, according to a statement to-day (Aug.
31) by the Secretary of the Treasury, Henry Morgenthau Jr.
The announcement will be confined to an exchange offering open to the
holders of the certificates of indebtedness maturing Sept. 15, and the fourth
Liberty loan 434% bonds of 1933-38, called for redemption on Oct. 15.

The Treasury financing program, to the amount of approximately $1,725,000,000, will involve exchange offerings
for $524,700,000 certificates of indebtedness of 13% maturing on Sept. 15, and $1,200,000,000 Fourth Liberty loan
43% bonds of 1933-38, called for redemption on Oct. 15.
The Washington correspondent of the New York "Journal
of Commerce" stated on Aug. 31 that Secretary Morgenthau,
after his conference with the President notified the Treasury
by long distance telephone to make the above quoted state-

Volume 139

Financial Chronicle

ment giving the nature of the program in issuing the routine
announcement as to the date on which terms of the offerings
will be made available. In the same advices it was stated.
To Dispel Rumors.
This course was taken at this time in order to correct the impression and
dispel published reports circulated throughout the country following Morganthau's recent radio address that the $2,800,000,000 "profit" earned of gold
would be used to cut down the public debt immediately.
The Secretary's address admittedly was intended to increase confidence
in the Adminstration as a means of facilitating September financing operations but Inflation interpretations were placed upon his promise that the
$2.800,000,000 "profit" on gold devaluation would "flow back into the
stream of our other revenues."
Officials gave no indication concerning terms of the new Government
issues, but bond market sources were of the belief that the exchange offering
for the $1,200,000,000 called Fourth Liberty 4It's would take the form of
five-year bonds bearing from 23 to 3%. These calculations also looked for
a short term Treasury note or certificate issues in the conversion of the 1 %
certificates of indebtedness.
It was felt that the $524,700,000 certificate exchange offerings would be
put out in two issues, probably $300,000,000 or thereabouts in Treasury
notes and $200,000,000 or thereabouts in certificates of indebtedness. The
Treasury statement's disclosure that no new borrowings would be included
in the September financing was taken to mean that the $1,300,000,000 cash
available is sufficient to meet requirements for the present.
Sept. 15 income tax installment payments are expected to sell the Treasury's cash in its general fund by $200,000.000 to $300,000,000.
As to the new exchange offerings the fact that terms of the financing are
to be announced only five days prior to Sept. 15 gave indication that the
issues would be for relatively short duration.

United States Treasury Reported to Have Stopped
Silver Buying Abroad Because of Effect on Dollar—
Tidal Wave of Silver Engulfing Government
Facilities at Assay Office and on Pacific Coast Mint.
From the New York "Sun" of last night(Sept. 7) we quote
the following:
It was reported to-day that the United States Treasury had stopped buying silver abroad for the present, presumably because the purchases had
helped to depress the exchange value of the dollar and affected Government
credit.
Commission houses handling silver orders reported that all indications
they received from abroad were that the United States was out of the world
market.
Silver purchases tend to build up a foreign balance of trade against this
country and so to weaken the dollar in the foreign exchange market. This,
in turn, is believed to have been reflected in the lower prices for Treasury
issues.
Withdrawal of the Treasury from the silver market is believed to be
temporary.

The following is also from the "Sun" of last night:
Silver Hoard.
It is now clear enough that it was not fear of an earthquake that caused
Secretary Morgenthau to move the gold out of the San Francisco mint to
Denver. He feared a tidal wave ofsilver, and it is just that which is engulfing the storage facilities of the Government on the Pacific and the Atlantic
Coasts. The silver subsidy is proving to be one for the shipping interests as
well as for the mining industry. Already the silver tonnage has submerged
the vaults at the new Assay Office and it was learned to-day that the Treasury took back its old Assay Office building on Wall Street. Trucks are
unloading silver there now in great style and the old eyesore of a building
doubtless will last as long as the new deal. Where bricks and mortar were
to have been piled to towering heights,silver ingots are covering the ground.
Silver Buying.
Those who are mystified by the fact that only three or four banks are
bringing in silver for the Treasury may assume that the Treasury is paying
a price which will net a profit only to institutions which have London offices.
In other words, there is not enough profit allowed by the Treasury to make
it worth while for a bank to employ a foreign correspondent to help it gather
the silver. There is even less profit, if not an actual loss, if a bank risks
bringing home silver for sale to the trade, for the price it might receive
would be less than that paid by the Treasury.

Secretary Morgenthau's reference, quoted above to "earthquake hazard," was contained in his comments anent the
transfer of gold from San Francisco to the Denver Mint,
noted in our Sept. 1 issue, page 1330.
Shipments of Mexican Silver Made to United States.
From Mexico, D. F., Sept. 4 advices to the New York
"Journal of Commerce" said:
Six metric tons of silver were shipped to the United States in one week
through the Laredo, Tex.,custom house,it is learned in local official circles.
The American Smelting & Refining Co.and the Ponoles Mining Co. are said
to have been the shippers. It is understood that the American nationalization of the white metal and the fixing of 50.1 cents inspired these large shipments. Six more metric tons are being assembled for early delivery to
American purchasers, it is learned.

San Francisco Gets Chinese Silver—Bullion Worth
More Than $10,000,000No Embargo Planned by
China.
The following from San Francisco, Sept. 5, is from the
New York "Times:"
The Admiral Line steamer H. F. Alexander will arrive here to-morrow
from Puget Sound with a shipment of Chinese silver bullion put aboard at
Victoria, B. C.,from a British vessel.
It is understood about half the shipment, which is valued at more than
$10,000,000. will go to the San Francisco mint, which now is striking off
large quantities of silver coins. The balance of the consignment will be
reshipped to New York. With storage space available in the local mint as
a result of the transfer of gold to the Denver mint, it is believed more than
ordinary shipments of silver will be received here.

A cablegram, Sept. 5, from Shanghai to the same paper
said:




1487

An official sopkesman declares the government is not contemplating an
embargo or an increase in the export duty on silver.
Enforcement of an embargo by the arrest of smugglers would be difficult
and the variations in exchange would be likely to defeat an embargo's
purposes, it is held.

Amendment to Treasury's Silver Regulations.
An amendment to the Treasury's silver regulations providing that persons who have delivered silver to mints on or
before Sept. 15 need not file a report on it has been issued by
Secretary Morgenthau, according to Washington advices to
the "Wall Street Journal" of Sept. 4 which gave the text of
the amendment as follows:
The silver regulations of Aug. 17 1934 are amended in Section 21 by adding
at the end thereof the following:
"A person regularly engaged in an industry, profession, or art requiring
silver who, on or before Sept. 15 1934 delivers to the appropriate mint an
Instrument, accepted by the mint, transferring to the United States title to
silver owned by such person which was situated in the continental United
States on Aug. 9 1934 is not required to file a report relative to such silver.
provided that the mint receives such silver (or, in case of a mixture, silver
which may be deemed to be such silver) on or before the dates for delivery
fixed in the instrument with the approval of the mint."
Another amendment relating to United States silver mixed with silver not
situated in the United States on Aug. 9, was issued by the Department. It
Provides that "in cases where silver situated in the continental United States
on Aug.9 1934 is, in the regular course of the owner's business of processing
or fabricating silver, mixed with other silver (i.e., silver not situated in the
continental United States on Aug. 9), the mint will receive such an amount
of the mixture as the mint is satisfied is equal to the silver situated in the
continental United States on Aug. 9, which entered such mixture, subject
to the condition that the balance of the mixture shall be deemed for all
purposes to be the other silver."

Denver Gold Receipts August Total At New High
In Recent Years.
From the "Wall Street Journal" of Sept. 6 we take the
following, from Denver:
Receipts of gold at the Denver mint in August established a new high
for recent years, with purchases aggregating 199,854 ounces. This compares with 50,968 ounces in the like month last year, an increase of 291.9%.
Silver receipts for August were 159,697 ounces, which compares with 16,170
ounces in August of last year, an increase of 887.6%. Value of August
gold receipts was $6,994,161, which compares with $1,053,991 in August
1933, an increase of 563.6%.
Gold receipts for the first eight months of 1934 were 969,011 ounces, an
increase of 94% compared with the like period last year. Value for the
eight months were $33,914,656, an increase of 108.5%. Silver for the
eight months was 1,083,934 ounces, compared with 131,350 ounces in the
similar period last year.

Filing of Registration Statements with FTC Under
Securities Act.
On Sept. 4 the Federal Trade Commission announced
that 12 security issues totaling approximately $10,750,000
have been filed with the FTC for registration under the
Securities Act. This amount, the FTC said, may be apportioned as follows:
Investment trust issues
Commercial-industrial issues
Reorganization issues
Certificates of deposit
Voting trust certificates

$5,650,000
2,534,750
2,404,887
128,000
25,729

The FTC added:
The reorganization matters are listed above at their face value. The
current market value or estimated current value would be slightly more
than $2,000.000.
Two organization matters involve chain store systems, namely the F. &
W. Grand Stores, with headquarters in New York, and the Crown Drug
Co.. Kansas City, Mo.

The registration statements made public Sept. 4 (10781089) are listed as follows:
Mutual System, Inc. (2-1078, Form A-1). 118 Bank St., Bridgeport, Conn.,
a Delaware corporation organized Nov. 12 1929. The corporation is a
holding company controlling several companies engaged in the personal
finance (small loan) business and intends to expand its operations in this
field.
It proposes to offer a total of $809,750 in common stock, preferred
stock, and debenture bonds. Twenty thousand shares of $25 par value
8% cumulative convertible preferred stock are to be issued at $25, of
which 8,414 shares are to be exchanged, par for par, for the outstanding
preferred stock of the subsidiary companies, and 11,586 shares are to be
offered to the public at $21.25 a share. Of 400,000 shares of non-voting
common stock authorized, registration is sought for 150,000 shares, to be
reserved for the conversion privilege of the preferred stock, and 100.000
shares, to be reserved for options granted to the underwriters. The bonds
total $24,150 in 6% series A and $35,600 in 7% series B "thrift bonds"
previously authorized, to be offered at par.
Among the officers of the company are: Fred H. Lovegrove, President:
Alexander M. Murchio, Treasurer, and W. Barker Seeley, Secretary, all
of Bridgeport. Underwriters are Phillips-Lovegrove. Inc., Bridgeport.
James Hanley Co. (2-1079, Form A-1), Providence, R. I., a Rhode Island
corporation organized July 9 1924, and now engaged in the brewing and
bottling of malt liquors, proposes offering $300,000 7% first mortgage
10-year bonds at 87% or $262.500: $100,000 5% five-year convertible
notes at 80 or $80,000, and 80,000 shares common stock at $5 or $400,000:
a total issue of $742,500. of which estimated proceeds of $550,000 will
be used for corporation expenses. Among officers are: Gerald T. Hanley,
Warren, R. I.. President and Treasurer, and Thomas B. Barry. Cranston,
It. I., Secretary. Mr. Hanley will have option to purchase from Bondell
& Co., Providence, R. I., the underwriters of a part of the securities to be
Issued under this registration, the whole or any part of 10,000 shares of the
company's common stock of $5 a share par value, which 10,000 shares are
a part of a block of 20,700 shares to be purchased by the underwriters.
This option will expire 60 days from date of issue of the 20,700 shares of
Bodell & Co.

1488

Financial Chronicle

Payore Gold Mines, Ltd.(2-1080, Form A-1). 357 Bay St., Toronto, Canada,
a Canadian company organized May 25 1934 to develop 28 gold mining
claims in Bourlamaque Township, Province of Quebec. The company
proposes to issue 100,000 shares of common stock at 35 cents each, or an
aggregate of $35,000; estimated proceeds of $17,500 to be used along with
$105,000 expected to be obtained from the sale of stock in Canada for
equipment and organization purposes. H.P. Pedden & Co.. Ltd., Toronto,
the underwriter, will purchase the stock at 17)i cents a share. J. E.
Vail, 401 North Broad St., Philadelphia. is the United States agent.
John T. Tebbutt or Three Rivers, Quebec, is President of the mining
company, and E. M. Tice, Toronto, Secretary-Treasurer.
MeBuren Mines Corp. (2-1081, Form A-1), Tombstone, Ariz., an Arizona
corporation organized July 26 1934 for the mining, milling and production
of silver, gold and other mineral ores. The company expects to issue
600,000 shares of common stock at $1 a share; estimated proceeds of $420,000
to be used for equipment, contingencies and working capital. A. J. Belfi
& Co., Inc., 527 Fifth Ave., N. Y. City, will receive a gross cash commission of 30 cents a share and will allow other dealers or sub-agents a
commission of 20 cents a share. Also Belli & Co. are to receive as a
bonus for their services 100,000 shares of the personal stockholdings of
V. G. Mellgren, President of the mining company, such shares to be delivered to Beth progressively in the proportion of one share for each six
shares of common stock as sold for the issuer's account. R. E. Grace
of Phoenix, Ariz., is Secretary of the mining company, and Louis Heilbron
of Texarkana, Tex., Treasurer.
Durango Placer Gold Mining Co. (2-1082, Form A-1), a Delaware corporation qualified to do business in Delaware and Colorado, located at
925-9 Market St., Wilmington, Del., proposes to offer an issue of $347,500
in $1 par value common stock. The company was organized March 2
1934 to carry on a business of mining, manufacturing, and dealing in gold,
silver, copper, lead, zinc, brass, and other metals, and to deal in and
operate timber, mining, oil, water power, and other claims and properties.
260,000 shares of stock are to be offered as follows: First 100,000 shares
at a price not exceeding $1 per share, next 50.000 shares at not over $1.25
per share, next 50,000 shares at not over $1.50 per share, next 50,000
shares at not over $2 per share, and 10,000 shares to be turned over to
the dealers in lieu of selling expenses. Executive officers are: J. T.
Beardsley, Durango, Colo., President; William H. Kolloge, Vice-President,
and William T. KoHoge, Secretary-Treasurer, both of Milwaukee. Underwriters are Miller-Murray & Co., Inc., 444 Madison Ave., New York.
The Maryland Court Bondholders Protective Committee (2-1083, Form D-1),
Chicago, calling for deposit of original issue of $128,000 first mortgage
Maryland Court Apartment bonds pending reorganization plans. The
bonds, currently valued at $42,666 for registration purposes, constitute a
closed first mortgage on the Maryland Court Apartment, 824-32 East
53d St., Chicago. The last semi-annual current interest payment was
defaulted and taxes have not been paid in over two years. No plan of
reorganization is contemplated prior to deposit of the bonds. Members
of the committee are: R. G. Mueller, Herbert H. Kant, Tobert E. Parks,
Albert Eger, Oscar Friend, and George H. Marshall, all of Chicago. The
address of the committee is Room 324, 11 South La Salle St., Chicago.
Properties Realization Corp. (2-1084, Form E-1), a New York corporation
located at 902 Broadway, N. Y. City, proposes to offer $25.729 worth of
$1 par value capital stock in a plan of reorganization. The stock is to be
offered in exchange for 6% convertible sinking fund gold debentures of
F.& W.Grand Properties Corp. having a total market value of $777,398.75.
The basis of exchange is to be one share of capital stock for each $100
principal amount of debentures. The total principal amount of the
debentures is 32,488,500. Also involved in the exchange are certain
claims totalling $96,242.64 at face value and currently estimated at $32,080.88. No basis of exchange for the claims has yet been determined.
Total amount of the issue as listed for registration purposes is $809,479.63.
Directors of Properties Realization Corp. are: Darragh A. Park. Robert
Le Roy and William B. Neergaard, all of New York, and D. C. W. Birmingham of Pittsburgh. (See 1085 as follows):
Darragh A. Park, William 6, Neergaard, and D. C. W. Birmingham,
Voting Trustees (2-1085. Form F-1), issuing voting trust certificates representing $25,729 in $1 par value capital stock of Properties Realization
Corp. under a voting trust agreement. The shares are issued in a plan
of reorganization and are to be offered in exchange for bonds and claims
of F. & W. Grand Properties Corp. The address of the voting trustees
is care of Cadwalader, Wickersham & Taft, 14 Wall St., N. Y. City.
(See 1084 above.)
Future Requirements Plan., Inc. (2-1086, Form C-1), N. Y. City, offering
a $2,500,000 thrift or saving plan. Certificates to be issued are of cumulative type and of interminable number. Underlying the plan are investment and trust shares of Trusteed Industry Shares. The trustee is the
Pennsylvania Co. for Insurances on Lives & Granting Annuities of Philadelphia. Officers of Future Requirements Plan, Inc., are: Walter G.
White, New York, President; A. F. Taylor. Pittsburgh. Vice-President;
John J. Kane, New York. Secretary; George D. McCormick, Newark.
Treasurer, and F. C. Campbell, Pittsbrugh, Assistant Treasurer. The
offices of the company are located at R. K. 0. Bldg., Rockefeller Center,
N. Y. City.
Medico-Dental Building Co. of San Diego (2-1087, Form E-1), 233 A St.,
San Diego, Calif., a California corporation organized under a reorganization
plan and to be engaged in the operation of a 14-story office building.
The company seeks to register $555,000 principal amount of first closed
mortgage bonds and new interest coupons, the bonds being divided into
denominations of 3100. 3500 and 31,000. For registration purposes the
issue is valued at one-third of the face value, or 3185.000. Under the
reorganization the interest rate of coupons will be lowered while one principal
maturity for all bonds will be provided and changes will be made in sinking
fund requirements. The property pledged or mortgaged is the 14-story
office building mentioned above. Among officers of the company are:
Charles 0. Richards, San Diego, President; E. H. Jocelyn, San Diego.
Secretary, and C. C. Simpson, Los Angeles, Treasurer.
Crown Drug Co., Inc. (2-1088, Form E-1), 2108 Central St., Kansas
City. Mo., a Delaware corporation proposing to offer in a plan of reorganization preferred stock, common stock, scrip certificates and serial
notes in exchange for securities of subsidiary companies estimated to have
a current aggregate value of 31,040.408.47.
The company was organized June 8 1934 as a result of the merger of
Crown Drug Stores, Inc., and Larimore-Woods Drug Co. to acquire all
of the outstanding stock of the Crown Drug Co. (Mo.), Larimore & Co.
(N. Y.) and the Woods Drugs, Inc. (Del.). Through these subsidiaries
it owns and operates the following retail drug store chains: Steinberg's
Drug Stores, with stores in Kansas City, Mo., and vicinity, and in Tulsa
and Oklahoma City, Okla.; Woods Drug Co., with stores in Birmingham.
Ala., and vicinity; and Nauheim, Inc., and Reid & Snyder. Inc., both
with stores in New York City.
The new securities to be offered are 31,932 shares of 7% cumulative
convertible preferred stock, par value $25: 506,303 shares of common
stock, par value 25 cents; $135,000 principal amount serial 6% notes




Sept. 8 1934

scrip certificates representing fractional shares of common stock, but to
represent not more than an.aggregate of 100,439 shares.
These securities are to be offered in exchange for certain securities of
the subsidiary companies as follows: One share of preferred and one
share of common stock for each share of 7% cumulative convertible preferred stock of the Crown Drug Stores, Inc.; one-half share of common
stock for each share of Crown Drug Stores. Inc., common; 6,000 shares of
preferred, 348,000 shares of common, and $135,000 in serial 6% notes in
exchange for the entire 237,000 outstanding common shares of LarimoreWoods Drug Co., plus $135,000 In cash.
Economic Analysis, Inc. (2-1089. Form C-1), 14 Wall St., N. Y. City,
proposing to issue "Mutual Custodian Accounts," series A of New York,
in the form of 3,000,000 certificates at an aggregate offering price of
$3,150,000. To each custodian account will be allocated a certain number
of units depending on the amount of money tendered by the principal for
the establishment of an account. Securities and other property composing the trust, which are listed or commonly dealt in on the New York
Stock Exchange, will be purchased on that Exchange. If not so listed
or dealt in, they will be purchased on recognized exchanges where possible:
otherwise in the manner directed by the company's investment manager
who makes all such purchases. Officers of the company are as follows:
Clinton Davidson, President; Jackson Martindell, Vice-President, and
Richard B. Jones, Vice-President and Treasurer, all of New York City.

The FTC, in announcing the above, said:
In no case does the act of filing with the FTC give to any security its
approval or indicate that the FTC 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 Sept. 1, page 1326.
United State Supreme Court Asked to Review Decision
Holding W. P. MacCracken, Jr. Not Liable to Jail
Sentence for Alleged Contempt of Senate in Air
Mail Inquiry.
Officials acting on behalf of the Senate on Sept. 1 asked
the United States Supreme Court to review the decision of
the District of Columbia Court of Appeals which ruled that
William P. MacCracken, Jr., former Assistant Secretary of
Commerce, was not required to serve a ten-day jail sentence
for his refusal last Winter to surrender certain papers subpoenaed by the Senate in its investigation of air mail contracts. The petition filed on behalf of the Senate said that
"the case involves a question of much importance affecting
the power and authority of the Senate of the United States
to deal with a contumacious witness." Associated Press
advices from Washington Sept. 1 quoted further from the
petition, and reviewed the history of the case, as follows:
"It is desirable that this question be definitely determined in the interest and for the guidance of the two Houses of Congress in future proceedings and also of those who may be involved, concerned In or affected
by such proceedings."
The Supreme Court was informed that the specific question concerns
"the power of the Senate to arrest and bring before it for punishment
a recalcitrant witness, who, after being served with a subpoena requiring him to produce his files touching on a subject properly under investigation by the Senate, willfully secretes or destroys documents in those
files, or permits them to be secreted and destroyed."
During the air mail investigations which resulted in the annulment
of all air mail contracts. MacCracken was subpoenaed to appear before
the Senate Investigation Committee with all documents in his possession
relating to the contracts.
MacCracken refused to produce any papers on the ground they were
privileged under the relationship of attorney and client. He later asked
his clients to authorize production of the documents, but some of the papers
were removed before he finally complied.
The Senate called for his arrest and, in the end, he was convicted by
the Senate of contempt.

Senate Munitions Investigating Committee Opens
Hearings—Officials of Electric Boat Co. Testify
Regarding Sales of Submarines Throughout the
World—Admit Close Working Arrangement with
British Manufacturer.
The Senate Munitions Investigating Committee opened
hearings at Washington on Sept. 4 as the beginning of an
extensive inquiry at which it is expected that at least one
hundred officials of American companies engaged in the
manufacture and sale of war supplies will be asked to testify.
The hearings this week were devoted to testimony by officers
of the Electric Boat Company of Groton, Conn., which is one
of the principal manufacturers of submarines in the world.
Testimony on Sept. 4 is said to have revealed the existence
of a working agreement between the American firm and
Vickers, Ltd., a British manufacturer, designed to dominate
submarine construction throughout the world. It is also said
to have been alleged that the Electric Boat Company made
large payments as "commissions" to Sir Basil Zaharoff, for
many years one of the leaders in the European munitions
industry.
Newspaper accounts of the reports of the testimony at the
hearing on Sept. 5 are to the effect that the Electric Boat
Company sought to aid Peru to obtain a loan in the United
States so that Peru might purchase submarines.
We quote, in part, from a Washington dispatch of Sept. 4
to the New York "Times" regarding the opening bearing of
the investigation:

Volume 139

Financial Chronicle

Sir Basil, "man of mystery" of the European munitions industry, received
more than $2,000,000 over a period of.yeare from the Electric Boat Company, it was testified. About $326,000 was paid to Captain Luis Aubry of
the Peruvian Navy for activities in behalf of the company in South America.
Scores of letters and other documents taken from the files of the Electric
Boat Company by committee investigators were piled high on the big table
behind which Senator Nye, Chairman, and other members of the committee
sat.
These were said by Senator Nye to be "only samples" of what is to follow
In the weeks ahead. . . .
While Sir Basil's name does not appear on the list of Electric Boat stockholders, Henry It. Carse, President of the company, said Sir Basil had told
him he was a stockholder, but not under his own name.
When the committee convened, Mr. Nye asked Mr. Carse, Lawrence Y.
Spear and Henry It. Sutphen, the latter being Vice Presidents of the Electric
Boat Company, to come forward. The committee decided to put them all
on the stand at the same time, so that if one were unable to answer a question
another might.
There were no preliminaries, and the first question directed at Mr. Came
had to do with the relations of the American with the British company.
The two companies, said Mr. Curse, had divided the world into submarine
trade areas, the Electric Boat Company reserving exclusive building rights
for American territory and Cuba while the same exclusive privileges were
enjoyed by Vickers in territories under the British flag.
American Patents Used.
To the Vickers company was permitted use of American patents, and it
paid a percentage of profits in return for their employment.
The same was true of an Austro-Hungarian company which entered into
a similar agreement before the World War. As a result of that agreement,
testimony disclosed, American patent secrets leaked to Germany and were
used in the designing and equipment of the U-boats that preyed on American
and allied merchant and naval ships during the war.

United Press advices from Washington on Sept. 5 described
the hearing on that day in part as follows:
Senator Bennett C. Clark brought out that fact that Henry R. Carse,
President, Electric Boat Co., took Luis Aubry, Peruvian representative of
the concern, to the Chase National Bank to seek a loan.
"Did Aubry have any authority from Peru to seek a loan?" inquired Mr.
Clark.
"No," Mr. Came replied.
The Committee brought out that Juan Leguia, son of the late ?resident
of Peru, had agreed to try to sell some submarines to the Peruvian Government. The Electric Boat Co. agreed to pay him a $40,000 commission, but
the sale was not made.
. .
Mr. Clark charged that an "Admiral Woodward" was involved. in the
attempt to obtain a loan for Peru.
"They were using an American Admiral as a go-between for the loan,"
snapped Mr. Clark.
Rear Adminarl Clark H. Woodward of the Navy's general board, denied
he was involved in seeking the loan when he was informed of Clark's charge.
"Any statement that I acted as go-between could only be based on lies,"
he said.
Mr. Woodward was Chief of Staff of the Peruvian Navy under Congressional authority from 1923 to 1926.
Secretary of Navy Claude A. Swanson pledged co-operation to the Senate
Investigators to-day and said he would make available all documents pertaining to subjects now under investigation. Ile expressed surprise at the revelation yesterday that Electric Boat Co. and Vickers, Ltd., British munitions
concern, split profits.

Under date of Sept. 5 advices from London to the New York
"Times" said in part:
Sir Charles Craven, Stanaging Director of the Vickers-Armstrong Company, flatly denied any knowledge to-day of a letter attributed to him and
read by Senator Nye at yesterday's munitions hearing in Washington.
Introduced along with evidence that Vickers and the Electric Boat Company of Groton, Conn., had an agreement to divide the world submarine
market, the letter mentioned "expenditure" as necessary in a certain deal
and was said by Senator Nye to have suggested "bribery."
Sir Charles refused to discuss the matter further beyond admitting that
the agreement as to submarines was made in 1900 between the Electric Boat
Company and Vickers, Ltd.,"with the full approval of the British Admiralty."
The American company was the pioneer of practical submarines,"
he
said. "Trials of the first submarines built by Vickers for the British navy
were actually carried out by officials of the Electric Boat Company."

No Announcement on New Tax Program Before January, According to Secretary of the Treasury Morgenthau—Says Revenue Plans Will Be Studied by
Experts.
There will probably be no announcement regarding
the
Administration's tax program until President Roosevelt
submits his message to Congress next January, Secretary
of the Treasury Morgenthau said on Sept. 6 in denying
newspaper reports that the Administration had agreed upon
a new tax program. In the meanwhile it is expected that
Dr. Roswell Magill, of Columbia University, will devote
part of his time to studying passible tax revisions. Dr.
Jacob Viner, Treasury economist and adviser on banking
and taxation, will furnish Dr. Magill with research data in
connection with the preparation of the latter's revenue report. A Washington dispatch of Sept. 6 to the New York
"Journal of Commerce" added the following with regard
to the Treasury's taxation plans:
"It has not yet been determined whether taxes will remain as at
present,
raised or lowered," Mr. Morgenthau said. "The study has just started."
Emphasizing that absolutely no program has been developed so
far, the
Treasury Secretary explained that Dr. Magill, who has been placed
in
charge of the legislative tax plan, only last night was given permission by
the dean of Columbia University to continue his Government activities.
"In fact," the Secretary said, "it was not determined definitely
until
last night that Dr. Magill would give any time to the taxation study during
the coming few months because of his duties at Columbia University."




1489

However, the university agreed that Dr. Magill could give some time to
the taxation matter. On his return to New York he will prepare a report
for submission to Mr. Morgenthau.
It was indicated that Dr. Magill would suggest a number of sources of
taxation and express his opinion as to the amount of money that would
be raised by each. The Government then would select one or more of
these sources, depending upon the amount of revenue required. These
sources would be recommended to Congress.

Upton Sinclair, Ex-Socialist Who Won Democratic
Nomination for Governor in California, Confers
with President Roosevelt—Silent on Topics of
Conversation, but Declares There Are No Essential Differences" Between His Policies and New
Deal.
Upton Sinclair, former Socialist and author, who for many
years has been one of the strongest supporters of Socialistic
doctrines in the United States, visited President Roosevelt
at Hyde Park, N. Y., on Sept. 4, following his nomination on
Aug. 29 as the Democratic candidate for Governor of California. Mr. Sinclair won the nomination by an overwhelming
majority over George Creel, who had the political support of
the Roosevelt Administration in the primary contest. Mr.
Sinclair's platform was based on his plan called "End Poverty in California," usually described as "EPIC." United
Press advices from San Francisco on Aug. 29 summarized
the principal features of his policies as follows:
Land colonies, on which the poor may produce their own food materials.
Use of abandoned factories by unemployed to make goods of their own.
Issuance of scrip by which unemployed may exchange manufactured articles
and agricultural produce.
A graduated tax on incomes, beginning at $5,000. A State inheritance tax.
Provision of a $50 monthly pension to aged and disabled persons and the
blind who have lived in California for three years.

Mr. Sinclair's conference with the President on Sept. 4
lasted two hours. Mr. Sinclair refused to discuss the subject
of his conversation with Mr. Roosevelt, but praised the President highly, and declared that "there are no essential differences" between the EPIC plan and the New Deal. Asked if
the EPIC plan is an extension of the New Deal, he replied,
"The New Deal has caught up with it."
On Sept. 5 Mr. Sinclair went to Washington to confer with
Government officials. A Washington dispatch of Sept. 5 to
the New York "Times" commented on this visit as follows:
The life-long Socialist was singing the praises of the Democratic party
and, regardless of the fact that his embracing the new faith was accomplished by pushing the Administration's hand-picked candidate out of the
nomination for Governor of California, he claimed the blessings and fellowship of other "good Democrats."
He had hardly set foot in Washington before he announced that the National Committee Chairman, Mr. Farley, had bid him, "Call me Jim"; and
as for President Roosevelt, he suggested that the Chief Executive had already
nationalized the ideals behind the EPIC (End Poverty in California) plan
by which he expected to socialize the Golden State if elected its Governor.
Nevertheless those at party headquarters here looked askance at one who
they had been led to believe was an unwanted addition to the family. They
did not sponsor his visit and an inquiry at the National Committee offices
as to why they were not distributing copies of Sinclair's speech to the National Press Club was answered by the abrupt hanging up of the telephone
receiver at the other end of the line.
Mr. Sinclair came to Washington primarily to confer with a group of
"New Deal" agents. He met to-day with Harry L. Hopkins, Administrator
of Federal Emergency Relief; Jacob Baker, his assistant, and J. J. Thomas,
Acting Governor of the Federal Reserve Board. Tomorrow he expects to
see Secretaries Morgenthau and Ickes, and William I. Myers, Governor of
the Farm Credit Administration.

Federal Court Issues Restraining Order Barring Removal of Names from Congressional Primary Lists
in Louisiana—Regarded as Victory for Opponents
of Senator Long of Louisiana.
United States District Judge Borah of Nov Orleans on
Sept. 4 issued a restraining order against It. J. Gregory,
Registrar of Voters, commanding him not to remove any
names from the list of voters to be used in the Congressional
primary on Sept. 11. This action was regarded as a victory
by the opponents of Senator Long of Louisiana, who has been
charged with dominating the State's political machinery, and
with controlling the actions of the Governor. Senator Long
has recently been engaged in a controversy with Mayor
Walmsley of New Orleans and with other city officials, who
declare that an investigation of alleged gambling and vice
conditions in New Orleans, voted by the Legislature, is being
conducted only because Senator Long is seeking to oust Mayor
Walmsley and his adherents and gain control of city positions. Senator Long denies this, and has described conditions
In New Orleans as "shocking and deplorable." An investigation, from which representatives of the press were barred,
has been conducted this week,and at these hearings witnesses
have testified regarding alleged vice and graft in the city.
Members of the National Guard have been guarding Senator
Long and some of the buildings in the city since the start of
the investigation.
We quote, in part, from Associated Press New Orleans advices of Sept. 4, as given in the New York "Times." regarding

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the action of the Federal Court in granting the restraining
order:
The registration office is and has been for more than a month in possession.of Senator Long's national guardsmen who broke in under cover of darkness to take control amid a great clatter of arms.
Senator Long was directing the inquiry of his Legislative Committee into
asserted charges of vice and corruption in the city government of Mayor
Walmsley. The committee and Senator Long were under the protection of
State soldiers.
The petition was submitted in Federal Court by two voters, A. Morgan
Brian and Ernest P. Miller, who charged that Senator Long, Governor 0. K.
Allen, the Registrar of Voters and General Raymond H. Fleming, head of
the National Guard, on the night of July 30 1934 "entered into a conspiracy,
the object of which was to deprive the plaintiffs of the right to vote" in the
Sept. 11 primary.
The petitioners claimed that their only appeal was to the Federal Court,
since the recent special session of the Legislature, which made Long "dictator"
of the State, had passed laws which prevented the State courts from interfering.
Ordered to Appear Friday.
Registrar Gregory was directed to appear Friday to show why the restraining order should not be made a temporary injunction.
The Registrar said he was keeping a close watch on the voting rolls to see
that they were not tampered with.
Mayor Walmsley, battling to prevent Senator Long from seizing politioal
control in the city, hailed the signing of the order as "highly significant."
"Now that the United States courts have stepped in, we feel secure that
the rights of the independent voters will be protected. This is a great day
for Long's enemies," he said.

Secretary of Commerce Roper in Labor Day Address
Declares Administration Seeks "Just Profits" for
Private Business.

Secretary of Commerce Roper, in a Labor Day address in
Birmingham, Ala., on Sept. 3, declared that the Roosevelt
Administration "stands squarely behind the principle of
just profits for private business." He added, however, that
the Administration will insist that "profit abuses" shall be
discontinued, and that "equitable rewards" be granted to employers, employees and capital. The aim of the recovery program, Mr. Roper said, "is a balance in profits for all who
participate in making these profit returns possible." Every
Constitutional Amendment in the past century, he declared,
was designed "to give human rights a comparable status with
property rights." We quote below, in part, from his address:
Efforts at the stabilizing and safeguarding of society will not succeed
unless the people generally insist on controlling society-destroying influences
like those that disrupt our sacred home life and also those like profiteering,
racketeering and other forms of law-breaking. Such evils, if continued,
will upset all balance between individuals, groups of individuals and the
co-operative relationship between groups and their Government. Unless this
fundamental principle is appreciated and observed by the masses of the
people, the nation cannot, through police power alone, save the people.
Humanity must recognize that men and women are charged with the
duty of protecting each other and of protecting society. Civilized people will
never be able to discard the principle that man is his brother's keeper. Men
and women like those constituting this audience have a great responsibility
in this regard. If they realize this and are willing to talk, work and act
accordingly, our democracy can and will be sustained. Otherwise, serious
times will be encountered by our nation and our people. Moral bankruptcy
would surely be followed by economic bankruptcy.
The principle of economic balance is particularly far-reaching and significant. Business depressions in our past history have been characterized
by which might be called automatic readjustments. Affairs were managed
on the theory that natural economic forces eventually bring about harmony
and balance.
In the light of recent disasters, our challenging duty is to devise social
and economic controls for the future that will protect property rights and
human rights in righteous balance. If we are to maintain balanced thinking
in respect to this new order of economic and social affairs we must not misinterpret plans designed to alleviate past evils as actions which will eliminate
rather than regulate constructive factors in our democracy. I refer particularly to individualism and profits. Constructive individualism is the real
flower of our type of civilization. Excessive individualism, such as characterized some of our activities during the past 15 or 20 years, is a rank weed
that multiplies into innumerable destructive evils.
Because the present Administration at Washington insists upon the removal
of the evils of excessive individualism does not mean in any sense that constructive individualism necessary for the balanced personal and national
life is to be thwarted or hindered. The Roosevelt Administration, as I have
repeatedly stated, stands squarely behind the principle of just profits for
private business. It does insist, however, that profit abuses shall be discontinued. The program seeks equitable rewards for employers, employees
and for capital. All thinking people admit frankly that neither the farmer
nor the laborer has heretofore shared equitably in many cases in the rewards
from our economic processes. The objective sought is simply to secure and
maintain a balance in profits for all who participate in making these profit
returns possible.

Donald R. Richberg Estimates 5,000,000 Families Will
Be Receiving Federal Relief by Mid-Winter--Third
Report of Head of Executive Council States Usual
Seasonal Increase in Relief Needs Will Be Accentuated by Drought Conditions.
Five million families, or approximately 20,000,000 persons,
will be on Federal relief rolls by February, it was predicted
by Donald R. Richberg, Executive Director of the President's
Executiire Council, in a report made public on Sept. 2. This
report, entitled "Relief of Destitution," was the third of a
series by Mr. Richberg outlining the objectives and accomplishments of various branches of the Administration's recovery program. The first two reports were described in




Sept. 8 1934

our issue of Sept. 1, pages 1338-39. Mr. Richberg also issued
a statement accompanying the third report in which he denied that the Government contemplates financing strikes,
and asserted that the amount of relief payments that can be
attributed to strikes is negligible. "The number of workers
Involved in strikes during the last year," he said, "has been
a very small percentage of the total number of employed
workers and a smaller percentage than in previous comparable periods."
The report on relief said that Federal relief costs are currently about 8125,000,000 per month, while special relief will
be furnished to 23 States in the drought area. It was estimated that relief funds now on hand will be depleted by the
middle of January. The report held little hope of an early
slowing down of relief activities, but said instead that "it is
probable that the trend of relief will be upward in the course
of the next eight months," with the severity of the drought
and the usual seasonal winter increase in relief combining to
indicate "a probable relief load of 5,000,000 families in
February 1935."
The increase in Federal relief expenditures began in October 1933, the report noted, with the upward movement more
pronounced in November of last year. The report described
the work of various relief agencies,including the Civil Works
Administration, the Civilian Conservation Corps and the
Federal Emergency Relief Administration. Extracts from
the report, containing the principal features emphasized by
Mr. Richberg, are given below, as contained in a Washington dispatch of Sept. 2 to the New York "Times":
The principal agency established for the relief of destitution is the Federal Emergency Relief Administration, but in co-operation with the FERA
certain other agencies have been established and the aid of the various departments of Government has been enlisted.
On May 22 1933 the FERA succeeded the Reconstruction Finance Corporation iii the relief field, the RFC having loaned $300,000,000 to States
and localities. More than 4,200,000 families were receiving relief from
public funds when the FERA began operations in May 1933.
In March 1933, 4,560,000 families were receiving relief, and total expenditures (obligations incurred) during that month for relief and administration were $81,205,000. By June 1933 the figures had declined to 3,789,000
families and $66,339,000.
The number of single resident persons receiving relief during the first six
months of 1933 is not available.
In July 1933, 3,451,874 families, plus 455,000 single residents, made a
total of 3,906,874 cases involving 15,282,000 persons with total obligations
incurred of $60,155,000.
Through increase in private employment, only in part attributable to
seasonal causes, the relief rolls declined steadily from March 1933 to the
end of September, then rose, and then dropped abruptly toward the end of
the year through transfers from relief rolls to the Civil Works Administration program.
Relief Load Bose in October 1933.
. . . The total number of cases (families and single resident persons)
began to increase in October 1933, and this upward movement became more
pronounced during November. This increase in the relief load was partly
due to the decline in employment after September.
In November the relief load exceeded 3,800,000 families and single reeldent persons, or more than 15,000,000 persons. With winter approaching
and relief needs increasing, it became evident that some unusual method
would be necessary to meet the unemployment crisis.
Since most of the relief persons were employable, it was believed advantageous to them and to the public at large to find jobs for them.
Accordingly, the CWA was created on Nov. 8 1933, with a $400,000,000
fund from the PWA to begin operations.
Between Nov. 16 and Oct. 1 approximately 2,000,000 persons were transferred from the relief rolls to Civil Works projects and an additional
2,000,000 unemployed persons were to be given jobs.
Under the Federal Civil Works program the various Federal departmenta
co-operated with the CWA by designing, developing and supervising many
economically desirable projects.
300,000 CWA Workers at Peak.
At the peak of the program approximately 300,000 Civil Works employees
were working on these Federal projects. The remainder of CWA employment was in State and local projects.
On Nov. 20 1933 work relief under the FERA was abolished and the
projects were taken over on the Civil Works program. The Civil Works
program rapidly developed, and for the week ended Jan. 18 over 4,100,000
persons were employed, with the payroll for the week aggregating $62,024,854. Thereafter both employment and payrolls were curtailed.
As a result of the closing of the Civil Works programs, relief rolls increased sharply in April 1934, when 3,864,765 families and 582,738 single
residents, or a total of 4,447,503 cases, were found on relief, covering
16,825,975 persons; and obligations incurred were $112,527,000.
With the close of the CWA a work program was instituted by organizing
emergency work divisions under the direction of State Emergency Relief
Administrations. About 1,600,000 oases, out of a total of 4,200,000, are
now benefiting from the work program. .
.
As above outlined, the three major programs of the past year were direct
relief, Civil Works and the emergency work program.
Relief standards have been raised in certain areas, particularly in the
South, where the average is still extremely low. In 1933 the Federal Government's contribution of $470,115,000 was 60.6% of total governmental
relief costs.
State governments contributed $113,000,000, and local governments the
balance of $200,000,000. These figures exclude all expenditures of the Civil
Works program and for commodities distributed by the Federal Surplus Relief Corporation. Of course they do not include relief extended from
private funds.
Rural•Aid Programs Begun.
. A rural rehabilitation program was inaugurated in April 1934, in co-operation with the Department of Agriculture. This includes the selection of

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Financial Chronicle

poor land by the Agricultural Adjustment Administration and other Federal
agencies, and the purchase of the land and rehabilitation of the people by
the FERA, either by their voluntary movement to more fertile land or by
employing them on land policy projects.
The relief families in towns of less than 5,000, the program includes development of work centers and commodity exchanges and the resuscitation
of dormant industries.
Work on the Woodlake, Tex., project, creating a co-operative rural community of 100 families, began in February 1934, and the families (the heads
of which had worked on the project) moved in on Aug. 11 1934.
Based on a 15-year amortization, the yearly cost plus rural sustenance is
less than the yearly cost of maintaining a family on the relief rolls in the
city of Houston, Tex., from which the families were recruited.
The Administrator of FERA reports that this experiment indicates that
stranded urban families may be permanently self-supporting in rural communities at less financial outlay by the Government than the cost of direct
relief in the cities.
This money will be eventually paid tack to the State through non-profit
corporations and will provide a rotating fund to be used in the building of
many rural communities.
The rural rehabilitation division believes that promoting the organized
rural communities for part-time work in farming and industry is the cheapest form of emergency relief for thousands of permanently stranded families
in the cities.
Drought Created Emergency.
The unprecedented drought has created an acute emergency in 23 States,
1,059 counties having been certified by the Department of Agriculture as
being in the emergency-drought area and 347 counties in the secondary
drought area. The FERA is co-operating with the Department of Agriculture and affiliated organizations in measures of relief, detailed in the report
of the Administrator.
Recreational projects are under consideration and investigation, so that
submarginal land within easy access to great masses of population can be
put to recreational use.
The Relief Administration also has undertaken the following activities:
1. Emergency educational program to take care of unemployed teachers
and extend educational opportunities to the unemployed. In February 46,500
teachers (estimated) served more than 1,500,000 students.
2. The transient relief program was caring for over 213,000 persons, on
che basis of the transient census taken July 16 1934.
3. The Federal Surplus Relief Corporation established by FERA has distributed more than $75,000,000 of surplus commodities for relief purposes.
Extensive research activities have been undertaken to provide adequate
Information concerning the need and effectiveness of tmporary and permanent relief measures.
The Emergency Conservation work was authorized by Act of Congress
approved March 31 1933, and was organized on April 5 1933. Within three
months about 300,000 unemployed men were assembled in the Civilian Conservation Corps and placed in 1,468 forest camps. In almost every case
these men were selected from relief rolls with an arrangement to allocate
five-sixths of their pay to their individual dependents.
Tells Aim of the CCC.
The objectives of the CCC were to give employment to men on relief and
build them up physically and mentally and to inaugurate a sound conservation program for the nation's timber resources, reducing annual losses by
fire, pests, soil erosion and floods.
Authorized enrolled strength of the forest units to-day is 369,838. Of
these, 352,600 are members of the CCC, 14,861 are Indians on Indian reservations, and 2,377 are employed in outlying possessions. The CCC includes
284,125 men between 18 and 25 years of age, 33,225 war veterans, and
35,250 experienced woodsmen.
The actual enrolment as of Aug. 15 was 359,870, with 1,696 camps in
operation and 32 camps in preparation for occupancy in the drought area
within two weeks. The total number of persons on the Emergency Conservation payroll as of Aug. 15 was approximately 895,000.
It is worthy of comment that an average of 10,000 men are now leaving
the camps each month to accept employment as compared with an average
of 5,000 a month for last October, November and December.
Among the achievements of the MC are the construction of more than
30,000 miles of truck trails through forests and parks over which fire-fighting units can be operated; the construction of 22,000 miles of firebreaks,
and the laying of 19,500 miles of telephone wires to connect lookout houses
with fire-fighting stations.
.
Navy Gave Work to 12,100.
The Navy Department has . . . co-operated with the CWA in projects for work at more than 90 stations in 22 States and Hawaii, employing
12,100 persons. On termination of the work, April 28 1934, these projects
were 73% completed.
The Bureau of Fisheries has employed 2,451 persons on projects for which
$38,000 was allotted.
With an allotment of $105,000, the Bureau of Air Commerce has assisted
State and municipal authorities in the construction of 1,005 airports, In
which work it is estimated that at the peak of the program 25,000 men were
employed.
With an allotment of $1,191,000, the Bureau of the Census has completed
2,185,000 reports on the census of wholesale, retail and service, amusement
and hotel industries.

Secretary Perkins in Labor Day Address Advocates
"Steady Profits" for Industry, Based on High
Wages—Describes Social Insurance Plans—Leaders of Organized Labor Cite Advances Made by
Unions in Past Year.
Secretary of Labor Perkins, in a Labor Day radio address,
delivered in Boston on Sept. 3, declared that one of the objectives of the present Administration is "steady profits,"
but she added that there is a close relationship between industrial profits and good wages. By retaining wages at a
high level, Miss Perkins said, "we can build up that internal
expansion for our markets which is so essential for the utilization of our idle capital and the employment of unemployed
labor, and the steady flow of profits to those who have the
ingenuity and courage to step forward into manufacturing
or distribution in a new field." She pointed out that the




1491

sayings of many people are invested in industry, and ad-

mitted that these investors "are entitled to expect the maintenance of profits."
Miss Perkins, in her address, described the Administration's plans for unemployment insurance and old age pensions as part of its program of social legislation, and she said
that social insurance will not retard recovery. She stated
that such a program should take into consideration farmers
and self-employed workers, as well as wage earners. Discussing the trend in employment over the past year, she said
that employment in factories, mines, stores and other private enterprises which report regularly to the Department
of Labor is 34% above March 1933.
We quote below, in part, from Miss Perkins's speech in
Boston:

We as a people can accomplish this by achieving the industrial balance
which the National Recovery Administration and other recovery measures
are so well equipped to provide through steadily increasing purchasing power,
enabling our people to buy more of the products of our mass-production system and our farms for their comfort and well-being. Thus we can build up
that internal expansion of our markets which is so essential for the utilization of our idle capital and the employment of unemployed labor, and the
steady flow of profits to those who have the ingenuity and the courage to
step forward into manufacturing or distribution in a new field.
The savings of many people are invested in industry, and they are entitled
and
to expect the maintenance of profits. Purchasing power is increased
maintained through the employment of more men and women at wages which
by
maintained
be
put them in the class of steady purchasers. Profits will
keeping this market for goods open. The close relation between good wages
and steady profits is very clear in our American economy.

With regard to plans for social insurance legislation, Miss
Perkins said, in part:

Plans for social insurance, which will not retard recovery and at the same
time will mean the development of a more stable income are now being
studied by the committee and its expert advisers. Such an insurance plan.
it seems to me, should take into consideration farmers and self-employed
workers as well as wage earners. It should provide for not only a form of
job insurance or income insurance, but old age benefits as well.
Unemployment insurance has the advantage of insuring to the family of
the wage earner a small income which will keep them from real poverty during brief periods when they are unemployed through no fault of their own.
Under it, loss of a job would not leave him and his wife and children destitute immediately. True, the payments received would of necessity be
below the average income when employed, but even if they amounted to only
a small sum a week there would be an easing of the hardship and worry
which prevail in the time of severe depression. Furthermore, relief funds
would go much further in supplementing insurance benefits than when used
In an effort to relieve the distress of the great mass of unemployed.
Such insurance would have the important advantage of giving steady purchasing power to a small but steady market for the products of all our
businesses, farms and great industrial institutions. It would put a bottom
to any future depression, as it has done in England. Relief is not a satisfactory way to take care of the distress due to unemployment, and it is very
expensive to the country at a time when it is least able to bear the cost.
Taking all this into consideration, it seems as if we must realize the necessity of setting up such reserves during times of full employment and relative
prosperity so that in the future they may take the place of the bread line
or other charities as a systematic, honorable method of tiding over a clump
period for those who want work and are unable to obtain it.

In a Labor Day statement issued by Secretary Perkins in
Washington, on Sept. 2, she asserted that there have been
marked gains in employment and in purchasing power since
September 1933. This statement read, in part:

We can observe this Labor Day the forty-seventh anniversary of the holiday, with some satisfaction in the improvement of our economic conditions
in the last year. Nearly 2,000,000 men and women, who were jobless a
year ago to-day, have had work in private industry within the year and
approximately 3,000,000 who were out of work when the depression was at
its worst have had jobs in factories, mines, stores and in other private enterprises, exclusive of agriculture and railroads, since then. While there have
been some recessions in recent months, due partly to seasonal factors, employment is 10% higher and payrolls 16% higher than at this time in 1933.
As against the low point of the depression, reached in March 1933, private
employment is 34% higher and payrolls 63% greater. Payroll disbursements to workers in private industry are approximately $41,000,000 a week
greater than a year ago to-day, and $72,800,000 higher weekly than when
the economic situation was most acute.
In addition to these gains in private industry in employment and payrolls,
Public Works construction projects are now employing directly 625,000
workers who are being paid over $32,000,000 monthly; 380,000 Civilian
Conservation workers are drawing some $15,000,000 a month; 19,000 Reconstruction Finance Corporation project workers are receiving $1,600,000
in monthly payrolls, and 214,000 persons are engaged on State road work
for which they are being paid more than $11,250,000 a month.

Among others who issued Labor Day statements on
Sept. 2 were William Green, President of the American Federation of Labor; Frank Morrison, Secretary of the Federation, and John L. Lewis and Philip Murray, President and
Vice-President of the United Mine Workers of America. The
Federation officials said that there has been a large increase
in union membership within the last year, an increased num- •
ber of unions, organization in such basic industries as steel,
automobiles and rubber, and the gaining of many contracts
with employers for union recognition. We quote, in part,
from a Washington dispatch of Sept. 2 to the New York
"Times" reporting these statements:
Mr. Green, in his message, said that Labor Day "finds our country midway in perhaps the most important economic undertaking in our history—a
realignment of forces of industrial control under Federal supervision.
"It is a time when we are making decisions which will determine this
issue: Shall we plan for future production of abundance for all or shall we

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Financial Chronicle

try to curb mass production into scarcity channels with luxury for the few
and poverty for the many?" he added.
Mr. Green emphasized labor's policy of seeking to share in the increased
productivity due to the wider use of machinery, discovery of new inventions
and the spread of technical progress.
He maintained that, because the wage earners had not shared proportionately in their increased productivity, "buying power in the retail markets has not been adequate to sustain the large amounts which owners of
capital have invested."
Secretary Morrison, in his message, stressed the flexibility of the trade
union mcvement, which, he said, was sufficiently adaptable to conform to
revolutionary changes in production.
An instance of the flexibility of the labor unions, added .Mr. Morrison,
was the decision of large international unions to authorize the federation
to conduct an organization campaign among the workers in mass production industries and to place them in local unions chartered directly by the
federation.
Mr. Lewis Asks 30-11nur Week.
Mr. Lewis maintained that industry had failed to take up the slack of
unemployment and that the time was ripe for the passage of a bill for a 30hour work week. He said it was evident that industry had thrown millions
"on the scrap pile, where they will stay unless the hours of labor are
adjusted."
Organized labor, according to Mr. Lewis, "insists that the provision of
codes containing Section 7-A be enforced in spirit and letter. Can employers enjoy their code privileges or commercial agreements and trade consortiums and contest the conditions of labor relations upon which those
privileges are being exercised?"
Mr. Lewis closed with a statement that the industrial form of organization was the only one that would meet the requirements of employees in
mass production industries, and the federation, he added, "must authorize
such a policy."
Summarizing the year's gains for the miners' union, Mr. Murray said that
"the United Mine Workers of America is nearly 100% organized in the coalmining fields of the nation."
Mr. Murray added that through the union's efforts wages had been increased by many millions of dollars, while the 35-hour week had been established in the industry.

Comptroller of Currency O'Connor in Addressing
American Institute of Banking Says Need of
Moment is Trained Minds—Comments on Conditions Incident to Banking Holiday—From March
16 1933 to Aug. 16 1934, $520,502,092 Distributed to
Depositors in Closed Banks.
"If we are to solve the problems of the monent" said
Comptroller of the Currency O'Connor on Sept. 4,"we must
have trained minds." Comptroller O'Connor spoke thus
upon the occasion of the commencement exercises of the
American Institute of Banking Section of the American
Bankers Association on Sept. 4. Over 200 chapters of the
Institute in cities and towns of the United States held their
commencement exercises at the same hour, linked together
by radio. Comptroller O'Connor's address, broadcast from
Washington at 9 p. m. Daylight Saving Time, was carried
over 70 or more stations of the National Broadcasting Co.
in the United States and Canada. The Comptroller declared
that "the nation needs trained and flexible minds in banking
to-day, probably more than ever before because of the
sweeping changes that have taken place in banking practice
and the constantly shifting industrial scene."
In part he continued:
We recognize the need of men with technical knowledge, but technical
knowledge without broad vision makes less than half a man. The banker
by training is conservative. Responsibility usually has this effect. He is a
fiduciary, exercising important functions concerning the property of others.
And yet, his business is definitely affected with a public interest which,
In the large, he must be able and willing to see. While many bankers have
been in the very forefront among the leaders for constructive and progressive legislation, the great majority have rather taken the view that
whatever is—is right, regardless of fundamental changes elsewhere in our
National life.
Honest men admit that intolerable abuses crept into banking practices.
The better bankers did not approve, but were powerless to prevent or
correct them. Bankers have no such regulatory boards as many of the
professions have established. Evils must be corrected by legislative action
which could have been removed by the bankers' own regulatory boards
had they existed. No banker worthy the name approved the practice of
officers and directors borrowing for their own account the entire capital
and surplus of a bank, or the payment of interest on demand deposits. Yet
It was necessary to prohibit these old practices by penal legislation. Over
half a century ago Mr. Hiland R. Hulburd, the Third Comptroller of the
Currency, said,"The policy of allowing interest on deposits subject to check
and payable on demand is foreign to the spirit of sound commercial banking
and the tendency of such a practice is not to materially increase the earning
power of the bank but to greatly endanger the safety of the funds of the
depositors." Leaders of finance have long questioned the propriety of
commercial and investment banking under the control of identical boards,
the purchaser buying from himself and obtaining a profit on both sides.
Similarly, sale by a trustee to his own trust created a strain upon virtue
many bankers could not withstand. The Bank Act of 1933 has relieved
many individuals of this embarrassment.

Regarding the banking holiday of last year and the sums
distributed to depositors in closed banks the Comptroller said:
The unprecedented conditions in the early part of 1933 demanded drastic
remedies. The banking holiday declared in one large State in February
spread alarm throughout the nation. Between Feb. 15 and March 4 1933,
there was actually withdrawn in currency from our banks 11,630,000,000
and in gold coin and gold certificates $300,000,000, or a total of $1,930,000,000. During that period country banks drew on their New York
correspondents for approximately three-quarters of a billion dollars.
At the conclusion of the banking holiday, declared by the bold and
statesmanlike wisdom of the President, there remained 1,407 unlicensed
National banks with deposits of $1,959,467,000. The re-opening of these
unlicensed banks was the most important task before the Comptroller.




Sept. 8 1934

It was a challenge to the best trained minds subject to his call. It was
necessary to analyze each closed bank, appraise its assets, prepare a.plan
for reorganization, either for re-opening or sale to another bank, or liquidation for the hopeless cases. By Aug. 13 of this year, 1,019 of these unlicensed
banks, with deposits of $1,728,794,000 had been re-opened under old or new
charters; 25 banks had been placed in voluntary liquidation; and 302 in
receivership. Of the banks in receivership, 24 had plans approved for
reorganization.
Another important task of the Comptroller's office was to extend as
much relief as possible to depositors in banks which could not re-open.
From March 16 1933 to Aug. 16 1934, $520,502,092 has been distributed
to depositors in closed National banks. Considerable effort has been expended in connection with applications for preferred stock. Preferred stock
in the sum of $436,616.050 has been sold locally and to the Reconstruction
Finance Corporation by 1,491 National banks. Banks which have sold
preferred stock, in addition to greatly strengthening their capital structure,
have been, in many instances, placed in a position where it has been unnecessary to harass sound but temporarily embarrassed borrowers. Their
ability to extend credit was also materially increased. . . .

The Comptroller's further remarks follow in part:
If we are to solve the problems of the moment we must have trained
minds. . . . The real problem which confronts the banker and the
business man, is not whether a mind can be trained, but how to determine
in advance of actual trial whether a mind really has been trained. At this
point we almost instinctively turn to the schools, and institutions like the
Institute,for are they not the logical places where the human mind acquires
habits and learns methods which bring out and multiply its latent powers?
A high percentage of those holding academic degrees to-day are persons
whose minds are really untrained. The time has passed, under our present
non-selective method ofadmitting students to higher institutions oflearning,
when a degree is any substantial guaranty of true mental discipline and
training. .
.
The need of trained minds in the banking field is becoming increasingly
plain. The problems of credit, appraisal of assets as a basis of credit, the
separation of depository function from the purely commercial long-term
loan function of banks, investment counsel to patrons and the like, demand
the best trained minds for a proper solution. The time is coming when the
banker and you, the responsible bank employee, will be regarded more as
professional than business men. The banker of the future will be specially
trained for the practice of his vocation, and, as time goes on, that training
will give him more and more the status of a professional man. This tendency
is in evidence now and inevitably will become stronger. Out of the recent
crisis, out of the great depression which has paralyzed business and finance
the world over, will come a clearer realization that the business of banking
calls for not only the best training available, but for a highly specialized
type of training. With the lawyer, the doctor, the engineer, the accountant,
and others who might be mentioned, the banker of the future will be a true
professional man. As that time comes, a code of ethics for bankers will
evolve,supplementing but more powerful than the criminal law. The standards of the profession will rise rapidly, it will purge itself of corrupt and evil
members, and the public in dealing with them will feel a security founded
on the solid fact that no man can claim the honorable designation of banker
until he has met certain well-known and high standards of ability, training
and character.

Herbert Hoover Describes New Deal as Challenge to
Liberty.
In his first discussion of political questions since he left the
White House, Herbert Hoover, former President of the
United States, presents, in a copyrighted alticle in "The
Saturday Evening Post" a criticism of the social and economic policies of the present Administration, as embodied
in the New.Deal. The first instalment of the article, written
under the caption "The Challenge to Liberty" appears in the
Sept. 8 issue of the magazine; only a portion and not the full
text of the initial instalment was released for newspaper
publication, and in the statement accompanying the release
the editor of the "Saturday Evening Post" said:
Although there is no mention of the present White House incumbent
by name, a digest of the staggering number of powers delegated to the
Chief Executive is made, with the author frankly in disagreement both
with current Administration policies and the un-American attitude of
Congress in yielding virtually dictatorial powers to the President.

In his article, Mr. Hoover states that "it is my hope to
show that to resume the path of liberty is not to go backward; it is to return to the path of progress from following
the will-o'-the-wisps which lead either to the swamps of
primitive greed or to political tyranny."
Decrying "economic regimentation," the former President
says:
The whole thesis behind this program is the very theory that man is
but the pawn of the state.
It is a usurpation of the primary liberties of man by government.
It is a vast shift from the American concept of human rights, which even
the government may not infringe, to those social philosophies where men
are wholly subjective to the state. It is a vast casualty to liberty if it shall
be continued.

After sounding an opening theme of opposition to dictatorial governments throughout the world, Mr. Hoover
writes:
In haste to bring under control the sweeping social forces unleashed by
the political and economic dislocations of the World War, peoples and
governments are blindly wounding, even destroying, those fundamental
human liberties which have been the foundation and the inspiration of
progress.

Further extracts from Mr. Hoover's article follow:
In every generation men and women of many nations have died that
the human spirit might be free. In our race, at Plymouth Rock, at Lazing.
ton, at Valley Forge, at Yorktown, at New Orleans, at every step of the
Western frontier. at Appomattox, at San Juan Hill, in the Argonne are the
graves of Americans who died for this purpose.
From these sacrifices and in the consummation of these liberties there
grew a great philosophy of society—Liberalism. The high tenet of this
philosophy is that liberty is an endowment from the Creator to every in

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dividual man and woman upon which no power, whether economic or political, can encroach, and not even the Government may deny.
Out of our philosophy grew the American Constitutional system, where
the obligation to promote the common welfare was mandatory and could
be made effective; wherein was embodied in its very framework the denial
of the right of the Government itself or of any group, any business, or any
class to infringe upon inalienable rights; wherein the majority was to rule;
wherein government was to be "oflaws and not of men;" whereby the individual was guaranteed the just protection of these rights by its tribunals—
the structure of American democracy.
Out of these ideals, under this philosophy, and through this structure
we have developed the principles and forms of our social, economic and
governmental life—the American System.
The rise of our rate under it marks the high tide of a thousand years of
human struggle. Under it our country has grown to greatness and has led
the world in the emancipation of men. When these boundaries of liberty
are overstepped. America will cease to be American.
Our system has at all times had to contend with internal encroachments
upon liberty. Greed in economic agencies invades it from the right, and
greed for power in bureaucracy and government infringes it from the left.
I should be glad indeed to find a short cut to end the struggle with the
immensities of human problems. I have no word of criticism, but rather
a great sympathy with those who honestly search human experience and
human thought for some new way out, where freedom requires no safeguards.
where justice requires no striving, where bread comes without contention
and with little sweat.
Such dreams are not without value, and one could join in them with
satisfaction but for the mind troubled by recollection of human frailty, and
but for the woeful confirmations which the world has given of the failure
of idealism alone, without the compass of experience.
It is now claimed by large and vocal groups, both in and out of government, that liberty has failed; that emergency encroachments upon its
principles should be made peimanent. Thereby are created the most
urgent issues, first, whether we must submit to some other system by which
the fundamentals of liberty are sacrificed, and second, whether, even if we
make these sacrifices, we shall not defeat the hope and progress of humanity.
Centralization of Power in Executive.
The origins, character and affinities of the regimentation theory of
economics and government, its impacts upon true American liberalism
and its departures from it can best be determined by an examination of
the actions taken and the measures adopted in the United States during
recent months.
The first step of economic regimentation is a vast centralization of
power in the Executive. Powers once delegated are bound to be used, for
one step drives to another.

Colonel Hanford MacNider Declares Many Liberties
Have Been Lost Under Present Administration—
Former Head of American Legion Answers Recent
Question by President Roosevelt.
Colonel Hanford MacNider, former National Commander
of the American Legion and former Minister to Canada, in a
radio address, on Aug. 27, declared that the people of the
United States have lost many liberties under the present Administration. Answering a rhetorical question recently propounded by President Roosevelt in a radio speech, Colonel
MacNider asserted that among those who have lost their liberty are the man "forced through necessity to give up his
rights to farm his own land as he sees fit," the man "who
cannot sell his services at his own wages," and "the citizen
whose property is destroyed by Federal encouragement of
repudiation or by governmental default on obligations." A
Chicago dispatch of Aug. 27 to the New York "Times" quoted
from Colonel MacNider's speech, in part, as follows:
"It not the use of property part of liberty? Has not the citizen whose
property is destroyed by Federal encouragement of repudiation or by governmental default on obligations lost his liberty?
"He has lost more than that. He has lost not only those things guaranteed him under the Constitution, and, what is even more important in these
times, he has lost that sense of security and justice which has made our form
of government the haven of the world and the goal of every people under
the sun.
"There will be no real recovery until that sense of security is re-established and confidence is restored."

Secretary of the Interior Ickes Favors Permanent PWA
Plan—Advocates, System Under Which States,
Cities and Federal Government Would Co-operate.
Secretary of the Interior Ickes, in a statement made public
on Aug. 28, advocated the extension of a permanent Public

Works Administration in which States, cities and the Federal
Government would co-operate in the same manner as they do
under the Federal-State highway construction program.
Mr. Ickes said that the present temporary PWA organization has been one of the major forces for recovery, and added
that he plans to request the next Congress for appropriations
to extend the life of the PWA for at least two more years. He
said that he is not prepared at this time to discuss the size
of proposed appropriations, but remarked that he favors a
permanent system which would insure co-operative aid to
such worthy projects as public institutions.
In approving public works allotments totaling $24,540,270
for 215 non-Federal projects on Aug. 17, Mr.Ickes announced
that the $400,000,000 which Congress appropriated for the
PWA at its last session was pfactically depleted. He estimated that 700,000 persons were receiving direct employment on PWA projects.
United Press Washington advices of Aug. 28 added the
following regarding Mr. Ickes announcement on that date:




1493

Since its creation PWA has loaned millions in almost every section of
the country. These funds have been matched in part by the States and
cities and have put thousands of men to work.
Mr. Ickes estimated $100,000.000 would be required to complete PWA
projects now under way or authorized. Many of them are dams and
hydro-electric plants in the far West. The new proposal, if adopted,
would not cover such projects as street and sewer repairing, described as
local jobs which should not require Federal aid.

President Roosevelt Extends for 30-day Period Appointment of Donald Richberg as Temporary Chairman
of Emergency Council.
On Aug. 31 President Roosevelt extended for another 30-

day period the appointment of Donald Richberg as temporary
Chairman of the Emergency Council and of the Executive
Council. His original appointment expired Aug. 31.
Mr. Richberg, who also is counsel of the NRA, was
named temporarily to the council directorships last summer
by the President after retirement of Frank Walker.
Resignation of Lewis W. Douglas as Director of Budget
—Succeeded By Daniel W. Bell—Assistant Director
F. W. Lowery Also Resigns—Mr. Douglas opposed
to Expenditures in Administrations Recovery Program.

On Aug. 31 it became known that Lewis W. Douglas had
resigned as Director of the Budget. Neither President
Roosevelt nor Mr. Douglas had any comment to make
respecting the resignation; on Sept. 1 however the President
announced that Daniel W. Bell had been named Acting
Director in place of Mr. Douglas. Announcement of the
appointment was made as follows on Sept. 1 at Hyde Park,
N. Y. by Marvin H. McIntyre, President Roosevelt's
secretary:
"The President has appointed Daniel W. Bell to serve as Acting Director
of the Bureau of the Budget in place of Lewis Douglas, resigned.
"Mr. Bell came to the Treasury Department in 1911, when 20 years old.
He became Deputy Commisssioner of Accounts and Deposits in 1924 and
Commissioner in 1931.
"His temporary appointment as Acting Budget Director will be in addition to his other duties.
"Mr. Douglas has also presented the resignation of his Assistant Director
of the Bureau of the Budget, Mr. F. W. Lowery."

Mr. Douglas on Sept. 2 indicated that he planned to go to
Washington Sept.4 to assist Mr. Bell in the work of organizing his office. A dispatch to this effect from Hastings, N. Y.

to the New York "Herald Tribune" Sept. 2 said:
Mr. and Mrs. Douglas are guests of the latter's parents, Mr. and Mrs.
Frederick Zinsser, at the Masser estate here.
"I shall do everything I can to aid Mr. Bell," said the retiring Director,
"and I hope he and President Roosevelt have success with their program.
Dan Bell is a fine, capable man for the job. I shall help him as long as he
wants, and then I may go back to Arizona."
Friends of Mr. Douglas pointed out that his offer to help his successor was
not to be construed as an indorsement of the Government's financial program, which the former Director refused to discuss. He said that he was
determined to do the decent and courteous thing toward the President.

From a Washington dispatch Aug. 31 to the New York
"Times" we quote the following:
It was understood that Mr. Douglas has felt for some time out of sympathy with many of the major measures of the recovery program of the
administration, and that his resignation was tendered on that account. He
conferred with President Roosevelt at the Summer White House at Hyde
Park earlier in the week, and it was thought probable here that the resignation was offered then.
Mr. Douglas has been one of the strongest opponents of some of the
expenditures proposed under the recovery program. especially the continuing
expansion of the activities of the Public Works Administration, of which
Secretary Ickes Is the administrator. His position is understood to be that
expenditures on public works give relatively small employment in proportion
to the great outlays made, which delays the time when the budget can be
brought to a balance.
Opposed Securities Act.
He also is understood to feel that the severity of the Securities Act, as
originally adopted was unwise and a check on recovery, and the Act should
be radically amended.
His great fight has been to bring about as rapidly as possible a balanced
budget, where current revenues would meet both ordinary and emergency
outlays,on the theory that stability and early recovery would best be served
by such an accomplishment.
In the expansion of the public works funds, the victory was won by the
Public Works Administration, to which Congress gave another $500,000,000.
Of this sum, $400.000,000 has already been allotted.
Appropriations Were Raised.
In submitting his budget estimates for 1935 Mr. Douglas sought to hold
down projected expenditures, but administration recommendations for supplemental appropriations raised the Douglas estimates substantially.
Even when it appeared that a large part of the PWA expenditures under
the orginal appropriation of $3,300,000,000 would be carried over into the
current fiscal year, Mr. Douglas was said to hope that a balance could be
reached in the current year if PWA obtained no new allotment, and some of
the other emergency appropriations were held in check.
Early in the recovery program Mr. Douglas began his battle to have
adopted policies which would restrict some of the outlays which it was understood he felt were not conducive to rapid recovery.
When Secretary Ickes brought pressure to bear to have the public works
fund of $3.300,000,000. orginally voted in the National Industrial Recovery
Act, enlarged by additional appropriations for the present fiscal year Mr.
Douglas was represented as one of the strong opponents of such a move.
Mr. Douglas carried on his fight for curtailment and a rapid budget
balancing without an open break with other administration leaders, but it
became apparent from time to time that there was a sharp clash of opinion
on the policies adopted.

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Financial Chronicle

He had served six years as Representative at Large from Arizona when
President Roosevelt selected him as Director of the Budget. He had been
a personal friend and supporter of the President for some time, and was
regarded as one of his closest advisers at the outset of Mr. Roosevelt's administration.

W. R. Stark Resigns From Treasury Post—E. G. Bennett Withdraws from Federal Deposit Insurance
Corporation—Treasury Creates New Research Division.

The resignations of W. R. Stark, chief of the Treasury
Division of Financial and Economic Research, and of E. G.
Bennett, Director of the Federal Deposit Insurance Corporation, were announced at Washington on Sept. 5. Associated
Press accounts from Washington on that day had the following to say with regard thereto:
The announcement that Mr. Stark was quitting was coupled with the
statement that a new Treasury Division of Research and Statistics would
be formed to combine all related activities in this field.
Although neither Treasury officials nor Mr. Stark would comment on
his resignation, which is in the hands of Secretary Morgenthau, it is known
that he was not in entire sympathy with New Deal financial policies. He
came to the Treasury in 1929 when Ogden Mills was Secretary, after six
Years in a research and statistical capacity with the Federal Reserve Board.
The resignation of Mr. Bennett was considered to be without unusual
significance. A partner in many of the extensive Utah banking and industrial enterprises of Marriner S. Eccles, special assistant to Morgenthau,
Bennett has been anxious to get to his home State and resume his business
affairs.
George C. Haas, Deputy Governor of the Farm Credit Administration,
was appointed director of the newly created division of research and statistics, superseding the Bureau headed by Mr. Stark.

As to the New Division Secretary Morgenthau on Sept. 5
said:
The Division of Research and Statistics will absorb the functions of the
Section of Financial and Economic Research and also will take over general
supervision of research and statistical studies in the various bureaus and
divisions of the Treasury.

R. G. Wasson Joins Staff of J. P. Morgan & Co.—
Formerly with Guaranty Co.

R. Gordon Wasson joined on Sept.4 the staff of J. P. Morgan & Co. Mr. Wasson was formerly associated with the
Guaranty Co. security investment affiliate of the Guaranty
Trust Co., New York,dissovled last June. From March 1925
to January 1928 he was a member of the financial staff of the
New York "Herald Tribune." While with the Guaranty
Co., with which he became associated after leaving the
newspaper, Mr. Wasson spent most of his time in South
America and Europe. Since the latter part of 1932 he had
been engaged in special work for the company in New York
and Washington.
F. C. Ferguson Succeeds Late General Dyer as Head
of Port of New York Authority—H. S. Cullman
Named Vice-Chairman.
Frank C. Ferguson, President of the Hudson County National Bank of Jersey City, N. J., was elected Chairman of
the Port of New York Authority on Sept. 6 to succeed the
late Major-General George R. Dyer, whose death was recorded in our issue of Sept. 1, page 1335. Howard S. Cullman, who represented New York State on the Board since
1927, succeeds Mr. Ferguson as Vice-Chairman. The New
York "Sun" of Sept. 7 outlined the careers of Mr. Ferguson
and Mr. Cullman as follows:
Mr. Ferguson is President of the Hudson County National Bank, Jersey
City, and dean of the Port Authority Commissioners. He was appointed
to the Commission in 1924 by former Governor George S. Sulzer of New
Jersey, and had served as Vice-Chairman since 1928. For several years
he was Collector of Internal Revenue for north Jersey under President
Harding's appointment. He is 50 years old and lives in East Orange.
Mr. Cullman was appointed a Commissioner of the Port Authority by
Governor Smith in 1927, and has been especially active as Chairman of
its Terminals Committee. He is Vice-President of Cullman Brothers, packers and importers of cigar tobacco, and is active in civic groups, including
the Beekman Street Hospital, of which he is President. He is a resident
of Manhattan and Purchase, N. Y.

Death of Frederick C. Goodenough,
Chairman of Barclays Bank of London.
Frederick Craufurd Goodenough, Chairman of Barclays
Bank, Ltd., died in London, on Sept. 1, after a long illness.
Mr. Goodenough, who was 68 years old, was one of the leading British financiers and economic experts. For many
years he had headed Barclays Bank, which is one of the
five largest banking institutions in England.
The New York "Herald Tribune" of Sept. 2 outlined his
career as follows:
Dr. Goodenough was born in Calcutta. He was the great-grandson of the
Bishop of Carlisle, and grandson of a headmaster of Westminster School,
afterward the Dean of Wells. He was educated at Charterhouse and Zurich
University, and at the time of his death was a governor of Charterhouse
and a member of the governing body of the school. He held an honorary
Doctor of Civil Law degree from Oxford.
Besides being Chairman of Barclays Bank, with its branches in England,
France, the Demi; ion of Canada and all the colonies, Dr. Goodenough was
a director of th, Affiance Assurance Co. and of the Westminster Chambers




Sept. 8 1934

Association, Ltd.; a member of the Council of Foreign Bondholders, and
from 1917 to 1930 a member of India Council. He was a member of the
Athenaeum and Brooks's Clubs.

Fourth Report by Donald R. Richberg Describes
Federal Aid to Individuals Under Present Administration—Says Home Loan Bank System Saved
432,000 Homes from Foreclosure.

Approximately $7,000,000,000 in Federal loans have been
extended in the Administration's recovery program, it was
revealed on Sept. 5 in the fourth of a series of reports
Issued by Donald R. Richberg, Secretary of the Executive
Council. Mr. Richberg's report, discussing "relief of financial pressure" by governmental agencies, said that loans
by the Federal Home Loan Bank system had saved 432,000
families from foreclosure, while 400,000 additional will
receive such relief. Mr. Richberg said that under the
present Administration measures to relieve financial pressure had been extended to individual distress, and added
that prior to March of last year major efforts in this
direction had been confined to the relief of corporate or
institutional difficulties through the Reconstruction Finance Corporation. Other features of the report will be
referred to another week in these columns.
Federal Reserve Banks Begin Conversion of HOLC
For Wholly-Guaranteed Securities.
The Home Loan Bank Board announced on Sept. 3 that
all Federal Reserve banks, including the New Orleans
branch of the Atlanta Bank, would be ready on the following day to begin the conversion of original Home Owners'
Loan Corporation bonds, guaranteed only as to interest, for
the new series of wholly guaranteed securities. The Board
said that an equal face amount of the new bonds, to be
known as Series A and bearing interest at 3%, would be
issued to retire the older bonds, bearing 4%. The Reserve
banks, in making the conversion, will require holders to pay
the adjusted difference in interests. A Washington dispatch
of Sept. 3 to the New York "Times" added the following
details:
This adjustment, the Board said, would be made as of the date the
bonds are received at the Federal Reserve Banks. Interest on the new
3% bonds accrues from May 1, while the interest on the 4% accrues
only from July 1. Because of this the banks must collect this comparatively small interest adjustment for the Home Owners Loan Corporation from bondholders making the conversion. The conversion privilege
will continue only up to and including Oct. 27.

$10,500,000 in Federal Relief Funds Granted Pennsylvania, After Governor Pinchot Accedes to
Demand He Summon Special Session of State
Legislature.

Harry L. Hopkins, Federal Relief Administrator, announced on Sept. 5 that the Federal Government would
allot $10,500,000 to Pennsylvania to meet the State's relief
needs during September. This allotment was made only
because Governor Pinchot of Pennsylvania had agreed to call
a special session of the Legislature Sept. 12 to make relief
appropriations. Mr. Hopkins had previously said that no
further relief funds would be granted Pennsylvania until a
session of the Legislature was called, and had added that he
did not consider that the State had exhausted its own powers
of relief. The allotment of $10,500,000 was expected to care
for the 320,000 families, comprising 1,300,000 persons, who
are on relief rolls in Pennsylvania during September.
A Washington dispatch of Sept. 1 to the New York "Herald
Tribune" noted Mr. Hopkins' demand that a special session
of the Legislature be called as follows:
Through a Federal ultimatum to the State of Pennsylvania, President
Roosevelt was credited to-day by Democratic leaders with having put
Governor Gifford Pinchot politically "on the spot" six days before the
Governor must decide whether to enter the Pennsylvania Senatorial contest.
The ultimatum is a letter from Harry L. Hopkins, Federal Emergency
Relief Administrator, notifying Governor Pinchot that Washington's major
contribution for the relief of Pennsylvania's 1.200,000 unemployed and
needy will be discontinued to-day unlest the state acts decisively to shoulder
its share of the burden.
90% of Hill Paid by United States.
Since March the Federal government has paid about 90% of the bill for
supporting the destitute in the second most populous state of the Union.
Governor Pinchot has been resisting pressure that he call the Legislature
in session to shoulder the state's reasonable share of the burden.
With the Federal contribution cut off, after steady payments aggregating
854.000,000, it is believed that the Governor has no alternative but to summon the Legislature. Democratic state leaders point to the obvious political
hazard to the Governor in a session of the Legislature.

AAA to Hold Six Regional Conferences With State
Farm Leaders to Determine Attitude Toward Control Program For 1935—Will Also Discuss Livestock
Feed Situation.
Six regional conferences will be held next week to consider

the livestock feed situation and plans for conducting a refe-

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Financial Chronicle

rendum among corn-hog contract signers throughout the
country to determine their attitude toward an Agricultural
Adjustment Administration program for 1935, it was announced on Sept. 6 by Chester C. Davis, .AAA Admhustrator. The regional conferences with State agricultural
leaders will be held at Indianapolis Sept. 10 and 11; Kansas
City, Sept. 12 and 13; St. Paul, Sept. 14 and 15; Salt Lake
City, Sept. 14; New York, Sept. 15, and Atlanta, Sept. 19.
Index of Farm Prices of U. S. Department of Agriculture
Increased Seven Points During Month Ended
Aug. 15 to Highest Level Since April 1931—Revised index to Be Issued in September.
An increase of seven points, from 80 to 87, in the index
of prices received by farmers, for the month ended Aug. 15,
was reported on Aug. 29 by the Bureau of Agricultural Economics, United States Department of Agriculture. This is
the largest monthly increase since the early summer of 1933
and places the index 15 points higher than a year earlier
and at the highest level recorded since April 1931,the Bureau
said. It continued:
In the month the increases in the various groups of products were as
follows: Grains, 15 points; chickens and eggs, 11 points; cotton and cottonseed, 8; dairy products, 3; meat animals, 2. The index for fruits and
vegetables declined 3 points as a result of the sharp decline on apple prices
when new-crop supplies of summer apples became available in most sections
of the country.
Compared with prices a year ago, cotton and cottonseed were up 36 points;
grain, 26 points; chickens and eggs, 17; dairy products, 8, and meat
animals, 6. The mid-August indexes for grain and cotton and cottonseed
exceeded their pre-war average for the first time since the summer of 1930,
but still were about 16 points short of parity figures for this month. The
Aug. 15 price index for fruits and vegetables was 20 points lower than a
year earlier, however, due to the sharp reduction in the farm price of
potatoes.
The exchange value of farm products measured by prices for commodities
farmers buy increased 5 points during the month ended Aug. 15. At 71%
of pre-war in mid-August, the ratio of prices received to prices paid by
farmers was 7 points higher than a year earlier and equaled the temporary
peak recorded in July of last year. Except for July 1933, the Aug. 15
index of exchange value reached the highest level recorded since December 1930.
The farm price of hogs averaged $4.61 a hundredweight on Aug. 15 as compared with $3.97 a month earlier and $3.79 a year earlier. Beef cattle
prices declined slightly for the country as a whole. During the month the
farm price of corn advanced to the highest levels recorded since October
1930, as a result of serious deterioration of the growing crop in rapidly
spreading drought-afflicted areas. At 72.2c. in mid-August, farmers were
receiving 13.5c. more per bushel than a month earlier and 23.9c. more
than on Aug. 15 1933. At 89.6c. per bushel in mid-August, the farm price
of wheat was 14.9c. higher than a year earlier. Prices received by farmers
for cotton averaged 13.1c. per pound on Aug. 15 as compared with 12.3c.
a month earlier and 8.8c. on the corresponding date of last year. None of
these prices include benefits paid under adjustment contracts.
Potatoes failed to make their usual seasonal rise from July 15 to Aug. 15,
and, at 68c. per bushel in mid-August, were only lc. higher than a month
earlier. Potato prices declined 9c. per bushel during the month in the
Middle Atlantic States as New Jersey neared the peak of the current shipping
season.
The average price of hay advanced to $12.50 per ton on Aug. 15, a gain
of $2.30 per ton. Prices advanced about $4.25 per ton in the West North
Central States, $3 per ton in the West South Central Division, $1.95 per
ton in the Rocky Mountain area, and 70c. on the Pacific Coast.

A revised and improved index of prices of farm products
will appear with the Sept. 15 report, the Bureau announces.
The revision was begun in 1931 to utilize the results of the
1930 Census and additional data provided by the Crop Estimating Service for making index numbers of farm prices
more representative of the actual changes in the prices of all
farm products. The principal changes, the Bureau says, are
the addition of prices of 20 products, making a total of 47
products, and shifting the weights from the marketings of
the 1918-1923 period to those of the 1924-1929 period. The
revision will not alter the price series now in use for computing "parity prices" for individual commodities.
Farmers Gross Income from Farm Production in 1933
$6,256,000,000 Compared with $5,331,000,000 in
1932, According to Revised Estimates of Bureau of
Agricultural Economics.
A return of 1.9% on the capital of farm operators for the
year 1933 compared to a loss of 4.2% in 1932 is shown by the
analysis of farm income for 1933 recently completed by the
Bureau of Agricultural Economics, United States Department of Agriculture. This return compares with 5% on the
net capital of operators, which was earned in 1924, the highest return in the last decade. Farm operators owned about
68.5% of all farm real estate in 1933, and this return is estimated after deducting rent to absentee landlords. In noting
that the analysis is based upon revised estimates for 1933
income from all farm products both produced for sale and
for use on the farm, an announcement issued Aug. 25 by the
Department of Agriculture said:
The gross income from farm production for 1933 is now estimated at
$5,985,000,000, including the value of products used on the farm. In
addition, $271,000,000 of payments were received under the Agricultural




1495

Adjustment Act operations in 1933, making a total gross income of $6,256,000,000 as compared with a gross income of $5,331,000,000 in 1932. The
estimated operating expenditures for 1933 were slightly larger than in 1932,
being $1,463,000,000 in 1933 compared to $1,455,000,000 in 1932. The
increase was principally outlays for machinery, tractors, automobiles and
repairs of farm buildings.
Farmers in 1933 had $2,525,000,000 cash income left after deducting total
production expenses of $2,737,000,000, which included the following:
Operating expenditures, $1,463,000,000 ; wages to hired labor, $341,000,000;
interest payable, $526,000,000; taxes payable, $407,000,000. This was a
gain of more than $1,000,000,000 over the previous year, 1932.
The value of all land and buildings showed an increase in 1933 over 1932
for the first year since 1929 and reversed an almost continuous decline since
1920. The value of land and buildings, March 1 1934, is estimated at $31,655,000,000, compared to $30,306,000,000 a year earlier, which was the
low point, and with $56,316,000,000 in 1920, the previous high point. Estimates for the beginning of 1934 show an increase in the value of land and
buildings and livestock, but a decline in the value of farm machinery, which
indicates that this equipment was still declining in value.
The total amount of income available for return on capital and for the
operators' labor and management in 1933 was $2,627,000,000. After deducting $2,261,000,000 for wages of operators and unpaid family labor there
remained only $366,000,000 as returns for capital and management. This
was the return on operators' net capital of $19,079,000,000 and represented
a return of 1.9%.

Cash Income from Sale of Farm Products Increased
More Than Usual from June to July, Bureau of
Agricultural Economics Reports—Income During
1934 Estimated Approximately $1,000,000,000 Above
1933.
The cash income from sale of farm products in July was
$498,000,000, including *20,000,000 rental and benefit payments and $11,000,000 for the emergency purchases of cattle
In drought areas, according to estimates of the Bureau of
Agricultural Economics, United States Department of Agriculture. The increase in income from June to July this year
was more than the usual increase from June to July. After
adjusting for differences in length of the month and other
seasonal factors, the income from marketings was 71.5% of
the 1924-1929 average compared with 65.5% in June and 77.5
In July 1933. In an announcement issued Aug. 25 by the
Department of Agriculture it was further stated:
The greater than seasonal increase in farm income from June to July this
year was partly the result of an advance in prices of farm products and
partly the result of the greater than usual increase in the marketings of
farm products. Unusually heavy marketings of corn during July, together
with an advance in prices of grains, resulted in a greater than usual seasonal
increase in the income from grains. The increase from June to July in
cotton marketings was also larger than usual:

In an estimate, issued Aug. 27, the Bureau of Agricultural
Economics reports that farmers during 1934 will receive a
total cash income of about $6,000,000,000 in the year 1934
from sales of farm products and rental benefit payments
from the Agricultural Adjustment Administration. This
estimate compares with $5,051,000,000 in 1933, and represents an increase of nearly $1,000,000,000, or 19%. It is a
39% gain over 1932, the Bureau reported, when the total
cash income from sales was estimated at $4,328,000,000, the
low point of recent years. As to its estimate, the Bureau
said:
These estimates of cash income should not be confused with the estimates
on cash income from farm production. These estimates of cash income from
farm marketings are the sum of the 12 monthly estimates of cash receipts
from the sale of farm products during the calendar year, while the estimates
of cash income from farm production represent the income from products
produced for sale during the calendar year, but which may be marketed over
a two. or three-year period.

The Bureau on Aug. 27 further stated:
Cash income from the sale of farm products during the first seven months
of 1934 is estimated at $2,894,000,000. In addition, farmers have received
$170,000,000 in rental and benefit payments, and $13,000,000 from the sale
of cattle to the AAA up to Aug. 1.
It now seems likely that income from the sale of farm products during
the remaining five months of the year will exceed from 3% to 6% the
$2,377,000,000 received during the last five months of 1933 as the advance
in prices of farm products is expected to more than offset the decrease in
the volume of marketings. In addition, it is estimated that rental and
benefit payments from Aug. 1 to Dec. 31 1934 on programs already in operation will approximate $350,000,000. If the Government's program to purchase 7,000,000 head of cattle and 5,000,000 head of sheep and goats is carried out during the rest of 1934, this will add an additional $90,000,000 to
farmers' cash income during the last five months of the year.

Approval by FCA of Charters for Federal Credit Unions
About Sept. 15 Anticipated by C. R. Orchard,
Assistant Director of Credit Union Section.
1-- Approximately 500 persons have written to the Farm
Credit Administration that they are interested in forming
Federal credit unions under the provisions of the recently
enacted- Federal Credit Union Act, according to C. R.
Orchard, Assistant Director of the Credit Union section.
Mr. Orchard said that "I anticipate that the FCA will be
ready to approve charters for credit unions about Sept. 15."
The FCUA, which was signed by President Roosevelt on
June126, was given in our issue of July 21, page 335. A
description of credit unions was issued-the by FCA as follows:
Credit unions are co-operate thrift and loan associations of groups of
persons having common bonds of occupation or association, or living

1496

Financial Chroniclp

within well-defined neighborhoods or communities, either city, town or
rural. The encourage their members to save by investing a little of their
earnings In the stock of credit unions. The money so invested is available
for loans to the member-stockholders for provident or productive purposes.
The Government does not purchase stock in credit unions or lend them
any money.

"Credit unions start small and grow conservatively,"
Mr. Orchard stated on Aug. 31. He said:
They have little or no earnings at first from which to pay their officers.
Therefore it is necessary for a few of the organizers to give their time unselfishly during the first months of the credit union.
The organizers should also consider if they have a potential membership
of at least 50.
Finally, the organizers should determine that there Is an economic necessity for the credit union, as this is one of the questions which a FCA investigator will look into before recommending that a charter be granted.
Particularly,the question is whether there is a credit union already organized
to serve the needs of the group.

It is recommended that groups proposing to organize
credit unions designate one of their number to notify the
FCA. Preliminary application blanks will be ready for distribution shortly after Sept. 1. Properly filled out these
blanks will assist the Credit Union section to advise those
interested as to the proper steps to follow. Mr. Orchard
indicated that Massachusetts enacted the first credit union
law in the United States in 1909 and since that time 38 other
States and the District of Columbia have passed similar laws.
He continued:
The enactment of the Federal Credit Union Act makes it possible to
organize credit unions in States or Territories where there are at present
no laws available for this purpose, or where for one reason or another groups
proposing to form credit unions have found It difficult to obtain charters.
The Federal statute provides a uniform basis of organization of credit
unions chartered under it regardless of the State in which the various
groups are situated. This will simplify the problem of large national
businesses having factories or offices in several States, whose employees
seek to avail themselves of the advantages of the statute.

Mr. Orchard was appointed Assistant Director of the
Credit Union section of the FCA on Aug. 22. Herbt Emmerich, Administrative Assistant of the Administration, is
Acting Director of the section.
Loans to Purchase Reserve Feed Supply Made Available
by FCA—Livestock Operators in Drought Areas
Where Winter Conditions Prohibit Transportation
Eligible—$8,200,000 in Feed and Forage Loans
Advanced.
•
Range livestock operators in parts of primary drought
areas where winter weather conditions will soon prevent transportation of feed may obtain funds to purchase a 60-day
reserve feed supply, according to a statement made at
Washington, Sept. 2, by George Susens of tha emergency
crop and feed loan section of the Farm Credit Administration. Such advances will be secured by liens on the reserve
supply of feed and on the livestock to be fed. The following
is also from Mr. Susens' statement:
In addition to the reserve feed loan, the stockman may apply for regular
monthly allowances and hold his extra two months' feed supply in reserve
for emergency purposes when transportation may be cut off. Then, in
cases where the monthly allowances are obtained without interruption and
the reserve supply retained through the winter, the latter will take care of
feeding needs in February and March and under such conditions no advances
will be granted the borrower for those months.
The monthly advances for feed, or livestock in the primary drought areas
will continue to be made on the basis of the borrower's promissory note,
as heretofore. These monthly feed loans, as well as those for reserve feed
supplies, are advanced from the drought relief fund appropriated in the
Act of Congress approved June 19 1934, and made only to applicants who
are unable to obtain credit from other sources.

The primary drought loan areas now include almost 1,200
counties in 23 States. During the past months 123,000
applications for feed and forage loans and supplemental
advances have been received, Mr. Susens said, and 109.000
loans dikbursed for over $8,200.000.
Applications for Feed Loans in Secondary Drought
Areas to Be Received Up to Dec.31—Date Previously
Set at Sept. 15.
The Farm Credit Administration announced Sept. 6 that
the time for receiving applications for loans for feed for farm
livestock in the secondary drought areas hat been extended
to the close of business Dec. 31 1931. The date was previously set at Sept. 15 1934. As to its announcement the
Administration said:
The announcement that the feeding loans in the secondary areas will be
extended beyond the time of pasture also states that the notes evidencing
such loans hereafter will be drawn to mature Nov.11935.thus corresponding
to the maturity date of the feed and forage loans in the primary emergency
drought areas. The maturity date on feed loans in the secondary drought
areas previously was Oct. 31 1934.
The statement points out that the emergency feed and forage loans in the
drought areas are advanced from appropriated funds through the emergency
crop and feed loan offices and are not disbursed through the regular financing
institutions under the FCA. The feed loans in the primary drought areas
are being made from a part of the $525,000,000 drought relief appropriation
approved June 19 1934, and the feed loans in the secondary areas from the
$40,000,000 crop loan fund approved Feb. 23 1934.




Sept. 8 1934

$1,118,598,785 in Farm Mortgage Loans Closed from
June 1 1933 to Aug. 15 1934—Applications During
Period Amounted to $3,398,000,000.
W. I. Myers, Governors of the Farm Credit Administration, announced Aug. 25 that applications for farm mortgage
loans remained steady during July and so far in August,
numbering between 4,o00 and o,500 per week. Applications teceived from June 1 1933 to Aug. 15 19'o4, totel about
77o,000 for approximately $3,398.000,000, Mr. Myers said.
Loans closed from June 1 1933 through Aug. lo 1934, numbered 440.044 and amounted to $1,118,598,785. These
loans closed when added to the commitments outstanding,
according to Mr. Myers, make a total of 656,224 in number
and $1,739,594,161 in amount.
81.5% of Land Bank Commissioner's Loans Due Aug. 1
Paid —$2,200,456 ot $2,700,210 Received Up to End
of July.
Of 82,700,210 in instalments of loan made by the Land
Bank Commi sioner maturing up to Aug. 1, 81.5% or all
but $499,754 was collected by the end of July, according to
a statement made Aug. 24 by W.I. Myers, Governors of the
Farm Credit Administration. Mr. Myers continued:
Of the total maturities, $1,074,835 matured during the month of July
and 75% of this amount was collected before the end of the month. Payments on instalments due on or before July 31 ranged from a low in the
St. Paul District of 61.4% of the total maturities to a high in the Baltimore
District of 93.2%. Collections of interest due on Commissioner's loans
In other land bank districts were as follows:
St. Louis- - —88.3%
Springfield— -90.1%
Houston
79.4%
Omaha
Columbia_ _89.8%
86.6%
Berkeley __ 85.9%
Wichita
Louisville. _ _ _87.4%
84.6%
Spokane
83.9%
There have been no maturities in the New Orleans District,since all of the
Commissioner's loans made in that District are on an annual basis.
The largest maturities during July were in the Houston District where
$289,677 became due. The District showing the smallest collections include one or more States in which the drought is most severe.
Land Bank Commissioner's loans are about equally divided between first
and second mortgages. They are handled by the Federal Land banks for
the Land Bank Commissioner and are being made in the bonds of the
Federal Farm Mortgage Corporation, which are guaranteed both as to
principal and interest by the Federal Government.
From June 11933,through Aug. 151934. Commissioner's loans numbering
267,765 were made for $455,513,600.

Senator Schell Renews Charge that Administration
Seeks to Establish Press Censorship—In Telegram
to President Roosevelt Cites Communications Act
and NRA Codes in Support of Declarations.
Senator Schell of Minnesota, in a telegram to President
Roosevelt on Sept. 4, renewed his charge that the Administration was seeking to censor the press of the country, and
declared that the Government agencies were issuing "false
and exaggerated" reports as "propaganda to support the
New Deal." Correspondence between the President and
Senator Schell, discussing charges that the Administration
was contemplating the formation of a Government-controlled
news agency, were contained in our issue of Sept. 1, page
1332. In his latest telegram to the President, Senator Schell
said that he had been given insufficient space to support
his earlier charges that attempts were being made to establish a press censorship in the United States, and repeated
his statement that "unless public sentiment and voters
prevent, we shall have a Federalized national press service
run by those in power to perpetuate them in power."
Associated Press Washington advices of Sept. 4 quoted
further from the Senator's telegram in part as follows:
He alleged that with the "downfall of press freedom in Italy and under
Hitler and Stalin, has gone the entire Legislative power of the people," and
asserted that the present press associations "will no longer be able to warn
the public and expose the 'crackdown' folly of a General Johnson, an
anemic Tugwell, and the actions of a Morganthau who wipes out a $4,000.000,000 Treasury deficit by edict and monkeying with artificial gold
values."
The Minnesota Senator has launched an assault on the NRA and the
President's administration for a year and a half, climaxing recently in press
censorship charges which the President called upon him to prove.
In his "bill of particulars," Senator Schall contended.
"The press code, which presumes to exercise control over the entire newspaper field, dictating hours of editorial and the numerous mechanical
labors of the newspaper plant, and regimentating all conditions of press
publication. The American Publishers' Association asked the President
for just one reservation, namely, that he would add to the code Article 8
of the Bill of Rights, providing for free speech and a free press. He refused. He wrote them a letter of refusal, instead of listening to their case.
He wrote them a letter, just as he sent me a telegram.
"Soon thereafter something like twenty NRA codes appeared and were
approved by the President, invoking drastic powers of Federal control
over every industry turning out newspaper equipment and materials. . . .
"This was followed by other NRA codes imposing drastic control over
book and magazine publication, all pamphlets and printed bulletins, so
that even opposing candidates for office would have to submit their published views to Federal supervision.
"But control of publications did not seem to Federal powers to be enough.
An independent American citizen, denied a free press, might use the telegraph, long distance 'phone, or radio. So now appears the 'Rayburn
Communications Act' providing for Federal government control of radio,
telegraph, telephone and cable."

Volume 139

Financial Chronicle

President Roosevelt Extends Automobile Code 60 Days
to Nov. 3—Disputed -Merit Clause" Is Retained,
Despite Labor Opposition--Text of Executive
Order Renewing Pact.
The National Recovery Administration for the automobile
industry, which was scheduled to expire on Sept. 4, was extended for an additional 60 days, or until Nov. 3, in an order
issued by President Roosevelt on Sept. 1. This action was
taken despite protests of labor organizations, which objected
to the retention in the code of the so-called "merit clause,"
which specifically interprets Section 7-A of the National Industrial Recovery Act to mean that employers may hire and
discharge employees according to merit. The automobile
code is the only industrial pact in which such a clause is included. General Hugh S. Johnson, Recovery Administrator,
supported the employers in recommending the retention of
the clause.
The text of the President's Executive Order, amending the
code to extend its duration 60 days, is given below:
Approved Code No. 17.—Amendment No. 3, amendment to code of fair
competition for the automobile manufacturing industry as approved on
Aug. 31 1934 by President Roosevelt.
Exec-nave Order.
An application having been duly made in behalf of the automobile manufacturing industry, pursuant to and in full compliance with the provisions
of Title I of the National Industrial Recovery Act, approved June 16 1933,
and the provisions of the code of fair competition for the automobile manufacturing industry duly approved on Aug. 26 1933, for my approval of an
amendment to said code of fair competition for the automobile manufacturing industry, and the Administrator having found that said proposed
amendment complies in all respects with the pertinent provisions of Title I
of said Act, and that the requirements of clauses (1) and (2) of subsection
(A) of Section 3 of said Act have been met, and the Administrator having
recommended approval of such amendment:
Now, therefore, I, Franklin D. Roosevelt, President of the United States,
pursuant to the authority vested in me by Title I of the National Industrial
Recovery Act, approved June 14 1933, and otherwise, do adopt and approve
the findings and recommendations of the Administrator and do order that
the said application be and it is hereby approved, and that, effective immediately, the said code of fair competition for the automobile manufacturing
industry be and it is hereby amended as follows:
In Article 1, the seventh paragraph which has heretofore read as follows:
"The term expiration date as used herein means Sept. 4 1934, or the
earliest date prior thereto on which the President shall by proclamation or
the Congress shall by joint resolution declare that the emergency recognized
by the Section 1 of the National Industrial Recovery Act has ended," shall
be modified to read as follows:
"The term expiration date as used herein means Nov. 3 1934, or the
earliest date prior thereto on which the President shall be proclamation or
the Congress shall by joint resolution declare that the emergency recognized
by Section 1, National Industrial Recovery Act, has ended."
(Signed) FRANKLIN D. ROOSEVELT.
Approval recommended:
Hugh S. Johnson, Administrator, the White House, Aug. 21 1934.

Members of Code Authority for Retail Solid Fuel Industry Submit Resignations to NRA—Protest Action of
General Johnson in Modifying Code—NRA Accepts
Resignation and Says Code Is Still in Effect.
Members of the National Code Authority for the retail
solid fuel industry on Sept. 3 unanimously resigned in protetst against what they termed the "vascillating policies" of
the National Recovery Administration in dealing with the
problems of the industry which they administer. The resignation of the Code Authority was forwarded to General
Hugh S. Johnson, Recovery Administrator, in a letter which
charged that the NRA had "emasculated" the code and left
only a "skeleton." The Code Authority assailed the Recovery Administrator for having modified the pact and amended
It "arbitrarily." It asserted that the code as signed by
President Roosevelt had been agreed upon by both the NRA
and the industry, but that it had later been so changed by
the NRA that it could not be accepted by the industry and
the Code Authority could not accept the responsibility of trying to administer it in its revised form.
The NRA on Sept. 4 accepted the resignation of the Code
Authority, and at the same time announced that the code
covering the industry would remain in full force and effect.
The NRA issued an official statement in which it said that
Its action in administering the price section of the code had
been precipitated solely in the interest of the public. It added
that it had required merely that minimum prices for coal to
the consumer, when established under the terms of the code,
should be subject to review by the NRA to prevent them being
fixed at too high levels.
The Code Authority's letter of resignation, made public
Sept. 3, read in part as follows:
The members of the National Code Authority for the retail solid fuel
industry hereby resign, effective at once.
The last hope for effective results has just been destroyed by the announcement that the provisions of this code may be modified at will by
NRA without prior notice to or consent of the industry
It is our view that the code and the act provide a specific and orderly
method of modification, and the administrator may not on his own initiative
arbitrarily impose amendments.




1497

The interpretation of the code to-day, in the light of NRA memoranda
which are being given the effect of code amendments is at complete variance
with its intent and effect as originally approved. As now emasculated by
NRA, the code is a futile and unworkable thing, while as originally agreed
upon it represented a constructive basis for improvement of conditions in
this industry.
If the fundamentals of a code are to change with changes of viewpoint
and changes of personnel who utterly lack understanding * •then this truly
is a Government of men and not•• * of law."

After recording its determination to resign, the Code
Authority said:
This conclusion has been reached, and this course of action taken, with
reluctance and regret, after the most careful and thoughtful consideration
by all members of the National Code Authority and after exhausting all
reasonable efforts to compose our differences * * * ."

Members of the Code Authority who resigned include:

a

Roderick Stephens, New York, Chairman; Milton E. Robinson, Jr.,
Chicago, Vice Chairman; Clarence V. Beck, St. Louis: William A. Clark,
Boston; Charles M. Farrar, Raleigh, N. 0.; Edward B. Jacobs, Reading, Pa.,
and John McLachlan, Pullman, Ill.

The letter of the NRA to the Code Authority, dated Sept.
4, read in part as follows:
In the process of formulation of the marketing provisions of your code,
an issue developed as to whether general price fixing was to be provided in
your code.
In accordance with principles to which NRA has sought at all times to
conform, it was made clear that no price fixing would be permitted, but
simply a provision for ascertainment of the lowest costs of members of the
industry, which could reasonably be said to cover the expense of doing business, exclusive of capital costs and profit.
It was made abundantly clear at that time that this provision was to
operate only in conditions of emergency and that the figures found must be
low and must be costs.
It was only recently, when it appeared that the approved procedure failed
to produce the type of price-fixing which you desired that you and your
counsel introduced the objections to procedure which you now advance.
NRA, irrespective of procedure, will be unable to approve any determination by any agency which does not conform to the principles stated at the
time of the drafting of these code provisions—i. e., the figures must be low,
must be costs, and may be made mandatory only in emergencies.
Finally, it must be made clear that the act is still in effect, the code
stands unrevised, and the division Code Authorities are still in operation for
the purpose of carrying out their functions under the code and the act, and
NRA must continue to supervise operations under the code and the act in
order to provide adequate protection of the public interest.

Policies of President Roosevelt Experimental, Says
Senator Johnson—But RegardsiAccomplishments
as Overbalancing Faults.
Senator Hiram Johnson of California, independent
Republican supporter of President Roosevelt's policies,
answering charges of unconstitutionality against the New
Deal, had the following to say (according to the Associated
Press) in a Labor Day address at San Francisco on Sept. 3:
Some of the (Roosevelt) policies pursued have been frankly experimental. With some of them we may have disagreed; with some of them
we may have felt either they might not accomplish the object intended,
or to obtain the desired end, but at least a titanic effort has been made.
The sum total of what has been done so enormously overbalances that
with which we may have disagreed, that the debit side in comparison with
the credit side in real accomplishment has been negligible.
Those who caviled at any activity, those who for political reasons have
sneered at every effort, the timid and ultra-conservative who have trembled
with fear at every advance, have resurrected at each forward step the
bogeyman of unconstitutionality. Many of them, now constituting
themselves the self-appointed guardians ofthe Constitution,are lugubriously
crying against what they are pleased to term assaults upon and violations
of that instrument.
So long as they deemed the Constitution the shield and the buckler
of the sacrosanct right of exploiting the few, the voices of those loudest
In tender solicitude were unheard in this land. Now they are heard in
cacophonous shrieks.
Those of us who have passed through periods of this sort in the past
can smile at the sound and cry of some of the present protectors of the
Constitution.
hi

Dropping of NRA from Statute Books Advocated by
Senator Dill—Supporter of New Deal Says Sooner
Gets Rid of Controversial Features the
Better.
The assertion that the National Industrial Recovery Act
should be wiped off the Federal statute books at the next
session of Congress as the first step toward real recovery
is attributed in Chicago advices Sept. 1 to Senator Clarence
C. Dill (Dem., Wash.), described as a supporter of the
New Deal. A dispatch from Chicago to the New York
"Times" quotes Senator Dill as saying:
There is a powerful sentiment for liberalism in government, both State
and National. But sentiment for liberalism does not mean sentiment for
regimentation, such as the NRA is developing.
The time has come when interference with business by the NRA should
cease. The virtues of the NRA—the minimum wage and abolishment of
child labor--should be retained, but the rest of its controversial features
should be scrapped.
The sooner the country gets rid of them, the better off we will be. Too
many government regulations by too many government agents are annoying
to business leaders and workers. The sooner these are removed the more
readily will recovery come.
There are more little folks in business and industry than big folks.
And under the NRA it is the little folks who are being annoyed the most.

From the dispatch we also quote:
Senator Dill said the nomination of Upton Sinclair as Democratic candidate for Governor of California reflects a powerful liberal sentiment in

1498

Financial Chronicle

that State. The sentiment exists in other States, he added, but he did
not believe it would lead to the formation of a third party.
"The American electoral college system virtually compels a two-party
government," he said. "Reactionary Democrats may join with reactionary Republicans, but I doubt that they would have much chance
in 1936."
Senator Dill, whose term expires in 1935, 113 not seeking his seat again.
He plans to retire after 20 years of service in Congress, 12 of them as
Senator.

Inquiry into New Deal Called for in Resolution Adopted
by American Bar Association.
An inquiry into "the effect of recent developments in
National legislation and governmental policies as affecting
the rights and liberties of American citizens" is called for
4.
under a resolution adopted at the annual convention on
Aug. 30 of the American Bar Association at Milwaukee.
In advices from that city to the Chicago "Daily Tribune"
it was stated that the plan to investigate effects of recent
legislation was proposed by George L. Buist of Charleston,
S. C., a Democrat. It was seconded by Charles E. Lane,
of Cheyenne, Wyo., a Republican. The 15 members of
the Executive Board voted for it and it was later adopted
without debate at a general session of delegates. The
Committee will be appointed by the newly-elected President
of the Association, Scott Loftin of Jacksonville, Fla. From
the account to the Chicago "Tribune" we also quote:
Caldwell Report Debated.
In the meantime the issue came to the front in a debate over the report
of the committee on administrative law, of which Louis G. Caldwell, of
Washington, D. C., former special counsel for the Radio Commission,
is Chairman. While Mr. Caldwell attempted to keep politics out of
the discussion and confined his report to an analysis of the machinery
of the New Deal legislation, with recommendations for a separation of
judicial and administrative functions, the report was regarded in some
quarters as a political attack on the Administration and formed the subject
of a spirited debate at the afternoon session of the delegates.
The decision to study New Deal legislation and administration in the
light of the Constitution was taken by the General Council, of which
George H. Smith, of Salt Lake City, Utah, is Chairman. That decision
later was adopted by the Executive Committee, of which Earle W. Evans,
retiring President of the Association, is Chairman.

The following is the text of the resolution:
Whereas the rapid development in recent months of novel legislative
and governmental trends in the Federal Government affecting the rights
and liberties of American citizens and our Constitutional form of government have resulted in a great diversity of opinion throughout the United
States as to the effect of these theories; and the questions involved hold
a deep and peculiar interest for the bar of this country;
And whereas the people of this country, at all such times, look to the
bar for advice and guidance in such crisis;
Now, therefore, be it
Resolved, That the General Council recommends that the Executive
Committee create a special committee to study the effect of recent developments in National legislation and governmental Policies, as affecting
the rights and liberties of American citizens and the maintenance of the
guarantees furnished by the United States Constitution; and that such
committee report its findings to the Executive Committee, and that the
Executive Committee report the same, together with its comments thereon,
at the next meeting of the American Bar Association.

President Roosevelt Names Board to Settle Strike of
Cotton, Silk, Wool and Worsted Textile Workers—
Union Leaders List Five Chief Demands—Many
Mills Remain Open Throughout Country, Despite
Picketing—Mediation Board Confers with Representatives of Strikers and Employers.
More than half of the cotton, silk, woolen and worsted
textile workers throughout the country were out on strike
this week as the result of walkout orders issued by the
United Textile Workers of America, an affiliate of the
American Federation of Labor. There was some hope that
an early settlement of the dispute could be reached, however,
following the decision of President Roosevelt to appoint a
special board of three members to mediate the strike. This
action was taken upon the recommendation of Lloyd K.
Garrison, Chairman of the National Labor Relations Board,
after the latter on Sept. 5 reported that it had unsuccessfully
sought to bring about peace within the textile industry.
The Board named by President Roosevelt at Hyde Park,
N. Y., on Sept. 5 is composed of the following:
John G. Winant, Governor of New Hampshire, Chairman.
Raymond V. Ingersoll, of New York, Borough President of Brooklyn.
Marion Smith, of Atlanta, Chairman of Regional Labor Board for the
Southern area.

In an Executive Order, issued by President Roosevelt on
Sept. 5 the duties of the Board are indicated as follows:
The Board Is hereby authorized and directed to
(a) Inquire into the general character and extent of the complaints of
the workers in the cotton textile, wool, rayon, silk and allied industries;
and
(b) Inquire into the problems confronting the employers in said industries; and
(c) Consider ways and means of meeting said problems and complaints;
and
(d) Exercise in connection with said industries the powers that are
authorized to be conferred by the first section of Public Resolution 44,
Seventy-third Congress; and
(e) Upon the request of the parties to a labor dispute, act as a board of
voluntary arbitration or select a person or agency for voluntary arbitration.




Sept. 8 1934

The full text of the order appears under another head in
this issue of our paper.
Members of this Board met yesterday (Sept. 7) in Washington with representatives of the strikers, and later conferred
with George A. Sloan, President of the Cotton Textile
Institute. The fact that these conferences were held was
regarded as offering some encouragement in the negotiations, since strike leaders had previously declared that no
arbitration would be considered by them until every textile
mill in the country was closed.
It was estimated by Press Associations yesterday that the
total of strikers throughout the country was around 400,000.
Although many of those who had remained at their jobs at
the beginning of the strike joined the walkout later in the
week, these increases were partially offset by the reopening
of some mills which had been forced to shut down. Strikers
in New England and in the South adopted picketing tactics
in an effort to prevent non-strikers from going to work.
In a series of clashes in the Southern States 10 persons were
killed this week and many more were injured. National
Guardsmen were called out in many districts to protect
mills and men who were still at work.
Mr. Garrison of the National Labor Relations Board in
his letter Sept. 5 to President Roosevelt said:
"In deference to the important function which we have been created by
you to discharge, we believe that the public interest would best be served
by our immediate withdrawal from further mediation efforts in the textile
strike. From our knowledge of the situation we are satisfied that mediation looking toward a termination of the strike can best go forward by your
creating a special board under Public Resolution 44, with full authority to
investigate the causes of the strike and to propose a just basis of settlement."

George A. Sloan, President of the Cotton Textile Institute,
said on Sept. 5 that the new Board appointed by the President "will receive our utmost respect." Francis J. Gorman,
Vice-President of the United Textile Workers of America
and Chairman of the General Strike Committee, said on the
same day that union leaders "would co-operate as far as
possible" with the President's mediation committee.
Reference to a call for a strike of all cotton textile workers
in the country was made in our issue of Sept. 1 (pages
1341-42). Late on Aug. 31 the strike call was extended to
150,000 wool and worsted workers in New Jersey, Pennsylvania and New England, after Arthur Besse, of the Wool
Textile Code Authority had telegraphed Mr. Gorman refusing to engage in a joint conference, since individual mills
could not delegate responsibility to any committee for
dealing with their employees. On Sept. 2, after efforts at
mediation by the National Labor Relations Board had failed,
150,000 silk mill workers were also ordered to join the
walkout. Mr. Gorman said on Sept. 3 that the national
walkout would be extended to 250,000 more workers in
miscellaneous divisions within a week.
Union officials, in a statement filed with the National
Labor Relations Board, listed the following specific demands
upon which the country-wide walkout was based:
1.—Establishment of a 30-hour maximum work week consisting of 6
hours a day, 5 days a week, with the same earning power that the workers
received under the 40-hour week. Definitions and classifications of
occupations must be made and graduated minimum wage scales set up
according to skill of the worker. Wages in different sections of the industry
must be made more uniform, to stabilize competitive as well as labor
conditions.
2.—Establishment of a maximum work load for operations in various
divisions of the textile industry.
3.—Reinstatement of all workers victimized for union membership in
violation of Section 7-A of the National Industrial Recovery Act.
4.—Recognition of the United Textile Workers of America as the bargaining agency of the workers in the textile industry.
5.—The establishment of an arbitration tribunal, mutually agreeable to
both parties to settle all disputes that the parties are unable to adjust
themselves. The decision of said arbitration board to be final and binding
upon both parties.

Reports varied greatly as to the effectiveness of the general
strike. Union leaders said that it was almost 100% effective, while representatives of the employers, on the contrary,
were inclined to minimize the number of men who joined
the walkout. Many mills throughout the country remained
open throughout the week, although an increasing number
was closed as the strike continued in force. It is probable
that the strike call w is least effective in the woolen industry,
where it was believed that less than 10% of the employees
had left their jobs. The seriousness of the general strike in
the textile industries was lessened by the fact that most of
the mills were operating far below capacity, had large stocks
of finished materials on hand, and were prepared to continue
to fill orders even if closed.
Sporadic violence and rioting were reported from various
parls of the country, particularly in New England. Thomas
F. McMahon, International President of the United Textile
Workers of America, said in a speech at Providence, R. I., on

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Financial Chronicle

Sept. 3 that "no power on earth" could stop the strike. He
advised the workers to be militant in defense of their rights
and said: "If you are hit, hit back."
Although the cotton textile strike was theoretically effective at 11.30 p. m. on Sept. 1, most of the workers who
participated in this walkout were first absent from their
jobs on Sept. 3, with more strikers joining on the following
day, and the silk workers walking out on Sept. 5. The
Paterson Silk Manufacturers' Association admitted on Sept.
5 that the silk workers'strike was 100% effective in Paterson,
the country's principal silk center.
Mr. Sloan issued a statement on Sept. 4 in which he
branded the strike a failure and said that it would continue
to be a failure if intimidation of loyal workers could be
held down. The New York "Journal of Commerce" of
Sept. 5 reported his summary of the strike situation at that
time as follows:
He backed this statement with a report showing that mills employing
346,000 of the 410,000 workers employed in the industry had reported to
the Institute, and their figures gave 254,000 at work and 92,000 on strike.
This shows that 73% of employees in reporting mills are working. In the
South 60,000 out of 214.000 workers, or 28% were on strike, and in the
North 32,000 out of 132,000, or 24%, were on strike.
0.Reports to the Institute came in throughout the day, but last night mills
employing 64,000 workers had not been heard from. These mills are
scattered through the country and usually are located in one-mill towns.
Response is not likely to be great in such mills, it was generally felt.
Mr. Sloan called attention to the statement on Monday by Strike Chairman Gorman, who said: "Just watch the textile centers to-morrow—
to-morrow will be the real test."
"What the test has disclosed thus far," said Mr.Sloan,"above all things,
is that the great majority of the workers in the cotton industry are not in
sympathy with this strike and desire to remain at their places. It remains
to be seen whether a minority whose leadership has failed to obtain the
confidence of the majority will resort to coercion to force its will.
"The latest figures indicate that at least 250,000 cotton mill employees
are at work. Scores of telegrams indicate that many thousands more would
be at work but for the intimidation of motorcades and flying squadronsfrom
nearby strike-affected areas.
"At no time since the strike became imminent have we made any predictions. We are not making any now, but we are giving the facts exactly as
we receive them in the hope that the public and the workers particularly
will compare them with the predictions of the strike leaders and draw
their own conclusions."

The New York "Times" on Sept. 5 reviewed the strike
situation at mid-week in the following tabulation:
General.
Francis J. Gorman, head of the Strike Committee of the United Textile
Workers of America claimed that 300,000 out of 650,000 workers in all
branches of the industry answered the strike call.
George A. Sloan, head of the Cotton Textile Institute, said that 92,000
out of 410,000 employees in the cotton industries were out. He called
the strike a failure.
The Associated Press estimated that 199,200 out of 653,200 workers in
the cotton, silk and wool textile industries were on strike.
Peter Van Horn, head of the Silk Textile Code Authority, declared that
only 5% of the silk workers went out.
Frank Schweizer, speaking for silk workers' unions, said 60% of the
Industry was tied up.
In the South.
Union leaders estimated that more than 125.000 workers quit mills in
South.
the
Mr. Sloan's estimate was "not more than 60,000." His figure applies
to the cotton industries which take in most of the Southern mills.
Impartial estimates set the number at 116,684.
/n New England.
Impartial observers estimated total number of men on strike in New
England at 76.000.
Strikers claimed 75,000 workers quit mills in Massachusetts.
Newspaper estimates set the figure in Massachusetts at between 31,950
and 43,950.
Woolen manufacturers said that only 10% of the workers quit in New
England,
Only 5% of the mill workers left their looms in New Jersey, according to
the owners and only three of Pennsylvania's 400 mills shut down,they said.

Henry I. Harriman, President of the Chamber of Commerce of the United States, issued a statement on Aug. 31
in which he discussed the pending textile strike, and charged
that the union leaders had ignored the efforts of the National
Recovery Administration to mediate. He declared that it
is unnecessary for labor to strike to eliminate improper working conditions, and said that wages in the cotton textile
industry have been increased approximately 70% under
the NRA code.
Text of Executive Order Issued By President Roosevelt
Creating Board to Inquire Into Strike of Textile
Workers.
The following is the text of the Executive Order issued on
Sept. 5 by President Roosevelt creating a board of three to
inquire into the strike of textile workers, reference to which
is made in another item in this issue:
Creation of the Board of Inquiry for Cotton Textile Industry. etc.
By virtue of and pursuant to the authority vested in me under Title I
of the National Industrial Recovery Act (CH90, 48 Stat. 195, Tit. 15,
U.S.0.Sec. 701) and under joint resolution approved June 19 1934 (Public
Res. 44, Seventy-third Congress), and in order to effectuate the policy of
said title and the purposes of the said joint resolution, it is hereby ordered
as follows:
Section 1. There is hereby created, in connection with the Department
of Labor, a board to be known as the Board of Inquiry for the Cotton




1499

Textile Industry (hereinafter referred to as the Board), which shall be
composed of Hon. John G. Winant, Governor of New Hampshire, Chairman; Mr. Marion Smith of Atlanta, Ga., and Hon. Raymond V. Ingersoll
of Brooklyn, N.Y.
Each member of the Board shall receive necessary traveling and subsistence expenses, and (unless he holds another Federal or State office
that makes him ineligible for compensation) $25.00 per diem in addition
thereto.
Section 2. The Board is hereby authorized and directed to—
(a) Inquire into the general character and extent of the complaints of
the workers in the cotton textile, wool, rayon, silk and allied industries; and
(b) Inquire into the problems confronting the employers in said industries; and
(c) Consider ways and means of meeting said problems and complaints;
and
(d) Exercise, in connection with said industries, the powers that are
authorized to be conferred by the first section of Public Resolution 44,
Seventy-third Congress; and
(9) Upon the request of the parties to a labor dispute, act as a Board
of Voluntary Arbitration or select a person or agency for voluntary arbitration.
Section 3, The Board shall make, through the Secretary of Labor to
the President, a report no later than Oct. 1 1934, of its activities, findings
and recommendations. The Board shall be exempted from making the
reports or submitting to the review contemplated by the Executive Order
providing for the creation of the National Labor Relations Board, &c.
(Executive Order No.6763, June 29 1934.)
Section 4, The Board is hereby authorized to request existing governmental agencies to render services, furnish information, and otherwise aid
the performance of the Board in its duties.
The Board is further authorized, whenever necessary, to appoint additional employees without regard to the civil service laws and the Classification Act of 1923, as amended. The funds necessary for the payment of
the salaries and expenses of the Board shall, until other provision is made,
be transferred to the Board by the National Labor Relations Board from
its own funds.
Section 5, The Board shall cease to exist when, in the opinion of the
President, it has completed the duties it is authorized to perform.
(Signed) FRANKLIN D. ROOSEVELT.
Poughkeepsie, New York.
Sept. 5 1934.

FERA Not to Finance Textile Strike.
Indicating that the Federal Emergency Relief Administration does not intend to assume the position of financing the
textile strike, Harry L. Hopkins, Administrator, in a talk
with newspaper correspondents at Hyde Park, N. Y., on
Sept. 3 said:
If they think we are going to underwrite their strike, they are mistaken.
And they will find it out soon enough.

A dispatch from Hyde Park to the New York "Herald
Tribune" further said:
Declaring that FERA will continue to support those in need, Mr. Hopkins
emphasized that this did not mean any general backing of the strike cause.
Federal relief will be administered in accordance with established policy.
he said, except where those seeking aid may be violating orders of some
mediation agency of the Government.

Protest By Illinois Manufacturers' Association Against
Financial Aid to Textile Strikers By FERA Would
Bring "Indefensible Burden" on Taxpayers and
Promotion of Industrial Strife.
The Illinois Manufacturers' Association on Aug. 31
forwarded to Harry L. Hopkins, Federal Emergency Relief
Administrator, a protest against the use of Federal funds
to aid those called out in the textile strike. The protest,
signed by R. E. Wantz, President of the Association, said:
The statements attributed to you in press dispatches from Washington,
to the effect that Federal funds would be made available to men now employed in the textile industry and who have proposed to go out on strike
Saturday, Sept. 1. was the subject of consideration at a special meeting of
the board of directors held in Chicago to-day.
While we recognize the propriety of the FERA furnishing aid to those
who may be in temporary distress as a result of involuntary unemployment,
we are convinced that the furnishing of financial aid by the Government
to men who are voluntarily unemployed is fraught with grave dangers to
our economic and social stability.
The furnishing of financial aid by the Government to individuals who
deliberately refuse to continue in the employment of private industry not
only imposes an undue and indefensible burden upon the great body of
taxpayers who are called upon by the Government to supply funds for such
purpose but is in effect an invitation to the representatives of organized
minorities to engage in wholesale and perhaps universal promotion of industrial warfare and strife.
The dislocation and unemployment resulting from the alarming and
ever increasing number of strikes in this country now represents the principal
obstacle to business recovery. The furnishing of relief to strikers if continued as a National policy will, we submit, aggravate this condition. Such
policy will, we believe, not only incite industrial strife but will materially
increase the number of unemployed by curtailing production and paralyzing
sources of private employment.

Protest By U. S. Chamber of Commerce Against Use
of Federal Funds for Textile Strikers.
Protest against the proposed use of Federal funds for the
support of the textile strikers was made by Henry I. Harriman, President of the Chamber of Commerce of the United
States, on Sept. 1. The New York "Sun" in advices from
Washington Sept. 1, had the following to say in part regarding Mr. Harriman's protest:
Mr. Harriman, in his statement, said that "the mills cannot run if they
do not have orders" and that if the cost of goods were still further raised.
as proposed by the United Textile Workers, the result would be harmful
to the employees and still more of them would be thrown out of work.
Mr. Harriman said that the demand of the textile workers for a 30-hour
week should be settled under the code.

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Financial Chronicle

Mr. Harriman emphasized the importance of the policy of Government
relief to strikers, saying the textile controversy "has brought to a focus
fundamental questions as to governmental methods of administration
relief."
The strike call, if generally obeyed," says Mr. Harriman in his statement, "will be a serious threat to the peaceful settlement of other disputes
between employer and employee, under the orderly processes set up by
NRA and, admittedly, the strike leaders are making much of the argument
that strikers can rely for support during the strike upon Federal relief funds.
"The accomplishments of the new cotton code have been really remarkable. The hours of labor have been reduced from an average of 54 hours to
a maximum of 40 hours, and this has resulted in the re-employment of more
than 100,000 workers in the industry. This shortening of the hours of
employment,and a higher wage rate to compensate for the shorter hours....
No Chance for Increase.
"Under the codes, and under the laws of the land, there are ample facilities for the discussion of problems of this nature, and for their peaceful
settlement. NRA itself has a competent division of research and planning,
and when demands for shorter hours and higher wages were presented in
June, this impartial, fact-finding agency, after an exhaustive study, determined that there was no factual or statistical warrant for a general increase
in the cotton textile wage rates.
"But the textile union strike committee has ignored the findings of NRA
and has refused to accept the mediation services of the Industrial Relations
Board of the cotton industry. Labor does not need to strike to eliminate
Improper working conditions, or to secure improvement in terms of employment that may be warranted, under current business conditions. Announcement ot an intention to strike means repudiation of the provisions
of the code inserted to protect the interests of labor.
Question of Recognition.
"More than three-fourths of the labor controversies dealt with by the
National Labor Board and its regional branches during the last year involved, not complaints about working conditions but questions of.union
recognition or other matters relating to collective bargaining.
"Should the Federal Government be placed in the position of indirectly
financing the activities of labor organizations in their efforts to bring about
the complete unionization of industry?
"Federal appropriations for unemployment relief are intended to provide
for the care of persons in distress because of loss of employment and inability to find other work. But the Federal Relief Administration has
refused to distinguish between those who are out of work without their own
volition and those who are out of work of their own free will, through strike.
"It has been suggested by the Relief Administration that relief should
not be afforded strikers if the Department of Labor or the new Federal
Relations Labor Board found that the strike was not justifiable. I submit
that, in the first place, there is no authority for any Federal agency to say
whether a strike is justifiable or not."

Sept. 8 1934

Golden, Executive Secretary of the Regional Labor Board,
was instrumental in effecting the agreement. The New York
"Times" of Sept. 5 reported the settlement as follows:
Previous conferences had resulted in agreements between Locals 282 and
807 and the employing groups, according to Mr. Golden, and all union members were back at work yesterday. About 1,150 drivers had gone out on
strike Saturday.
The fourth drivers' union, Local 138, composed of drivers of flour and bakery trucks, is still negotiating for the $5 increase, but its members are
remaining at work pending the outcome of the conferences. Air. Golden is
expected to call jobbers into the negotiations looking toward an adjustment
of cartage rates.
"If there is to be a successful settlement it will involve an increase by
the jobbers in the cartage rates, because under present conditions it is impossible to grant the increase in wages," Benjamin Spevack, representative
of the Flour Truckinen's Association, said yesterday. "If there is an increase in the cartage rates it will be passed on to the truckmen. We are
merely purveyors of labor, and, if the jobbers are willing, we will pass the
increase on to the drivers."
Mr. Golden said he would act as arbiter in specific cases where the $5
increase on wages in the higher brackets might become a burden to employers. He said that independent owners were falling in line with the
new wage scale, and that the agreements would result in union contracts
for the entire industry.

National Labor Relations Board, Interpreting Section
7-A of NIRA, Rules Representatives of Majority
of Employees in Plant Must Act for All in Collecr" tive Bargaining—Decision Given in Houde Case.
The National Labor Relations Board, in a decision handed
down Sept. 1, declared that representatives of the majority
of workers in a company shall constitute the sole agency for
collective baigaining with the employers, and shall represent all workers for this purpose. This decision, which was
interpreted as of utmost importance in future rulings under
Section 7-A of the National Industrial Recovery Act, was
made in a ruling on a dispute between the Houde Engineering Corp. of Buffalo and the United Automobile Workers'
Federal Labor Union No. 18839, which won a shop election
by a vote of 1,105 to 647, with about 400 employees not voting. John L. Lewis, President of the United Mine Workers
of America, said on Sept. 1 that the ruling was a "great victory for the American Federation of Labor."
A statement by the American Manufacturers Association,
on Sept. 1, on the contrary, said that the policy as enunciated
by the NLRB "will not be contributory to allaying the
troubled industrial situation which unwise policies already
have precipitated."
A Washington dispatch of Sept. 1 to the New York "Herald
Tribune" described the case in question, and quoted from the
decision as follows:

Strike of 4,000 New York Fur Workers Ended When
Employers Grant Union Recognition and Unemployment Insurance—Ceremonies Mark Enrollment
of Fur Industry Under NRA Blue Eagle.
More than 4,000 fur workers in New York City, who had
been on strike in a demand for higher wages and shorter
hours, returned to work on Sept. 5 after their leaders, on the
previous day, had ratified a new wage and hour agreement.
The strikers were members of the Fur Workers Union of
New York, a so-called left wing organization. Terms of settlement included recognition of the union for purposes of
The Labor Board conducted a hearing on the Honda case on July 24, and
collective bargaining and the establishment of an unemploy- reached its decision on Aug. 30.
"The fundamental purpose of Section 7-A (the labor cause of the Recovery
ment insurance fund.
Act) was to encourage collective bargaining," the Board wrote. "In proCeremonies were held in New York City on Sept. 4 to mark hibiting any interference with this process, it (Congress) must have intended
the fur industry's enrollment under a code. Miss Frances that the process should be encouraged and that there was a definite good to
be obtained
stabilization of employment relations through collective
Robinson, Executive Assistant to General Hugh S. Johnson, agreements."by the
Recovery Administrator, and Mrs. Grover Whalen sewed the
The Houde company declined to make any agreement with the Auto Workfirst Blue Eagle insignia on fur coats, and after this event ers' Union without participation of the company union.
The decision of the Board reviewed in detail the developments leading up
it became mandatory for all fur garments manufactured in to the controversy,
relating how the "company" union grew out of a looselythis country to bear the label. The industry's annual volume organized athletic group within the ranks of the workers and how the election, which finally became necessary, definitely established the non-"comof business is estimated at $110,000,000.
union as the representative of the majority. The report continued:
The New York "Times" of Sept. 5 summarized the terms pany"
"Since the election the company's practice has been to meet every week
of the agreement ending the strike of fur workers as follows: or two on Saturday mornings, first with the association's committee and
The agreement provides for recognition of the union, a 35-hour week, and
an unemployment insurance fund of 1%% of the total weekly payroll, the
fund to be administered exclusively by a committee of the unemployed. It
provides further that no contracting is to be permitted by the employers,
who must make everything on their own premises; that an equal division will
be made of existing work among the workers for four months of the year
during the slack period; that the trial period will be no more than four
weeks, and grants eight legal holidays a year.
When the manufacturers' contract with the union expired on Jan. 1 the
manufacturers made an agreement with the International Fur Workers
Union, an A. F. of L. affiliate. The manufacturers declared that the A. F.
of L. union had been unable to live up to its agreement to replace the
strikers.
A spokesman for the A. F. of L. group threatened legal action to enforce
the contract.

Threatened Strike of 10,000 New York City Truckmen
Averted When Employers Agree to Wage Increase—
Walkout Would Have Hampered Movement of
City's Food Supply.
A threatened strike of 10,000 truck drivers in New York
City, which would have seriously hampered the transportation of the city's food supplies, was averted on Sept. 4
through mediation by the Regional Labor Board. The settlement represented a partial victory for the International
Brotherhood of Teamsters and Chauffeurs, since the strikers were granted a blanket raise of 85 per week, with a minimum wage of $37.50 for a 40-hour week. About 1,150 drivers
had gone out on Sept. 1, but these returned to work on Sept. 4
after the terms of settlement had been announced. Ben




then with the union committee, or vice versa. At these meetings . . .
matters of secondary importance only have been discussed; toilet facilities,
safety measures, lighting and ventilation, coat-racks, slippery stairs, and so
on. Each committee brought up one or another of these topics, and sometimes, but not always, the company would inform one committee of what it
had been discussing with the other. Whenever as a result of any meeting the
company concluded to take some action a statement would be posted on the
bulletin board of what it had arranged to do. . . .
"It seems clear that the company's policy of dealing first with one group
and then with the other resulted, whether intentionally or not, in defeating
the objects of the statute."
The report continued:
"The company's conception of its duty was merely this: that the company
should periodically receive each committee (from company union and A. F.
of L. union), listen to its suggestions, discuss them politely and then act
upon them or not, as it might see fit.
"If that be all that the statute requires, the company was within its
rights; but, as has been pointed out, the statute calls for more than that.
It was not enacted to promote discussions. Such an anaemic purpose was
foreign to the Recovery Act.
"The statute was enacted to promote the making of collective agreements
covering terms of employment for definite periods, as an integral part of
the process of stabilizing industry upon a new and juster base."
The Board then pointed out that negotiation of a contract with a minority
would be absurd, and that if a committee representing both unions were
recognized the majority would rule in the end, anyway. The principal effect
of proportional representation on a committee, the Board said, would be to
weaken both sides by conflicting ideas.
As another principal argument in favor of majority rule, the Board pointed
to President Roosevelt's Executive Order authorizing the old National Labor
Board to conduct elections It provided, in substance, the Board said, that
those who were selected by "at least a majority of the employees voting"
'should "represent all the employees eligible to participate in such an election for the purpose of collective bargaining."

Financial Chronicle

Volume 139

NRA Reaches Amicable Agreement with Baltimore
Clothing Manufacturer in Wage Dispute Under
Code--L. Greif & Brother, Inc., Agree to Withdraw Federal Suit and Blue Eagle Insignia Is
Restored—$50,000 Back Wages to Be Given Employees.
The National Recovery Administration announced, on
Sept. 1, that it had reached an amicable adjustment of its
controversy with L. Greif & Brother, Inc., of Baltimore, the
second largest manufacturer of men's clothing in the United
States. The company has 10 factories and 4,000 employees.
This was the most important case handled by the NRA which
involved the payment of wages above the minimum and the
maintenance of wage differentials. Under the settlement the
company agreed to discontinue its suit in the Federal court
in Baltimore, in which it was seeking to prevent the NRA
from removing the Blue Eagle insignia. The NRA agreed
to withdraw an order prohibiting the Clothing Code Authority from issuing NRA labels to the company.
From a Washington dispatch to the Baltimore "Sun" of
Sept. 2 we take the following official statement, made jointly
by George L. Bell, Executive Director of the Code Authority;
Leonard Weinberg and Harry J. Green, counsel for the Greif
concern, and Leon Henderson, Director of the NRA's Research and Planning Division:
, The controversy between L. Greif & Bro., Inc., men's clothing manufacturers, and the NRA over the application of certain of the wage provisions
of the men's clothing code has been terminated, it was announced to-day.
As a consequence, the suit brought by the Greif concern in the Federal Court
at Baltimore to enjoin enforcement of the code will be discontinued
and the
NRA will withdraw its order prohibiting the Code Authority from issuing
NRA labels to the Greif company.
Negotiations looking toward the settlement of the controversy were initiated by the Department of Justice several weeks ago. At the suggestion
of
the Department, Leon Henderson, Chief of the Research and Planning
Division
of the NRA, was designated to conduct an independent, fact-finding
investigation. With the assistance of Dr H. F. Taggert and Morris Greenberg,
Deputy Administrator, Mr. Henderson conducted an extensive
investigation
into the comparative labor costs of the Greif company and a
number of its
competitors.
Objected to Bonus System.
The men's clothing Code Authority objected to the Greif bonus system.
The Greif company desired to establish a piece-rate system which they found
would reward employees according to their skill and efficiency, stating that,
in their opinion, the system would carry out the purposes of the code.
Leonard Weinberg, counsel for the Greif company, proposed that the piecerate system be established as of June 9 1934, contending that the interpretation on the basis of which the back payments had been determined by the
Code Authority from November 1933 had not been legally approved until
.Tune 1934.
While not accepting Mr. Weinberg's contention, Mr. Henderson agreed
that the piece-rate system should nevertheless become effective June 9 1934,
because it properly compensates the Greif employees.
Congratulates Company.
Mr. Henderson stated that he wished to congratulate the Greif company,
its counsel. Leonard Weinberg, and his associate, Harry J. Green.
together
with the Code Authority, for the fine spirit of co-operation shown
in providing a basis for settlement of the controversy.
Mr. Bell stated, on behalf of the Code Authority, that the settlement
was
satisfactory.

The Washington advices to the Baltimore "Sun" also
stated that simultaneously the Department of Justice issued
a statement saying it was "gratified that a settlement had
been reached in the controversy which underlay the case of
L. Greif & Brother versus Bernard J. Flynn, United
States
Attorney, et al., and that the case is to be dismissed." Representatives of the Department, it is added, had taken
part
in the conferences leading up to the agreement.
It is reported that under the agreement the company
will
reimburse its employees with back pay, estimated at approximately 850,000. Earlier references to the controversy am
peared in our issues of July 21, page 382, and July
28.
page 541.
Americans, Inc., Organized to "Explain Recovery
Program" to People—Group Denies it Opposes
American Liberty League—Described as NonPartisan.
The formation of Americans, Inc., as a non-partisan organization in sympathy with the Roosevelt recovery program
was announced in Washington on Aug. 30. Members include
Senator McKellar of Tennessee and Representative Greenway of Arizona. George W. Offutt, a member of the Board
of Directors, said on Aug. 31 that it was an "educational
organization" and denied that it had been created in opposition to the recently-formed American Liberty League.
Representatives of Americans, Inc., said that their purpose
would be to "explain the recovery program to the American
people." The Washington "Evening Star" of Aug.31 quoted
officers of the new organization as follows:
"Americans. Inc.," said Mr. Offutt, "was incorporated two or
three
months ago, and its organization was discussed eight or nine months ago."




1501

Officers of Organization.
The temporary President of Americans. Inc., is Arthur Clarendon Smith.
Listed among the officers and directors in a statement made at the new
organization's offices to-day are Senators Bulow of South Dakota and
McKellar of Tennessee,and Representatives Steagall of Alabama, Randolph
of West Virginia, Greenway of Arizona. Mrs. J. Borden Harriman, Mrs.
John Allan Dougherty and Admiral Mark L. Bristol. The executive director
is William C.Grace. All of the members of Congress mentioned as members
of the organization are Democrats, and Mrs. Harriman is the Democratic
national committeewoman for the District of Columbia.
The statement of formation said, in part:
"Changing times have wrought amazing changes in the Government of
the United States during the past several months. Not only has our Federal
Government increased tremendously in size, but it has recently taken on
many new functions such as the regulation of business practices, protection
of the farmer, responsibility for the unemployed, safeguarding of bank
deposits, an active interest in our housing problems, pensions for the aged,
etc."
No Danger of Confusion.
The statement continued that there was danger of confusion in the public
mind, particularly when, for political reasons, or for selfish personal purposes, conflicting reports about the New Deal are put out. It deplored
the fact that some of the old school statesmen are distorting the real purposes
of the New Deal.
J. M. Griffith, in charge of the membership campaign, said at headquarters to-day that a meeting would be held probably within a few weeks
to perfect a permanent organization.

Meeting in Washington Next Week to Consider Expansion of Bank Credit—Members of Federal Reserve
Board, Reconstruction Finance Corp. and Bank
Examiners to Confer.
A program for further liberalization of bank credit will be
considered in Washington on Monday. Next Sept. 10, where
national and Federal Reserve Bank examiners will meet with
officials of the Treasury, the Federal Reserve Board and the
R. F. C. This is learned from a Washington account Sept.6
to the New York "Journal of Commerce" which also said in
part:
The call for the meeting to consider the problem ofloans to industries was
disclosed to-day as officials continued theitiquest of a formula for credit
extension to aid the recovery program.
Seeks to Harmonize Views.
The session, which is expected to last several days, will endeavor to harmonize the views of the bank examiners with respect to bank advances and
the degree ofliquidity that should be maintained by the lending institutions.
No list of the bank examiners who have been requested to attend was announced but it is expected that the chief examiners of the various reserve
districts will come here for the meeting.
Jesse H. Jones, Chairman of the R F. C. declared lack of demand for
money, rather than disinclination on the part of banks to make advances
for legitimate purposes, was responsible for extreme liquidity of the banks
of the country.
This is in marked contrast with the viewpoint yesterday expressed by
Chairman Leo T. Crowley of the Federal Deposit Insurance Corp. that the
banks are retarding economic recovery because of failing to make needed
loans.

Chairman Crowley of Federal Deposit Insurance Corp.
Declares Banks Too Liquid—Urges Making of More
Loans To Effect Recovery.
In the view of Leo T. Crowley, Chairman of the Federal
Deposit Insurance Co. "with the progress made in recovery,
the banks are altogether too liquid."
In making this assertion Sept. 5 Mr. Crowley added:
I would like to see the banks make more loans. We cannot have a major
recovery unless the banks will put out loans. The banks cannot make any
money unless they loan money. They should make more loans.

Indicating that Chairman Crowley urged that banks
affiliated with the corporation reduce their liquidity to 40%,
the Washington correspondent of the New York "Journal of
Commerce" on Sept. 5 referred further in part to his contentions as follows:
Chairman Crowley declared that the liquidity of banks reduced to such
degree would provide ample protection to depositors in reporting that banks
affiliated with the Government insurance agency—more than 90% of the
commercial banks of the United States—are 54% liquid.
Deposits in 13,867 banks, exclusive of mutual savings banks, were reported to the corporation, as of June 30, 1934, at a total of $35,766,394,000
representing an increase of $4.500,000,000 over the same date last year.
Actual cash in possession of the banks and on deposit with other banks at
the end of the fiscal year amounted to $9,364,825,000, in addition to $10,295,709,000 in Government securities.
Crowley estimated that the country's banks could operate safely with a
liquidity of not more than 40% under which ratio they could reduce their
cash and Government bond holdings to $14,306,400,000 from the present
level of $19,660,534,000, and put into industrial loans the balance of more
than $5,000,000.000.
"Banks affiliated with the Federal Deposit Insurance Corp. show an
average liquidity of 54% based on the percentage of deposits in cash and
Government securities," he said. "They are altogether too liquid in view
of the progress made in the recovery program. They could go down to 40%
liquidity and still protect depositors."
Crowley's advocacy of an increase in the,volume of loans by banks to aid
the recovery program follows closely the survey launched by Secretary of
the Treasury Morgenthau, under the direction of Dr. Jacob Viner, his
economic adviser, to determine just what is the situation with respect to
the availability of bank credit to small and moderate sized business concerns.
In discussing the banks' liquidity, the Federal Insurance Deposit Corp.
head declared that the claim that the Government, through the RPC,
Is going into the banking business is not founded upon fact. Crowley
pointed out that the RFC has only about a 20% interest in the banks of
the country based on capital stock purchased from the banks.
Crowley's observations on bank credit were made in connection with the
Issuance of a statement that for the first time is claimed to present a corn-

Financial Chronicle

1502

posite picture of the commercial banks of the United States. It is also
claimed to be the first tabulation ever made including figures reported direct
to Washington by banks which are not members of the Federal Reserve
system.
This picture is based on reports of condition as of June 30, of 5,417 national banks,958 State banks, members of the Federal Reserve system, and
7,492 State banks not members of the system which are insuring their deposits with the FDIC. Since it represents 90% of the licensed commercial
banks, the corporation said it may be considered a reliable index of the
condition of all the banks of this type in the country.
"There were only 1,164 uninsured commercial banks on Aug. 8 and their
total deposits were $550,964,000," according to the corporation. "It is
Interesting to note that twelve of these uninsured banks have $216,631,000
ofthat total. Thus the remaining banks have only $334,333,000 in deposits,
Indicating that they are relatively small institutions. The only other banks
not included are mutual savings and private banks."

Sept. 8 1934

permission to reopen and final hearings will be held on
Sept. 14, it was stated.
In regard to the affairs of the closed National Bank of
Commerce of Lorain, Ohio, advices from that city appearing
in "Money & Commerce" of Sept. 1 had the following to say:
Following approval at Washington of the plan for reopening the National
Bank of Commerce, a depositors' committee has been formed to aid in
the matter.
Joseph Goldstein was elected Chairman, David Hatt, Vice-Chairman,
and Michael Rusinko, Secretary. The committee is composed of depositors
representing all sections of the city and the surrounding territory.
The opening plan calls for organization of a new bank to be known as
the National Bank of Commerce in Lorain to take over assets of the old
bank; raising of *240,000 in new capital, of which the Reconstruction
Finance Corporation will take $100,000 in preferred stock and securing of
waivers on 75% of deposits. Much of both capital and deposit subscriptions have been received.
As soon as the bank is opened a total of $750,000 in deposits will be
released at once, and $750,000 more—representing a 50% waiver of deposits
—will be protected by $1,250,000 in assets. Depositors will receive
certificates backed by these assets for their waived deposits.

New York Federal Reserve Bank This Week Combined
the Customary Weekly Meetings Held Separately
By Directors and Executive Committee.
Commenting on the directors' meeting of the Federal Reserve Bank, held this week on Wednesday, instead of, as is
In indicating the reopening shortly of the Union Deposit
customary, on Thursday of each week;the New York "Times" Bank of Maumee, Ohio, advices from Toledo, Ohio, appearof Thursday, Sept. 6, said:
ing in "Money & Commerce" of Sept. 1 said:
Reserve Bank Meeting.
Directors of the Federal Reserve Bank of New York held their weekly
meeting yesterday instead of to-day, when they ordinarily would have been
scheduled to meet. It hardly need be added that no change in the redis.
count rate was announced. Ordinarily the Executive Committee, comprising
most of the directors, meets on Monday and the full Board on Thursday.
The Industrial Advisory Board of the bank regularly meets on Wednesdays.
Yesterday's meeting combined the usual Monday conference, omitted this
week because of the holiday, with the regular weekly meeting and gave the
directors an opportunity to consult with members of the Industrial Advisory Committee on the status of loans to industry.
Reopening of Closed Banks for Business
of Restrictions.

and Lifting

Since the publication in our issue of Sept. 1 (page 1346)
with regard to the banking situation in the various States,
the following further action is recorded:
Associated Press advices from Pontiac, Ill., on Aug. 31
stated that the Pontiac National Bank of Pontiac had that
day been authorized by the Comptroller of the Currency to
begin business. The instiMoliwas organized—O.-replace
the National Banklof
undera -cor7gvaTirtliiiice—A-Firn 1933. The dispatch
added:
The new bank has a capital stock of $110,000, a surplus of $20,000, and
reserves of *5.000. Local subscribers provided $75,000 of the capital
structure and the Reconstruction Finance Corporation supplied $50,000.
MICHIGAN.

Progress by the depositors' committee of the defunct First
National Bank Detroit, Detroit, Mich., in the campaign
to obtain 10% subordination of their dividends by large depositors to permit payment in full of 560,000 claims under
$300 was reported on Aug. 31 by William J. McAneeny,
Chairman of the committee. The Reconstruction Finance
Corporation has made $91,000,000 available for the purpose.
The Detroit "Free Press" of Sept. 1, from which the above
information is obtained, continued:
Letters have gone out to nearly 1,100 depositors whose individual credits
exceed $25,000. While it will be necessary in many instances to await
formal approval by directors or corporations, the committee has been encouraged by the reception of its plan.
The assignment trustees designated to represent the subordinating accounts include McAneeny, a Hudson Motor Car executive for 25 years;
Clifford B. Longley, attorney for the Ford interests; William G. Woolfolk,
President of the Detroit City Gas Co.; E. W. Hotchkiss, Treasurer of the
Grand Trunk Western Railroad, and Ford Ballantyne, Secretary of the
Michigan Alkali Co.
Approximately $128,000.000 of deposits is represented in the larger
accounts. Waiving of half of their expected dividend of 20% will be
necessary for deposits of $72,000,000 to accumulate the $7,200,000 required
to wipe out the last 30% of the small depositors accounts.
If the committee obtains pledges of $90,000,000 to *100,000,000, a smaller
percentage of subordination will suffice.

missouRi.
0. H. Moberly, State Finance Commissioner of Missouri,
announced on Sept. 1 that the Citizens' Bank of Marionvile, Mo., had been placed on a restricted withdrawal basis
pending reorganization, according to Associated Press
advices from Jefferson City, Mo., on that date.
' OHIO.

Four closed State banks in Lorain County, Ohio, have
been taken over by the Ohio State Banking Department
preparatory to reopening, it is learned from Lorain, Ohio,
advices appearing in "Money & Commerce" of Sept. 1.
The institutions named are the Central Bank Co. of Lorain,
Elyria Savings & Trust Co. and the Savings Deposit &
Trust Co. of Elyria, and the Amherst Park Bank Co. of
Amherst Park. Suits have been entered in Elyria asking




The closed Union Deposit Bank of Maumee will reopen on an unrestricted
basis as soon as a promised Reconstruction Finance Corporation loan can
be completed and Federal deposit insurance obtained.
This was assured Monday (Aug. 27) when Common Pleas Judge John
McCabe signed an order approving a reopening plan formulated by the
State Banking Department and stockholders and depositors of the closed
bank.
The plan provides for the immediate payment of 40% of all deposits and
the issuance of debentures or participation certificates for the remaining
60%.
These certificates will be issued against a portion of the bank's assets
which will be transferred to a new company to be known as the Uni-Dep.
Mortgage Loan Co.
PENNSYLVANIA.

According to a Harrisburg, Pa., dispatch (Associated
Press) on Aug. 31, the Pennsylvania Banking Department
on that date gave six banks permission to continue operating
on a restricted basis until the end of the year. We quote
from the dispatch:
Forty-nine banks were restricted on Dec. 11933.
Dr. William D. Gordon, Secretary of Banking, said the banks will try
to complete reorganization plans during the four-months interim. Since
Dec. 1 1933, he said, the other 43 banks have completed reorganizations
and have been licensed to conduct regular banking businesses.
Those granted an extension are:
The Braddock Trust Co., of Braddock; the Commonwealth Trust Co., of
Harrisburg; the Gosztonyi Savings & Trust Co. of Bethlehem; the Miners'
& Merchants' Bank, of Williamstown; the Union Trust Co. of Pennsylvania, of Harrisburg, and the Williams Valley Bank, of Williamstown.
Dr. Gordon said the Department has been working with officers, directors and reorganization committees of the six banks with a view to making
Possible their reopening on a normal basis.
He asserted a plan has been worked out for each "which will assure the
depositors of the reopening of a sound and liquid bank."
SOUTH DAKOTA.

The First National Bank in Pierre, Pierre, S. D.(representing a reorganization of the First National Bank of Pierre,
which had been in charge of a conservator since March 1933),
opened for business on Aug. 23. The "Commercial West"
of Sept. 1, from which the above information is obtained,
furthermore said:
Officers are E. P. Theim, President; F. E. Hilts, Vice-President; L. L.
Branch, Cashier; B. J. Milford and M. M. Davis, Assistant Cashiers.
The new bank is capitalized at $50,000, of which $30,000 is preferred
and $20.000 common. It has surplus of $10,000, making total capital
structure $60,000. Opening condition was: Deposits, $268,047; cash on
hand and with Federal Reserve and correspondent banks, $176,992; loans,
$18.605; bonds, $104,372. City of Pierre general warrants, $10,173.
VIRGINIA.

Negotiations looking towards the acquisition of the
American Bank & Trust Co. building at Tenth and Main
streets, Richmond, Va., by the receivers of the closed bank
were sanctioned by Judge Julien Gunn in a decree entered
in Circuit Court on Aug. 23. Judge Gunn gave the receivers permission to withdraw $100,000 from the $250,000
fund reserved out of last winter's Reconstruction Finance
Corporation loan against preferred claims and to use this to
settle with the American Office Building Corp. and the
Equitable Life Assurance Society and gain a clear title to
the building. At the same time, the receivers, Sherlock
Bronson, T. Justin Moore and the Bank of Commerce &
Trusts, are to give the RFC a note for $100,000. The
Richmond "Dispatch" of Aug. 24, authority for the foregoing, furthermore said:
The receivers, filing their receivers' report No. 64, stated that withdrawal of$100,000from the preferred claims funds would still leave $150,000
there, plus a $50,000 reserve of the bank, and that this sum would be
ample to settle all outstanding preferred claims.
Objections to the withdrawal were entered by Wiltshire & Rives, counsel
for the Bank of Commerce & Trusts and the Central National Bank and
trustee for various estates interested.
Judge Gunn also sanctioned an arrangement by which the receivers
of the American Bank & Trust Co. will effect a compromise settlement
with the receivers of the First National Bank of Louisa, Va.

Financial Chronicle

Volume 139

The American receivers are to pay over $7,500 to receivers of the Louisa
bank, and the Louisa receivers in return are to transfer all rights in 11 notes
of T. S. Winston, now held by W. S. Gilmer, to the American receivers.
All other claims on both sides are to be discharged.
Receivers for the American Bank & Trust Co. liquidated liabilities of
the bank amounting to $185,470.20 during the period from June 10 to July
31, it was disclosed in a report filed in Circuit Court yesterday (Aug. 23).
Assets of the receivership were increased $15,091.30 during the same period.
Total receipts for the period were $304,584.99 and total disbursements
were $286,283.75, the report disclosed.
Liabilities of the closed bank, as of July 31, were listed as follows: Deposits, $7,343,409.10; bills payable and other liabilities. $2,613,968.57;
reserves, $86,747.17; bonds borrowed (contingent liability), 8269,000, and
capital account, $4,636,010.41.
Assets were listed as cash, $4,943.09; due from banks, 8255,281.96;
bonds and securities, $3,648,652.97; loans and discounts. $10,128,338.69;
miscellaneous assets, $379,881.03; fixed assets, $86,156.87; assets with
Christian & Parrish, $176,830.17; and bonds borrowed, $269,000.
WISCONSIN.

The Wisconsin State Banking Department on Aug. 27
announced that the State Bank of Forestville, Forestville,
Wis., had been authorized to release $264,920 in deferred
deposits and resume business without restrictions, according
to a dispatch by the Associated Press from Madison on the
date named, which added:
Both banks in Door County now are unrestricted.

Madison, Wis., advices (Associated Press) on Aug. 31
reported that the People's Exchange Bank of Thorp, Wis.,
had been authorized to release $242,568 in deferred deposits
and to resume operations on a normal basis.
ITEMS ABOUT BANKS, TRUST COMPANIES,. &c.
Carl A. DeGersdorff, one of the senior partners in the law
form of Cravath, DeGersdorff, Swaine & Wood, was on
Sept. 6 elected a director of the Chemical Bank & Trust
Co. of New York.
The Bankers Trust Co. of New York announces that W.
Laud-Brown has been appointed an Assistant Vice-President
of the institution.
Arrangements have been made for the transfer of two
New York Stock Exchange memberships, Sept. 6, each at
$90,000. The previous transaction was at $95,000, on
Aug. 20.
The New York Curb Exchange announced the sale of a
membership, Sept. 7, for $20,000, an increase of $1,500 from
the last previous sale.
The membership of Archie M. Andrews on the Commodity
Exchange, Inc., was sold, Sept. 5, to Jerome Lewine, for
another, at $2,400, an increase of $50 over the last previous
sale.
Flood Potter & Co., members of the Montreal Stock Exchange, purchased a membership, Sept. 1, on the Toronto
Stock Exchange for $55,000. The last seat sale was made
In March for $44,600.
Announcement was made, Sept. 5, of the sale of two
memberships on the Chicago Board of Trade at $7,000 each.
This was $500 lower than the last previous sale of Aug. 30.
At a meeting this week of the Board of Directors of the
Corn Exchange National Bank & Trust Co. of Philadelphia,
Pa., Floyd A. Crispin and Charles Lyon Chandler were appointed Assistant Cashiers. In noting the appointments the
Philadelphia "Inquirer" of Sept. 7 said:
Mr. Crispin has been employed by the bank a number of years. Mr.
Chandler, who is manager of the foreign commercial department, will also
retain that position.

Dr. William D. Gordon, State Secretary of Banking for
Pennsylvania, has announced that dividends are to be distributed to depositors of four closed banks before Sept. 12,
according to the Pittsburgh "Post-Gazette" of Sept. 6, which
named the institutions and payment dates as follows:
On Sept. 8 (to-day) a payment of 31%, or $43,697.27, will be made by
the Miners' State Bank of New Salem, New Salem, Pa. The Chester County
Trust Co., West Chester, will make a 52% payment of $664,941.91 on
Sept. 10.
The Dime Bank Title & Trust Co., Wilkes-Barre, will make a 10% payment of $174,394.14 on Sept. 12. Also on Sept. 12 the Security Trust Co.
of Harrisburg will make a 22% payment of $228,312.27.

Reporting that arrangements to pay a cash dividend of
25% to depositors of the Bloomfield Trust Co. of Pittsburgh,
Pa., were being made by State Secretary of Banking William

D. Gordon as receiver in charge of the bank, the Pittsburgh
"Post-Gazette" of Aug. 29 said:
Judge James H. Gray made an order in Common Pleas Court yesterday
(Aug. 28) on a petition presented by Deputy Attorney-General David Glick,




1503

allowing the receiver to borrow $198,834 from the Reconstruction Finance
Corporation and deposit assets of the trust company as security. It is
expected the dividend will be paid shortly. It will make a total disbursement of 371
/
2%, a payment of 121
/
2% having been made already to the
depositors.

We learn from the Richmond "Dispatch" of Aug. 29 that
the following promotions to the official personnel of the Virginia Trust Co. of Richmond, Va., were announced on
Aug. 28 by Herbert W. Jackson, the bank's President: Moses
Carter, who has served the institution for 25 years, advanced
to Secretary to succeed the late L. 0. Aylett; Bruce H. Pollard and Edward H. Bryson, who have been with the bank
for 18 and 11 years, respectively, made Assistant Secretaries,
and William J. McDowell, in the institution's legal department for nine years, appointed attorney for the organization.
On Aug. 31 depositors of the First Trust & Savings Bank
of De Kalb, Ill., received on initial dividend of 25% of their
deposits, amounting to $180,562, according to the Chicago
"Tribune" of Sept. 1, which went on to say:
It was stated by William L. O'Connell, receiver, that in addition to this
payment $33,326 has been paid to preferred creditors and $12,659 has been
used to meet bills payable. Approximately half of the amount paid out
yesterday was acquired by a loan from the Reconstruction Finance Corporation, while the other half has been obtained in the ordinary course of
litigation,

Payment of a 25% dividend, or $44,026, to depositors of the
Hubbard Woods Trust & Savings Bank, Winnetka, Ill., was
announced on Aug. 28 by Edward J. Barrett, State Auditor
of Illinois. In noting this, the Chicago "Journal of Commerce" further said:
This is the third dividend paid since the bank closed, and brings total
payments to depositors to 55%. Of the current dividend, 15% was acquired
from liquidation, while 10% was ,collected in a stockholders' liability suit.
•

Payment of a 10% dividend to depositors of the PapanekKovac State Bank of Chicago, Ill., was announced on Aug. 29
by State Auditor Edward J. Barrett. In reporting this, the
Chicago "Journal of Commerce" of Aug. 30 also said:
The payment, totaling $32,898, will be the fourth since the bank was
closed, and brings the total payments to 45%. Funds for the payment were
obtained from a Reconstruction Finance Corporation loan.

In a further notice urging the closing of small savings
accounts (under•$100) by depositors of the First National
Bank of Englewood, Chicago, Ill., J. M. Nichols, President
of the institution under date of Aug. 30 states that "under
the New Deal it is utterly impossible to handle these small
accounts." He goes on to say:
•Our President has asked, "Aren't you better off to-day than you were
a year ago?" Answering for ourselves, we say, No, a thousand times, no.
Under his Administration, sound banking, as well as sound industry, is
fighting for its very existence.
Something is radically wrong with an economic program that with one
hand pours billions of our taxpayers' money into "busted" banks and industry, while with the other, it sets up barriers which make it next to impossible for conservative, well-managed institutions to exist. Only the
other day our nearest competitor, the Sixty-third and Halsted State Savings
Bank, announced its retirement. This was an old, established banking
Institution with one of the cleanest records in the City of Chicago, barring
none. Yet it, like a number of other 100% banks, preferred to pay its
depositors in full and close the books on 20 years of successful banking.
There are plenty of "lame ducks" that will be glad to get your money,
but if the time has come when sound banking no longer has a pianos in our
economic structure, I am sure you will be far better off to take your money
home and bury it.

A communication from Mr. Nichols explaining the bank's
stand was given in our issue of Sept. 1, page 1297. Mr.
Nichol's previous letter to those having small savings accounts
was referred to in our Aug. 11 issue, page 878.
Depositors of the Papanek-Kovac State Bank of Chicago,
Ill., on Aug. 29 received a payment of 10% on deposits,
amounting to $32,898, according to an announcement by
Edward J. Barrett, State Auditor for Illinois. In noting
this the Chicago "Tribune" of Aug. 30 added:
This is the fourth payment and brings the total to 45%. In addition
$3.568 has been paid to preferred creditors and $95,000 has been paid on
bills payable.

That depositors of the First National Bank of Cresco,
Iowa, were to receive a 65% dividend on Aug. 25 appears
from the following dispatch from Cresco on that date to the
Des Moines "Register":
Authorization for a 65% payment to depositors in the First National
Bank here has been received by Julius Boeckh, receiver, from the Comptroller of the Currency at Washington, D. C. The checks are to be released
to-day (Aug. 25).

W. J. Barnett, State Bank Commissioner for Oklahoma, on
Aug. 21 announced a 5% dividend to depositors of the Farmers' State Bank of Marshall, Okla., payable Aug. 27. The
"Oklahoman" of Aug. 22 added:

1504

2% paid to de/
The dividend involves $14,610, and makes a total of 521
positors by liquidation of the bank.

From the St. Louis "Globe-Democrat" of Aug. 28 it is
learned that beginning the next day a second dividend of
25% would be paid to depositors of the Cherokee National
Bank of St. Louis, according to an announcement by Jack
Bernhardt, the receiver. The paper continued:
Checks to about 6,000 depositors, totaling about $288,000, will be available at the bank at that time, Mr. Bernhardt announced. Payment of the
instalment follows approval by the Comptroller of the Currency. Payments
will be made on presentation of receiver's certificates given depositors when
their claims were approved.

A dispatch (Associated Press) from St. Joseph, Mo., on
Aug. 22, stated that suits to collect $42,407.03 from three
holders of capital stock in the defunct First National Bank
of Maryville, Mo., had been filed in the Federal Court at St.
Joseph on that day by B. E. Costello, receiver of the institution. From the same advices we also quote:
The bank closed July 3 1931. It had deposits of more than $400,000 at
that time and has paid 60% to depositors.
The suits filed to-day ask for 100% assessment against each share of
capital stock plus accrued interest.

Sale of the assets of the Bank of Marston, Marston, Mo.,
to the Bank of New Madrid, New Madrid, Mo., was announced on Sept. 1 by the Missouri State Finance Department. In reporting this, advices by the Associated Press
from Jefferson City furthermore said:
The deposits of the Bank of Marston, totaling approximately 849,000,
were assumed in full by the Bank of New Madrid.

Concerning the affairs of the closed Orlando Bank & Trust
Co. of Orlando, Fla., a dispatch from Orlando on Sept. 1,
appearing in the Florida "Times-Union" contained the
following:
The defunct Orlando Bank & Trust Co. to-day (Sept. 1) secured a loan
of $15,000 with which the delinquent taxes of 1931 were paid and foreclosure
by holders of tax certificates was prevented. The loan was made through
H. P. Langford, receiver for the building and R. L. Richard, liquidator's
agent for the defunct bank.
It was pointed out that while the building was owned by a separate
corporation, the bank held $50,000 worth of building bonds issued by the
corporation.

Depositors of the closed O-rlando Bank & Trust Co., Orlando, Fla., on Aug. 23 petitioned Circuit Judge Frank Smith
for approval of a $125,000 loan from the Reconstruction Finance Corporation, on which properties held by the liquidator would be used as security, according to a dispatch from
that place on Aug. 23, appearing in the Florida "TimesUnion."
The petition resulted from a study of the bank's assets
conducted by a depositors' committee, it was said.
- of San Francisco, San FranThe Pacific National Bank
cisco, Calif., recently announced the establishment of an advisory department under the direct supervision of Vice-President G. W. Ellis to assist local corporations and business enterprises in presenting applications for industrial loans from
the Federal Reserve Bank and the Reconstruction Finance
Corporation.
Acquisition of the First N- ational Bank of Cucamonga,
Calif., by the Bank of America National Trust & Savings
Association (head office San Francisco) was announced on
Aug. 25 by Dr. A. H. Giannini, Chairman of the Bank of
America's General Executive Committee. This is learned
from advices by the Associated Press from Los Angeles on
that date, which also stated:
The Cucamonga bank, as of last June 30, had capital, surplus and undivided profits of $40,000 and total resources of $270,000. It will be
operated henceforth as a Bank of America branch, and 0. B. Hansen will
remain in charge, the announcement said.

THE BERLIN STOCK EXCHANGE.
Closing prices of representative stocks as received by
cable each day of the past week have been as follows:
Sept. Sept. SsPt. Sept. Sept. Sept.
6.
5.
4.
3.
1.
7.
Per Cent of Par
156 158 156 156 155
Refebsbank (12%)
Berliner Handels-Clesellschaft (5%)
95
94
93
96
96
Commeas-und Privet Bank A G
65
64
63
66
67
Deutsche Bank und Disconto-Gesellschaft....
73
71
70
74
74
Drasdner Bank
76
74
73
76
67
Deutsche Reichsbahn (Ger Rys) pref(7%)
112 112 112 112 112
Allgetneine Elektrixitaete-Gesell (A E G).....
28
28
28
28
28
Berliner Kraft u Licht (10%)
147 147 147 147 147
Dissauer Gas (7%)
Holt- 126 127 128 127 128
Clesfuerel (5%)
day 112 113 112 113 113
Hamburg Elektr-Werke (8%)
134 135 134 134 133
Siemens & Retake(7%)
148 148 148 148 149
I G Farbenlndustrle(7%)
149 148 148 147 147
Salsdetfurth (7)4%)
164 165 164 163 162
Rheintsche Braunkohle(12%)
243 243 247
246
Deutsche Erdoel(4%)
114 115 115 116 116
72
72•73
Mannesmann Roehren
72
71
TR 28
27
27
27
HaPag
Narddeutseher Lloyd
"io 11 31 31 30 30




Sept. 8 1934

Financial Chronicle

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:

Sept. 1 Sept. 3 Sept.4 Sept.6 Sept.6 Sept.7
1934. 1934. 1934. 1934. 1934. 1934.
Franca. Francs. Francs. Franca. Francs. Francs.
10,700 10,700 10,800 10,700 10,600
Bank 01 France
-1,357 1,350
1,350 1,351
Banque de Paris at Pays Bas--152
151
152
Banque d'Union Partsienne-212
217
214
Canadian Pacific
19,415 19,400 19,400 19,300 19,300
Canal de Sues
2,255 2,270 2,276 2,270
Cle Distr. d'Electrteitle
1,525 1,550 1,520 1,530 1,310
Cie Generale d'Electrleitie
22
21
24
21
21
Cle Generale Transatlantique---191
190
196
196
Citroen B
990
987
985
980
Comptoir Nationale d'Escompte
129120 'HO
Coty 9 A
-218
-iii
235
-256
Courrieres
667
667
665
665
Credit Commercial de France1,960 1,980 1,960 1,970 1,Tio
Credit Lyonnais
Kaux Lyonnais2,450 2,460 2,460 2,450
585
589
591
"iii
Energie Electrique du Nord
---810
815
818
810
Energie Electrique du Littoral
520
523
524
520
Kuhlmann
"iio
690
690
690
Roll690
L'Air Liquide
---894
894
892
895
day
Lyon (P L M)
1,245 1,256 1,274 1,259
Nord Ry
%jai
____
460
460
850
Orleans Ry
__ -52
62
52
52
Pathe Capital
965
978
980
975
Pechiney
72.75 72.90 73.00 73.00 7-2:$0
Rentes, Perpetual 3%
81.00 91.00 81.00 81.10 80.90
Rentes 4%, 1917
81.10 81.10 81.10 81.20 81.00
Routes 4%. 1918
86.80 87.30 87.25 87.40 87.10
Rentee 4M %. 1932 A
88.00
88.00 88.00 88.10 87.90
B
1932
434%,
Rentes
110.10 110.30 110.50 110.30 110.40
Rental 5%, 1920
1,580 1,680 1,580 1,590 1,580
Royal Dutch
-1,152 1,152 1,149 1,146
Saint Gobain C gc C
---1,612 1,620 1,620 1,617
Schneider A Cie
85
55
66
55
55
Societe Francaise Ford
---55
56
55
Societe Generale Forugere
as
---2,485 2,465 2,460 2,475
Societe Lyonnalse
---511
512
515
518
Societe Marsellialae
114
115
114
---113
Tubixe Artificial Silk prat
---680
680
685
680
Hilton d'Electricitie
---77
77
77
77
Wagon-Llts

IN -iii

Course of Bank Clearings.
Bank clearings this week will show an increase as compared with a year ago. Preliminary figures compiled by
us, based upon telegraphic advices from the chief cities of
the country, indicate that for the week ended to-day (Saturday, Sept. 8) bank exchanges for all cities of the United
States from which it is possible to obtain weekly returns
will be 10.6% below those for the corresponding week last
year. Our preliminary total stands at $3,928,412,134,
against 83,551,195,895 for the same week in 1933. At
this center there is a gain for the five days ended Friday of
12.7%. Our comparative summary for the week follows:
1934.

1933.

Per
Cent.

New York
Chicago
Philadelphia
Roston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans

11,964.189,621
161,938,962
174,000,000
114,000,000
58,982,984
45,800,000
82,200,000
57,143,645
39,826,723
43,184,924
35,501,339
19,327,000

81,742,267,958
130,240,924
138,000.000
115,000,000
42,000,000
47,600,000
61,200,247
48,095,212
29,216,517
33,682,539
26,213,569
14,761,000

+12.7
+24.3
+26.1
-0.9
+40.4
-3.8
+34.3
+18.8
+36.8
+28.2
+35.4
+30.9

Twelve cities. 5 days
Other cities, 5 days

82,796,096,198
477,581,680

$2,428,277,966 +15.1
376,329,180 +26.9

Total all cities. 5 days
All cities, 1 day

$3,273,876,778
654,735,356

$2,804,607,146 +16.7
746,588.749 -12.3

13 02R 4121RA

22 551

Clearings-Returns by Telegraph.
Week Ended Sept. 8.

Pratal 6111 Mt's. fnr amok.

105.895

4-10.6

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 Sept. 1. For
that week there is a decrease of 14.4%, the aggregate of
clearings for the whole country being $3,970,463,422, against
$4,639,635,924 in the same week in 1933.
Outside of this city there is an increase of 7.8%, the bank
clearings at this center having recorded a loss of 25.6%. 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 25.0% and in the Boston Reserve
District of 14.7% but in the Philadelphia Reserve District
there is a gain of 5.9%. In the Cleveland Reserve District
the totals are larger by 4.0%,in the Richmond Reserve District by 14.6% and in the Atlanta Reserve District by 11.5%.
In the Chicago Reserve District the increase is 15.2%, in
the St. Louis Reserve District 6.8% and in the Minneapolis
Reserve District 10.9%. The Kansas City Reserve District
records an improvement of 34.1%. The Dallas Reserve
District of 12.5% and in the San Francisco Reserve District
of 13.1%.

Financial Chronicle

Volume 139

In the following we furnish a summary of Federal Reserve
districts:

Month of August.

1934.

1933.

Inc.or
Dec.

1934.

1932.

1931.

Federal Reserve Dints.
S
S
$
$
%
let 1305400_ _ _ _12 cities
175,397,684
199,067,241
205,564,464 -14.7
322,039,685
2.369,778,360 3,159,319,409 -25.0 3,190,453,076 4,319,627,551
Ind NewYork_ _12 254,291,299
1rd Philadelpla 9 "
242,677,703
229,249,964 +5.9
429,518.009
1th Cleveland__ 5 "
177,662,392
171,729,516
170,963,427 +4.0
265,869,509
Sth Richmond . 6 '•
91,932,763
133,511,467
96,361,252
80,229,983 +14.6
Sth Atlanta____10 "
86,730,084
103,555,411
79,101,858
77,801,219 +11.5
rib Chicago _ _ _19 325,853,528
528,849,290
307,699,058
282,861.290 +15.2
lth St.LoU1R_ _ _ 4 "
87,194,794
116,142,563
74,416,552
81,634,546 +6.8
Rh Minneapolis 6 "
65,684,436
81,458,791
87,105,342
73,428,201 +10.9
10th Kansas City 10 "
106,167,211
129,646,256
83,862,991
79,146,793 +34.1
11th Dallas
35,224,311
41,165,136
36,581,691 +12.5
42,668,645
12th San Fran_ _12 "
230,070,603
150,982,972
162,854,937 +13.1
184,244,976
110 cities
Total
Dutside N. Y. City
Danada

3,970,463.422
1,677,919,313

32 cities

259.658.859

4,639,635,924 -14.4
1,556,909,540 +7.8
252.542.530

+2.8

4,708,874,562
1,608,747,308

6,708,604,350
2,510,573,972

257.321.506

295,752.621

We also furnish to-day a summary of the clearings for
the month of August. For that month there is a decrease
for the entire body of clearing houses of 13.7%, the 1934
aggregate of clearings being $19,915,153,005 and the 1933
aggregate $20,700,458,313. In the New York Reserve District the totals register a decline of 12.8% and in the Boston
Reserve District of 3.7%, but in the Philadelphia Reserve
District the totals show an increase of 13.2%. The Cleveland
Reserve District has to its credit a gain of 6.2%, the Richmond Reserve District of 20.3% and the Atlanta Reserve
District of 17.1%. In the Chicago Reserve District the
increase is 18.2%, in the St. Louis Reserve District 12.1%
and in the Minneapolis Reserve District of 8.3%. The Kansas City Reserve District enjoys an expansion of 30.4%, the
Dallas Reserve District of 26.1% and in the San Francisco
Reserve District of 23.8%.
August
1934,

August
1933.

Inc.or
Dec.

August
1932.

Federal Reserve D1605.
$
$
3
%
1st I3oston_ _ ..14 cities
891,268,823
902,358,066 -3.7
868,917,811
2nd NewYork_ _13 " 12,004,861,184 13,770,249,270 -12.8 13,034,134,666
3rd Philadelpla 12 1,193,975,409 1,054,371,148 +13.2 1,099,114,582
4th Cleveland_ _13 "
788,700,637
797,409,550 +6.2
846,639,396
5th Richmond _ 8 "
455,330,818
435,384,050
361,961,631 +20.3
6th Atlanta_ ___15 "
318,801,336
428,108,076
365,518,893 +17.1
7th Chicago _ _25 "
1,500,486,889 1,269,490,581 +18.2 1,340,150,722
8th St.Louls_ __ 6 "
330,931,701
423,290,074
377,707,654 +12.1
9th Minneapoll912 "
302,248,547
349,600,380 +8.3
378,580,290
10th Kansas City 14 "
496,606,984
489,538,751 +30.4
638,241,879
11th Dallas
I() 222,057,606
238,959,604 +26.1
301,332,591
12th San Fran _21 "
727,211,013
723,292,785 +23.8
895,335,356

.4%rust
1931.
-S
1,563,177,678
18,543,657,408
1,772,053,574
1,199,487,762
579,641,605
456,559,878
2,176,068,776
487,836,967
375,825,772
700,714,003
317,357,802
1.055,956,133

Total
163 cities 19,915,153,005 20,700,458,313 -3.8 20,006,557,435 29,228,367,358
Outside N. Y. City
8,280,354,695 7,283,691,582 +13.7 7,339,574,546 11.189,194,486
Canada

32 Mies

1 950 578 498

1 165 042 531

-5.5

1.057.381.299

1.227.538.896

We append another table showing the clearings by Fedoral Reserve districts for the eight months for each year
back to 1931:
8 Months
1934.

8 Months
1933.

Federal Reserve Diets.
$
$
let Boston_ _._14 cities 7,523,403,649 7,100,457,879
2nd NewYork. _13 " 115,011,744,405 108,659,184,615
3rd Philadelplal2 " 10,089,433,176 8,663,310,047
4th Cleveland_ _13 "
6,858,379,608 5,663,804,404
5th Richmond. 8 "
3,336,206,476 2,627,595,359
6th Atlanta___ _15 "
3,486,221,411 2,597,972,234
_25
"
Chicago_
_
7th
11,124,656,482 8,697,895,141
8th St. Louis_ _. 6 "
3,493,429,113 2,811,034,426
9th Mi08enpoll912 "
2,638,659,421 2,301,687,724
10th Kansas City14 "
4,556,294,231 3,499,757,708
10 "
11th Dallas
2,390,473,215 1,834,509,034
San
Fran_
_21
"
12th
6,392,124,479 5,036,944,562

Ine.or
Dec.

8 Months
1932.

8 Months
1931.

$
%
$
+6.0 8,435,243,614 14,625,160,263
+5.8 113,943,669,818 194,775,431,833
+16.5 9,962,999,548 14,751,757,967
+21.1 7,074,135,671 11,070,748,376
+27.0 3,741,704,186 5,013,477,501
+34.2 3,109,564,230 4,371,895,769
+31.4 12,403,314,137 22,000,823,872
+24.3 3,119,088,667 4,481,538,614
+14.6 2,461,270,876 3,331,813,706
+30.2 4,288,849,228 6,051,766,821
+30.3 2,065,782,903 2,923,421,559
+22.3 6,376,837,868 9,131,362,738

163 cities 177,201,025,719 159,684,153,133 +11.0 176,982,460,796 292,529.199,019
Total
Outside N. Y. City
65 333,976,982 53,965,201,001 +21.1 66,517,952,629 102,487.646,581
Onnarla

22 nItIma in one .721 n.,..,

.-....... ..........,,.

_1_ . e ...,,........ ............ ...

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

Eight Months.

Description.

SUMMARY OF BANK CLEARINGS.

Week End. Sept. 1 1934.

1505
1933.

1933.

1934.

Stocks, number of shares. 16,690,972 42,456,772
503,587,144
251,090,370
0.
Bonds.
Railroad & misc. bonds_ _ 5130,717,000 5143,774,000 $1,658,934,000 $1,490,644,900
State, foreign, &c., bonds 35,169,000 56,727,000
524,855,500
432,163,000
U. S. Government bonds 151,222,000 15,599,200
296,751,600
548,924,700
Total

$317,108,000 5216,100.200 $2,640,021,700 52,312.252.000

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

54,565,349
56,829,952
29.909.904

18,718,292
19.314,200
20,096.557

First quarter

141,296,205

58,129.049

April
May
June
July

29,845,282 52,896,596
25,335,680 104,213,954
16,800,155 125.619,530
21,113,076 120,271.243

Six months

34,362,303
31.716.267
33,031,499

42.423,343
64,182,036
65,658,034

99,110,149 172,264,213
31,470,916
23.136.913
23,000,594
23,057,334

54,346,836
48,659.525
58,643,847
33,545.650

213,277,322 340,859,129 176.718,572 331.914,421

Aucuqt

16 non 079

49456 779

69 1595 79.9

24 826.9(481

The following compilation covers the clearings by months
since Jan. 1 1934 and 1933:
MONTHLY CLEARINGS.
t.. &ramps. 10104 An.

clearings uuissae [Neu x ork.

onth.
1934.

1933.

1934.

1933.

$
$
$
$
%
%
n___ 21,395,408,904 20,113,128.506 +6.4 7,843,154,510 7,467,203.481 +5.0
!b___ 20,505,980,527 18,375,981,619 +11.6 7,006,078,529 6,212,264,821 4-12.8
ax.. 23,512,613,085 16,454,868,471 +42.9 8,354,246,029 4,998,543.205 +67.1
ton. 65,414.002,51654,943,978.596 +19.1 23,203.479,068 18,678.011,507 +24.2
vil__ 24,350,127,423 16,682,416,146 +46.0 8,261,512,721 5,893,593,135 +40.2
ay__ 22,955,288,561 20,040,993.182 +14.5 8,496,373,211 6,680,048,937 +27.2
ne__ 23,048,671,467 23.268,248,965 -0.9 8,622,867,083 7,443,669,374 +15.8
4381_ 70,354,087,451 59,991,658,293 +17.3 25,380,753,015 20,017.311,446 +26.8
0205.. 135768089.967 114935636,889 +18.1 48,584,232,083 38,695,322.953 +25.6
IY - - 21,517,782,747 24,048,057,931 -10.5 8,469,390,204 7,986,186,466 +6.1
to
19 915 152 ring 96 711(14.98 212 -28 R 286 354 695 72834191562 +137

The course of bank clearings at leading cities of the country
tin. The month of August and since Jan. 1 in each of,_the last
four years is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES IN AUGUST.
Jan. 1 to Awl. 31
August
(000,000s
1931.
1933.
1934. 1933. 1932. 1931. 1934.
1932.
omitted.)
$
New York
11,635 13,417 12,667 18,039 111,867 105,719 110,465 190,042
Chicago
968
7.867
866
7,293 6,300
855 1,339
Boston
6,159
7,269 13,045
776
6,525
760 1,392
755
Philadelphia
1,141 1,003 1,039 1,669
8,248
9,377 13,847
9,652
St. Louis
1,872
281
353
2,106
252
2,272
3.202
220
Pittsburgh
368
4,707
328
2,458
490
2,882
337
2,981
San Francisco
492
4.498
412
2,992
581
3,500
411
3,553
Baltimore
222
321
2,001
192
1,755
2,668
269
1,323
Cincinnati
164
152
1,400
1,960
156
1,189
211
1,440
Kansas City
349
3,044
1,864
344
2,212
258
2,388
255
Cleveland
253
2,307
256
1,983
3,579
257
1,632
404
Minneapolis
254
1,619
251
1,718
2.147
204
1,597
247
New Orleans
95
917
780
1,387
100
581
141
80
Detroit
310
4,467
247
1.032
486
2,326
221
2,407
Louisville
93
774
69
585
85
604
78
778
Omaha
117
86
625
142
771
91
922
1,208
Providence
31
248
40
291
31
271
382
32
Milwaukee
365
89
566
51
451
821
67
60
Buffalo
110
105
896
1,353
98
790
148
899
St. Paul
84
74
518
63
660
689
59
467
Denver
82
97
111
648
81
662
862
523
Indiana
40
396
47
317
50
65
435
595
Richmond
98
791
130
134
880
112
939
1.161
Memphis
315
48
40
339
41
430
417
34
Seattle
124
795
92
754
1,092
93
635
105
Salt Lake City_
39
34
285
47
54
318
343
483
Hartford
32
45
295
45
292
398
42
284
Total
Other cities

18,284 19,341 18,610 27.147 164,368 149,196 163,647 273.305
1,631 1,366 1,397 2,081 12,833 10,535 13.335 19,224

Total all
19,915 20,700 20,007 29,228 177,201 159,684 176,982 292,529
Outside New York_ 8,280 7,284 7,340 11.189 65,334 53.965 66,518 102,488

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

CLEARINGS FOR AUGUST, SINCE JANUARY 1, AND FOR WEEK ENDING SEPT. 1.
Clearings at-

Month of August.

1934.

-

1933.

Eight Months Ended Aug. 31.
Inc. or
Dec.

5
$
%
First Federal Retie rye District- BostonMe.-13anger
2,079,597
1.873,978 +17.2
Portland
6,691,019
6.995.133 -4.3
Mass.-B05t0n
754,657,965
776.083,141 -2.8
Fall River
2,379,456
2,455,861 -3.1
Holyoke
1,424,770
1,331,624
+7.0
Lowell
1,043.790
998,326
+4.6
Now Bedford
2,229,854
2,407,954 -7.4
Springfield
10,996,315
10,094,146
+9.0
Worcester
4,504,817
4,637,838 -2.9
Conn.-Hartford
32,285.982
44,697,254 -27.8
New Haven
13,006,744
13.622,862 -4.5
4,546,400
Waterbury
4,288,000
+6.0
31,449,400
R. I.-Providence_.- _
30,936,600 +1.7
1,621,702
N.H.-Manchester_._
1,935,349 -16.2
Total (14 cities)

_




868.917,811

902,358,066

-3.7

1934.
$

1933.
5

Week Ended Sept. 1.

Inc. or
Dec.
%

1934.
5

1933.

Inc. or
Dee.

s

%

1932.

•

4

1931.'1 1

Sits

17,217,610
56,784,683
6,524.562,056
20,708,731
11,537.277
9,491,540
19,729,317
90.667,719
41,617,498
291.929,304
114,034,294
39,191,100
270,597,600
15,334,920

13,342,921
45.201,976
6,159,229,401
18,793,638
10,951,809
8,630,063
17,461,895
89,695,59
41,833,056
284,076,925
117,336,08
31,943,600
247,735,400
14,225.51

+29.0
+25.6
+5.9
+10.2
+5.3
+10.0
+13.0
+1.1
-0.5
+2.8
-2.8
+22.7
+9.2
+7.8

476,990
1,463,585
152,483,568
472,583

416,331 +14.6
1,735,356 -15.7
179,416,459 -15.0
493,496 -4.2

436.359
2.039,964
170,028,109
551.078

588,319
2.911.187
282.053,287
871,981

193,001
440,267
2,135,871
1,007,174
7,438:987
2,626,960

290.422
478,052
2,708,239
1,773,009
8,386,598
4,495,506

459,045
797,955
3,898,611
2,605,631
10,455,351
7.394,645

6,272,400
386,298

205,106 -5.9
559.531 -21.3
2,367.979 -9.8
988,639 +1.9
8,410,611 -11.6
4,176,106 -37.1
-- -.
6,382,600 -1.7
412,250 -6.3

7,386,000
493.905

9,487,200
516,493

7.523,403,649

7,100,457,879

+6.0

175,397,684

205,564,464 -14.7

199,067.241

322,039,685

Financial Chronicle

1506

Sept. 8 1934

CLEARINGS-(Continued).
Week Ended Sept. 1.

Eight Months Ended Aug. 31.

Month of August.
Clearings at
1934.

1933.

Inc. or
Dee.

1934.

1933.

$
s
$
$
%
Second Federal Re serve District -New York-300,193,667
299,284,770
,
1. Y.-Albany
+0.6
37,078,144
36,844,099
29,843,763
26,575,599
Binghamton
3,746,061
3,194,299 +17.3
895,912,238
789,758,404
Buffalo
110,006,494
104,926,809 +4.8
16,936,355
19,491,606
Elmira
1,686,591
2,127,976 -20.7
15,489,852
12,253,070
famestown
1,342,262 +35.3
1,816,480
New York
11,634,798,310 13.416,766,731 -13.3 111,867,048,737 105,718,952,132
207,791,902
+0.1
203,362,545
Rochester
23,064,996
22,844,749
114,813,408
108,150,622
Syracuse
13,149,713
12,247,038 +7.4
92,116,628
82,445,940
Donn.-Stamford
11,662,807
11,496,011
+1.5
12,168,823
13,448,983
N. J.-Montclair
1,542,980 -10.0
1,389,166
569,004,926
527,121,363
Newark
57,398,270 +12.6
64,616,578
862,703,168
+2.2
832,249,817
Northern N. J
99,147,835
97,005,346
27,720,938
26,089,764
2,512,700 +7.4
2,698,009
Oranges
Total(13 cities)

12,004,861,184 13,770,249,270 -12.8 115,011,744,405 108,659,184,615

Third Federal Rese rye District- Philadelphia
?Lt.-Altoona
1,389,030
1,358,764
Bethlehem
26,380,869
b
1,017,842
1,253,963
Chester
Harrisburg
6,598,304
6,282,570
3,076,719
Lancaster
4,125,567
1,314,795
Lebanon
1,366,988
1,830,022
Norristown
1,815,075
Philadelphia
1,141,000,000 1,003,455,000
Reading
4,122,229
4,049,706
8,613,342
8,999,985
Scranton
4,375,648
6,492,125
Wilkes-Barre
4,736,741
4,529,242
York
14,774,000
4.J.-Trenton
11,768,900
Total(12 cities)

-2.2
-18.8
-4.8
+34.1
+4.0
-0.8
+1.4
+1.8
+4.5
-32.6
+4.6
+25.5

11,724,182
272,490,720
9,059,319
53,339,546
28,099,710
10,261.377
15,726,870
9,652,000,000
35,738,106
72,720,871
45,117,494
35,729,501
119,916,200

1,193,975.409 1,054,371,148 +13.2 10,089,433,176

Fourth Federal Res erve District.-Cleveland-c
c
c
Dhlo-Akron
4,878,555
Canton
4,295,725 +13.6
+7.5
Cincinnati
163,796,469
152,426,256
253,007,873
256,099,008 -1.2
Cleveland
Columbus
38,290,500
29,977,700 +27.7
Hamilton
1,875,300
1,508,752 +24.3
Lorain
678,870
340,651 +99.3
Mansfield
4,383,981
4,214,543
+4.0
b
is
Youngstown
b
Pa.-Beaver Co
736,422
812,817 -9.4
Franklin
355,996
330,053
+7.9
Greensburg
547,138 +25.6
1,950,123
+9.2
Pittsburgh
336,683,432
367,756,336
Ky.-Lexington
3,457,000
2,893,066 +19.5
7,280,409 -24.8
W.Va.-Wheeling _ _
5,471,971
Total(13 cities)

846,639,396

797,409,550

+6.2

+5.8 2,369,778.360 3,159,319,409 -25.0 3,190,453,076 4,319,627.551

297,283
21,918,306
241,405

278,976 +6.6
b
329,722 -26.8

368.635
21,967,297
298,981

637,352
23,457,735
901,483

811,137

648,005 +25.2

1,140,630

2,993,460

235,000,000
994,694
1,819,189
768,946
912,049
1,833,000

221,000,000 +6.3
909,112 +9.4
1,855,579 -2.0
1,269,303 -39.4
949,267 -3.9
2,010,000 -8.8

242,000,000
1,781,215
2,065,777
1,747,453
1,012,311
1,909,000

408,000,000
2,729,445
4,166,646
2,769,795
1,234,093
2,628,000

8,663,310,047 +16.5

242,677,703

229,249,964

+5.9

254,291,299

429,518,009

8,765,562
a4,124,475
8,807,259
56,164,806
24,879,415
9,859,008
13,541,597
8,248,325,000
37,256,801
63,986,055
50,806,020
32,994,424
107,924,100

+3.4
+2.9
-5.0
+12.9
+4.1
+16.1
+17.0
-4.1
+13.7
-11.2
+11.2
+11.1

869,189 +16.5
b
is

745,927
b

1,345,386
b

77,070,639

76,079,273

+1.3

74,110,232

115,072,665

6,858,379,608

5,663,804,404 +21.1

177,862,392

170,963,427

+4.0

171,729,516

265,869,509

-16.8
-3.1
+18.7
c
+24.8
+718.7
+32.6
+26.6
b
+20.1

126,506
1,879,600
31,338,758

106,283 +19.0
1,897,000 -0.9
25,820,968 +21.4

289,994
2.148,000
24.101,259

494,974
3,377,158
33,510,160

5,731,057
73,585,000
791,386,683
c
21,691,773
d6,205,325
1,323,325,628
6,809,923
b
398,859,970

567,293
44,961,680

756,345 -25.0
41,001,591

+9.7

677,813

1,324,025

53,573,909

72.230,010

13,059,528

10,647,796 +22.7

15,570,277

22,575,140

2,627,595,359 +27.0

91,932,763

80,229,983 +14.6

96,361,252

133,511,467

-18.8
+24.2
+37.2
+17.3
+20.8
+47.4
+38.8
+21.3
+54.0
+21.4
+34.4
+19.8
b
+0.6
+11.8
+34.2

2,101,443
9,583,059
31,800,000
958,520

2,735,813 -23.2
8,271,508 +15.9
31,000,000 +2.6
1.036,279 -7.5

1,903,772
8,272,794
24,900,000
903,050

3,690,371
10,552,063
30,600,000
1,133,311

632,137
9,359,000

430,598 +46.8
8,428,000 +11.0

699,428
5,867,318

660,392
8,557,375

11,038,140
1,060,466

8,759,104 +26.0
968,047
+9.5

7,631,521
799,064

11,457,899
1,140.725

60,818
20,136,501

74,526 -18.4
16,097,344 +25.1

84,355
28,040,556

121,247
35,642,028

3,486,221,411

2,597,972,234 +34.2

86,730,084

77,801.219 +11.5

79,101,858

103,555,411

1,934,973
15,195,868
2,406,763,686
33,963,774
54,766,422
9,653,426
32,381,046
21,076,848
60,141,327
396,297,000
26,441,770
124,989,043
16,407,277
451,083,629
10,946,937
14,353,776
b
198,650,778
is
83,978,348
b
6,088,619
14,564,718
7,292,533,704
18,174,818
82,214,549
20,033,972
30,220,174

637,119
16,521,564
1,032,016,722
23,260,727
36,200,514
26,256,976
13,583,384
16,818,595
45,621,819
317,101,715
18,688,383
99,896,786
10,523,615
365,421,895
5,689,174
e5,578,429
b
153,548,607
b
64,007,197
b
5,040,286
12,510,911
6,300,196,471
14,589,317
66,582,340
18,548,065
29,054,530

+203.7
-8.0
+133.2
+46.0
+51.3
-63.2
+138.4
+25.3
+31.8
+25.0
+41.5
+25.1
+5.5.9
+23.4
+92.4
+157.3
b
+29.4
b
+31.2
b
+38.7
+16.4
+15.8
+24.6
+23.5
+12.9
+4.0

53,042
412,332
66.538,563

32,793 +61.7
223,125 +84.8
51,871,639 +28.3

91,754
270,731
48,813,949

155,566
563,044
68,303,631

1,975,915

2,400,743 -17.7

3,224,660

5,153,932

916,017
540,928

543,526 +68.5
405,429 +33.4

1,250,100
774,528

2,953,270
1,573,493

9,861,000
586,457
3,318,095

8,755,000 +12.6
338,917 +73.0
2,553,000 +30.0

10,903,000
780,185
2,397,485

15,068,000
1,363.105
3,569,313

11,974,401

9,611,202 +24.6
.
188,978 +206..5

11,745,860

21,810,465

579,310

598,871

2,293,684

5,082,108

3,845,567 +32.2

4,119,517

5,870,182

1,851,069 +3-7:9
b
b

1,843,627
b

4,113,075
b

654,974
216,815,537
532,049
2,169,856
513,245
776,828

321,365
196,298,854
481,894
1,883,922
549,040
705,227

+103.8
+10.5
+10.4
+15.2
-6.5
+10.2

909,560
215,663,134
504,169
1,998,868
546,827
1,262,233

1,611,924
357,471,405
934,704
2,779,149
1,396,429
1,864,919

+18.2 11,424,656,482

8,697,895,141

+31.4

325,853.528
,

282,861,290 +15.2

307,699,058

528,849,290

b
b
+11.4
+18.9
b

b
b
1,872.269,992
584,799,996
b
29,040,978
315,226,579
1,017,589
8,679,292

b
b
+21.3
+33.1
b

+16.3
+10.6
+21.4

b
b
2,271,733,091
778.156,849
b
b
429,691,861
1,591,312
12,256,000

377,707,654 +12.1

3,493,429,113

Seventh Federal Re serve District -Chicago234,918
85,821 +173.7
Mich.-Adrian
1,878,539 -4.9
Ann Arbor
1,786,649
221,120,605 +40.2
Detroit
309,973,563
3,389,876 -23.9
Flint
2,578,587
8,242,965
6,454,446 +27.7
Grand Rapids
983,857
941,970 +4.4
Jackson
4,469,974
2,662.737 +67.9
•
Lansing
2,570,119
1,910,227 +34.5
Ind.-Ft. Wayne
6,699,781
7,167,261 -6.5
Gary
40,459,000 +24.3
50,299,000
Indianapolis
South Bend
1,828,419 +60.3
2,930,546
12,192,992 +20.0
Terre Haute
14,627,394
1,581,145 +50.2
Wis.-Madison
2,374,465
50,794,703 +17.3
Milwaukee
59,592,589
Oshkosh
1,094,417 +91.4
2,095,089
Iowa-Cedar Rapids
891 171 +200.1
2,674,162
b
b
Davenport
b
Des Moines
20,074,667 +24.1
24,915,799
Iowa City
b
b
b
Sioux City
9,024,285 +37.7
12,426,454
b
Waterloo
b
b
111.-Aurora
873,286
823,463 +6.,
Bloomington
2,837,865
1,415,000 +100.6
Chicago
968,293,720
865,972,565 +11.8
Decatur
2,543,291
2,388,156
+6.5
Peoria
9,797,534
8,671,319 +13.0
Rockford
3,004,004 -9.3
2,725,475
Springfield
3,939,807
3,663,793 +7.5
1,500,486,889 1,269,490,581

Eighth Federal Res erve District -St. LouisInd.-Evansville
b
b
b
New Albany
b
Mo.-St. Louis
280,640,087
251,832,797
78,045,790
Ky.-Louisville
92,765,817
b
Owensboro
b
b
Paducah
smo,doo
47,958,427
41,223,468
Tenn.-Memphis
218,599
Ill.-Jacksonville
241,743
Quincy
1,684,000
1,387,000




$

1,012,871
b

365,518,893 +17.1

423,290,074

%

6,842,826
3,450,990
+115.7
1,026,271
799,619
+1.1
31,353,286
23,349,304
+2.7
1,020,982
2,144,268
-40.1
820,263
515,893
+19.0
-25.6 3,100,127,254 4,198,030,378
13,461,906
7,382,856
-20.3
6,203.469
3,909,347
+3.0
2,870,141
-4.4
1,907,107
523,550
455,411
-30.8
26,531,802
-12.1
18,358,457
30,942,677
28,052,570
-7.9

c
c
49,474,897
90,133,961
9,842,600

74,970,844
378,370,873
1,240,100,000
32,433,282
16,390,931
21,354,886
353,928,635
34,400,617
459,964,390
34,179,156
19,367,915
27,862,000
b
8,951,356
3,796,372
780,150,154

Total (6 cities)

1931.

$

c
c
34,183,318
56,138.039
6,552,000

-48.6
-0.1
+16.6
+2.4
+15.7
+33.1
+56.2
+11.7
+39.1
+11.6
+2.7
-0.3
b
-5.9
-11.0
+18.9

Total (25 cities)

4,234.811
9,135,208
+0.3
715,502
707,444
+12.3
25,429,999
24,769,616
+13.4
602,965
-13.1
361,139
284,453
338,536
+26.4
+5.8 2,292,544,109 3,082,726,384
6,094.715
4,858,904
+2.2
2,647,074
2,726,306
+6.2
2,087,136
1,994,354
+11.7
325,000
*225,000
-9.5
15,363,145
13,507,364
+7.9
17,941,939
19,476,666
+3.7
+6.3

1932.

c
c
e
c
34,820,210 +8.1
52,551,255 +3.7
6,643,500 +14.8

District.- Atlanta9,263,504
18,012,734
45,638,169
45,602,993
153,100,000
131,300,000
3,783,950
3,694,284
2,020,791
1,746,810
2,995,494
2,250,814
46,650,589
29,862,719
3,388,154
3,033,064
55,281,686
39,743,123
4,471,790
4,008,685
2.085,392
1,649,188
3.120,000
3,205,000
b
b
1,042,104
1,107,530
396,884
446,123
94,904,745
79,820,650
428,108,076

a

c
c
37,642,115
54,507,267
7,629,500

3,336,206,476

Total(15 MUM)

s

Inc. or
Dec.

c
+44.3
+17.8
+21.5
+30.8
+16.3
+89.2
+32.4
b
+5.1
+28.7
+43.5
+21.3
+27.9
+6.7

+20.3

Sixth Federal Reser ye
Tenn.-Knoxville
Nashville
Ga.-Atlanta
Augusta
Columbus
Macon
Fla.-Jacksonville _ _ _.
Tampa
Ala.-Birmingham
Mobile
Montgomery
Miss.-Hattiesburg _.._
Jackson
Meridian
Vicksburg
La.-New Orleans_

1933.

c
27,360,964
1,188,625,148
1,631,920,803
222,432,050
11,466,913
2,428,784
28,284,128
b
5,203,303
2,282,842
5,107,932
2,457,824,383
30,557,165
50,309,989

361,961,631

435,384,050

%

1934.

c
39,473,603
1,400,284,907
1,982,701,462
291,034,800
13,334,830
4.595,885
37,437,838
b
5,468,437
2.937,791
7,330.147
2,981,008,212
39,078,653
53.693,043

Fifth Federal Reser at Reserve Di strict.-Rich mond-436.962 +47.9
646,314
4,768,585
W. Va.-Huntington...
8,660,000 +23.1
Va.-Norfolk
10,657,000
71.274,000
111,679,391 +16.6
130,244,633
Richmond
939,383,707
c
c
c
c
N. C.-Raleigh
2,814,230
2,623,689 +7.3
27,081,408
S. C,-Charleston _ _ _ _
8,245,747
b
50,802,329
Columbia
192,248,611 +15.5 1,755,094.128
222,120,335
Md.-Baltimore
1,222,499
907,040 +34.8
Frederick
8,618,199
b
b
b
b
Hagerstown
59,433,292
45,405,938 +30.9
D.C.-Washington_ _ _
479,184,120
Total (8 cities)

Inc. or
Dec.

92,305,538
304,591,220
904,000,000
27,643,720
13,565,753
14,489,824
254,917,075
28,354,850
298.626,366
28,159,984
14,415,109
23,250,000
b
8,901,273
3,395,826
581,355,696

b

2,552,871
b

b

is

b

is

b

b

is

is

b

56.500,000
20,099,406

55,500,000 +1.8
17,409,103 +15.5

48,400,600
16,732,212

85,200,000
20,478,213

+36.3
+56.4
+41.2

10,259,388
b
336,000

8,458,443 +21.3
b
b
267,000 +25.8

8,848,739
b
435,601

9,572,249

2,811,034,426 +24.3

87,194,794

74,416,552

116,142,563

81,634,546

+6.8

b

892,101

Financial Chronicle

Volume 139

1507

CLEARINGS-(Concluded.)
Month of August.

Eight Months Ended Aug. 31.

Clearings at1934.

1933.

Inc. or
Dec.

1934.
$

Ninth Federal Rase rye District-MinneapolisMinn.-Duluth
12,633,337
14.541,657 -13.1
Minneapolis
254,379,854
250,959,942 +1.4
Rochester
834,185
720,202 +15.8
St. Paul
84,198,827
63,344,370 +32.9
N.D-Grand Forks_ 4,098.000
3,649,000 +12.3
Minot
621,515
620,966
+0.1
S. D.-Aberdeen
2,051,969
2,046,346
+0.3
Sioux Falls
3,714,374
3,238,855 +14.7
Mont.-Billings
1,851,595
1,213,573 +52.6
Great Falls
3,823,216
1,671,112 +128.8
Helena
10,152,840
7,441,421 +36.4
Lewistown
220,578
152,936 +44.2
Total(12 cities)

378,580,290

638,241.879

1933.

3,510,445 -14.3
55,288,366 +4.9

2,645,597
47,852,632

3,326,664
60,678.005

17,678,113

12,528,323 +41.1

12,954.040

18,144,849

+8.3

2.638,659,421

2,301,687,724 +14.6

81,458,791

73.428,201

+48.7
+28.8
+23.0
+46.3
+61.5
-2.7
+35.2
+14.6
+28.5
+2.8
+19.9
+15.9

2,767,837
2,218,681
68,716,896
922,296,483
48,851,823
62,497,887
83,232,912
10,564,904
2,387,849,097
98,930,269
173,863,564
16,279,317
661,889,290
16,335,324

2,126,395
d950,000
54,381,261
624,542,278
43.730,307
51.465,313
78.351,005
10,031,024
1,863,758,266
84,786,597
124,972,903
18,002,881
523,309,466
19,350,012

+30.2
+133.5
+26.4
+47.7
+11.7
+21.4
+6.2
+5.3
+28.1
+16.7
+39.1
--9.6
+26.5
-15.6

82,501
47,032
1,583,985
25,740,335

489,538,751 +30.4

4,558,294,284

3,499,757,708 +30.2

106,167,211

349.600,380

2,390,473,215

1,834,509,034 +30.3

Twelfth Federal Re serve District -San Franci SCO-Wash.-Bellingham
1.807.353 -8.9
1,647,158
Seattle
91,842.367 +14.0
104,665,038
Spokane
19,681,000 +75.9
34.626,000
Yakima
1,189,733 +149.7
2,971.304
Idaho-Boise
2,654,277 +52.7
4,052,976
Oregon-Eugene
534,000 +27.5
681,000
Portland
78,792,849 +25.2
98,633,005
Utah-Ogden
2,263,835 +24.8
2,826,334
Salt Lake City
38,712,261 +20.7
46,715,785
Ariz.-Phoenix
5,584,605 +33.5
7,457,915
Calif -Bakersfild.
2,701,115 +14.4
3.089.676
Berkeley
11,640.756 +57.2
18,297,741
Long Beach
12,072.259 -3.0
11,706,074
Modesto
1,637,870 +41.0
2.310,128
Pasadena
10,045,204 -10.0
9,045,227
Riverside
2,364,534 +3.4
2,444,151
Sacramento
12,690,656 +152.8
32,083,519
San Francisco
411,412,117 +19.6
491.882,701
San Jose
7,105,265 +40.
9.994,344
Santa Barbara
3,902,388 +8.7
4.243,693
Stockton
4.658,341 +28.0
5.961,587

13,067,158
753.656.235
228.872,000
16.038,440
27.482,275
4,555,000
697,358.671
16,571,364
342,907,751
66.482,545
25,813,423
154,604,611
91,439,913
15,518,181
86,471,755
21,458,921
144,184,170
3,553.008,423
58,689,671
33,323,971
40,580.001

11,247,353
634,784.181
148.896,000
8,909.727
17,838,354
3,178,000
528,937,854
13,847.075
284,679,553
49,512,436
19,406,798
92,462,446
91,653,223
11,090,819
85.465,631
20,173,578
105,743,243
2,991,938.966
44,165,481
29,493,595
33,520,249

+16.2
+18.7
+53.7
+80.0
+54.1
+44.6
+31.8
+19.7
+20.5
+34.3
+33.0
+67.2
-0.2
+39.9
+1.2
+6.4
+36.4
+18.8
+32.9
+13.0
+21.1

6,392,124,479

5.226,944,562 +22.3

238,959,604

723.292,785 +23.8

Grand total (163 cities) 19,915.153,005 20,700,458,313
Outside New York

1931.

3,007,173
.58,002,482

+26.1

895,335.356

1932.

-5.2
+7.6
+9.1
+41.3
+26.1
+0.5
-3.6
+10.2
+38.0
+48.6
+17.4
+12.2

26,838,035
23,113,465
1,110,657,274
87,507.729
170.086.844
67,050.000
807,030,372
9,429,369
21.135,493
67,624,634

Total (21 cities)

Inc. or
Dec.

$

+36.9
+47.7
+31.6
+41.9
+20.2
+12.5
+18.5
+23.1
+35.2
+30.0

301,332,591

1933.

83,050,095
1,597,129,481
5,646,745
467,072.153
20,973,000
4,376,992
15,542.057
26,128,549
8,711,703
11,370,878
60,523,424
1,162,647

Eleventh Federal R eserve Metric[-DallasTexas-Austin
2,747,897
3.761,636
Beaumont
2,082,314
3,075,285
Dallas
143.147,926
108,805,738
El Paso
7,750.024
10,999,203
Fort Worth
17,513,930
21,058,296
Galveston
6,969,000
7,841,000
Houston
83.472.660
98,924,154
Port Arthur
1,023,541
1,259,876
Wichita Falls
2,432,754
1,800,000
La.-Shreveport
6,794,500
8,832,461
Total(10 cities)

1934.

78,745,967
1,717,814,758
6.163,114
660,079.709
26.437,300
4,397,817
14,976,523
28,787,312
12,018,280
16,895,672
71,038,312
1,304,657

Tenth Federal Rase rye District-Kansas CityNeb.-Fremont
414,614
278,877
Hastings
246,688
Lincoln
8,012,891
8,054,985
Omaha
90,829,153
117,026,352
Kan.-Kansas City_ _ _
4,837,211
5,948,136
Topeka
8,739,460
5,973,336
Wichita
11,985,969
7,421,115
Mo.-Joplin
1,313,979
1,350,716
Kansas City
258,294,002
349,280,795
St. Joseph
12,923,896
11,279,000
Okla.-Tulsa
20,775,210
16,172,858
Colo.-Colo. Springs
2,450,262
2,383,503
Denver
96,891,310
80,817,002
Pueblo
2,190,223
1,889,087
Total(14 title's)

Week Ended Sept. 1.

Inc. or
Dec.

22,869,659
18,441,169
805,722,210
68,161,780
148.809,785
54,281,000
627,745,143
7,318,483
15,996,639
65.163,166

+17.4
+25.3
+37.8
+28.4
+14.3
+23.5
+28.6
+28.8
+32.1
+3.8

363,517

440,385 -17.5

598,673

717,386

362,459

242,153 +49.7

298,158

521,823

2,045,047

1,418,529 +44.2

1,335,336

3,716,615

+10.9

65,684,436

87,105,342

68,706 +20.1
1.755,061
-ro:o
19,479,015 +32.1

145,510
118.152
1,617,047
18,582,487

276,687
392.635
3,093.822
31.136,226

1,259,418
2,477,583

1,135,696 +10.9
1,693,518 +46.3

1,206,641
3,624,070

2,386.168
5,003.35.5

71,909,218
2,514,614

52,404,089 +37.2
2,257,177 +11.4

55,283,667
2,280,591

81.835,757
3,489,929

110,046

166,966 -34.1

419,861

895,061

442,479

366,565

584,965

1,136.616

83,862,991

129.646.256

79,146.793 +34.1

834,100

721,575 +15.6

722,730

1,430,816

32,513,580

29,114,395 +11.7

26,300,587

29,804.318

4,000,426
1,775,000

6.339.486
2,244,000

4,301,849
1,828,000

3,587,407
1,755,978

+4.1

1,687,607

1,402,336 +20.3

2.425,568

2.790,025

41,165,136

36,581,691 +12.5

35,224,311

42.668.645

23,542,706
7,877,000
619,802

18,784,056 +25.3
4,230,000 +86.2
278,914 +122.2

19.154,268
4,477,000
442,168

27.759,244
7,983,000
831,452

21,195,002

16,947,097 +25.1

14,667,733

24,714,909

9,495,592

8,531,021 +11.3

7,758,573

13,703,399

2.430,065

2,553,493

-4.8

2,518.289

4,465,789

1,783,419

1,975,335

-9.7

2.327,676

4,425,782

4,453,114
108,898,446
2,042,717
836.636
1,070,477

2,278,047
104,133,284
1,611,103
692,058
840,529

+95.5
+4.6
+26.8
+20.9
+27.4

4,861,073
91,575,460
1,538,135
808.720
853,877

8,248,928
132,403,000
2,683,100
1,538,119
1,313.900

184.244,976

162.854,937 +13.1

150,982.972

230.070,622

-3.8 177,201,025,719 159,684,153,133 +11.0 3.970,463,422 4,639,635,924 -14.4 4.708.874,562 6,708.604.350

8,280,354,695 7,283,691,582 +13.7 65.333,976,982 53,965,201,001

+21.1 1.677,919,313 1,556,909,540

+7.8 1,608,747,308 2.510.573,972

CANADIAN CLEARINGS FOR AUGUST, SINCE JANUARY 1, AND FOR THE WEEK" ENDING AUG. 30.
Month of August.

Clearings at1934.

CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
•
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
Sudbury
Total (32 cities)

$
347,103,214
420,443,023
277.612,108
66,890,499
17,443,374
16,620,901
8,796,673
14,487,464
20,856,226
7,671.385
5,963,682
9,653,263
15,102,666
13,191,798
1.224.822
1.773,081
5,341,674
1,885,426
3.033.157
3.018,875
2,240,942
937,583
2,370,324
2.203,124
3.938,620
8,225.541
1,130,043
2,760,534
2,199,565
1.646,012
1,617,121
3.193,700

1933.
$
360,743,797
398,219,652
360,477.524
64.438,731
15,849,456
16,572,573
8,824,905
14,309,603
24,206,168
7,295.025
6,389,33
9,430,08
14,228,42
16,403,09
1.270,14
1,544,456
5,240,986
2,468,206
2,787,842
2,426,169
2,055,748
897,039
2,252,926
2,493.722
3,533,761
9,062,632
1,122,244
2,598,741
2,260,441
1,770,025
1,470,662
2,398,411

1,290,576,420 1,365,042,531

Eight Months Ended Aug. 31.
Inc. or
Dec.
%
-3.8
+5.6
-23.0
+3.8
+10.1
+0.3
-0.3
+1.2
-13.8
+5.2
-6.7
+2.4
+6.1
-19.6
-3.6
+14.8
+1.9
-23.6
+8.8
+24.4
+9.0
+4.5
+5.2
+11.7
+11.5
-9.2
+7.0
+8.2
-2.7
-0.
+10.0
+33.2

1934.
$

1933,

a

Week Ended Aug 30.

Inc. or
Dec.
%

1934.
i

1933.
$

Inc. or
Dec.
%

1932.
8

1931.
$

2,951,548,927
3,632,548,012
1.705,699,505
499,425,744
142,349,867
130,086,674
72,574,188
125,301,264
153,074,753
55.335.686
49,476,673
82.780,306
119,905,278
96,967.166
9,639,359
12,298,930
38,332,212
15,272,647
25,565,340
20,217,300
16,409,939
6,688,311
20,274.474
18,781,538
33,760,903
71,885,217
8,769.580
22,370,464
17,170,520
14,054,666
13,773,557
22,444.032

2,721,616.144
3.193.197.774
1,936,487,706
433,645,184
128,558,470
125,711,153
66,463,464
114,263.972
168,395.754
49,115,346
44,969.656
77,434,75
114,264,33
103,700,175
9,144.466
10,547,652
37.438,126
16.688,722
24,295,602
17,241,619
13,933,917
6,043,858
17,889,316
18,056,561
27,574.301
71,273,020
7,603,993
20.070,420
16,804,397
13,899,268
12,193,028
16,516,979

+8.4
+13.8
-11.9
+15.2
+10.7
+3.5
+9.2
+9.7
--9.1
+12.7
+10.0
+6.9
+4.9
-6.5
+5.4
+16.6
+2.4
-8.5
+5.2
+17.3
+17.8
+10.7
+13.3
+4.0
+22.4
+0.9
+15.3
+11.5
+2.2
+1.1
+13.0
+35.9

6S341,776
87,399.922
54,234,441
13,007,695
3.304,028
3.163,342
1,798,268
2,810,809
4,479,065
1,766,375
1,114,314
1,982.269
3,132.827
2,992.825
237.710
424,337
983.713
390,117
604.029
600,418
542,867
200,162
494,762
441,072
724,669
1,750,522
220,570
728,046
431,038
386,292
281,445
689,134

69,042,504
85,399.871
.50,866,495
12,629,551
2,962,336
3,286,808
1,746,060
2,876,991
3,939,315
1.265,921
1,237.870
1.688,872
2,561,682
3,926.874
245.823
308,997
938,418
368,701
523,993
398,053
441,179
201,609
405,262
505.687
663,222
1,781,040
208,687
624,480
425,29
336,49
237,47
496,96

-1.0
+2.3
+6.6
+3.0
+11.5
-3.8
+3.0
-2.3
+13.7
+39.5
-10.0
+17.4
+22.3
-23.8
-3.3
+37.3
+4.8
+5.8
+15.3
+50.8
+23.0
-0.7
+22.1
+12.8
+9.3
-1.7
+5.7
+16.6
+1.3
+14.8
+18.5
+33.7

84,147,694
79,618,835
44,606.081
11.295.338
3,353,374
4045,417
1,883,571
3.021.257
4.121,561
1,551.315
1,219.733
2,130,935
3,310,804
2,753,995
310,812
358,044
1,218,546
419,746
542,729
465,331
400,232
156,614
474,980
554.048
702,345
2,180,313
225,167
648,044
507,697
370,267
295,509
431.172

99,700.395
86,219,716
41,009,445
13,600,309
5,840,043
5.917,153
3,229,692
4,854,599
6,869,381
2,120.303
1,600,229
2,987,813
5,496,236
2.420.887
401,827
531,291
1,776,683
898,360
975,285
742,286
560,930
254,549
675.707
703.604
894.238
2,356,358
370,995
782,257
684,937
397.453
405.358
673,822

-5.5 10,204,783,032

9,635,039,130

+5.9

259.658.859

252.542,530

+2.8

257,321.506

295,752,621

a Two weeks' clear ngs. b No clearings available. c C eating House not functioning at present. d Clearings for two months. e Three months' figures.
months' clearings. g Four months' figures. 5 Estimated.




f 91x

1508

Financial Chronicle

THE CURB EXCHANGE.
Dealings on the Curb Exchange were in unusually light
volume during the early part of the present week, and
while there was some improvement as the week advanced
the daily turnover was of small proportions. The trend
of the market was down on Tuesday, though there was a
somewhat firmer tone apparent on the following day and
a number of small gains were recorded among the trading
favorites. Most of these advances were in small fractions,
but there were a few scattering issues that improved up
to a point or more.
Trading on the Curb Exchange was particularly quiet
during the two-hour session on Saturday, most of the
transactions being confined to evening up accounts prior
to the Labor Day holiday. Dealings during the first hour
were especially light and far below a similar period during
the previous half-day session. The best trading of the
day was in Swift International, which gained sufficient
momentum to break through to a new top at 40. Public
utilities also made some gains but the changes were small.
Alcohol shares attracted moderate buying, especially
Distillers Seagram, which moved up about a point at its
top for the day. Metal issues were inactive, and specialties
like National Belles Hess, American Cyanamid B, Mead
Johnson and Mapes Consolidated were practically unchanged. Oil shares moved slowly downward, Creole
Petroleum and International Petroleum showing softness,
while Humble Oil lost a point or more.
The Curb Exchange was closed on Monday in observance
of Labor Day.
Stocks moved irregularly downward during the greater
part of the dealings on Tuesday, most of the changes being
small and without special significance. Mining and metal
shares were weak, Aluminum Co. of America and Newmont
Mining selling off, while Lake Shore Mines showed little
or no change. In the oil group the turnover was small,
with the possible exception of Humble Oil, which showed a
small fractional advance. Public utilities were quiet and
inclined to sink to lower levels.
Dealings in curb stocks continued in small volume on
Wednesday, and while the tone of the market was moderately
firm most of the changes were fractional. Oil shares were
mixed, some of the more active stocks moving fractionally
higher, while others equally prominent slipped downward
without apparent reason. In the public utility group
moderate gains were recorded by issues like Electric Bond
& Share and American Gas & Electric, but United Light &
Power and Niagara Hudson were practically unchanged.
Mining and metal stocks were inclined to move upward
and miscellaneous specialties were mixed. This was true
also of the liquor shares, Hiram Walker selling off, while
Distillers Seagram showed a moderate gain.
Many of the leading curb stocks showed moderate strength
as the session got under way on Thursday, but prices eased
off for a brief period and again strengthened. In the
closing hour there were some recessions from the top prices
of the day, though only a part of the gains were canceled.
Public utilities were in good demand and limited advances
were recorded by Electric Bond & Share and American
Gas & Electric. Mining and metal shares attracted some
buying at higher prices, but the oil stocks and alcohol
issues were without noteworthy change. The Swift shares
were easier.
The curb market showed little or no improvement on
Friday. The volume of business was again light and the
trend of prices was generally toward lower levels. In the
public utility group losses were recorded by such active
leaders as Electric Bond & Share and American Gas & Electric and a number of other popular trading favorites. Miscellaneous specialties were lower and most of the alcohol
issues were down. In the oil list, International Petroleum
and Humble Oil were unchanged from the preceding close
and Gulf Oil sold down on the day. Mining and metal
shares also were off and the Swift stocks were lower. As
compared with Friday of last week, many prominent shares
were off, Aluminum Co. of America closing on Friday night
at 524 against 55,4 on the preceding Friday, American
Cyanamid B at 17 against 173
4, Atlas Corp. at 9 against
5 Canadian Marconi at 1% against 2, Consolidated Gas
9%,
4,Glen Alden Coal Co.
of Baltimore (3.00) at 65 against 653
at 183' against 19%, Greyhound Corp. at 16M against 1734,
Hudson Bay Mining & Smelting at 14% against 15, Humble




Sept. 8 1934

Oil (New) at 423 against 42 8, International Petroleum at
283
% against 293., Swift & Co.(M) at 1834 against 193/,
United Light & Power A at 1% against 2 and Wright Hargreaves at 93 against 10.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.

Week Ended
Sept. 7 1934.

Stocks
(Number
of
Shares).

Bonds (Par Value).
Foreign
Foreign
Domestic. Government. Corporate.

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday

51,990
$575,000
HOLI DAY
78,285 1,462,000
102.475 1,838.000
110.711 2,097,000
114,845 1,723.000

$67,000

Total

458,306 $7.695,000

$477,000

Stocks-No,of shares_
Bonds.
Domestic
Foreign government_ _
Foreign corporate
Total

36,000
88,000
104,000
182,000

Week Ended Sept. 7.

Sales at
New York Curb
Exchange.

1934.

1933.

Total.

$34,000
$876,000
HOLI DAY
63,000 1,561,000
10,000 1,936,000
39,000 2,240,000
47,000 1,952.000
$193,000 $8,365,000
Jan 1 to Sept. 7.

1934.

I

1933.

458,306

956.971

46,213,609

78,277,035

$7,695,000
477,000
193,000

$8.395,000
339.000
510.000

$704,865,000
26,574,000
19,977,000

$842,388,000
30,426,000
29,022,000

$8,365,000

$9,244,000 •$751,416,000

$701,836,000

* Corrected total.

THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Aug. 22 1934:
GOLD.
The Bank of England gold reserve against notes amounted to £191,676.960 on the 15th instant, showing no change as compared with the previous
Wednesday.
The open market has been active and about £2,300,000 of bar gold was
disposed of during the week. The Continental demand continued to be
keen and prices ruled at a considerable premium over the exchange parities.
Quotations during the week:
Per Ounce
Equivalent Value
Fine,
of z Sterling.
1385. 134d.
12s. 3.61d.
August 16
138s. 3%cl.
12s. 3.43d.
August 17
138s. 4d.
12s. 3.39d.
August 18
138s. 3d.
12s. 3.48d.
August 20
138s. 23id.
12s. 3.52d.
August 21
138s. 7d.
12s. 3.12d.
August 22
1385. 3.58d.
12s. 4.25d.
Average
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 13th instant to mid-day on the 20th instant:
Exports.
Imports.
1.47,435 Belgium
£490,200
Netherlands
393,555 Netherlands
13,715
China
36,942'
109,475 France
British West Africa
52,170 Switzerland
410,301
British South Africa
81,572 Other countries
7,940
Australia
8,813
New Zealand
879,345
British India
13,020
British Malaya
22,100
Other countries
51.607.485

5959,104

No shipments of gold were made from Bombay last week.
The following are the details of the United Kingdom imports and exports
of gold for the month of July 1934:
Imports.
Exports.
£250,611
British West Africa
5.558,549
Union of South Africa
372,031
Southern Rhodesia
1,0002,250,315
British India
13,125
British Malaya
652,443
China
605,330
Australia
58,130
New Zealand
26,194
British West India Islands & British Guiana_ _ _ _
34,790
Poland
2,902
810,291
Germany
27,770
24.529
Netherlands
462,501
57,488
Belgium
162,419
230,242
France
289.812
Portugal
18,231
363.055
Switzerland
5,682,705.
13,481
United States of America
44,593
Veneguela
281,955
Uruguay
97,095
Peru
166110,687
Other countries
£0,392,484
£12.109.956
SILVER.
Although prices have shown very little change during the week, themarket has again been very active. Buying for America has been on a
large scale but demand has been offset by China sales. The Indian bazaars
and speculators have supported the market but both have made some resales.
In view of the very large shipments of silver being made from China,
there were rumors of the likelihood of an embargo being placed on exports,
but it was announced by the Chinese Finance Minister on Aug. 20 that no
such action was contemplated.
The market has a steady appearance as the demand for America is likely
to continue and this, with China selling, form the chief features for the
time being.
Large shipments of silver purchased on American account continue tobe made to New York.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 13th instant to mid-day on the 20th instant:
Imports.

Soviet Union (Russia)_
Austria
China
Mexico
British India
}Tong Kong
Japan
Canada
Other countries

Exports.
- £48,297 United States of America_ £1,268,1202A.40()
11.000 Bombay-via Karachi___
6.447
125,679 Other countries
105,307
16,500
50,218
29,689
29,242
6.153
£420,085

£1,291,967

Volume 139

Financial Chronicle

Quotations during the week:
IN LONDON.
IN NEW YORK.
-Bar Silver Per O.Std.(Per Ounce .999 Fine.)
Cash.
2 Mos.
Aug. 16____21%d.
21 9-16d. Aug. 15
50 cents
Aug. 17_ _ _ _21 9-16d.
Aug. 16
50 cents
2134d.
Aug. I8-_ _ _21%d.
Aug. 17
2134d.
50 cents
Aug. 20_ _ _ _21 d.
21 9-16d. Aug. 18
50 cents
Aug. _ __21 9-16d. Aug. 20
50 cents
Aug. 22_ .. _ _21 9-1.6d.
Aug. 21
P0 cents
Average_ _ _ _21.604d.
21.55id.
The highest rate of exchange on New York recorded during the period
from the 16th instant to the 22d instant was $5.10% and the lowest $5.073.4.
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)Aug. 15.
Aug. 7.
July 31.
Notes in circulation
18,394
18,367
18,380
Silver coin and bullion in India
9.893
9,939
Gold coin and bullion in India
4,155
49.'815955
.
Securities (Indian Government)
3,114
3.085
3,065
Securities (British Government)
1,232
1,232
1,221
The stocks in Shanghai on the 18th instant consisted of about 100.400,000
ounces in sycee. 368,000.000 dollars and 31.200,000 ounces in bar silver,
as compared with about 107.400,000 ounces in sycee, 370,000,000 dollars
and 30,900,000 ounces in bar silver on the 11th in.tant.

ENGLISH FINANCIAL MARKET-PER 7CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Mon.,
Tues.,
Wed..
Thurs.,
Fri.,
Sept. 1.
Sept. 8.
Sept. 4.
Sept. 5.
Sept. 8.
Sept. 7.
Silver. per oz.._ 20 11-180. 21 13-18d, 2134d.
2134cl. 21 13-16d. 21 13-18d.
Gold. p.fine oz. 141s.5d. 141s.7d. 140s.1034.1.1403.634d. 1408.8d. 140s.9lid.
Consols, 234% Holiday. 8013-16
806-16
8031
806-16
8035
British 334%VT. L
Holiday. 1043(
10434
105
105
105
British 4%196090
Holiday. 116
116
116
116
116

The price of silver in New York on the same days has been:

Sliver in N. Y.,
(foreign) per
oz.(cts.)
If. S. Treasury
U. S. Treasury
(newly mined)

4934
50.01

Holiday.
Holiday.

4934
50.01 ,

4914
50.01

4934
50.01

4914
50.01

6434

Holiday.

6454

6434

6414

6414

AUCTION SALES.
Among other securities, the following, not actually dealt in
aathe Stock Exchange, were sold at auction in New York,
Boston, Philadelphia, and Buffalo on Wednesday of this
week:
By Adrian H. Muller & Son, New York:
Shares.
Stocks.
$ per Share.
10,000 common stock, voting trust certificates of American Diamond Lines,
Inc 5
1,000 capital stock of J. E. Dockenclorf/ & Co., Inc
$100 lot
50,000 common stock, voting trust certificates of American Diamond Lines, Inc.
5
100 capital stock of Empire Stevedoring Co
$18,000
10,000 common stock, voting trust certificates of American Diamond Lines, lot
1-t Inc
$1,000 lot
2,,Green Bay & Western RR. Co. (Wis.), par $100
31
200 Stony Point Land Co.(N. Y.), par 5100
3
BondsPer Cent.
$500 Prudence Bond Corp. certificate No. 1782, 1st mtge. coll. 534% bonds,
13th series, due June 1 1934
$140 lot

By R. L. Day & Co., Boston:
Shares.
Stocks.
20 National Shawmut Bank, Boston. par 825
5 Connecticut & Passumplc River Rd., pref., par 8100
1 Boston Athenaeum, par $300
100 Plymouth Cordage Co, par 5100
1 Dennison Mfg. Co.,$7 pref., par $100

$ per Share.
1934
96
300
8034
4531

By Crockett & Co., Boston:

Shares.
Stocks.
22 Northern RR.of New Hampshire, Paz $100
1 Conn.& Passumplo Rivers RR., pref., par 5100
25 Mass. Bonding & Insurance Co., par $12.50
7 Old Colony Trust Associates

$ Per Sitars.
103
96
1434
834

By Barnes & Lofland, Philadelphia:

Shares.
Stocks.
$ Per Share.
12 Tacony-Palmyra Ferry Co
134
1 Philip Carey Mfg. Co
30
20 Electric Power Equipment Corp., pref
$40 lot
5 American Academy of Music, par $100
255
4 Tradesmens National Bank & Trust Co., par 5100
114
25 Real Estate-Land Title St Trust Co., par 510
6
25 Integrity Trust Co., common (new), par $10
554
8 Philadelphia Bourse, common, par $50
8.%
350 Donaldson Iron Co., par 350
$100 lot
Bonds.Per Cent.
$10,000 Royalton Apartment,634%,1st mtge., due 1936, certificate of deposit 2
$1,000 Bayshore Apartments,714%,certificate of deposit
5
$500 Fort Harrison llotel, 734%,certificate of deposit
2
$500 Cadwallader Apartments, 7%,due 1936.(Stamped bond)
21
$1,000 Bayshore Apartments, 714%,due 1934, certificate of deposit
3
$1,500 Bayshore Apartments, 71.1%. due 1939, certificate of deposit
414
$1,500 Fort Harrison Hotel, 734%, due 1940, certificate of deposit
3
$500 Fort Harrison Hotel. 71i%,due 1929, certificate of deposit
3
$3,000 Everglades Inn, 734%, certificate of deposit
3
$4,000(The) Spruce Apartment,6Si%,due 1934
9
82.500 Crestshire Apartment Bldg., 634%, due 1936
11
$3,000 Scranton Transit Co.,3%,2d mtge., income, May and Nov., due 1959_ 2434

By A. J. Wright & Co., Buffalo:
Stocks.
Shares.
10 Zenda Gold Mines

$ per Share.
150

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.
Agricultural Insurance Co.(quar.)
American Express Co.(quar.)
American Factors, Ltd.(mo.)
American Invcstment Securities
American Snuff Co., corn. (quar.)
Preferred (quarterly)
American .mperpower Corp. 1st pref.(qu.)-- _
Apponaug Co., corn. (quarterly)
Atlantic Bancshares. Ltd. (quay.)




Per
When Holders
Share. Payable. ofRecord.
65c
$134
10c
be
75c
$134
$134
50c
1%c

Oc.. 1 Sept. 26
Oct. 1 Sept.21
Oct. 1 Sept.31
Aug. 30 Aug. 24
Oct. 1 Sept. 13
Oct. 1 Sept. 13
Oct. 1 Sept. 15
Oct. I Sept. 15
Aug. I July 16

Name of Company.

1509
Per
When Holders
Share. Payable. ofRecord.

Auto City Brewing
e25% Oct. I Sept.201
Aston-Fisher Tobacco Co.,Cl. A corn.(qu.)_ - _
80c Oct. 1 Sept.151
Class B common (quarterly)
40c Oct. 1 Sept.151
Preferred (quarterly)
$134 Oct. 1 Sept.15
Backstay Welt Co., cont. (special)
35c Oct. 1 Sept.16
Bankers Trust Co.(quarterly)
Oct. 1 Sept.12 I
Battle Creek Gas Co.,6% pref.(quar.)
Oct. 1 Sept.20
Boston Warehouse &1Storage (quar.)
$131 Sept.30
Bower Roller Bearing Co. (guar.)
25c Oct. 25 Oct. 1
Bristol Brass (quarterly)
250 Sept.15 Aug. 30
7% preferred (quarterly)
$1% Oct. 1 Sept.15
British Columbia Power Co.,ci. A (quar.)
38c Oct. 15 Sept.30
Broad StreetiInvestingfCo., Inc. (quar.)
20c Oct. 1 Sept. 17
Cambria Iron Co.(semi-annual)
$1 Oct. 1 Sept.15
Canada Malting (guar.)
37;5c Sept.15 Aug. 31
Canadian Celanese Ltd.,7% cum. pref
h75c Sept.30 Sept.14
7% cum. preferred (quar.)
$131 Sept.30 Sept.14
Canadian Wirebound Boxes, A
h25c Oct. 1 Sept. 15
Capital Administration Co., pref. A (guar.)
750 Oct. 1 Sept. 17
Carnation, 7% preferred (guar.)
$1% Oct. 1 Sept.20
Case(J.I.)Co.,7% cum.pref
/41 Oct. 1 Sept.12
Central Aguirre Associates,corn. (quar.)
3734c Oct. 1 Sept. 18
Central Hanove. Bank & Trust (quar.)
$I
Oct. 1 Sept.20
Celanese Corp.of Amer..7% pref.(qu.)
$1% Oct. 1 Sept.14
Chesapeake & Ohio Ry. Co.,corn. (quar.)
$2.80 Oct. 1 Sept. 7a
Chicago Rivet & Machine
3i1e25c Sept.20 Sept. 10
Cincinnati & Suburban Bell Telep. Co.,(quar.)_ $1.13 Oct. 1 Sept.20
Cluett , Peabody & Co.,Inc..pref.(quar.)
$1% Oct. 1 Sept.20
Congress Cigar Co., corn., dividend omitted.
Continental Assurance (guar.)
50c Sept.29 Sept. 15
Continental Baking, pref. (quar.)
$1 Oct. 1 Sept. 17
Continental Bank & Trust Co.(quar.)
20c Oct. 1 Sept.14
Oct. 1 Sept. 12
Continental Gas & Electric, pref.(quar.)
$1
Danahy Faxon Stores(quar.)
Sept.29 Sept.17
2
Devoe & Reynolds Co.,COM. A & B (quar.)
250 Oct. 1 Sept.20
Common A & B (extra)
25c Oct. 1 Sept. 20
let & 2d preferred (quarterly)
$1.% Oct. 1 Sept. 20
Deposited Bank Shares.series N.Y.(s.-a.)
4%c Oct. I Aug. 31
Series A (seml-annual)
5I4C Oct. 1 Aug. 31
Dominion Glass, corn.(quar.)
$1.% Oct. 1 Sept. 15
Oct. 1 Sept. 15
Preferred (quarterly)
Duquesne Light Co..5% pref.(guar.)
Oct. 15 Sept.15
Eastern New Jersey Power,6% pref.(quar.)_ _ _ _ $1% Oct. 1 Sept.15
Eastern Steamship Lines, let pref. (quar.)
$1% Oct. 1 Sept.14
Oct. 1 Sept.14
Preferred (quar.)
87
Ecuadorian Corp.. Ltd., corn. (quar.)
u2c Oct. I Sept. 10
Edison Bros. Stores,corn.
250 Sept.25 Sept. 10
Endicott-Johnson Corp.,corn.(quar.)
75c Oct. 1 Sept.18
Preferred (quar.)
$1%, Oct. 1 Sept.18
Eureka Vacuum Cleaner (quar.)
123,5c Oct. 1 Sept.15
Fanny Farmer Candy Shops,Inc.,corn.(quar.)_
250 Oct. 1 Sep.,15
Preferred (qua].)
60c Oct. 1 Sept.15
Faultless Rubber Co.(guar.)
50c Oct. 1 Sept.15
Fish Rubber,$6 pref. (cuar.)
$1% Oct. 1 Sept.12
Fliotkcte. A.special
$4 Sept.15 Sept. 8
17%c Oct. 1 Sept.26
ortnum & Mason, 7% pref. (semi-ann.)
Foreign Light & Power Co..$6 Ist pref.(quar.)_ $1% Oct. 1 Sept.20
87%c Oct. 1 Sept. 15
Galland Mercantile Laundry Co.(quar.)
General American Investors. pref.(quar.)
$1% Oct. 1 Sept.20
General Mills, Inc.,6% pref. (quar.)
$1% Oct. 1 Sept.140
15c Oct. 1 Sept.17
General Printing Ink Co., coin. (quar.)
10c Oct. 1 Sept.17
Extra
$1
Oct. 1 Sept.17
Preferred (quar.)
Sept.28 Sept.18
5
Gorton-Pew Fisheries (quar.)
250 Sept.29 Sept.17
Granite City Steel Co.(quar.)
$5 Oct. 1 Sept. 7
Guaranty 'I'rust Co.(guar.)
Hammermill Paper Co., pref. (quar.)
$1.% Oct. 1 Sept.15
Heath (D. C.) & Co., pref. (quar.)
$131 Sept.29 Sept.27
SI Sept.25 Sept.20
Homestake Mining Co.(monthly)
112 Sept.25 Sept.20
Extra
25c Sept.26 Sept.11
Hoskins Mfg. Co.(quar.)
250 Sept.26 Sept.11
Extra
Huyiers of Del.. 7% pref.,St.& unst. (quar.)_ _
$1 Oct. 1 Sept.17
Imperial Chemical Industries, Ltd.r1c2 %
Common (interim)
Sept.29 Sept.14
r11
r
Imperial Tobacco Co. of Can., ord. (quar.)
Sept.29 Sept. 14
Preference (semi-ann.)
70
Sc Oct. I Aug. 31
Independent Trust Shares (semi-arm.)
42c Oct. 1 Sept.17
Industrial Rayon Corp.(new)
50c Oct. 1 Sept. 15
International Shoe Co.. corn. (quar.)
Irving Trust Co.(quar.)
250 Oct. 1 Sept.10
Jamaica Public Service (quar.)
250 Oct. 1 Sept.14
Preferred and preferred B (quar.)
1.%% Oct. 1 Sept.14
Jersey Central Power & Light Co.
Oct. 1 Sept.10
$1
534% cum. pref. (quar.)
Oct. 1 Sept.10
6% cum. pref. (quar.)
$1
7% cum. pref. (quar.)
$131 Oct. 1 Sept.10
Kansas Electric Power Co.,7% pref.(qu.)
$1% Oct. 1 Sept. 15
6% cum. Jr. preferred (quar.)
131 34 Oct. 1 Sept. 15
Kaufmann Dept. Stores. Inc., pref. (quar.)---- $134 Oct. 1 Sept. 20
.0188e Sept.15 Aug. 31
Keystone Custodian Fund, series H-1
Lambert Co. (quar.)
14,4 75e Oct. I Sept. 17
Lehman Corp. (quar.)
Sw .60e Oct. 5 Sept. 21
Lerner Stores. 634% prof
h$1% Sept.15 Sept.10
Leslie-Calif. Salt Co.(guar.)
35c Sept. 15 Sept. 4
Lockhart Power,7% pref.(s.-a•)
$334 Sept.29 Sept.29
Loew's, Inc., common (quar.)
250 Oct. I Sept. 14
xao
Oct. 1 Sept. 6
London Tin Corp.. 734% pref. (s.-a.)
Oct. 8 Sept. 6
Amer. dep. rec. for 734% pref. (S.-a.)
rw
Lone Star Gas Corp.,6% pref.(quar.)
Sept.29 Sept. 14
Marine Midland Corp. (quar.)
10c Oct. 2 Sept. 14
Mead Johnson Co.(quar.)
75c Oct. 1 Sept. 15
Extra
25c Oct. 1 Sept. 15
Meadville Cuneaut Lake & Linesville RE.,(s.-a)
$1 Oct. 1 Sept. 15
Merchants & Miners Transp. Co..corn. (quar.)_
40c Sept.29 Sept. 17
Metropolitan Coal Co., pref. (quar.)
$134 Sept.29 Sept. 22
Minneapolis-Honeywell Regulator Co..
6% preferred A (quar.)
$134 Oct. 1 Sept.20
Montgomery Ward & Co..$1 cum.class A
141 Oct. 1 Sept. 19
Morris (Philip) Consol., Inc., cl. A (quar.)_ _ _ _ 43hc Oct. 1 Sept. 18
Mountain Producers Corp. (quar.)
15c Oct. 1 Sept. 150
Mutual Telep. (Hawall) (mo.)
Sc Sept.20 Sept. 10
National Battery Co.. pref. (quar.)
550 Oct. 1 Sept. 17
National Candy Co., corn. (quar.)
250 Oct. 1 Sept. 12
1st and 2d preferred (quar.)
$1% Oct. I Sept. 12
National Distillers Products,special
45c Oct. 2
National Enameling & Stamping Co
50c Sept.29 Sept. 17
National Refining Co.,8% cum. pref
h$2 Oct. 1 Sept. 15
National Standard Co.(quar.)
50c Sept. 29 Sept. 19
National Tea Co., corn. (quar.)
15c Oct. 1 Sept. 14
Natomas Co.(guar•
15c Oct. 1 Sept. 15
Newark St Bloomfield RR.(s.-a.)
Oct. 1 Sept. 22
$1
Newport Electric.6% pref.(quar.)
Oct. 1 Sept. 15
$1
New York Shipbuilding. pref.(quar.)
$131 Oct. 1 Sept. 20
Participating shares (quar.)
10e Oct. 1 Sept. 20
Founders shares (quar.)
10c Oct. 1 Sept. 20
New York Transit Co. (s.-a.)
15c Oct. 15 Sept. 21
Norwich & Worcester RR.,8% pref.(quar.)_ _ _ _
$2 Oct. 1 Sept. 15
Ohio Finance, class A (guar.)
$1 Oct. 1 Sept. 10
8% preferred (quarterly)
$2 Oct. 1 Sept. 10
Ohio Public Service Co.. 7% preferred (mo.)
58 1-3c Oct. 1 Sept. 15
6% preferred (monthly)
50c Oct. 1 Sept. 15
59' preferred (monthly)
41 2-3c Oct. 1 Sept. 15
Old Colony RR. Co.(quar.)
Oct. 1 Sept. 15
Onomea Sugar (monthly)
20c Sept. 20 Sept. 10
Oriental Consolidated Mining
50c Sept. 18 Sept. 4
Pacific Bancshares, Ltd. (quar.)
15c Aug. 1 July 16
Pacific Finance Corp. of Calif. (Del.)(quar.)_ _
Sc Oct. 1 Sept. 15
Preferred A ((mar.)
20c Nov. 5 Oct. 15
Preferred C (quar.)
16%c Nov. 5 Oct. 15
Preferred D (ouar.)
17%c Nov. 5 Oct. 15

3qg

Financial Chronicle

1510
Name of Company.

When Holders
Per
Share. Payable. ofRecord.

Sept.29 Sept.20
Pacific Telep. & Teleg. Co., common (quar.)_. $1
Oct. 15 Sept.29
Preferred (quarterly)
Si
3c Sept.29 Sept. 18
Penney (J. C.) Co., common (quar.)
Preferred (quar,)
$1M Sept.29 Sept.18
Pennsylvania Gas & Electric 007% preferred (quarterly)
$1 X Oct. 1 Sept. 20
Perfect Circle Co. (quarterly)
50c Oct. 1 Sept. 19
Pittsburgh. Bessemer & Lake Erie RR$1 M Dec. 1 Nov. 15
69 preferred (s.-a.)
35c Oct. 1 Sept. 10
Pittsburgh Plate Glass Co
Pittsburgh Thrift Corp. (quar.)
17 Mc Sept.29 Sept.10
$1 X Sept.29 Sept.10
7% preferred (quar.)
25c Oct. 1 Sept. 15
Pratt & Lambert,Inc.(quar.)
Prudential Investors. 6% pref. (quar.)
$1 M Oct. 15 Sept.29
Public Service Co. of Colorado,7% pref.(mo.) - 58 1-3c Oct. 4 Sept. 15
50c Oct. 1 Sept. 15
6V preferred (mo.)
41 2-3c Oct. 1 Sept. 15
5% preferred (mo.)
Reynolds Tobacco Co.,corn. A & B (quar.)
75c Oct. 1 Sept. 18
Rochester Telep. Corp.,6% 1st pref. (quar.)_ $1 X Oct. 1 Sept. 20
30c Oct. 1 Sept. 20
Ross Gear dr Tool Co.,common (quar.)
20c Oct. 1 Sept. 17
Rossia Insurance Co
Scranton Electric, $6 pref. (quar.)
SI M Oct. 1 Sept. 4
Selected Industries. Inc.—
$5M dividend prior stock (guar.)
$1X Oct. 1 Sept. 15
30c Sept.10 Aug. 31
Senior Securities (quar.)
6c Oct. 10 Sept. 20
Shattuck(F. G.) Co.(quar.)
Southern Calif.Edison Co., Ltd.orig. pref.(qu.) 43 Vc Oct. 15 Sept. 20
34
c Oct. 15 Sept. 20
51,6% preferred series C (quar.)
Southwestern Bell Tel. Co„7% pref.(guar.)- -- Sly Oct. 1 Sept. 20
Oct. 1 Sept. 15
Southwestern Gas & Elec. Co.,7% pref. (quar.)
Oct. 1 Sept. 15
8% preferred (quarterly)
75c Oct. 1 Sept. 15
.Sparta Foundry (quar.)
25c Oct. 1 Sept. 15
Extra
bpringfield Gas & El. Co.(Mo.), pf. sec. A (qu.) $1 X Oct. 1 Sept. 15
27 Mc Oc., 1 Sept. 20
Square D Co..class A preferred (quar.)
Standard Fuel,6M % preferred (guar.)
$1 X Oct. 1 Sept. 15
$134 Sept.29 Sept.18
Starrett (L. S.) Co., preferred (quar.)
16c Sept.29 Sept.15
Sunshine Mining Co.(quar.)
Sunset McBee Salesbook Co., Ltd.cl. A‘qu.).- 37 c Sept.15 Sept. 4
Sepb.20 Sept. 7
2
Todd Shipyards Co.(quar.)
581-3c Oct. 1 Sept. 15
Toledo Edison Co..7% pref.(mo.)
50c Oct. 1 Sept. 15
6% preferred (monthly)
41 2,3c Oct. 1 Sept. 15
57 preferred (monthly)
$1 Oct. 1 Sept. 14
Torrington Co
$115 Oct. 1 Sept. 15
I'll-Continental Corp.,$6 pref. (quar.)
Trico Products Corp.(quar.)
62Mc Oct. 1 Sept. 15
Twentieth Century Fixed Trust Shares—
.0514c Sept. 15
Series B coupon
Universal Leaf Tobacco Co.,inc.,corn.(quar.).. 50c Nov. 1 Oct. 17
$2 Oct. 1 Sept. 12
Preferred (quar.)
$1
United Grain Growers, Ltd., common
Oct. 1 Sept. 17
United States Tobacco Co,common (quar.)--Oct. 1 Sept. 17
Preferred (guar.)
' $15 Oct. 1 Sept. 20
United States Trust Co.(quar.)
$1 X Sept. 1 Sept. 20
Walgreen Co., pref.(quar.)
Oct. 15 Sept. 20
$1
Western Grocers,7% pref.(quar.)
Sept.15 Aug. 31
1
Westland Oil Royalty,(monthly)
25c Oct. 1 Sept. 17
Young (L. A.) Spring & Wire (quar.)
25c Oct. 1 Sept. 17
Extra

Si g

Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Abbott Laboratories (quar)
Extra
Acme Glove Works, Ltd.. 614% pref
Adams Express Co.,5% cum. pre.(quar.)
Affiliated Products. Inc. (mo.)
Agnew Surpass Shoe Stores, pref. (quar.)
Agricultural Insurance Co.(guar.)
Alabama Power Co., 57 pref.(guar.)
$6 preferred (quarterly)
$5 preferred (quarterly)
Alabama & Vicksburgh Ry. Co. (semi-ann.)
Albany & Susquehanna (s.-a.)
Allied Chemical & Dye Corp., pref. (guar.).
Allied Laboratories, Inc.(quar.)
$33 convertible preferred (quar.)
Alpha Portland Cement. 7% Pref. (guar-)
Aluminum Mfg.(quar.)Quarterly
7'% preferred (quar.
7% preferred (guar.
Amalgamated Leather Cos.. Inc., preferred
Airan Agricultural Chemical (Dela.)(quar.)
American Bakeries Corp., $7 pref. (quar.)
American Bank Note Co., pref. (quar.)
American Can Co., pref. (quar.)
American Chicle Co.(guar.)
American Cigar Co.. common (quar.)
Preferred (quarterly)
American Dock, preferred (quar.)
American Envelope. 7% pref. (quar.)
American Factors (monthly)
American Felt Co.. 6% pref. (quar.)
American Gas & Electric Co., corn. (quar.)Preferred (quar.)
American Hardware Corp.(guar.)
Quarterly
American Hawaiian Steamship Co. (quar.)---American Home Products (monthly)
American News Co.(bi-monthly)
American Optical, 7% Pref. (quar,)
American Paper Goods, 7% pref. (quar.)
American Power & Lt. Co., $6 cum. pref
$5 cum. preferred
American Safety Razor Co.(guar.)
American Ship Building Co. 7% preferred
American Steel Foundries, 7% pref
American Stores Co. (quarterly)
American Sugar Refining Co.common (quar.)-Preferred (quar.)
American Sumatra Tobacco Co., (quar.)
Extra
American Telephone and Telegraph Co. (guar.)
American Thermos Bottle, 7% prof. (quer)- American Tobacco Co., 6% pref. (guar.)
American Water Works & Elec. Co. pref.(qu.)_
Anchor Cap Corp., corn. (quar.)
$6X preferred (quar.)
Appalachian Electric Power Co.,$7 pref.(quar.)
$6 preferred (quar.)
Armour & Co. of Del., 7% pref. (quar.)
Armour (Illinois), $6 pref., initial (quar.)
Associates Investment, corn. (guar.)
Associated Breweries of Can., Ltd.—
Common (quar.)
Preferred (quar.)
Atlantic & Ohio Telegraph (quarterly)
Atlantic Refining Co., corn. (quar.)
Automatic Voting Machine Co.(quar.)
Quarterly
Quarterly
Quarterly




When Holders
Per
Share. Payable. ofRecord.
50c Oct. 1 Sept. 14
10c Oct. 1 Sept. 14
h81 Xc Sept. 16 Aug. 31
Sept. 29 Sent. 140
$1
Sc Oct. 1 Sept. 14
$13( Oct. 1 Sept. 15
65c Oct. 1 Sept. 26
Oct. 1 Sept. 15
$1
Oct. 1 Sept. 15
$1
Si Nov. 1 Oct. 15
Oct. 1 Sept. 7
3
Jan. 2 Dec. 15
$4
Oct. 1 Sept. 11
$1
Oct. 1 Sept.26
1
Oct. 1 Sept. 26
87
$1
Sept. 15 Sept. 1
Sept.30 Sept. 15
5
50c Dec. 31 Dec. 15
Si X Sept.30 Sept. 15
$1 X Dec. 31 Dec. 15
50c Oct. 1 Sept. 19
60c Sept.29 Sept.20
Oct. 1 Sept. 14
$1
Oct. 1 Sept. Ila
114
A. Oct. 1 Sept. 14a
75c Oct. 1 Sept.12
$2 Sept.15 Sept. 1
Oct. 1 Sept. 15
driept. 1 Aug. 21
Dec. 1 Nov.25
10c Sept.10 Aug. 31
$1 M Oct. 1 Sept. 15
25c Oct. 1 Sept. 7
d$1M Nov. 1 Oct. 8
25c Oct. 1
Jan. 1
25c Oct. 1 Sept.15
20c Oct. 1 Sept. 140
250 Sept. 15 Sept. 5
Si X Oct. 1 Sept.15
Sept. 15 Sept. 5
51
373c Oct. 1 Sept. 6
31 c Oct. 1 Sept. 6
Sept.29 Sept. 10
147 Nov. 1 Oct. 20
50c Sept.29 Sept.15
50c Oct. 1 Sept. 15
50c Oct. 2 Sept. 5
51X Oct. 2 Sept. 5
25c Sept. 15 Sept. 1
25c Sept. 15 Sept. 1
S2X Oct. 15 Sept. 15
87Xc Oct. 1 Sept. 20
Oct. 1 Sept. 10
51
Oct. 1 Sept. 7
1
Oct. 1 Sept. 18
$1
Si 34 Oct. 1 Sept. 18
Oct. 1 Sept. 4
Oct. 1 Sept. 1
Si
Oct. 1 Sept. 10
51
Oct. I Sept.21
Si
Sept.29 Sept. 19

$

si„

25c
Si X
$1 X
25c
1210
1214c
12Mc
12Mc

Sept.30 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Sept.15 Aug. 21
Oct. 2 Sept. 20
Jan. 2 Dec. 20
Apr. 2 Mar. 20
July 2 June 20

Name of Company.

Sept. 8 1934
When Holders
Per
Share. Payable. ofRecord.

75c Dec. 1 Nov.20
Atlas Corp..$3 pref. A (quar.)
50c Sept.10 Aug. 31
Atlas Powder (quar.)
10c Oct. 1 Sept. 20
Babcock & Wilcox
51M Oct. 15 Sept.29
Baldwin Co.6% cum. pref. (quar.)
$1M Sept.15 Aug. 31
(quar.)
6% preferred A (tar.)
Sc Sept.20 Aug. 31
Bandini Petroleum (mthly.)
63c Oct. 1 Aug. 31
Bangor & Aroostook
corn. (quar.)
Oct. 1 Aug. 31
Si
Preferred (quar.)
Oct. 1 Sept. 10
$1
Bangor Hydro Elec.. 7% pref. (quar.)
Oct. 1 Sept. 10
51
6% preferred (quar.)
51% Oct. 1 Sept.20
Barber(W.H.)& Co.. pref.(quar.)
Si X Jan. 1 Dec. 20
Preferred (quar.)
$1 X Oct. 1 Sept. 14
Beatrice Creamery Co„ pref. (quar.)
50c Oct. 1 Sept. 15
Beech Creek RR. (quarterly)
75c Oct. 1 Sept. 12
Beech-Nut Packing Co.. common (quar.)
25c Oct. 1 Sept. 12
Extra
Sept.15 Aug. 31
$1
Belding-Cortecelll Ltd.,pref.(guar.)
r$i 34d Oct. 15 Sept. 22
Bell Telephone Co. of Canada (quar.)
Oct. 15 Sept.20
51
Bell Telep. Co. of Penna.. 634% pref. (quar.)
51 X Oct. 1 Sept. 7
Bethlehem Steel Corp.. 7% cum. pref
$I X Sept. 15 Aug. 15
Biltmore Hats, Ltd., 7% pref. (quar.)
Birmingham Water Works,6% pref.(quar.)--- 31 M Sept.15 Sept. 1
V Mc Nov. 15 Nov. 11
Block Bros. Tobacco (quar.)
SIM Sept.30 Sept.25
Preferred (quar.)
$114 Dec. 31 Dec. 24
Preferred (quar.)
10c Sept.27 Sept. 17
Bloomingdale Bros., Inc., coin
75c Oct. 1 Sept. 14
Bohn Aluminum & Brass Corp., corn
$1 Oct. 30 Oct. 15
Bon Ami Co., class A (quar.)
500 Oct. 1 Sept.24
Class B (quar.)
25c Oct. 1 Sept. 14
Borg-Warner Corp
Oct. 1 Sept. 14
Preferred (guar.)
Sept.29 Aug. 31
Boston & Albany RR
S134 Oct. 1 Sept. 10
Boston Elevated Ry. corn. (quar.)
54 Oct. 1 Sept. 20
Boston Insurance(Mass.)(quarterly)
$2.125 Oct. 1 Sept. 1
Boston & Providence R.R Co.(quar.)
Brazilian Traction, Light & Power Co.—
$IM Oct. 1 Sept. 15
Preferred (quar.)
60c Sept.29 Sept.15
Bridgeport Gas Light(quar.)
25c Sept.29 Sept.20
Briggs & Stratton Corp., corn. (quar.)
10c Sept.29 Sept.20
Extra
$134 Sept. 15 Aug. 31
Bright (T. G.). 56 pref. (quar.)
734c Sept. 15 Aug. 31
Quarterly
150 Oct. 1 Sept. 15
Brillo Mfg.
Inc., corn. (quar.)
50c Oct. 1 Sept. 15
Co.,(quar.)
Class A stock
British Amer. Tobacco Co.,ord. bearer (interim) wl0d Oct. 6 Sept. 5
wl0d Oct. 6 Sept. 5
Ordinary register
zw2M% Oct. 6 Sept. 5
Preferred, ord. bower (s-a)
zw2M% Oct. 6 Sept. 5
Preferred, ord. register (s.-a.)
Brooklyn-Manhattan Transit Corp..—
75c Oct. 15 Oct. 1
Common
Oct. 15 Oct. 1
51
Preferred (quarterly)
Ja 15'35 Ian. 2
Preferred (quarterly)
Ap15'35 Apr. 1
Preferred (quarterly)
JIY15'35 July 1
51
Preferred (quarterly)
Brooklyn & Queens Transit Corp.—
51M Oct. 1 Sept. 15
S6 preferred A (guar.)
Si X Oct. 1 Sept. 4
Brooklyn Union Gas Co.(quar.)
25c Oct. 15 Sept. 15
Bruck Silk Mills. Ltd
75c Sept.15 Aug. 24
Buckeye Pipe Line Co
Buffalo, Niagara & Eastern Power Corp.—
Si X Nov. 1 Oct. 15
$5 1st preferred (quar.)
40c Oct. 1 Sept. 15
Preferred
21 ann Oct. 10 Sept. 11
Burnish Corp., Ltd.. ordinary reg.(final)
2 ann Oct. 17 Sept. 11
American deposit receipts (final)
Sept.15 Sept. 1
Butler Water,7% pref. (quar.)
Oct. 2 Sept. 15
Calamba Sugar Estates (quar.)
350 Oct. 2 Sept. 15
7% preferred (quar.)
$1 Oct. 1 Sept. 15
Extra
- - SIX Oct. 1 Sept. 5
California Electric Generating pref.
50c Oct. 1 Sept.21
California Ink Co. Inc. (guar.)
37 Mc Sept. 15 Aug.31
Corp
California Packing'
Canada Northern Power Corp., Ltd.—
25c Oct. 25 Sept.29
Common (quarterly)
Oct. 15 Sept.29
7% cumulative preferred (guar?
Oct. 1 Sept. 15
Canada Permanent Mtge. Corp. quar.)
r$1 Oct. 1 Sept.15
Canadian Cottons, Ltd. common (quar.)
r$1 M Oct 1 Sept. 15
Preferred (quarterly)
250 Oct. 1 Sept.20
Canadian Foreign Investors Corp. (quar.)
$2 Oct. 1 Sept. 20
$8 preferred (quar.)
r75c Oct. 1 Sept. 15
Canadian General Electric(Wan)
r8734c Oct. 1 Sept. 15
Preferred (quarterly)
Oct. 2 Sept.20
4
Carnation Co.,7% pref.(quar.)
Jan. 1 Dec. 20
11
Preferred (guar.)
S1 X
. 4-1-35 Mar.20
Preferred (quar.)
7-1-35 June 20
51
Preferred (quar.)
Oct. 1 Sept. 24
Carolina Telephone & Telegraph (quar.)
Sept. 15 Sept. 10
Carter (Wm.)
6% pref. (quar.)
6 c Sept.30 Sept. 15
Centrol Brewing,
Co."A (guar.)
Oct. 1 Sept. 15
Central Illinois Light Co.. 6% pref. (quar.)_.... 1M
Oct. 1 Sept. 15
1 fl
7% preferred (quarterly)
Nov. 15 Nov. 5
nentrifugal Pipe Corp. (guar.)
Oct. 1 Sept. 20
Champion Coated Paper, pref.(qual )•
Oct. 1 Sept. 20
Special preferred (guar./
Oct. 1 Sept. 20
$1
Champion Fiber Co. 1st preferred (quar.)
Oct. 15 Sept.25
Chapman Ice Cream (quar.)
70c Oct. 1 Sept. 7
Chesapeake & Ohio Ry.corn.(quar.)
1-1-35 Dec. 7
$31'
Preferred (semi-annual)
62a Oct. 1 Sept. 7
Chesapeake Corp.(quar.)
Si Sept.29 Sept. 4
Chesebrough Mfg. Co.(quar.)
50c Sept. 29 Sept. 4
Extra
$134 Sept. 1 Aug. 28
Chicago Dock & Canal Co.(quar.)
250 Sept.30 Sept. 20
Chicago Flexible Shaft (quar.)
$2X Oct. 1 Sept. 15
Chicago Junction Union Stockyards (quar.).
Si X Oct. 1 Sept.15
87 preferred (quarterly)
50c Oct. 1 Sept. 10
Chickasha Cotton Oil Co. special
Christiana Securities Co..'
7% prof. (quar.)..... Si X Oct. 1 Sept.20
Chrysler Corp.. common (quar.)
25c Sept.29 Sept. 1
Oct. 1 Sept.20
Cincinnati Union Terminal.4% pref.(quar.)
Si
Jan. 1 Dec. 20
$1
4% preferred (quar.)
Oct. 1 Sept.20
Citizens Water Co.(Wash., Pa.),7% pref.(qu.) Si
City Ice & Fuel (quarterly)
Sc Sept.30 Sept. 15
Clark Equipment Co.. common
20c Sept. 14 Aug. 31
Preferred (quarterly)
$13' Sept. 14 Aug. 31
Cleveland & Pittsburgh, reg. gtd.(quar.)
87 Mc Dec. 1 Nov. 10
Special guaranteed (quar.)
50c Dec. 1 Nov.10
Climax Molybloom Co. (quar.)
Sc Sept.30 Sept. 15
Quarterly
Sc Dec. 31 Dec. 15
Clinton Trust Co.(N. Y.)(guar.)
50c Oct. 1 Sept. 10
Clorox Chemical Co. (quar.)
50c Oct. 1 Sept.20
Sept.15 Aug. 25
Coast Counties Gas & Elec., 1st pref. (quar.).... Si
Oct. 1 Sept. 12
Coca-Cola Co. common (quar.)
Coca-Cola International Corp.(guar.)
Oct. 1 Sept. 12
Colgate-Palmolive-Peet Co., pref.(quar.)
Si M Oct. 1 Sept. 10
Sept.
29 Sept. 8
Colt's Patent Fire Arms Mfg.(quar.)
250
Columbia Pictures Corp., corn. (quar.)
25c Oct. 1 Sept. 18
Columbus & Xenia RR
$1.10 Sept. 10 Aug. 25
Commercial Credit Co., corn. (quar.)
25c Sept.29 Sept. 10
50c Sept. 29 Sept. 10
8 cum. preferred (quar.)
43 c Sept. 29 Sept. 10
7 cum. preferred (quar.)
Sept. 29 Sept. 10
Class A cony. (guar.)
S134 Sept. 29 Sept. 10
634% preferred (quar.)
Oct. 1 Sept. 5
f25
Commercial Investment Trust Corp., corn
Common (quarterly)
5 ir Oct. 1 Sept. 5
Oct. 1 Sept. 5
Convertible preference stock (quar.)
Oct. 1 Sept. 7
Commonwealth & Southern Corp.. pref. (quar.)
Oct. 7 Sept.15
Commonwealth Utilities, 7% prof. A (quar.)--.
Oct. 1 Sept. 15
6% preferred B (quarterly)
Compressed Industrial Gas (quar.)
5151 Sept. 15 Aug. 31
Sept.30 Sept.25
Confederation Life Association (quar.)
11 Dec. 31 Dec. 25
Quarterly
40c Sept. 15 Sept. 1
Congoleum-Nairn, Inc., corn. (quar.)

Si34

Volume 139

Name of Company.

Financial Chronicle
When Holders
Per
Share. Payable. ofRecord.

75c Oct. 1 Sept. 15
Connecticut Electric Service (guar.)
h50c Oct. 1 Sept. 10
Consolidated Film Industries, pref
$134 Nov. 1 Sept.24
Consolidated Gas Co. $5 cum. pref. (quar.)___
90c Oct. 1 Sept. 15
Consolidated Gas of /Salt. corn. (guar.)
$134 Oct. 1 Sept. 15
Preferred A (guar.)
$134 Oct. 1 Sept. 15
Preferred D (guar.)
$18 Oct. 1 Sept. 15
Preferred E (guar.)
50c Sept. 15 Aug. 10
Consolidated Gas of N. Y., corn
1734c Oct. 1 Sept. 21
Consolidated Paper 7% preferred (guar.)
$1 34 Oct. 1 Sept. 15
Consumers Power Co.,$5 pref.(guar.)
$134 Jan. 2 Dec. 15
$5 preferred (quarterly)
$155 Oct. 1 Sept.15
6% preferred (quarterly)
S134 Jan. 2 Dec. 15
6% preferred (quarterly)
$1.65 Oct. 1 Sept. 15
6.6% preferred (quarterly)
$1.65 Jan. 2 Dec. 15
6.6% preferred (quarterly)
$131 Oct. 1 Sept.15
7% preferred (quarterly)
7% preferred (quarterly)
$1% Jan. 2 Dec. 15
50c Oct. 1 Sept. 15
6.7 preferred (monthly)
50c Nov. 1 Oct. 15
64 preferred (monthly)
50c Dec. 1 Nov. 15
6% preferred (monthly)
50c Jan. 2 Dec. 15
preferred
6%
(monthly)
55c Oct. 1 Sept.15
6.6% preferred (monthly)
55c Nov. 1 Oct. 15
6.6% preferred (monthly)
55c Dec. 1 Nov. 15
6.6% preferred (monthly)
55c Jan. 2 Dec. 15
6.6% preferred (monthly)
h$131 Oct. 1 Sept.15
Continental Steel Corp pref
25c Sept. 24 Sept. 14
Crowell Publications (guar.)
67c Sept.15 Aug. 31a
Crown Cork & Seal, pref. (quar.)
Crown Willamette Paper Co.
h$1 Oct. 1 Sept. 13
37 cumulative 1st preferred
$2 Sept.30 Sept. 19
Crum& Forster,8% pref.(guar.)
h$131 Oct. 1 Sept. 20
Curtis Publishing Co., $7 cum. pref
Daniels & Fisher Stores, 63% pref. (quar.)--- - $131 Sept. 14 Aug. 21
50c Oct. 1 Sept. 15
Davenport Hosiery Mills, Inc., common
8734c Oct. 1 Sept.15
Dayton Sr Michigan RR.(s.-a.)
1 Sept. 15
$1 Oct
8% preferred (guar.)
75c Oct. 1 Sept. 20
De Long Hook & Eye Co. (guar.)
50c Oct. 1
Denver Union Stockyards (guar.)
50c Jan. 1
Quarterly
$13( Dec. 1 Nov.20
7% preferred (guar.)
Detroit Hillsdale & So. West. RR. Co
$2 Jan. 5 Dec. 20
Diamond State Telep. Co.. 6 % Pref. (quar.)_
3134 Oct. 15 Sept. 20
15c Dec. 1 Nov. 15
Doctor Pepper Co (guar.)
r50c Nov. 15 Oct. 31
Dominion Bridge Co.common (quar.)
r30c Oct. 1 Sept. 15
Dominion Stores, common (guar.)
Dominion Textile Co., corn. (guar.)
$131 Oct. 1 Sept.15
$131 Oct. 15 Sept. 29
Preferred (guar.)
Oct. 1 Sept.20
$3
Dover & Rockaway RR.,6% gtd• (s-s)
60c Oct. 1 Sept. 1
Draper Corp. (quarterly)
75c Oct. 1 Sept. 15
Duke Power Co., common (guar.)
Preferred (quarterly)
$131 Oct. 1 Sept. 15
$2 Oct. 1 Sept. 18
Duplan Silk Corp. preferred (guar.)
Eastern Gas & Fuel Assoc., prior pf.stock (gu.)- $1.125 Oct. 1 Sept. 15
$6 preferred (quarterly)
$134 Oct. 1 Sept. 15
5c Sept. 10 Aug. 23
Eastern Malleable Iron (quar.)
Eastern Township Telep. Co
36c Oct. 15 Sept. 15
Eastman Kodak Co.common (guar.)
$I Oct. 1 Sept. 5
Preferred (quar.)_ _
$134 Oct. 1 Sept. 5
Edison Bros. Stores, Inc. 7%0 pref. (quar.)_ --- 3131 Sept.15 Aug. 31
E. I. Du Pont de Nemoun;& Co., Inc.
65c Sept. 15 Aug. 29
Common (quarterly)
50c Sept. 15 Aug. 29
Extra
Depenture stock (quarterly)
$134 Oct. 25 Oct. 10
Electric Auto-Lite Co.. 7% pref. (guar.)
5.131 Oct. 1 Sept. 15
Electric Controller & Manufacturing Co.
25c Oct. 1 Sept. 20
Quarterly
Electric Storage Battery Co.common (quar.)--- h50c Oct. 1 Sept. 10
h50c Oct. 1 Sept. 10
Preferred (guar.)
$1 Oct. 1 Sept. 20
Elizabeth & Trenton RR.(s.-a.)
$134 Oct. 1 Sept. 20
5% preferred (s.-a.)
3134 Oct. 15 Sept. 28
El Paso Electric (Texas) 6% pref. (guar.)
50c Oct. 1 Sept. 15
Emerson's Bromo Seltzer, 8% pref
Si Dec. 1 Nov. 21
Empire& Bay State Teieg..4% guar.(quar.)___
$134 Oct. 1 Sept. 15
Empire Power Corp, $6 cum. preferred
8734c Sept.10 Aug. 31
Erie & Pittsburgh R.R. Co
Escanawba Power & 'Fraction.6% pref.(quar.)_ 3134 Nov. 1 Oct. 26
25c Dec. 1 Nov. 15
Faber Coe & Gregg (quarterly)
25c 3-1-35 2-15-35
Quarterly
$334 Oct. 1 Sept. 29
Fairbanks (E. T.). 7% prof. (5.-a.)
10c Sept. 27 Sept. 12
Falconbridge Nickel Mines, Ltd. (guar.)
3234 Oct. 1 Sept.10
Farmers & Traders Life Insurance Co.(quar.)__
10c Sept. 20 Sept. 10
Ferro Enamel Corp., corn. (guar.)
10c Sept. 20 Sept. 10
Extra
16c Sept. 29 Sept. 14
Fifth Ave. Bus Securities Corp. (guar.)
Sept. 29 Sept. 18
20c
Co
Filene's (Wm.) Sons
10c Sept. 29 Sept. 18
Extra
3134 Oct. 1 Sept. 18
Preferred (guar.)
10c Oct. 1 Sept. 20
First Bank Stock Corp. (s.-a.)
6234c Oct. 1 Sept. 12
First National Stores, Inc., corn. (guar.)
Oct. 1 Sept. 12
$1
707 preferred (guar.)
20c Oct. 1 Sept. 12
8% preferred (quar.)
50c Sept.15 Sept.10
Food Machinery. 63. % preferred (monthly)
3134 Nov. 1 Oct. 15
FreeportTexas. pi eferred (guar.)
3134 Sept. 15 Sept. 5
Gamewell Co., preferred (guar.)
8131 Dec I Nov. 22
General Cigar Co. preferred (guar.)
25c Sept. 12 Aug. 16
General Motors Corp., corn. (guar.)
50c Sept. 12 Aug. 16
Extra
$ui Nov. 1 Oct. 8
$5 preferred (quar.)
25c Oct. 1 Sept. 10
General Railway Signal (guar.)
$134 Oct. 1 Sept. 10
Preferred (quarterly)
$134 Oct. 1 Sept. 15
Georgia l'ower Co., $6 preferred (guar.)
131 Oct. 1 Sept. 15
$5 preferred (quarterly)
40c Oct. 1 Sept. 15
Glen Falls Insurance (quarterly)
25c Sept. 28 Sept. 4
Gillette Safety Razor, corn.(guar.)
Nov. 1 Oct. 1
$I
$5 convertible preferred (guar.)
25c Oct. 1 Sept. 14
Glidden Co.,corn.(guar.)
15c Oct. 1 Sept.14
Extra
$1
Oct. 1 Sept. 14
Preferred (guar.)
$134 Sept.10 Aug. 26
Godman (H. C.), Shoe Co.,6% 2nd preferred.
Oct. 1 Sept.29
$I
Gold and Stock Telegraph (guar.)
n25c Oct. 1 Sept. 10
Goldblatt Bros., Inc., common (guar.)
3134 Sept.29 Sept. 17
Gold Dust Corp., pref. (quar.)
40c Sept.10 Aug. 31
Golden Cycle (guar.)
$I Oct. 1 Sept. 1
1st preferred-Goodyear Tire & Rubber
25c Sept.15 Sept. 1
Co.,
Gordon 011 (Ohio), B (guar.)
Oct. 1 Sept.20
(quar.)_
131%
preferred
Baking
Co.. Inc..
Gottfried
131% Jan. 2 Dec. 20
Preferred (guar.)
$3 Dec. 29 Dec. 27
Grace(N. R.).6% firsi, pref. (semi-annual)---$2 Dec. 30 Dec. 10
Grand Rapids & Indiana IV. Co. (8.-a.)
25c Oct. 1 Sept. 12
Grant(W. T.) Co., coin. (guar.)
Oct. 1 Sept. 20
$1
(qu.)..
pf.
1st
Western
Electro-Chemical,
Great
Xofl%
Great Western By. (initial)
60c Oct. 2 Sept. 15
Great Western Sugar, corn. (guar.)
$131 Oct. 2 Sept. 15
Preferred (guar.)
Green & Coats Street Phila. Passenger Ry.. pref_ $114 Oct. 6 Sept. 22
3134 Oct. 1 Sept. 15
Green (Daniel) Co.,6% pref. (guar.)
313-4 Oct. 1 Sept. 20
Greenwich Water & Gas System, pref. (quar.)__
Greyhound Corp., 7% cum. pref. A (quar.)_.... $134 Oct. 1 Sept. 21
25c Oct. 1 Sept. 15a
Grief Bros. Cooperage Corp., cl. A corn. (guar.)
$100 Sept.29 Sept. 10
Group No. 1 Oil Corp. (guar.)
Sept.29 Sept. 10
$100
Extra
3134 Sept.15 Aug. 31
Gulf States Utilities, $5% pref.(guar.)
$134 Sept.15 Aug. 31
$6 preferred (guar.)
Hackensack Water Co.class A preferred (guar.). 4331c Sept. 30 Sept. 17
15c Dec. 1 Nov. 15
Hale Bros.Stores. Inc.(quar.)
10c Sept. 15 Sept. 1
Hall (C. M.) Lamp Co., corn
25c Oct. 1 Sept. 15
Haloid Co. (quarterly)
25c Oct. 1 Sept. 15
Extra
Oct. 1 Sept. 15
$1
(quarterly)
7% preferred
t Sept. 29 Aug. 31
Hamilton United Theaters. Ltd.. 7% pref. (qu.) $1 V
Oct. 1 Sept.20
(quar.)_
pref.
$1
7%
Mills,
Knitting
II.)
(P.
Hanes
Oct. 20 Oct. 10
Hannibal Bridge Co. (guar.)




Name of Company.

1511
When Holders
Per
Share. Payable. of Record.

25c Sept. 10 Sept. 5
Hanna (M. A.) Co., corn., initial
$131 Sept. 20 Sept. 5
Preferred (guar.)
5131 Oct. 1 Sept.21
Harbauer Co.. 7% preferred (guar.)
3134 Jan. 1 Dec. 21
7% preferred (guar.)
Harbison Walker Refractories Co. pref. (guar.) $134 Oct. 20 Oct. 1
$131 Dec. 1 Nov. 15
Hardesty (R.) Mfg.,7% pref.(guar.)
$134 Oct. 1 Sept.15
Hazel-Atlas Glass Co. (quar.)
25c Sept.15 Sept. 1
Hazeltine Corp
Hearst Consol. Publications, pref. (quar.)_ _ _ _ 433/c Sept. 15 Sept. 1
Sept.29 Sept. 27
$131
Heath (D. C.) & Co., pref. (quar.)
10c Sept.15 Aug. 15
Hecla Mining Co. (quar.)
Oct. 1 Sept. 10
8131
(guar.)
corn.
Co.,
W.)
(Geo.
Helme
3131 Oct. 1 Sept. 10
Preferred (guar.)
75c Sept.25 Sept. 14
Hercules Powder Co., corn
10c Sept.28 Sept.21
Hibbard. Spencer, Bartlett & Co.(mo.)
50c Sept. 15 Sept. 8
Hickok Oil Co. (semi-annual)
r25c Sept.15 Aug. 24
Hiram Walker, Gooderham & Worts. pf. (qr.)._
1% Sept. 10 Aug. 24
Hollinger Consol. Gold Mines (monthly)
c/197 Sept. 10 Aug. 24
Extra
Oct. 1 Sept. 15
$1.05
Holophane,Inc.,pref.(8-a)
50c Sept. 15 Sept. 5
Home Fire & Marine Insurance (guar.)
25c Sept. 15 Sept. 5
Honolulu Oil Corp., Ltd
15c Sept. 10 Aug. 31
Honolulu Plantation Co. (monthly)
25c Oct. 1 Sept. 1
Humble Oil & Refining Co.(guar.)
Oct. 1 Sept.15
5134
(quar.)_
(Ont.)
Corp.
Huron & Erie Mtge.
50c Oct. 1 Sept. 10
DYgrade Sylvania Corp., corn. (guar.)
313-4 Oct. 1 Sept. 10
Preferred (quar.)
1 Sept. 5
t.20
t.
Seep
334 o
Idaho Maryland Consol. Mining Co. (quar.)___
$
Imperial Life Assurance (guar.)
,
5
1
Jan.
334
Quarterly
Imperial Tobacco of Gt. Britain & Ireland7 V2% Sept. 8 Aug. 16
Amer. dep. rec. for ord. reg
Indiana Hydro-Electric Power Co.7% pref.(qu) 873.4c Sept.15 Aug. 31
Indiana Michigan Electric Co.
$131 Oct. 1 Sept. 4
7% preferred (guar.)
513-4 Oct. 1 Sept. 4
6% preferred (guar.)
Sept. 5
Indianapolis Power & Light,6% pref. (quar.)_ _ $134 Oct. 1
3134 Oct. 1 Sept. 5
634% preferred (guar.)
Oct. lSept.lba
Indianapolis Water Co.. 5% cum pf. A (quar.)_ $1
$134 Oct. 1 Sept. 4
Indian General Service Co., pref. (guar.)
15c Oct. 1 Sept. 20
Inland Investors, Inc., COM.(quar.)
Sc Sept.20 Sept. 12
Insuranshares Certificates, Inc. (semi-ann.)
Oct. 10 Sept. 22a
$116
International Business Mach. Corp.(quar.)---15c Oct. 15 Sept. 20
International Harvester, corn. (guar.)
Ltd.
Canada.
of
Co.
Nickel
International
r15c Sept.29 Aug. 30
Common (guar.)
r65c Sept. 15 Aug. 22
International Proprietaries, Ltd., A (quar.)..
r15c Sept. 15 Aug. 22
Extra
International Ocean Telegraph co. (quar.)---- UM Oct. 1 Sept.30
3734c Oct. 1 Sept. 15a
International Salt Co. (quarterly)
$1 Oct. 1 Sept. 14
International Silver Co.,7% cumul. pref
50c Nov. 15 Nov. I
Interstate Hosiery Mills (guar.)
$2 Oct. 1 Sept.14
(guar.)
pref.
Intertype Corp., 1st
50c Sept. 15 Sept. 1
Investment Corp. of Phila. (guar.)
20c Dec. 1 Nov. 10
Iron Fireman Mfg. Co., corn. (guar.)
$131 Oct. 1 Sept. 14
Jamestown Telep. Corp., 7% 1st pref. (quar.)_
35c Sept.10 Aug. 25
Jefferson & Lake Oil Co., Inc. 7% pref.(s.-a.)__
$131 Oct. 1 Sept. 21
Ins
Life
Jefferson Standard
Oct.
Jewel Tea Co., Inc., common (guar.)
Sept. 17
51X Oct.
Johns-Manville Corp. 7% preferred (quar.)_
Sept.30 Sept.20
15c
(quar.)
-Kalamazoo Vegetable Parchment Co.
1
. 20
ec.
Det
5O
11
.3
71:
Quarterly
14
Kansas City Power & Light. 1st pref. B (guar.) 5134 Oct. 1 Sept.
15
Sept.
1
Oct.
$144
Kansas Electric Power Co.,6% pref.(quar.)_
$13.1 Oct. 1 Sept.15
7% preferred (guar.)
75c Sept.15 Aug. 31
Katz Drug Co.common (guar.)
3134 Oct. 1 Sept.15
Preferred (guar.)
25c Sept.15 Aug. 31
Kayser (Julius) & Co., COM
1234c Oct. 1 Sept. 5
Kellinator Corp
5134 Oct. 1 Sept. 12
Kimberly-Clark Corp., preferred (guar.)
5134 Oct. 1 Sept. 18
Kings County Lighting Co. common (quar.)
8131 Oct. 1 Sept. 18
7% preferred (guar.)
Oct. 1 Sept. 18
$134
(guar.)
preferred
6%
8131 Oct. 1 Sept. 18
5% preferred (guar.)
25c Oct. 1 Sept. 20
Klein (Emil D.) Co..common (guar.)
5134 Oct. 1 Sept. 12
Hoppers Gas & Coke Co., pref. (guar.)
20c Oct. 1 Sept. 11
Kresge (S. S.) Co. common (guar.)
Oct. 1 Sept. 11
$1
Preferred (guar.)
Oct. 1 Sept. 20
$1
_
Kroger Grocery & Baking,6% 1st pref. (quar.)
8131 Nov. 1 Oct. 19
7% 2d preferred (guar.)
Oct. 1 Sept. 8
$1
Lackawanna RR.of N.J.,4% gtd • (guar.)
r50c Sept. 15 Sept. I
Lake Shore Mines, Ltd. (guar.)
r50c Sept. 15 Sept. 1
Extra
3734c Sept.30
Landers. Frary & Clark.corn.(guar.)
3734c Dec. 31
Common (guar.)
$131 Sept.15 Sept. 5
(guar.)
Landis Machine. pref.
$131 Dec. 15 Dec. 5
Preferred (guar.)
10c Sept.29 Sept. 19
Lazarus (F. It.) & Co.(guar.)
Sc Sept. 29 Sept. 19
Extra
Lehigh Portland Cement Co., 7% pref. (guar.). 8734c Oct. 1 Sept. 14
c Sept. 15 Aug. 31
Libbey-Owens-Ford-Glass Co..corn.(quar.)---Liggett & Myers Tobacco Co., pref. (quar.)___ 8131 Oct. 1 Sept.10
373.4c Sept.15 Sept. 1
Lily-Tulip Cup (quar.)
30c Nov. 1 Oct. 28
Lincoln Nat. Life Ins.(Ft. Wayne)(guar.)
3134 Oct. 1 Sept. 20
Linde Air Products Co.6% pref. (quar.)
173-4c Sept. 17 Sept. 8
Lindsay Light Co., pref. (guar.)
$194 Oct. 1 Sept. 15
Link Belt Co.. preferred (guar.)
50c Sept.10 Aug. 25
Little Miami RR.special guaranteed (quar.)
50c Dec. 10 Nov.24
Special guaranteed (guar.)
$1.10 Sept.10 Aug. 25
Original guaranteed ((Marl
31.10 Dec. 10 Nov. 24
Original guaranteed (guar.
$2 Oct. 1 Sept. 20
Lock Joint Pipe.8% pref. (guar.)
$134 Oct. 1 Sept. 15
Long Island Lighting Co. 79' cum. pref. A (qu.)
Oct. 1 Sept. 15
$134
(guar.)
B
6% cumulative preferred
5134 Oct. 1 Sept. 18
Loose-Wiles Biscuit Co.. 1st preferred (quar.)
$234 Oct. 1 Sept. 17
Lord & Taylor common (guar.)
30c Oct. 1 Sept. 15
Lorillard (P.) & Co.,corn.(guar.)
3131 Oct. 1 Sept. 15
Preferred (guar.)
Oct. 1 Sept. 14
3734c
Loudon Packing (guar.)
25c Oct. 1 Sept. 14
Extra
Louisville Gas & Electric Co. (Del.)
371 Sept. 25 Aug. 31
Class A & B common (guar.)
Oct. 1 Sept.21
Lunkenheimer Co.634% preferred (guar.)
Jan. 2 Dec. 22
$1
634% preferred (guar.)
$134 Nov. 15 Nov. 5
Magnin (I.) & Co.. preferred (quar.)
75c Oct. 1 Sept. 14
Mapes Consol. Mfg. Co.(guar.)
3131 Oct. 1 Sept. 20
Marion Water Co.,7% pref.(guar.)
3734c Oct. 1 Sept. 10
Mathieson Alkali Works, Inc. (guar.)
Oct. 1Sept.10
$
Preferred (quarterly)
50c Sept. 15 Sept. 1
Mayflower Associates (guar.)
4331c Nov.3 Nov. 29
McClatchy Newspapers, 7% pref. (guar.)
r20c Sept.15 Aug. 15
McColl-Frontenac Oil, corn.(guar.)
51 Oct. 1 Sept. 13
-McKeesport Tin Plate Co., corn. (guar.)
Oct. 1 Sept.20
234
Medley 8'covil (guar.)
Memphis Natural Gas, $7 pref. (quar.)
5154 Oct. 1Sept.20
Oct. 1Sept.15
$I
Memphis Power & Light,$7 pref. (guar.)
3134 Oct. 1Sept.15
$6 preferred (guar.)
50c Oct. 1 Sept. 17
Mesta Machine Co., common
8134 Oct. 1Sept.17
Preferred (quarterly)
$131 Oct. 1Sept.20
Metal & Thermit Corp. preferred (guar.)
Metro-Goldwyn Pictures, preferred (quarterly)_ 473/c Sept.15 Aug. 31
Oct. 1 Aug. 31
(guar.)
preferred
37
Edison
Metropolitan
5134 Oct. 1 Aug. 31
$6 preferred (guar.)
8134 Oct. 1 Aug. 31
$5 preferred (quar.)
25c Sept. 15 Sept. 5
_
Midland Royalty Corp..$2 cony. pref.(qu.)
$um Oct. 1 Sept. 15
Mississippi River Power Co., pref. (guar.)
Mississippi Valley Public Service Co.
$13.4 Oct. 1 Sept. 21
6% preferred 11 (guar.)
25c Sept.10 Sept. 1
Mohawk Carpet Mills, Inc
$1 Oct. 1 Sept. 15
Monarch Knitting, Ltd.,7% pref.(guar.)
Monongahela West Penn Public Service43qc Sept.30 Sept.15
7% cum. preferred (guar.)

1512

Financial Chronicle
Name of Company.

Per
When Holders
Share. Payable. ofRecord

Monroe Chemical Co.. Pref. (guar.)
87lig Oct. I Sept. 15
Monsanto Chemical Co.(quar.)
Sept.15 Aug. 25
Montreal Cottons, Ltd., pref. (guar.)
$1% Sept. 15 Aug. 31
Montreal Loan & Mortgage (quar.)
62%c Sept.15 Aug. 31
Moore Dry Goods Co.(quar.)
$1% Oct. I Oct. I
Quarterly
$1
Jan. 1 Jan. 1
Morrell (John) & Co. (quarterly)
70c Sept. 15 Aug. 25
Morris Finance Co., A (quar.)
$1% Sept. 29 Sept. 19
Class B (quarterly)
30c Sept. 29 Sept. 19
Preferred (quarterly)
Sept. 29 Sept. 19
Morris 5 & We.Stores. 7% pf.(guar.)
Oct. 1 Sept.20
Morris Plan Ins. Soc.(quar.)
Dec. 1 Nov. 26
Muncie Water Works Co.. 8% prof. (quar.)__ _
$2 Sept.15 Sept. 1
Mutual Chem.of America. pref.(quar.)
$1% Sept.28 Sept.20
Preferred (quar.)
134 Dec. 28 Dec. 20
Mutual Telep.(Hawaii)(mo.)
8c Sept.20 Sept. 10
Myers (F. E.) & Bro. Co.. corn
40c Sept. 29 Sept. 15
Preferred (guar.)
$1% Sept. 29 Sept.15
Nassau & Suffolk Lighting Co.,7% pref.(guar.) $1% Oct. I
National Biscuit Co., corn. (guar.)
50c Oct. 15 Sept. 14
National Bond & Share Corp
25c Sept. 15 Aug. 31
National Breweries, Ltd. (guar.)
40c Oct. 1 Sept. 15
Preferred (quarterly)
41c Oct. 1 Sept. 15
National Container Corp.. preferred (quar.)_
50c Dec. I Nov. 15
Preferred
h50c Dec. 1 Nov. 15
National Dairy Products common (quar.)
30c Oct. 1 Sept. 4
Preferred A & B (quar.)
$1% Oct. 1 Sept. 4
National Gypsum,7% pref. (quar.)
$1% Oct. I Sept. 15
National Industrial Loan Corp. (guar.)
Sc Sept.31 Aug. 15
National Lead Co.,corn.(quar.)
$134 Sept. 29 Sept. 14
Preferred A (quarterly)
$1% Sept. 15 Aug. 31
Preferred B (quarterly)
$1% Nov. 1 Oct. 19
National 011 Products
30c Oct. 1 Sept. 20
$7 preferred (quar.)
$134 Oct. 1 Sept. 20
National Sugar Refining Co.of N.J.(quar.)_
50c Oct. 1 Sept. 4
Newark & Bloomfield RR.(s-a)
$1% Oct. 1 Sept. 22
Newark Telephone Co.(Ohio) (guar.)
$1 Sept. 10 Aug. 31
Newberry (J. J.) Co., (quar.)
25c Oct. 1 Sept. 17
New Bradford Oil Co. (s.-a.)
100 Sept.15 Aug. 15
New England Gas & Elec Assoc. 3534 pf. (qu.)_ $1% Oct. 1 Aug. 31
New England Telep. & Teleg. (quar.)
Sept.29 Sept. 7
New Hampshire Power,8% pref.(guar.)
Oct. 1 Sept. 15
New Jersey Power & Light, $6 pref. (quar.)
$1% Oct. 1 Aug. 31
$5 preferred (quarterly)
$1% Oct. 1 Aug. 31
New jersey Water Co.,7% pref.(guar.)
$1% Oct. 1 Sept. 20
New York Lackawanna & Western Sly.5% guaranteed (quar)
Oct. 1 Sept. 15
New York Power & Lt.,7% pref.(qu.)
Oct. 1 Sept. 15
$6 preferred (quarterly)
Oct. 1 Sept. 15
New York & Queens Elec. Lt. & Pow. Co.(qu.).
Sept. 14 Aug. 31
non-cumulative
preferred (quar.)
$5
Sept. 1 Aug. 24
New York Steam.6% preferred (quar.)
Oct. 1 Sept. 15
7% preferred (quar.)
Oct. 1 Sept. 15
New York Telephone Co., 634% pref. (quar)
Oct. 15 Sept. 20
New York Transportation Co.(quar.)
Sept. 28 Sept. 14
Niagara Share Corp. of Md.,cl. A pref.(qu.)
$1% Oct. 1 Sept. 14
Niagara Wire Weaving,$3 pref.(guar.)
75e Oct. 2 Sept. 15
Nineteen Hundred Corp . class A (quar.)
50c Nov. 15 Nov. 1
1932 Trust Fund,ctfs. of bet. bit
9c Sept. 15 Sept. 5
Norfolk & Western Sty. common (quar.)
$2 Sept.19 Aug. 31
North American Co.common (quar.)
12%c Oct. 1 Sept. 5
Common (quar.)
fI% Oct. 1 Sept. 5
Preferred Mar)
7oc Oct. 1 Sept. 5
North American Investors, 6% preferred
hit Oct. 20 Sept. 29
63407 preferred
h91 2-3 Oct. 20 Sept. 29
North Central Texas 011 Co. preferred (quar.)
$1% Oct. 1 Sept. 10
Northern Ontario Power Co.,LtdCommon (quarterly)
50c Oct. 25 Sept. 29
607 cum.cony. pref.(quar.)
Oct. 25 Sept. 29
Northern RR. of N. J. 4% gtd. (quar.)
Dec. 1 Nov.21
North River Insurance Co.(quar.)
15c Sept.10 Aug. 31
Extra
Sc Sept.10 Aug. 31
Norwalk Tire & Rubber Co.(Conn.)
Preferred (quarterly)
87%C Oct. 1 Sept. 21
Norwich Pharmacal Co. (quar.)
$1 X Oct. I Sept.20
Quarterly
$1 Si Jan. 1 Dec. 20
Nova Scotia Light & Power (guar.)
75c Oct. 1 Sept. 15
Oahu Ry.& Land (monthly)
15c Sept.15 Sept. 10
Oahu Sugar (monthly)
10c Sept.15 Sept. 6
Ohio Brass Co.. prof
h$3 Sept. 15 Aug. 31
Ohio Edison Co., $5 preferred (quar.)
$1% Oct. 1 Sept. 15
$6 preferred (quarterly)
$1% Oct. 1 Sept. 15
$6.60 preferred (quarterly)
$1.65 Oct. 1 Sept. 15
$7 preferred (quarterly)
$1% Oct. 1 Sept.15
37.20 preferred (quarterly)
$1.80 Oct. 1 Sept. 15
Ohio 011 Co.. common
15c Sept.15 Aug. 18
Preferred (quarterly)
$1% Sept.15 Sept. 4
Ohio Service Holding,$5 pref. (initial)
50c Oct. 1 Sept. 15
Oklahoma Gas & Electric, 7% pref. (quar.)
$1% Sept.15 Aug. 31
67 preferred (quar.)
Sept.15 Aug. 31
Old Colony Insurance Co.(quarterly)
Nov. 1 Oct. 20
Omnibus Corp., preferred (guar.)
$2 Oct. 1 Sept. 14
Oneida Community, Ltd.. 7% preferred
h50c Sept. 15 Aug. 31
Onomea Sugar (monthly)
20c Sept.20 Sept.10
Ontario Loan & Debenture (quar.)
Oct. 1 Sept. 15
$1
Ontario Mfg. Co. common (quar.)
Oct. 1 Sept. 20
2
Preferred (quar.)
$1% Oct. 1 Sept. 20
Pacific Lighting Corp., $6 pref. (quar.)
$1% Oct. 15 Sept. 29
Paraffine Co., Inc. (quar.)
50c Sept.27 Sept. 17
Parke, Davis & Co. (quar.)
25c Sept.29 Sept. 19
Extra
10c Sept. 29 Sept. 19
Penick & Ford, Ltd., corn. (quarterly)
50e Sept.15 Sept. 1
Penn Central Light & Power Co., $5 pref. (qu.)_ $134 Oct. 1 Sept. 10
$2.80 preferred (quarterly)
70c Oct. 1 Sept. 10
Pennsylvania Gas & Electric Corp.7% preferred (quarterly)
$1% Oct. 1 Sept.20
$7 preferred (quarterly)
$1% Oct. 1
pt.20
Pennsylvania Power Co., $6.60 pref.(mo.)
55c Oct. 1 ept. 20
$6.60 preferred (monthly)
55c Nov. I Oct. 20
$6.60 preferred (monthly)
55c Dec. 1 Nov. 20
$6.60 preferred (quarterly)
$1% Dec. 1 Nov. 20
Pennsylvania RR. Co
50c Sept.15 Aug. 1
Pennsylvania Telep. Corp.,6% pref. (guar.).
$1% Oct. 1 Sept. 15
Pennsylvania Water & Power Co.(quar.)
75c Oct. 1 Sept. 15
Preferred (quar.)
$1% Oct. 1 Sept. 15
Penn Water Power,$7 pref.(guar.)
$1% Oct. 1 Sept. 20
Peoples Drug Stores (quarterly)
25c Oct. 1 Sept. 8
Preferred (quarterly)
$1% Sept. 15 Sept. 1
Peoria Water Works,7% pref.(quar.)
$1% Oct. 1 Sept. 20
Perfection Stove Co.common (guar.)
30c Sept. 29 Sept. 20
Peterborough RR.(semi-ann.)
$114 Oct.1 Sept. 25
Pet Milk Co.,common (quarterly)
25c Oct. 1 Sept.10
Preferred (quarterly)
$1% Oct. 1 Sept.10
Petroleum Exploration (guar.)
12%c Sept. 15 Sept. 5.
Philadelphia Co., $5 cum. pref. (quar.)
$13.1 Oct. 1 Sept. 1
$6 cum. preferred (quar.)
$1% Oct. 1 Sept. 1
Philadelphia Elec. Power Co.8% pref.(quar.).
50c Oct. 1 Sept. 5
Philadelphia & Trenton RR.(guar.)
$2% Oct. 10 Oct. 1
Phoenix Finance, pref. (quar.)
50c Oct. 10 Oct. 1
Preferred (guar.)
50c Jan. 10 Jan.F35
Pinchin,Johnson & Co., Ltd., Am.shs.(interim) sw73i% Sept. 24 Aug. 31
Pioneer Gold Mines of Brit. Columbia (quar.)_ _
r2lic Oct. 1 Sept. 1
Pittsburgh Bessemer & Lake Erie R.R.(s.-a.)
75c Oct. 1 Sept.15
Pittsburgh Fort Wayne & Chicago R.R.(quar.)_ $1% Oct. 2 Sept. 10
Quarterly
% Jan. 1 Dec. 10
7% preferred (guar.)
$1% Oct. 2 Sept. 10
707 preferred (quar.)
$1% Jan, 1 Dec. 10
Pittsburgh Youngstown & Ashtabula R.R.7% preferred (quar.)
$1% Dec. 1 Nov.20
Plymouth Oil (guar.)
25c Sept. 29 Sept. 8
Pollock Paper & Box Co.. pref. (quar.)
11
14 Sept.15
Preferred (quarterly)
Dec. 15




sla

Name of Company.

Sept. 8 1934
Per
When Holders
Share. Payable ofRecord.

Ponce Electric. 7% pref. (quar.)
Oct. 1 Sept.14
Powell River, 7% preferred
Dec. 1
Power Corp. of Canada, Ltd.6% preferred (quarterly)
rl%% Oct. 15 Sept. 29
6% non-cum. part. preferred (quarterly)
r75c Oct. 15 Sept. 29
Premier Gold Mining Co. (quar.)
3c Oct. 15 Sept. 14
Premier Gold Mining ((Mar.)
r3c Oct. 15 Sept. 14
Procter & Gamble Co.. 5% pref. (quar.)
$1% Sept. 15 Aug. 24
Publication Corp.. 7% 1st pref. (quar.)
$U% Sept.15 Sept. 5
7% original preferred (quar.)
$1.% Oct. 1 Sept. 20
Public Service Co. of Oklahoma7% prior lien stock (quar.)
$134 Oct. 1 Sept. 20
6% prior lien stock
$1% Oct. 1 Sept.20
Public Service Corp. of N. J. common (quar.)_ _
70c Sept.29 Sept. 1
8% preferred(111131
$2 Sept.29 Sept. 1
7% Preferred (guar.
$11r: Sept.29 Sept. 1
$5 preferred (quar.)
Sept.29 Sept. 1
$1
6% preferred (monthly)
5 c Sept.29 Sept. 1
Public Service Corp. of Texas, pref
$134 Oct. 1
Public Service Elec. & Gas Co.,$5 pref.(quar.)_ $1
Sept. 29 Sept. 1
707 preferred (quarterly)
Sept. 29 Sept. 1
$1
Public Service of New Hampshire$6 pref.(quarterly)
$1% Sept. 15 Aug. 31
$5 pref.(quarterly)
$1% Sept. 15 Aug. 31
Quaker Oats Co. common (guar.)
$1 Oct. 15 Oct. 1
Special
$1 Oct. 15 Oct. 1
6% preferred (quar.)
$1% Nov.30 Nov. 1
Queens Borough Gas & Electric Co63' preferred (quar.)
Oct. 1 Sept. 15
Rainier Pulp St Paper,$2 class A
h50c Dec. 1 Nov. 10
$2 class A.
h50c Mar. 1 Feb. 10
$2 class A
h50c June 1 May 10
Rapid Electrotype
30c Sept.15 Sept. 1
Raybestos-Manhattan
25c Sept. 14 Aug. 31
Reading Co.. 1st preferred (quar.)
50c Sept. 13 Aug. 23
2d preferred (quar.)
50c Oct. 11 Sept. 20
Reeves,(Daniel), Inc.,corn.(quar.)
25c Sept. 16 Aug. 31
% preferred (quarterly)
$15 Sept. 16 Aug. 31
Reliance Grain, 6347 pref
Sept. 15 Aug. 31
31
Republic Insurance. Texas (guar.)
2c Nov. 10 Oct. 31
Republic Supply Co (guar.)
25c Oct. 5 Oct. 2
Rich's Inc.. 634% preferred (guar.)
$1% Sept.29 Sept. 15
Royal Baking Powder Co.(quar.)
25c Oct. 1 Sept. 4
6% pref.(quarterly)
$1% Oct. 1 Sept. 4
Ruberoid Co.(quarterly)
25c Sept. 15 Sept. 1
Ruud Manufacturing Co.(guar.)
25c Sept. 15 Sept. 5
Safeway Stores, Inc., common (quar.)
75c Oct. 1 Sept. 19
7% preferred (quarterly)
$134 Oct. 1 Sept. 19
6% preferred (quarterly)
$1% Oct. 1 Sept, 19
St. Joseph Lead Co
10c Sept. 20 Sept. 7
St. Louis National Stockyards (quar.)
$1% Oct. 1 Sept. 15
San Carlos Milling (monthly)
2C1c Sept.15 Sept. 1
San Joaquin Light & Power 0077 prior preferred ((mar.)
Sept.15 Aug. 31
$1
73 series A preferred (quar.
Sept. 15 Aug. 31
$1
6 prior preferred series A guar.)
Sept. 15 Aug. 31
series
6%
B preferred (guar.
Sept. 15 Aug. 31
$1
Savannah Electric & Power8% preferred A (quarterly)
$2 Oct. 1 Sept. 10
734% preferred B (quarterly)
$1% Oct. 1 Sept. 10
7% preferred 0(quarterly)
$13/ Oct. 1 Sept. 10
634% preferred D (quarterly)
$134 Oct. 1 Sept. 10
6% preferred
h$ Oct. 1 Sept. 10
Schiff Co.(quarterly)
50c Sept. 15 Aug. 31
Preferred (quarterly)
$1% Sept. 15 Aug. 31
Scott Paper Co.,common (guar.)
42)4c Sept.30 Sept.15
Scoville Mfg. Co.(guar.)
25c Oct. 1 Sept. 15
Scranton Electric Co.,$6 pref. (quar.)
$1% Oct. 1 Sept. 4
Seaboard Oil of Delaware (quarterly)
15c Sept.15 Sept. 1
Extra
10c Sept.15 Sept. 1
Second International Securities, 6% preferred
58c Oct. 1 Sept. 25
Selected American Shares, Inc.(s-a)
1.7c Sept. 15 Aug. 31
Shenango Valley Water. 6% pref. (Guar.)
$1% Dec. 1 Nov. 20
Sioux City Stockyards Co.. pref. (quar.)
$1g Nov. 15 Nov. 14
Siscoe Gold Mines, Ltd. (guar.)
Sept.30
Extra
2c Sept.30
Smith (S Morgan) Co.(quar.)
$1 Nov. I
Socony-Vacuum 011
15c Sept. 15 Aug. 24a
South American Gold & Platinum Co
hlOc Sept.25 Sept.15
South Carolina Power Co.$6 pref.(quar.)
$1% Oct. 1 Sept. 15
South.Colorado Power Co.,7% cum.pref(quar.)
1
Sept.15 Aug. 31
Southern Acid & Sulphur (quar.)
Sept.15 Sept.10
7% preferred (quar.)
$1% Oct. 1 Sept.10
Southern & Atlantic Telegraph Co. (8.-a.)
62%c Oct. 1 Sept. 15
Southern Calif. Edison Co.. Ltd.7% series A preferred (quar.
43%c Sept.15 Aug. 20
6% series B preferred (quar.
37%c Sept.15 Aug. 20
Southern Canada Power Co. tId.6% cumulative participating preferred (qu.)
Oct. 15 Sept. 20
South Penn 011 Co.(quar.)
11.T° Sept.29 Sept. 15
South Porto Rico Sugar Co.,corn.(quar.)
60c Oct. 1 Sept. 12
Preferred (quarterly)
$2 Oct. 1 Sept. 12
Southwestern Light & Power Co.
$6 cumulative preferred (guar.)
50c Oct. 1 Sept. 15
South West Penna. Pipe Line Co.(quar.)
$1 Oct. 1 Sept. 15
Spencer Kellogg & Sons. corn
40c Sept. 29 Sept. 15
Standard Brands, Inc., common (quar.)
25c Oct. 1 Sept. 4
$7 cum. preferred series A (quar.)
$1% Oct. 1 Sept. 4
Standard Coosa Thatcher (quar.)
12%c Oct. 1 Sept. 20
7% preferred (quar.)
$1% Oct. 15 Oct. 15
Standard Oil Co. of Calif. (quar.)
25c Sept.15 Aug. 15
Standard Oil Co. of Indiana (guar.)
25c Sept.15 Aug. 15
Standard Oil Co. of Kansas (Delaware) (quar.)_
50c Oct. 31 Oct. 1
Standard Oil of Kentucky (quar.)
25c Sept.15 Aug. 31
Standard 011 Co.(Ohio),5% cum. pref. (quar.)_ $134 Oct. 15 Sept. 29
Stein (A.) & Co., pref.(quar.)
$I' Oct. 1 Sept. 14
Sun Oil Co.common (guar.)
25c Sept.15 Aug. 25
Superior Oil Co.(Calif.), pref
h2%% Sept.20 Sept. 1
Swift & Co. (guar.)
12 c Oct. 1 Sept. 1
Sylvania Industrial Corp. (guar.)
Sept. 15 Sept. 5
Sylvanite Gold Mines, corn. (guar.)
u5c Sept. 30 Sept. 1
Tacony Palmyra Bridge(guar.)
50c Sept.30 Sept. 10
Class A (quar.)
50c Sept.30 Sept. 10
Telephone investment Corp (monthly)
200 Oct. 1 Sept.20
Tennessee Elect. Pow. Co.,5% pref.(guar.)_ -- _ $1% Oct. 1 Sept. 15
6% preferred (quar.)
$134 Oct. 1 Sept. 15
7% preferred (guar.)
$13 Oct. 1 Sept. 15
7.2% preferred (quar.)
Oct. 1 Sept. 15
$1.8
6% preferred (monthly)
50c Oct. 1 Sept. 15
7.2% preferred (monthly)
60c Oct. 1 Sept.15
Texas Corp. (quarterly)
25c Oct. 1 Sept. 7
Texas Gulf Products
e2)ta Sept. 15 Aug. 17
Texas Gulf Sulphur (quar.)
Sept. 15 Sept. 1
Tex-O-Kan Flour Mills, pref.(quar.)
$134 Dec. 1 Nov. 15
Preferred (quarterly)
$1% Mar. 1 Feb. 15
Preferred (quarterly)
$134 Juno 1 May 15
Texon Oil & Land Co., common
15c Sept. 29 Sept. 10
Extra
15c Sept. 29 Sept. 10
Time, Inc. (quar.)
50c Oct. 1 Sept. 20
Extra
25c Oct. 1 Sept. 20
$616 preferred (quar.)
$153 Oct. 1 Sept. 20
Title Insurance Corp.(St. Louis)(qu.)
12%c Sept. 10 Aug. 21
Triplex Safety Glass Co., Ltd.
Amer. dep. rec, for ord. reg. (final)
rw25% Oct. 5 Sept. 4
Twin Bell Oil Syndicate (monthly)
$2 Sept. 5 Aug. 31
Underwood-Elliott-Fisher, corn. (quar.)
50c Sept. 29 Sept. 12
Preferred (quarterly)
$1% Sept.29 Sept. 12
Union Carbide & Corbon Corp
35c Oct. 1 Sept. 4
Union Electric Light & Power (I11.)
6% preferred (guar.)
$1% Oct. 1 Sept. 15
Union Electric Light & Power Co.(Mo.)7% preferred (quarterly)
$1% Oct. 1 Sept. 15

1513

Financial Chronicle

Volume 139

When Holders
Per
Share. Payable. ofRecord.

Name of Company.

$144 Oct. 1 Sept. 1
Union Pacific RR., corn
$2 Oct. 1 Sept. 1
Preferred (semi-annual)
$1% Nov. 1 Oct. 16
United Biscuit Co of Amer.. pref.(quar.)
60c Oct. 1 Sept. 15
United Carbon Co., corn. (quar.)
15c Sept. 15 Sept. 5
United-Carr Fastener Corp. common
75c Oct. 1 Sept. 4
United Corp.,$3 preference (quar.)
$1% Oct. 1 Sept.14
United Dyewood, pref. (quar.)
10c Sept. 24 Sept. 6
United Elastic Corp. (quar.)
United Gas & Electric Corp. preferred (quar.)--- 1%% Oct. 1 Sept. 15
30c Sept. 29 Aug. 31
United Gas Improvement(quar.)
$1% Sept. 29 Aug. 31
5% preferred(quar)
'United Light & By...7% prior prf. (monthly)..
58 1-3c Oct. 1 Sept. 15
53c Oct. 1 Sept.15
6.36% prior preferred (monthly)
50c Oct. 1 Sept. 15
6% prior preferred (monthly)
United N. J. RR.& Canal (quar.)
$214 Oct. 10 Sept. 20
Quarterly
$234 Jan. 1 Dec. 20
50c Oct. 31 Sept. 28
United Profit Sharing, pref.(s-a)
United States Foil. A & B (quar.)
15c Oct. 1 Sept. 15
Sept. 15
Preferred (quarterly)
$114 Oct.
Sept. 14
United States Gypsum Co. common (quar.)- — 25c Oct.
pt
Sept. 14
Oct.
7% preferred (quar.)
$11
3c
1 se
.10 Sept. 5
U.S. Petroleum 00.(quar.)
Quarteriy
lc Dec. 10 Dec. 5
U. S. Pipe AG Foundry Co.,corn.(quar.)
1234c Oct. 20 Sept.29
Common (quar.)
1214c Jan. 20 Dec. 31
Preferred (quar.)
Oct. 20 Sept.29
30c Jan. 20 Dec. 31
Preferred (guar.)
United States Playing Card (quar.)
25c Oct. 1 Sept.20
Extra
25c Oct. 1 Sept.20
United States Sugar Corp., pref. (quar.)
$114 Jan 5'35 Dec. 10
Preferred (quarterly)
$13.1 Apr5'35 Mar. 10
Preferred (quarterly)
$1
Jly 5 35 June 10
Preferred
$114 Fb20'35 Sept. 10
United Stores Corp. preferred (quar.)
813/0 Sept.15 Aug. 25
Upper Michigan Pow.& Lt.,6% pref.(quar)
$134 Nov. 15
6% preferred (quar.)
$134 Jan. 1
Upressit Metal, preferred (quar.)
$2 Oct. 1 Sept. 15
Utica chenango & Susq. Val. guar.(semi-alln3$3 Nov. 1 Oct. 14
Utica Clinton & Binghamton.debenture (s•-a. - S234 Dec. 26 Dec. 26
Vapor Car Heating Co., Inc., 7% pref
h$334 Sept. 10
Vicksburg, Shreveport & Pacific By. Co.—
Common (semi-annual)
Oct. 1 Sept. 7
2
Preferred (semi-annual)
234% Oct. 1 Sept. 7
Viking Pump Co. preferred (guar.)
Sept. 15 Sept. 1
Virginia Elec. & Power Co. pref.(quar.)
$14 Sept.20 Aug. 31
Vortex Cup Co., common (quar.)
3734c Oct. 1 Sept. 15
Extra
ZUC Oct. 1 Sept. 15
Class A stock (quarterly)
62Ac Oct. 1 Sept. 15
Vulcan Detinning Co.. preferred (guar.)
114% Oct. 20 Oct. 10
Wagner Electric Corp. pref. (quar.)
$111 Oct. 1 Sept. 20
Ward Baking Corp., 7% cumul. pref
Ouc Oct. I Sept. 15
Warren RR.,gtd.(s-a)
$1% Oct. 15 Oct. 6
Washington Water Power,$6 pref.(quar.)
$134 Sept. 15 Aug. 24
Wesson Oil & Snowdrift Co.,corn.(guar.)
1234c Oct. 1 Sept. 15
Extra
SOC Oct. 1 Sept. 15

When Holders
Per
Share. Payable. ofRecord.

Name of Company.
Western Canada Flour.6 A % pref
Western Canadian Collieries
West Jersey & Seashore RR.6% spec. gtd.(s.-a.)
Westmoreland, Inc.(quar.)
Westmoreland Water Co.,$6 pref.(quar.)
West Penn Electric, class A (quar.)
West Penn Power6% preferred (quarterly)
7% preferred (quarterly)
Westvaco Chlorine Products, pref. (quar.)
Weyenberg Shoe Mfg.. preferred (quar.)
Preferred (quarterly)
Whitman (Wm.)& Co.. Inc., pref
Wilcox Rich Co.class A (quar.)
Wilson & Co.,7% preferred
Winstead Hosiery (guar.)
Wisconsin Michigan Power.6% pref.(qu.)
Wisconsin Power & Light Co.,6% pref.(quar.)_
7% cumul. pref. (guar.)
Wisconsin Public Service Corp.—
7 cumulative preferred (quar.)
80% cumulative preferred (quar.)
6 cumulative preferred (guar.)
Wiser 011 Co.(quarterly)
Woodley Petroleum Co
Wright-Hargreaves Mines (quar.)
Extra
Wrigley (Wm.) Jr. Co. (monthly)
Monthly
Monthly
Vale & Towne Mfg. Co.(quar.)
Ziegler-Hutter Breweries. Inc. (guar.)

75c
134%
$134
30c
$134
$1%

Sept. 15 Aug. 31
Oct. 15
Dec. 1 Nov.15
Oct. 1 Sept.15
Oct. 1 Sept.20
Oct. 1 Sept. 17

$134
$1
$1
31%
21%
55114
6214c
55134
$114
21%
37Sie
43%c

Nov. 1 Oct. 5
Nov. 1 Oct. 5
Oct. 1 Sept. 15
Sept.15 Sept. 5
Der. 15 Dec. 5
Sept. 15 Sept. 1
Sept.30 Sept.20
Oct. 1 Sept. 15
Nov. 1 Ocr. 15
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Sept. 15 Aug. 31

$1%
$134

25c
f10%
rlOc
r5c
25e
25c
25c
15c
2%c

Sept. 20 Aug. 31
Sept. 20 Aug. 31
Sept. 20 Aug. 31
Oct. 1 Sept. 11
Sept.30 Sept. 15
Oct. 1 Sept. 10
Oct. 1 Sept. 10
Oct.
gent.20
Nov. 1 Oct. 20
Dec. 1 Nov.20
Oct. 1 Sept.21
Oct. 1 Sept. 15

t The New York Stock Exchange has ruled that stock will not be quoted
ex-dividend on this date and not until further notice.
$ The New York Curb Exchange Association has ruled that stock will
not be quoted ex-dividend on tuts date and not until further notice.
a Transfer books not closed for this dividend.
d Correction. e Payable in stock.
f Payable in common stock. g Payable in scrip. Is On account of accumulated dividends.'j Payable in preferred stock.
m A quar. div. on the cony. pref. stock, opt. ser. of 1929, of Commercial
Investment Trust Corp., has been declared in cora, stock of the corp. at
the rate of 5-203 of 1 share of corn, stock per share of cony. pref. stock.
Opt. ser. of 1929, so held, or at the opt, of the holders in cash at the rate
of $1.50 for each share of cony. pref. stock, opt. ser. of 1929, so held.
n Goldblatt Bros.. Inc., declared a reg. quar. div. of 25c. in cash or. a
opt. of holder, 0.025 of a share of corn,stock on each sh. of corn. stk, held.
r Payable in Canadian funds,and in the case of non-residents of Canada
a deduction of a tax of 5% of the amount of such dividend will be made.
U Payable in U. S.funds. A unit. w Less depositary expenses.
Less tax. is A deduction has been made for expenses.

Weekly Return of the New York City
Clearing House.

Condition of the Federal Reserve Bank of
New York.

The weekly statement issued by the New York City
Clearing House is given in full below:

The following shows the condition of the Federal Reserve
Bank of New York at the close of business Sept. 5 1934,
in comparison with the previous week and the corresponding
date last year:

STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR WEEK ENDED SATURDAY. SEPT. 1 1934.
Clearing House
Members.

• Capital.

•Surpies and Net Demand
Deposits.
Undivided
Average.
Profits.

Sept. 5 1934. Aug. 29 1934. Sept. 6 1933.

Time
Deposits.
Average.

S
3
$
$
Bank of N Y & Trust Co
96,647,000
9,928.100
11,147,000
8,000,000
Bank of Manhattan Co. 20,000,000
31,931,700
280,960,000
31.986,000
National City Bank..... 127,500,000
38.018,700 a943,904,000 174,242,000
Chem Bank & Trust Co. 20,000,000
48,945,300
327,904,000
25,633,000
Guaranty Trust Co
54,710,000
90,000.000 177.466,200 b1,029.236,000
10,297,500
Manufacturers Trust Co
247.480,000 101,091,000
32.935,000
Cent Hanover Bk &'Fr Co
61,312,500
572,260,000
26.078,000
21,000,000
Corn Exoh Bank Tr Co.
18,170,300
175,720,000
21,515,000
15.000,000
Finn National Bank_
88,495,500
373,978.000
12,422,000
10.000,000
Irving Trust Co
57,693.500
389.509,000
7,725,000
50.000,000
Continental Bk dc Tr Co
3,507.000
26,667,000
4,000,000
3,176,000
Chase National Bank,... 150,270,000
66,520,800 c1,286,736,000
74,944,000
Fifth Avenue Bank
3,251,600
41,667,000
500,000
102,000
Bankers Trust Co
60,009,000 d600,721,000
25,000,000
23,083,000
Title Guar & Trust Co
8,206,000
17,154,000
10,000.000
267,000
Marine Midland Tr Oo_
7,346,200
5,000,000
49,490,000
5,099,000
New York Trust Co
21,714,500
12,500,000
216,478,000
19,719.000
Comm'l Nat Bk *Tr Co
7,564,500
7,000,000
51.623.000
1,899,000
Public Nat Bk & Tr Co.
4,932.400
8,250,000
45,274,000
34,218,000

Assets—
a
$
$
Gold certificates on hand and doe from
1,678,498,000 1,771,711,000 259,994,000
U. S. Treasury.:
721.437,000
Gold
1,187,000
6,704,000
1,084,000
Redemption fund—F. R. notes
52,744,000
58,000,000 62,083,000
Other cash
1,732,328,000 1,830,898,000 1,050,218.000
TO4R11 reserves
2,736,000
1,648,000
1,862,000
Redemption fund—F.R. bask notes.....
Billsdiscounted:
Secured by U. B. Govt. obligations...
Otherbills discounted
Total bills dlsommtedBills bought In open market
Industrial Advances
U.S. Government securities:
Bends
Treasury notes
Certificates and Milt

2,499,000
11,540,000

1,638,000
10,788,000

15,290,000
28,474,000

14,039,000

12,424,000

43,764,000

1,952,000
81,000

1,979,000
46.000

2,183,000

165,749,000
411,807,000
200,199,000

165,749.000
405,332,000
208,674,000

174,771,000
310,454,000
289.576,000

777,755.000

777.755,000

774,801,000

35.000

1.337,000

Totals
614.955,000 723,312.200 6,773,408.000 629,056,000
•As Per official reports: National, June 30 1934. State, June 30 1934. Trust
Companies, June 30 1934.
Includes deposits in foreign branches as follows: (a) 3205,008,000;(b)$59,700,000:
(c) $68,976,000; (d) 519,893,000.

Othersecurities
Tout Thins and seeuritiee

793,827,000

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 Aug. 31:

Gold held abroad
Due from foreign banks
F. R. notes of other banks
Uncollected items
Bank premises
All other assets

1,193,000
4,641,000
98,074,000
11,468,000
51,122,000

INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, AUG. 31 1934,
NATIONAL AND STATE BANKS—AVERAGE FIGURES.
Loans
Disc. and
Investments,
bfanhattan —
2
Grace National
23,229,800
Trade Bank of N. Y. 3,358,458
Brooklyn—
People's National._ 4.588.000

Cash.

Res, Dep.. Dep. Other
N. F. and Bode and
Elsewhere. Trust Co..

$
88,900
139,270

$
1,987,200
549,793

75.000

303.000

2
2
1,420,200 22,002,800
53,094 3,076.831
522000 5 Rdo ne.

TRUST COMPANIES—AVERAGE FIGURES.
Loans
Disc. and
Investments.

Cash.

Gross
Deposits.

Res. Dep., Dep. Other
N. F. and Banks and
Elsewhere. Trust Cos.

_

Oros:
Deposits.
Manhattan—
a
$
$
$
$
Empire
53.429,000 *3,134,000 12.079,600 1.161,000 57,599,800
Federation
6,595,447
92,855
491,065
595,066 6,105,194
Fiduciary
8.955,299
*524,849
267.898
62,385 7.648.070
Fulton
15,944,700 *2,521,600 1,164,800 1,224.400 15,919.800
Lawyers County.... 30.246,300 *4.756,700
360.800
32,859.100
United States
62,576,611 12,960,901 16,359,789
63,406.260
Brooklyn—
Brooklyn
86,878,000 2,192,000 20,226,000
288,000 95.426,000
Kings County
27,000.577 1,863,687 8,829.832
28.901,436
•Includes amount with Federal Reserve as to lows: Empire,52,097.000:Fiduciary,
$299,929; Fulton. 22,361.100; Lawyers County. $4,128.100.




Total U.S.Government securities.

Total assets

792,239,000 822,085.000
1,195,000
4,590.000
105,693,000
11,455,000
41,228,000

1,369,000
4,856,000
90,272,000
12,818,000
28,882.000

. 2,694,299,000 2,789.160.000 2,013,236,000

Liabilities—
F. R. notes In actual circulation
661.485,000 648,705,000 649,323.000
52,805,000
F. R. bank notes in actual circulation net
30,529,000
30.876,000
Deposits—Member bank reserve Seel_. 1,583,595,000 1,742,367,000 1,016,671,000
U. S. Treasurer—General account—. 53,505,000
3,429,000
25,639,000
7,540.000
Foreign bank
4,121.000
6,882,000
19,361,000
Other deposits
125.557,000 125,591,000
Total deposits
Deterred availability items
Capital paid in.
Surplus
Reserve for contingeacies.
All other liabilities

.1.766,778,000 1,878,269,000 1,069,211,000
87,179,000
. 96,745,000 100,741,000
58,525,000
59,518,000 59,509,000
85,058,000
45,217,000
45,217.000
1,667,000
.
4,737,000
4,737,000
9,468,000
• 29,290,000
21,108,000

Total liabilities
.2,694,299,000 2,789,160,000 2,013,236,000
Ratio of total reperres to deposit an 2
F. R. note liabilities combined
61.1%
71.3%
72.5%
Contingent liability on bills purchase di
for foreign correspondents
14.645.000
148,000
231,000
Commitments to make industrial
advances
15.000
•"Other cash" does not Include Federal Reserve notes or a bank's ova Federal
Buena bank notes.
▪ Those are certifleates 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 eertlflcatm being worth less to the extent of the difference. the difference Itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.

1514

Financial Chronicle

Sept. 8 1934

Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Sept. 4,and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve note
statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve Agents
and the Federal Reserve banks. The fourth table (Federal Reserve Bank Note Statement) shows the amount of these
bank notes issued and the amount held by the Federal Reserve banks along with the collateral pledged against outstanding
bank notes. The Reserve Board's comment upon the returns for the latest week appears in our department of "Current Events
and Discussions.'
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS
SEPT. 5 1934.
Sept. 5 1934. Aug. 29 1934. Aug. 22 1934. Aug. 15 1934. Aug. 8 1934. Aug. 1 1934. July 25 1934, July 18 1934. Sept. 6 1933.
ASSETS.
$
s
$
$
$
$
$
$
$
Gold ars. on hand dt due from U. 8..1.-- 4,960,078,000 4,979,482,000 4,963,361.000 4,061,374,000 4,929,548,000
4,906,009,000 4,873,171,000 4.847,634.000 952,155.000
Gold
2,600,313,000
Redemption fund (F. R. notes)
23,889,000
24,293,000
24,034.000
24.313,000
24,357,000
24,003,000
24.620,000
35,913,000
25,003,000
Other cash •
209,113,000 235,917,000 228,660,000 224,456,000 219.961,000 225,891,000 235,327,000 228,824,000 221,136,000
Total reserves
5,193,080,000 5,239,692,000 5,216,055,000 5,210,143,000 .173,866,000 5.155,903,000 5,133,119,000 5.101,461,000 3,809,517,000
Redemption fund-F. R. bank notes
1,898,000
2,112,000
2,336.000
2,006,000
2.347,000
2,105,600
2,304,000
8,224,000
2,996.000
Bills discounted:
Secured by U. S. Govt. obligations
6,180,000
4,146,000
3,437,000
3,820,000
3,628,000
4.130,000
37,704,000
4.346,000
5,536,000
Other bills discounted
16,861.000
17,457,000
16,379,000
16,387,000
16.922.000
17,240,000
16,952,000
17,716,000 107,089,000
Total bills discounted
21.007,000
23,637,000
19,816,000
20.207,000
21.370,000
20.550,000
21,298,000
23,252,000 144,793,000
Bills bought In open market
5,219,000
5,247,000
5,114,000
5,198,000
5,200,000
5,206.000
5.271.000
6,974,000
5.259,000
-Industrial Advances_
810,000
922,000
298,000
214,000
28,000
5,000
U. B. Government securities-Bonds
467,848,000 467,839,000 467,565,000 467,499,000 467,799.000 467,809,000 468,094.000 467,805,000 441,985,000
Treasury notes
1,303,369,000 1,281,420,000 1,271,709,000 1,271,707,000 1.257.759,000 1.252,320,600 1,252,308,000 1,252,331.000 874,846,000
Certificates and bills
660,592,000 682,543.000 692,250,000 692.251.000 706,202,000 711,651,000 711,650,000 711,651.000 849,540,000
Total U. S. Government securities-- 2,431,809,000 2.431,802,000 2,431,524,000 1,431.457.0u0 2,431,760,000 2.431,780,000
2,432.052,000 2,431,787,000 2,166,371,000
Other securities
391,000
356,000
428,000
428,000
465,000
440,000
471,000
483,000
1,939,000
Total bills and securities
2,461,943,000 2,459,257,000 2,457,180,000 2,457,504,000 2,457.978.000 2,458.826,000 2,459,092,000 2.460,781,000 2,320,077,000
Due from foreign banks
3,127,000
3,127,000
3,141,000
3,115,006
3,124,000
3.124,000
3.128,000
3,713,000
3,139,000
Federal Reserve notes of other banks
17.539,000
17.834,000
16,727,000
17,298,000
16,703,000
18,700,000
16.519,000
15,290,000
18,980,000
Uncollected Items
436,531,000 401,225,000 404,761,000 470.989,000 377.518,000 438,558,000 399,143.000
376,616,000
459.915,000
Bank premises
52,803,000
52,775,000
52,775,000
52,717,000
52.774,000
52,753,000
52.728,000
54,541,000
52,719,000
All other resources
66,582,000
56,824,000
54,759.000
51,917,000
52,754,000
50.878,000
49,674.000
52,952,000
50,339,000
Total assets.
8,233.503,000 8,232,846,000 8,207,734,000 8.265,161,000 8,134,983,000 8.178,215,000 8.120,968,000 8,150,330,000
6,640,930,000
LIABILITIES.
F. R. notes In actual circulation
3,149,659,0003,103,289,000 3,105.028,000 3,102,373,000 3,095,333,000 3.078,823,0003,060,241.000 3,084,823,000 3,010.949,000
F. It. bank notes In actual circulation
31,432,000
31,933,000
32,303.000
32,651,000
33.864,000
33,184,000
33.743,000
38,560,000 132,687,000
Deposits-Member banks' reserve account 3.907,169,000 4,126,973,000 4,072,321,000 4,064.270.000
4.059,070.000 3.914,813,000 4,020,030,000 3,987.312,000 2,439,393,000
U.S. Treasurer-General account_s- 162,988,000
29,936,000
43,773,000
57,894,000
47,801,000
24,595,000 159.594,000
55,695,000
21,340,000
Foreign banks
11,238,000
11,710,000
9,513,000
6,864,000
8,147,000
7,885,000
6,978,000
32,033,000
5,285,000
Other deposits
191,180,000 192,686,000 201,775,000 303,261,000 202,280,000 211,978,000 211,851.000 216,693,000
145,924,000
Total deposits
4,273,047,000 4,360,833,000 4.327,382,000 4,333,572,000
4.292.923.000 4,293.249,000 4,287.567.000 4,230,630.000 2,673,045,000
Deferred availability Items
434,944,000 400,800,000 408,230,000 464,045,000 381,093,000 437,474,000 405.799,000 463.920,000 370,581,000
Capital paid In
146,554,000 146,529.000 146.514,000 146,423.000 146.612,000 146,552.000 147,285,000 147.306.000 146,030,000
Surplus
138,383,000 138,383,000 138,383,000 138,383,000 138,383,000 138,383.000 138,383,000 138,383,000 278,599,000
Reserve for contingencies_
22,453,000
22,545,000
22,545,000
22,540,000
22,544,000
22,540,000
12,105,000
22.541.000
22,541,000
All other liabilities
37,031,000
28,534,000
27.349,000
25.170,000
25,410,000_ 24.167,000
27,336,000
16,934,000
24,914,000
Total liabilities
8,233,503,000 8,232,846,000 8,207,734,000 8,265,161,000 8,134,983,000 8.178.215,000 8,120,968,000 8.150.330,000 6,640,930,000
Ratio of total reserves to depoelta and
F. R. note liabilities combined
70.2%
70.0%
70.2%
70.1%
69.9%
67.0%
70.0%
69.7%
69.9%
Contingent liability on bills purchased Inc
foreign correspondents
573,600
579,000
528,000
1,196.000
642,000
1.085,000
1,394,000
41,402,000
895.000
Commitments to make industrial advances
357,000
491,000
345,000
80,000
Maturity Distribution of Bills and
Short-term SeeurUtes1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
6100 days bills discounted
Over 90 days bills discounted
Total bills discounted
1-15 days bills bought In open market
16-30 days bills bought In open market
31-60 days bills bought in open market01-90 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
1-15 days U. S. certificates and bills
16-30 days U. S. certificates and bills
31-60 days U. S. certificates and bills
61-90 days U. S. certificates and bllis
Over 90 days U. S. certificates and bills
Total U. S. certificates and bills
1-15 days municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
61-90 days municipal warrants
Over 90 days municipal warrants
Total municipal warrants

$

$

21,320,000
725,000
676,000
864,000
52,000

17,667,000
1,584.000

a

3

3

$

3

$

$

884,000
61,000

moo

13,548,000
4,859,000
719,000
619,000
71.000

13,971.000
3,802,000
L464,000
882,000
88,000

13,083.000
1,462.000
5.028,000
872,000
105,000

14.498,000
1,007,000
4.919,000
805,000
141.000

14.499,000
639,000
5,102,000
905,000
153,000

14,967,000
2,161,000
4,312,000
1,598,000
214,000

109,555,000
12,751,000
11,714,000
9,670,000
1,103,000

23,637.000

21.007,000

19.816,000

20.207,000

20.550,000

21,370,000

21,298,000

23,252,000

144,793,000

406,000
192,000
765,000
3,856,000

3.594,000
456,000
741,000
456,000
-5.247.000

3,522,000
444,000
539.000
609,000

378,000
3.643,000
423,000
754,000

499,000
1.212,000
359,000
3.130,000

606,000
1,413,000
400,000
2.787,000

654.000
473,000
1,511,000
2,633,000

2,675.000
550,000
1,475,000
559,000

1,436,000
3,052,000
704,000
1,782,000

5,114,000

5398,000

5,200,000

5.206,000

6.271,000

5,159,000

6,974,000

5,219,000
3,000
1,000
9,000
59,000
850,000

b
2,000
5,000
10,000
793,000

3,000
3,000
9,000
283,000

922,000

810.000

298,000

23,022,000
64,515,000
112,310,000
69,815,000
390,930,000

43,600,000
54,523,000
104,325,000
110,815,000
369,280,000

69.347.000
23,022,000
110,497,000
120,268.000
369,116,000

36,998,000
43,600.000
111,069,000
117,718,000
382.866,000

38,232,000
69,348,000
87.537,000
114,310,006
396,775,000

54,263,000
36,997,000
98,122,000
104,325,000
417,944,000

44,280.000
38,232,000
92,369,000
110,497,000
426.272,000

17,000,000
55.262,000
105,719,000
88.047,000
445,623,000

159,036,000
80,183,000
86,525,000
135,017,000
388,779,000

660.592.000

682,543.000

692,250,000

692,251.000

706,202,000

711,651,000

711,650,000

711,651.000

849,540,000

356,000

391,000

428,000

393,000
35,000

405,000
35,000

430,000

436,000

448,000

1,777,000
33,000

35,000

35,000

35,000
37,000
92,000

391,000

356,000
428,000
428,000
1,939,000
440,000
465,000
471,000
483,000
Federal Reserre NotesIssued to F. It. Bank by F. It. Agent-- 3,416.357.0003,392,499.000 3,393,650,000 3,389,813,000 3.388,544,000
3,367.162,000 3,376,082,000 3.387,639,000 3,269,611,000
Held by Federal Reserve Bank
266,698,000 289,210,000 288.622,000 207,440,000 193,211,000 288,339,000 315,841.000 302,816,000 258,662,000
In actual circulation

3.149,659,000 3,103,289,000 3,105,028,000 3.102.373,000 3.095,333.000 3,078,823,000 3.060,241,000 3,084.823,000 3,010,949,000
Collateral Held by Agent as Security for
Notes Issued Co BankGold Ws.on hand ec due from U.S. Trees
BY gold and gold certificates
3,145,156,000 3,130,656,000 .131.656,000 3,125,656,000 3,134,156,000 3,098,156,000 3,118.656,000 3,113,656,000 1525 116000
Gold fund-Federal Reserve Board
1223 735000
By eligible paper
10,685,000
13,120,000
9.623,000
10.250,000
10,831,000
10.263.000
90,727,000
11,026.000
12.457,000
U. S. Government securities
296,000,000 296,000,000 289,500,000 294,500,000 281,500.000 297.400,000 293.000.000 309.000.000 483,700,000
Total collateral

3,454,276,000 3,437,341,000 3.430,779,000 3.430.406.000 3.425.919.000 3.406.387.000 3.422.682.000 3.435.113.000 3,313,278,000
•"Other cash" does not Include Federal Reserve notes or a bank's own Federal Reserve bank notes.
x These are certificates given by the U. S. Treasury for the gold aken over from the Reserve banks when the dollar was on Jan. 31
59,06 cents, these certificates being worth less to the extent of toe difference, the difference Itself having been appropriated as profit by 1934 devalued from 100 Cents te
the Treasury under the provisions
of the Gold Itcserve Act of 1934.
a Caption changed from "Government" to "U. S Treasurer-General account" and $100.000.000 included in Government deposits on
May 2 transferred to "Other
deposits."
b Less than $500.000.




1515

Financial Chronicle
Weekly Return of the Federal Reserve Board (Concluded).

Volume 139

12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS SEPT. 1 1934
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE
Two Ciphers (00) Omitted.
Federal Reserve Batik of-

Boston. New York.

Total.

Chicago. St. Louis. Aftescap. ICan.City. Dallas. SanFran.

Cleveland. Richmond Atlanta.

Phila.

$
$
$
$
$
li
$
$
$
RESOURCES.
3old certificates on hand and due
132,229,0 173,359,0 95,608,0 306,137,0
178,584,0
1,101,712,0
107,457,0
379,126,0
174,392,0
261.320,0
1,678.498,0
371,656,0
4,960,078,0
from U.S.Treasury
456,0 4,125.0
847,0
772,0 1.079,0
1,489.0
1,084,0 3,091,0 2,954,0 2,208,0 3,970,0
23,889,0 1,814,0
Redemption fund-F.R. notes_
30,816,0 7,818,0 11,444,0 7,841,0 4,979,0 10,874,0
52,744,0 35,172,0 12,140,0 6,992,0 11,327.0
209,113,0 16,966,0
Xher Mash
182.047,0 101.043,0 321,136,0
5,193,080,0 390,436,0 1.732,326,0 299,583.0 394,220.0 183,592,0 122,754,0 1,134,017,0 187,174,0 144,752,0
Total reserves
1,648,0
250,0
1,898,0
Redem. fund-F. R. bank notes.
Bills discounted:
50,0
26.0
165.0
120,0
765,0
70,0
221.0
104,0
835,0
2,499,0
6,180,0 1,325,0
Sea. by. U.S. Govt.obligations
132,0
141,0
163,0
139,0
38,0
8,0
104,0
473,0
254,0
11,540,0 4,436,0
29,0
17,457,0
Other bills discounted
182,0
189,0
141.0
304,0
158,0
773,0
174,0
694,0
358,0
14,039,0 5,271,0
23,637,0 1,354.0
Total bills discounted
361,0
142,0
142,0
85,0
122,0
650,0
178,0
193,0
487,0
536,0
1,952,0
371,0
5,219,0
Bilis bought In open market
13,0
70,0
207,0
40,0
101,0
221.0
58,0
128.0
81,0
3,0
922,0
Industrial advanced
U. B. Government securities:
76,080,0 16,165,0 17,337,0 17.272.0 20,389,0 28,105,0
467,848,0 27,226,0 165,749,0 30,022,0 35,998,0 17,501,0 16,004,0
Bonds
50.929,0 31,894,0 50,357,0 33,773,0 91.381,0
1,303,369,0 86,243,0 411,807,0 90.987,0 117,033,0 56,896,0 51,761,0 230,308,0
Treasury notes
16,351,0 25,815.0 17.313,0 46.845,0
660,592,0 44,209,0 200,199,0 46,111,0 59,993,0 29,166,0 26,529.0 121.955,0 26,106,0
Certificates and bills
93,444,0 71,475,0 166,331,0
Total U.S. Govt.securities. 2,431,809,0 157,678.0 777,755,0 167,120,0 213.024,0 103,563,0 94,294.0 428,343,0 93,200,0 65.582,0
356,0
356,0
Other securities
93,520.0 66,178,0 93,797,0 71,819,0 166.874,0
2,461,943,0 159,406,0 793,827,0 173,411,0 213,927,0 104,450,0 94,867,0 429,867,0
Total bills and securities
222,0
87.0
87,0
7,0
10,0
414,0
109,0
300,0
119,0
342,0
1.193,0
237,0
3,127,0
Due from foreign banks
272,0 2,282,0
827,0 1,201,0
3,497,0 1,037,0
753,0
997,0
561,0 1.159,0
4,641,0
312,0
17,539,0
Fed. Res. notes of other banks.22,348.0
19.742,0
29,068,0
15.475,0
20,251,0
58,825,0
15,188,0
40.337,0
42,983,0
31,424.0
98,074,0
436,531,0 42,816,0
Uncollected items
7,387,0 3,126,0 1,664,0 3,485.0 1,757,0 4,089,0
11,468,0 4,315,0 6,788,0 3,128,0 2,372,0
52,803,0 3,224,0
Bank premises
628,0
459,0 1,020,0
234,0 1,065,0
1,269,0
51,122,0 4.916,0 1,509,0 1,692,0 2,064,0
604,0
66,582,0
All other resources
195,740,0 517,579.0
8,233,503,0 597,285,0 2,694,299,0 514.552.0658,240.0 336,961,0 238.107,0 1,635,276,0 305,352,0 229,968,0 310,144,0
Total resources
$

$

$

$

LIABILITIES.
47,559,0 215,055.0
F. R. notes in actual circulation- 3,149,659,0 249,094,0 661,485,0 245,679,0 316,620,0 151,317,0 130,634,0 777,069,0 134,333,0 106,419,0 114,395,0
30,529,0
903,0
31,432,0
F.R.bank notes in act'l eirourn
Deposits:
.
151,593,0 111,061,0 225,046,0
Member bank reserve account- 3,907,169,0 266,520,0 1,583,595,0 189,030.0 246,224,0 126,609,0 72,259,0 730,550,0 114,478,0 90,204,0
23,281,0 6,421,0 1,682,0 3,711,0 4,911,0 16,570,0
53,505,0 10,112,0 19.420,0 4,111,0 5,588,0
U. S. Treasurer-Oen. scot-. 162.988,0 13,676,0
824.0
325,0
325,0
267,0
383,0
441,0
406,0
1,462,0
4,121,0 1,207,0 1,114,0
835,0
Foreign bank
. 11,710,0
2,767,0 18,807,0 8,374.0 2,179,0 2.295,0 14.489,0
191,180,0 1,791,0 125,557,0 5,567,0 5,076.0 1,793,0 2,485,0
Other deposits
118,592,0 256,929,0
4,273,047,0 282.822,0 1,766.778,0 205,916,0 271.834.0 132,954,0 80,738,0 758,060.0 140,089,0 100,527,0 157,808.0
Total depoeits
60,160.0 20,894,0 15,238.0 29,356.0 20,475,0 23,195,0
96,745,0 31,024,0 39,831,0 41,272,0 14,394,0
434,944,0 42,360,0
Deferred availability items
12,695,0 4,051.0 3,116,0 4,128,0 4,002,0 10,776.0
59,518,0 15,200,0 12,966,0 4,986.0 4,369,0
146,554,0 10,747.0
Capital paid in,..
20,681,0 4,756,0 3,420,0 3,613.0 3,683,0 9,645,0
45,217,0 13,352,0 14,090,0 5,171,0 5,145,0
138,383,0 9,610,0
Surplus
619,0 1,133,0 1,619,0
853,0 1,026,0
2.969,0
4,737,0 2,500,0 2,300,0 1,155,0 2,489,0
22,453,0 1,053,0
Reserve for contingencies
360,0
298,0
225,0
222,0
376.0
3,642,0
881,0
599,0
338,0
106,0
29,290,0
696,0
37,031,0
All other liabilities
517.579,0
8,233,503,0 597,285,0 2,694,299,0 514,552,0658,240,0 336,961,0 238,107,0 1,635,276.0 305,352,0 229,968,0 310,144,0 195,740,0
Total liabilities
Memoranda.
Ratio of total res. to dep. at F. 11
note liabilities combined
Contingent liability on bills ptu.chased for forn correspondents
Commitments to make industrial
advances

70.0

73.4

71.3

66.3

67.0

64.6

58.1

73.9

68.2

69.9

66.9

60.8

68.0

579,0

38,0

231,0

55,0

51.0

20,0

19,0

67,0

18,0

12,0

15,0

15,0

38.0

401.0

35.0

15.0

7.0

80.0

37.0

25.0

160.0

132.0

•"Other Cash" does not Include Federal Reserve notes or bank's own Federal Reserve bank notes.
FEDERAL RESERVE NOTE STATEMENT
Two Ciphers (00) OmittedFederal Reserve Agent at-

Cleveland. Richmond Atlanta.

Chicago. St. Louis. Mitineap Kan.City. Dallas. SanFran.

$
$
Federal Reserve notes:
Issued to F.R.Bk. by F.R.Agt_ 3,416,357.0 273,664,0
Held by Fedi Reserve Bank- 266,698,0 24,570.0

$
$
S
$
5
755,363,0 261,160,0 331,205.0 159,991,0 149,289,0
93,878,0 15,481,0 14,585,0 8,674,0 18.655,0

$
$
$
$
$
$
810,649,0 138,808,0 109,654,0 120,370,0 52,621,0 253,583,0
33,580,0 4,475,0 3,235,0 5,975,0 5,062,0 38,528,0

3,149,659,0 249,094,0
In actual circulation
Collateral held by Agent as sebks:
to
curity for notes Issued
Gold certificates on hand and
3,145,186.0276.117,0
due from U.S.Treasury
13,120,0 1.354,0
Eligible paper
U. S. Government securities_ 296,000,0

661,485,0 245,679,0 316,620,0 151,317,0 130,634,0

777,069.0 134,333,0 106,419,0 114,395,0 47,559,0 215,055,0

753,706,0 212,000,0 282,431,0 126.340,0 81,385.0
358,0
372,0
139,0
7,960,0 1.477,0
50,000,0 50,000,0 35,000,0 72,000,0

819.513.0 124,936,0 102,000.0 113,290,0 52,675,0 200.763,0
109.0
184.0
62,0
179.0
153,0
773,0
15,000,0 9,000,0 10.000,0 1,000,0 54,000,0

761,666,0 263,477,0 332,789,0 161.712.0 153.524.0

820.286.0 140.089.0 111.179.0 123.352.0 53.859.0 254.872.0

Boston. New York.

Total.

3.454.276.0 277.471,0

Total ooliateral

Phila.

FEDERAL RESERVE BANK NOTE STATEMENT.
Two Ciphers (00) Omitted.
Federal Reserve Agent atFederal Reserve bank notes:
Issued to F. R.Bk.(outstdg.)Held by Fed'l Reserve Bank__
In actual circulation-net•
Collat. pledged eget. outat. notes:
Discounted & purchased bills.
U. S. Government securities..

Boston. New York.

Total.

Phila.

Cleveland. Richmond Atlanta.

$
42,911,0
11.479,0
31,432,0

$
1,511,0
608,0
903.0

$
$
31,192.0 10,208,0
. 663.0 10,208,0
30.529,0

48,474,0

5,000,0

31,474,0 12,000,0

$

Chicago. St. Louis. Minneap Kan.Citg. Dallas. San Fran.
2

$

$

$

$

$

$

$

31,474.0 12,000.0
of
•Does not include $96,976,000 of Federal Reserve bask notes for the retirementof which Federal Reserve banks have deposited lawful money with the Treasurer
the United States.
48.474.0

Total collateral

5.000,0

Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks in 91 leading cities from which weekly returns are obtained. These figures
are always a week behind those for the Reserve banks themselves. The comment of the Reserve Board upon the figures for
the latest week appears in our department of "Current Events and Discussions," immediately preceding which we also give the
figures of New York and Chicago reporting member banks for a week later.
AS AT CLOSE OF
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT
BUSINESS AUG. 29 1934 (In Millions of Dollars).
Federal Reserve DistrictKNOB and Investments-total
oans--total
On securities
All other
nvestmenta-total
U. B. Government securities
Other securities
teserve with F. R. Bank
:ash in vault
let demand deposits
nine awaits
lovernment dePwiits
)ue from banks
Nie to twits




Total.

Boston. New York

Phila.

Cleveland. Richmond Atlanta. Chicago. St. Louts. Minneap. Kan.Citg. Dallas. Edit Fuld.

$
17.708

$
1.196

$
8.012

$
1.061

$
1,195

7,802

675

3,513

492

3,247
4,555

251
424

1,704
1,809

9,906

521

6,627
3.279

346
175

3,132
243
12,926
4,510
1,203
1.560
3,732
a

224
49
870
343
101
111
183

346

332

$
1,843

407

160

166

223
269

194
213

56
104

4,499

569

788

3,050
1,449

292
277

582
206

1,552
49
6,693
1,089
693
123
1,618
A

120
13
664
317
66
129
217

151
18
657
469
46
100
183

$

$

$

$

s

$

$

510

357

561

416

1,879

729

209

164

214

185

888

55
111

314
415

74
135

38
126

58
156

57
128

223
665

186

166

1,114

301

193

347

231

991

128
58

110
56

764
350

192
109

135
53

233
114

174
57

621
370

51
12
220
134
8
80
89

28
6
174
129
28
79
77

581
49
1.679
500
59
239
516

79
8
341
166
32
100
144

54
4
242
124
8
79
113

88
11
437
165
22
201
266

74
8
281
124
62
138
130

130
16
668
950
78
181
191

1516

Financial Chronicle

TATE. .
tttmut

ginanriai

U0

t

a If
arartirig

Sept. 8 1934

United States Government Securities
Bankers Acceptances

PUBLISHED WEEKLY

Terms of Subscription-Payable in Advance
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$10.00
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In Dominion of Canada
11.50
6.75
South and Central America. Spain, Mexico and Cuba... 13.50
7.75
Great Britain, Continental Europe (except Spain), Asia,
Australia and Africa
15.00
8.50
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U. S. Treasury Bills-Friday, Sept. 7.
Rates quoted are for discount at purchase.
Bid.
Sept.26 1934
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Den 20 1024

0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.20%
0.20%
0.20%
/0.200
11 200.

Asked.

Bid,
Jan. 2 1935
Jan
9 1035
Jan. 16 1935
Jan. 23 1935
Jan. 30 1935
Feb. 6 1935
Feb. 13 1935
Feb. 20 1935
Feb. 27 1934
Mar. 6 1935

Asked.

0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%

William Street, Corner Spruce, New York.

Railroad and Miscellaneous Stocks.-For review of the
New York stock market see editorial pages.
The following are sales made at the Stock Exchange this
week (Sept. 1 to Sept. 7, inclusive) of shares not represented
in our detailed list on the pages which follow:
STOCKS.
Sales
Week Ending Sept. 7. for
Week.

Range for Week.
Lowest.

Range Since Jan. I.

Highest.

Lowest.

Highest.

RailroadsPar Shares. $ Per share. $ per share. $ per share.$ per share.
Chic St P & Om pref 100
10 5 Sept
5 Sept 5 5
Jan 114 Feb
IntRys of CentAmpf100
10 12 Sept 6 12 Sept 6 7% Jan 224 Apr
NY & Harlem pref _ _50
10 120 Sept 1 120 Sept 1 115
May 120
Sept
Wabask Ry pref B_ _100
390 234 Sept 1 3 Sept 4 2% Jan 64 Mar
Indus. & Miscell.Abrh'm & Strauss p1100
100 108 Sept 5 109 Sept 5 89
Jan 110
July
Am Mach & Met-setts.*
100 7 Sept 6 7 Sept 6 44 Jan 10
May
Art Metal Construc_10
10 5 Sept
5 Sept 5 4
July 9% Apr
Austin Nichols prior A *
10 57 Sept
57 Sept 5 314 May 64
Apr
Boeing Airplane w 1_ _5 3,900 84 Sept
104 Sept 5 8% Sept 104 Sept
Bon Arni class A
•
140 824 Sept 6 83 Sept 1 76
May 86
July
Brown Shoe pref___100
20 122 Sept 7 122 Sept 7 1184 June 125
Aug
Burns Bros class B
•
70 14 Sept 5 1% Sept 7 1
Aug 34 Feb
Class B ars
•
4 Sept 6
80
Sept 6
34 Jan 254 Feb
Collins & Aikman pf 100
so 78% Sept 6 78% Sept 4 774 June 94 Apr
Corn Exch Bk Tr Co.20 1,360 44% Sept 5 46% Sept 1 4431 Sept 51
Jan
Cushm Sons pi(7%)100
80 83 Sept 7 834 Sept 5 sosi Mar 91
May
Preferred(8%)
10 754 Sept 4 754 Sept 4 684 Apr 90
June
Devoe & Ray 1st p1100
10 116 Sept 5 116 Sept 5 99
Feb 116
Sept
Duplan Silk pref .100
10 102 Sept 6 102 Sept 6 100
Feb 110
Mar
Harb-Walk Ref pref 100
10 954 Sept 7 984 seat 7 87
Jan 100
Jan
Helme (G W) pref 100
100 1414 Sept 614134 Sept 6 12331 Mar 147 June
Indian Refining
10
200 2% Sept 6 24 Sept 6 2% May 44 Apr
Interst Dept Sts pref100
200 614 Sept 7 614 Sept 7 214 Jan 7231 Apr
Kan CityP&Lpfd serB *
20 1124 Sept 4 1124 Sept 4 9731 Jan 1134 July
Kresge Dept Stores_ _ _1
300 44 Sept 1 44 Sept 1 24 Jan 74 Feb
Math Alk Wks pref 100
20 1304 Sept 413031 Sept 4 110
Jan 135
June
Norwalk T & It pref_50
300 384 Sept 1 404 Sept 5 30
Aug 404 Sept
Omnibus Corp pref _100
300 88 Sept 5 90 Sept 4 88
Sept 95
Jan
Peoples Drug StoresI* 64% cony pref__100
10 1084 Sept 610831 Sept 6 86
Jan 1094 June
Stand Brands pref...J00
440 1244 Sept 6 127 Sept 4 1214 Jan 127
Sept
Stand Oil Co. of Ind_25 5,100 264 Sept 1 27 Sept 4 2631 Aug 274 Aug
Underwd-Ell-F pref 100
20 120 Sept 4 120 3Sept 4 102
Jan 125
July
United /Omit Corp w I 5 12,900 94 Sept
114 Sept 6 94 Sept 11% Sept
United Air Line Trans
Covotewl
5 7.7001 43.4 Sept
64 Sept 5 44 Sept 634 Sept
United Dyewd pref _100
10 73 Sept
73 Sept 6 594 MaIl 754 May
S Distribut pref__100
40) 8 Sept
9 Sept 5 74 Jan 13
Feb
U S Express
100
4 Sept
300j
55 Sept 4
4 May I% Apr
IJniv Leaf Tob pref_100
10 127 Sept
127 Sept
1124 Jan 127
Sept
Utah Copper
10
10 59 Sept 4 59 Sept 4 59
Aug 67
Apr
• No par value. f Companies reported in receivership.

The Week on the New York Stock Market.-For
review of New York stock market, see editorial pages.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.

Week Ended
Sept. 7 1934.

Storks,
Railroad
State.
Number of and Aliscell. Municipal &
Shares.
Bonds.
Fore Bonds.

Saturday
Monday
Tuesday
Wednesday _
Thursday
Friday

113,060 $1,363,000
BOLL DAY
309,830
3,094.000
476,030
3,906,000
603,330
4,008,000
689,680
4,627,000

Total

2,191,930 516,998,000

Sales at
New York Stock
Exchange.

1934.

Total
Bond
Sales.

$1,896,000 $3,991,000
HOLI DAY
14,169,000 18,512,1300
8,746,000 14,251.000
8,625,000 14,000,000
10,039,000 16,251,000

$6,532,000 $43,475,000 $67,005,000

Week Ended Sept. 7.

Jan. 110 Sept. 7.

1933.

Stocks-No, of shares_
2,191,930
Bonds.
Government bonds _ _ _ $43,475,000
State & foreign bonds_
6,532,000
Railroad bonds
16,998,000
Total
• Corrected total.

$732,000
1,249,000
1,599,000
1,367,000
1,585,000

United
States
Bonds.

1934.

1933.

5,504.160

*253,282,300

510,310,134

$3,858,200
8,199,000
21,923,000

$592,399,700
438,695.000
1,675,932,000

$300,959,400
535,220,500
1,517,077,900

$67,005,000 333,980,200 *$2,707,026,700 $2,353,257,800

Quotations for United States Treasury Certificates of
Indebtedness, &c.-Friday, Sept. 7.
Maturity.
Sept.15 1934_ _.
Aug. 1 1935_
June 15 1939...
Dec. 15 1934._
Mar. 15 1935...
Dee. 15 1935._
Feb. 1 1938_
Dec. 15 1939_ _ _

hit.
Rate.

Bid.

14%
131%
231%
231%
24%
24%
231%
231%

1000:
101,
::
99"::
100,11::
101,
”
1020,
102
1030n




Asked.

Maturity,

1001,4 ADr, 15 1936_ __
1010:: June 151938......
1002
. June 15 1935...
1000,, Feb. 15 1937_ ._
101"., Apr. 15 1937...
1020:: Mar. 15 1938._
102,
” Aug. 1 i936.._
103,,n sera. 15 1937._ _

Int.
Rate.
24%
24%
3%
3%
3%
3%
3 Si %
331%

Bid.

Asked.

103,:: 103,::
102",, 102:,
:
:
102
,
.
1020::
103"st 103"22
10310,, 1030st
102,11:: 1031,,
104.0 1040::
104
104'0

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. Sept. 1. Sept. 3. Sept. 4. Sept. 5. Sept. 6. Sept. 7.
First Liberty Loan
High 103'n
34% bonds of 1932-47._{Low_ 103,n
(First 3.4s)
Close 103,n
2
Total sales in $1,000 units...
Converted 4% bonds of.) High
1932-47 (First 45)
LowClose
Total sales in $1,000 units.. _
Converted 431% bonds_ 1 High
of 1932-47 (First 44s) Low_
Close
Total sales in $1,000 units._ _
Second converted 44%1 High
bonds of 1932-47 (First Low_
Second 44s)
Close
Total sales in $1,000 units....
Fourth Liberty Loan
(High
44% bonds of 1933-38._ Low.
(Fourth 45,1s)
Close
2
Total sales in $1.000 units...
Fourth Liberty Loan
{High 100,11,1
44% bonds (2d called). Low. 1000:1
Close 10021,,
Total sales in $1,000 units....
19
Treasury
(High 112,ss
Low_ 112,n
434a 1947-52
::
Close 112,
Total sales in $1,000 units__ _
3
107.22
1
40, 1944-54
(LOW. 107.22
Close 107.22
Total sales in $1.000 units _ _ _
13
High 102,22
4s
4 -34s, 1943-45.... _{Low_ 101+,22
Close 102'22
Total sales in $1,000 units_ _ _
363
{
34s, 1946-56
(Low.
Close
Total sales in $1,000 units,,,.
103
1
HO!.!34s, 1943-47
(Low. 103
DAY
Close 103
Total sales in $1,000 units... _
1
f!Ugh 100'n
Is, 1951-55
{Low 100,22
(Close 100,22
Total sales in $1,000 Units _ __
197
1LowHigh 100,21
3s. 1946-48
100,a2
Close 100,22
Total sales in $1,000 units _ _ _
244
1 High 103.22
3%s, 1940-43
Low_ 103.22
Close 103.22
Total sales in $1,000 units__
2
1 High 103.22
34s, 1941-43
Low_ 103,22
Close 103.22
Total sales in $1,000 units...
225
101,22
{High(
34s, 1946-49
101,22
Close 101,22
Total sales in $1,000 units _ _ _
7
1 High 10311::
331s, 1941
Low.
_
Close 10311s:
Total sales in 51,000 units...
2
(nigh 102,s2
34s, 1944-46
Low_ 101,41
Close 102,22
Total sales in $1.000 units_ _ _
280
Federal Farm Mortgage (High 100,22
34s, 1944-'34
Low. 100.12
Close 100.22
Total sates in $1,000 units_ _
Federal Farm Mortgage 1 High 98,22
3s, 1949
98
Low_
Close 98,22
Total sates in $1,000 units...
6
Home Owners' Loan
(High 98,n
4s, 1951
Low_ 98,n
Close 98'n
Total sales in $1,000 units___
105
Horne Owners' Loan
(High 98'n
3s, series A, 1952
(Low. 98.n
(Close 98,n
Total sales in $1,000 units...
419

103,n 1020222 102"31 103
1028.22 102'n 102.22 102.22
103
102.22 102.22 102.22
70
116
38
5

10-3-,;; 103,22
103,n 102.22 1020,22 1020::
103,n 102,012 102,,s2 103
96
29
14
24
_
103.22 10I.V2 103.22
103.22 103.22 103,22
103.22 103"22 103.92
272
284
36
99
1002.:: 100,.22 100.22 100,,s2
1000:: 100.'n 100..2 100.22
100.22 100.22 100.12 100,322
50
257
156
1
112,22 111.21 ill,
111
111,22, 110,022
',.10
,,22
110.22
112
110..22 111
110.22
250
654
54
113
107,22 107,22
107.22 107
107
108,721 106.22 106.12
107,s2 106.22 107
106,,a2
146
458
729
35
102,s2 101,,n 101.212 101,,s2
101",, 101,22 101,22 101,n
101.11 101.22 101.22 101,22
1,476
737 1,165
515
106.0 105.22 105,22 105
105170 105'22 105222 105
1052.0 105,22 105,22 105
100
37
96
103
102,.22 102.22
102"n 102.22 10211:: 109,22
1020:: 102"22 102.22 102'n
547
321
329
21
100,22
99.22 99.2
99.22
99.22 99,,n 99.432 99,71:
9922,, 9924, 9922, 99.22
1,081
436
280 1,753
100,22
997.0 99,,:s 99"22
99.22 99.22 99"32 991,22
99.22 99.22 9924,, 991,::
3,733
923
924
941
1021,:s
103.22 102.22
103
102",, 102042 10210::
103
102042
102"8
101
2
362
250
102,,22 102,042 102",,
1031:: 1021,22 102"st 102'n
103,
:: 102",, 102.22 102"22
507
150
70
564
101,:: 100,022 100.22 100.22
1000:: 100"22 100,122 100.22
10000,, 100.22 100.21 100.22
548
566
271
105
103,3: 102"22 102.22 102.122
102,,n 102"n 102"s2 102,22
102.21 102"22 102.22
715
1,332 1,163
263
101.,22 bib,, 101.22
101
101'22 101122 101.22
1010
: 101,22 101,n 101,22
927
1,161
1,004
651
100,22
99.22 99.22 99,,22
99.2
99.42
98,,n 99,12
992,22 98,0n 99.11 99.012
305
42
357
218
98
9714: 970::
97,22
97.111
97.22 961,31
9700 9612,, 97
971,22
577
612
125
400
98
96,442 97.0 97”lf
970:: 96"22 961.0 97,42
9710
. 90,622 97.22 07,421
872
866
393
493
94.22
97.722 97.22
97,
0
97.22 9600 961.22 97.022
97.522 9600 971,21 97.2,
3,067 1,785 1,269 1,262

Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
23 4th

448 (uncalled)
94th 44s (2d called)
150 Treasury 4s 1944-54
2 Treasury 3%s, 1940

103,
:: to 103,
::
1000:: to 100"s:
106.22 to 106"22
102.22 to 102"22

The Curb Exchange.-The review of the Curb Exchange is
given this week on page 1508.
A complete record of Curb Exchange transactions for the
week will be found on page 1535.

1517

Report of Stock Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages—Page One
RECORDED IN THIS LIST, SEE PAGE PRECEDING.
far FOR SALES DURING THE WEEK OF STOCKS NOT
is taken of such
range,
unless
they are the only transactions of the day. No account
day's
disregarded
In
the
NOTICE.—Cash and deferred delivery sales are
sales In computing the range tor the year.
PER SHARE
PER SHARE
Range for Previous
STOCKS
Sales
Range Since Jan. 1.
HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Year 1933
for
NEW YORK STOCK
On basis of 100-share tots.
EXCHANGE.
the
Friday
Thursday
Wednesday
Tuesday
Monday
Saturday
Highest.
Lowest.
Highest.
Lowest.
Week.
Sept.
7.
Sept.
6.
Sept.
5.
Sept.
3.
4.
Sept.
Sept. 1.
per share
share
$
per
share
$
per
share
$
per
Par $
Railroads
345 Feb 804 July
$ per share $ per share $ per share $ per share $ per share $ per share Shares.
7334 Feb 5
50% 16,600 Atch Topeka & Santa Fe__I00 4514 Aug 11 90 July 14
5238 4934 5234 49
4914 50% 51
5038 5034
Apr 7938 June
50
5
Jan
7018
100
Preferred
300
76
•74
77
8018 77
7612 7612 *74
77
1
77
16
1612 Feb 59 July
1,000 Atlantic Coast Line RR_ I00 2412July 31 54 4 Feb
28
29
29% 27
30
*2814 2912 29
2834 2834
84 Feb 377g July
100 1314Ju1y 26 3412 Feb 5
1533 16% 15% 1658 1534 1612 1518 1534 10.200 Baltimore & Ohio
15% 1638
9% Apr 3914 July
6
Feb
373
8
4July
26
163
100
Preferred
700
17% 1812
1814 1814 18% 19
18
18
19
*18
Jan 4134 Dee
20
50 3512July 27 4618 Feb 1
300 Bangor & Aroostook
4078 4078 *40% 4212 40% 4078 4012 4012
*4078 4112
685
8 Jan 110 Aug
June
30
111
5
Jan
9518
100
40
Preferred
10412 10412 '10714 109
103 103
*100 109
*100 109
30 July
Apr
6
Feb
5
1912
612July 27
100
Boston & Maine
'6% 9
'678 9
93 July
*6% 834 *6% 9
9
*7
312 Mar
836 Feb 7
312 Aug 6
100 Brooklyn & Queens Tr_No par
458 458 *412 514 *412 5% *412 514
*412 514
Apr
6018
July
Apr
26
353
4
5814
July
26
38
No par
Preferred
100
4912
4912 *47
4912 *47
4713 4712 *47
*4712 4912
July
7
4114
Feb
21%
Aug 27
4258 4(14 4118 4,500 Bklyn Manh Transit_ No par 2814 Mar 27 44 July 21
42
424 4214 4214 43
4134 41%
8312 June
64
Mar
97
4
Jan
8218
par
A_No
9212
$6 preferred series
*9212 9333 "9138
*9133 95
*9114 95
'9114 95
July
Apr
207
8
712
Mar
12
1814
25 117e July 26
1338 1334 7,400 Canadian Pacific
1338 1312 1358 144 1334 14
1353 1334
6014 Apr 7912 July
Caro Clinch & Ohio etpd__100 70 Jan 6 9212June 23
5---- 95 a---.. 95 *____ 95 •_-_- 95
*8412 95
Apr 122 July
38
Central RR of New Jereey.100 53 July 27 92 Feb 3
60
60 '50
•50
60
52
60
60 .
"54
*'1
2438 Feb 4938 Aug
Jan 5 4838June 18
3912
25
Chesapeake
&
Ohio
8,100
4312
44
,
8
4
x44
443
45
44
4418
4312 43%
4312
8 July
Apr
%
Feb
17
2
7
Aug
158
_100
Co__
III
fly
Whit,& East
212
212 *2
212 52
234
234 *2
*2
"2
812 July
12 Apr
8 Feb 16
158July 23
100
6% preferred
100
*212 3
75 July
2% 2% *212 334 '212 3
*234 334
512 Feb 1
136 Apr
July
26
2
•_100
Chicago
Great
Western_
1,200
24
2
8
"218
23
2
2
238
'2
238
.
2
July
Apr
14%
212
19
Feb
117
8
July
23
4
100
Preferred
200
414 414
"438 478
434 434 *412 5
.4% 514
Apr
113
4 July
1
812 Feb 5
212July 26
314 312
31,
314
3,4 3,4 1,200 Chia Milw St P & Paa__No par
314 3%
3,4 314
1814 July
Feb
5
112
Feb
26
134
July
3's
10
7,800
5%
Preferred
5
5% 534
518 558
514
54 514
5
14 Apr 16 July
412July 26 15 Feb 5
64 7.900 Chicago & North Western_100
614 612
6
614
6
6,4 6,2
618 618
2 Apr 244 July
814July 26 28 Feb 16
100
800
Preferred
1234 1134 12
1212 12
12
12
51114 12
*11
2 Apr 1018 July
64 Feb 7
2 July 24
400 :Chicago Rock Isl & Pacitia100
'234 278
34 '234 3
*27
318
3
212 212
95 Feb 6
312 Apr 1912 July
314 July 26
100
7% preferred
200
434 434 *334 4%
418 41
*334 412
*334 414
278 Apr
15 July
8 Feb 6
2 July 23
100
6% preferred
413 .312 44 '312 4
*318 314
*318 412
1514 Feb 61 July
100 18 Aug 4 4036 Feb 1
20 Colorado & Southern
23
*3l3 23
23
26
*2314 2412 *23
23
30
*23
1213 Apr 4238 July
100 15 Aug 13 3314 Feb 9
2412 20
4% 1st preferred
20
20
*19
20
20
*1612 21
•1612 20
10 Mar 30 July
100 20 Jan 12 30 Feb 3
4% 2d preferred
1834 •____ 1834 •____ 1834
1834
*--5912 18%
114 Feb1058 June
64 Feb 5
218 Jan 5
Consol RR of Cuba prof _ _ _100
*312 412 *33
412 *358 412
412 *35
*358 412
16 June
212 Jan
314 Jan 15 1012 Jan 23
100
pref____
Cuba
RR
6%
35
7
*514
514
53
4
4
714
53
4
534
'54 634 *53
8 Feb93% July
Feb
1
375
7312
6
Aug
35
100
Delaware
&
Hudson
900
39
4212 40
4112 39
*41
39
40
40
40
Feb46
July
5
1714
4
Feb
26
333
July
16% 1713 4,700 Delaware Lack & Weetern_50 14
1733 1773 1718 18
1614 167
1612 16%
2 Feb194 July
413July 26 1314 Mar 28
618
6
500 Deny & Rio Or West pref.. 100
6
6
013
7
612
6
*6
'57
July
Apr
253
4
3
4
5
3
8
Feb
247
26
1018July
100
1,800 Erie
51234 1318 1312 1334 1353 13% 1233 13
"1234 1312
412 Apr 2912 July
100 1534July 26 2814 Apr 26
First preferred
1712
800
1714 1734 *1712 1812 17
18
19
"17
'17
212 Apr 2314 July
Apr 21
23
28
July
11
100
1112
Second
preferre
I
100
1113
1714
Stock
*1112 1714 '1112 1714 "12
1112 13
4% Apr 332 July
100 12'4 July 26 3212 Feb 5
14
1514 11,100 Great Northern pref
16
15
1434 15
14% 1434 14% 157
14 Mar 1112 July
5 July 25 1614 Feb 20
Gulf Mobtle & Northern 100
"614 8
5614 712 "614 8
.614 713 Exchange '
614 8
21
212 Mar 2312 Jul,
Feb
35
3
4
July
28
12
100
Preferred
100
14
14
18
•14
*1414 18
18
'14
*14
18
38 Dec
234 June
23
Jan
112
58July 2
78
cif;
Havana Electric Ry Co No par
73
34
*12
1.14 '
12
Closed
*12
%
*12
19 June
612 July
478 Aug 6 1218 Feb 7
100
400 Hudson & Manhattan
512 6
*512 618 *512 6
•513 6
614
*6
July
Apr
5034
812
Feb
5
387s
26
8July
100 135
1634 5,600 Illinois Central
164 1634
1614 1612 1712 1624 175s 16
Labor
16
16 Mar 6018 July
100 28 Aug 22 50 Apr 26
6% pref series A
"25
31
31
30 "25
*25
31
'25
'25
31
Mar
31
60
July
May
2
66
Jan
5
483
4
100
Leased lines
57
*54
57
*54
57
*54
57
Day
•54
59
"54
7 2414 Feb 6
412 Apr 34 July
912 Aug
RR Sec cps series A__100
*934 1178
'97 117
11
•1014 12
0
Dec
Feb
13
*934 12 '10
418
512July 26 1458 Aug 29
127 1378 8,100 :Interboro RapIdTran v t c 10
1338 1314 144 1312 14
13
1338 13%
x 73 July
612 Feb
658July 26 19% Apr 21
10
200 Kansas City Southern
8
8
'7% 97
*734 81
8
8
July
Mar
584 812
212
14
Apr
21
2712
100 1114 Aug 7
Preferred
*1314 15 '1314 15 '1314 14 '1112 14
"1314 1458
8% Feb 2734 July
912July 26 2114 Feb 5
5
12
121
121s 1112 1458 1,100 Lehigh Valley
11% 11'2 12
"11 12 13
2114 Jan 8712 July
41 Aug 9 6212 Apr 20
300 Louisville & Nashville... _10
42
4218 421s 42
42
42
42
"40
44
*38
Oct
12 Mar 28
Jan 3 3212 Mar 29
20
:Manhattan
_10
50
fly
guar
7%
2712
30
2712
30
31
*2714
30
30
*2714 30
Oct
Jan 20
6
1034July 26 2512 Aug 27
10
Mod 5% guar
2318 2418 5,600
234 2412 234 24% 2312 243
2334 23%
Mar
8
June
1%
24
Apr
1214
16
478 Jan
Market St fly prior pref _ _ _100
9
"5
9
"5
9
"5
Li
9
*5
*5
214 July
la Jan
138 Mar 28
12 1,400 /Minneapolis & St Louis _ _100
4July 30
38
12
1
*3g
12
12
3838
12
%
12 Mar
57 July
358 Feb 6
1 July 26
112
Minn St Paul & SS Marle_100
112 '1
112 *1
112 *1
*1
1,2
*1
38 Apr
812 July
54 Apr 20
134 Jan 8
100
212
7% preferred
212 *1
212 *1
212 *1
"1
*114 2
Dec1412 July
212
Mar
10
712
26
312
212July
312
100
20
4%
leased
line
ctfs
378
*312 334 *312
'313 4
*312 4
1718 July
5% Jan
438July 27 1478 Feb 5
612 7
Ole 613 3,600 Mo-Kan-Texas RR_ _ __No par
7
7
612 612
612 612
1112 Jan 3714 July
Preferred eeries A
100 1312July 26 3438 Feb 6
1,600
1614 1614 1634 158 1614
16
1512, 1534
*1512 16
Apr
10,4 July
118
Feb
5
8
July
26
2
100
100 :Missouri Pacific
'234 314 '234 314 "234 314
23.1 24
'234 3
158 Apr 1514 July
94 Feb 7
314July 24
100
418
300
Gonv preferred
414 *4
*4
37
4
4
418
*4
4
13
Jan 57 July
24
Jan
46
13
Aug
21
Chatt
&
St
Louis
100
10
Nashville
26
233
8
*2212
233
8
'2212 26 '2212 26
"2212 26
312 June
18 Mar
2% Apr 4
1 May 16
100 Nat Rys of Mex 1,8 4% 01_100
112
112 514
114 *114
114
114
"1
134
51,4
133 June
38 Jan
1 Mar 7
38 Jan *
2d preferred_ _ _. ____. _ _100
200
58
34
•12
l
5
*58
58
5,2
%
*33
5112
July
14
Feb
454
Feb
5
2218
Aug
6
183
8
par
..NO
27,300
New
Central_
York
2112 2278 2118
23
2118 2155 22
2112 21%
218 Jan 2758 Aug
9 July 26 26% Apr 24
300 NY Chic & St Louis Co_ _ _100
13
1212 1212
*1114 1312 1312 1312 13
*11
1312
258 Apr 3414 July
Apr
23
434
3
Jan
1712
100
Preferred
series
A
21
21
'183
8
*1914
22
22
'1812 2112 *19
"19
4 June
20 N Y & Harlem
5 108 Jan 2 139 Feb 1 100 Mar 1583
11414 11414 *1,412 118 *11414 118
•11414 119
*11312 117
1118 Feb 347 July
9 July 26 2418 Feb 5
10
1014 8,600 N Y N H & Hartford
10% 1014 108 10
1018 10
10
1018 10,4
Apr58 July
18
Feb 5
375
8
26
1412Ju1y
10
Cony
preferred
700
17
17
17
17'8
17
17
17
'16
16% 16%
712 Dec 15 July
412July 27 11% Feb 5
100 N Y Ontario & Western_ _ _100
'533 6
6
*512 63
134 534 *55
•513 53
312 July
4 Mar
I% Jan 16
58July 23
No par
114
132
114
800 N Y Railways pref
114
112
*34
8
8
11
*1
47 July
Apr
20
12 Apr
418
23
14July
10
1
200
/Norfolk
Southern
5112
114
12
238
*112 25
*112 278
*112 2%
July
11112
Mar
177
16
July
187
5
300 Norfolk & Western
10 161 Jan
16912 16912
172 172 "173 174
516912 174
5170 174
74 May 5712 Sept
100 June 9
Jan
8
82
10
110
Adjust
4%
pref
95
95
95
95
95
95
961
*95%
7 July
95,8 95%
Apr
95
34
Apr
20
3614
2July
31
141
10
1758 19
17
18,8 7,400 Northern Pacific
1812 181
17,2 1814 i81p 19
7 July
1
Jan
633 Mar 14
2 Jan 4
I
120 Pacific Coast
238 212
28
212 3
214
*111
214 214
214
138 Feb
10 July
33 Jan 19 1114 Apr 20
No pa
181 preferred
130
538
5
5
"4
5
5
5312 5
Feb7
July
1
612Mar
14
Jan
3
2
No pa
260
2d preferred
313 338
4
4
.212 5
5
334
*2
*2
1334 Jan 42,4 July
21 Aug 6 377 Feb 19
5
2234 2312 5,500 Pennsylvania
227 2334 2312 2418 2312 24
23% 2414
July
7
8
Feb9
17
28
8
Feb
8July
314
314
.2%
*212
21
Peoria
&
Eastern
100
314
*24 311 .2%
*212 312
37 Mar 37 July
100 12 Aug 7 38 Apr 24
Pere Marquette
*1414 2558 *1414 255e
•1414 2558 '1718 19
•1438 2112
6
Jan 4412 July
23
Apr
5112
13
Jan
IS
Prior
100
preferred
30
30
*22
'18
30
"154 30
•16
•1514 30
412 Feb 3812 July
Preferred
100 1318 Aug 7 43 Apr 23
100
188 1878
"1878 36
*1873 36 .1878 36
*1878 36
578 July
2 June
6 Apr 25
24 Aug 10
Philadelphia Rap Tran Co_ _50
"2% 3
"213 234 *212 3
*212 3
*212 3,4
3 Dec 10 July
Apr
24
16
12
77
Jan
412
50
7%
preferred
8,4
*6
'638
*638 734 *633 8
*6% 8's
812 Apr 353 July
Pittsburgh & West Virginia 100 1114July 30 27 Feb 21
*1212 20
*1212 20
•1213 20
•1213 20
*1212 20
2312 Apr 6212 July
Reading
50 3518 Aug 11 56% Feb 5
*3812 44 '3812 4312
*3812 44
"3812 44
*37% 4178
25 Apr 38 July
1s1 preferred
50 3312 Feb 8 4112June 9
*3814 40
.3814 40
*3814 40
*3814 40
4.38% 40
2312 Mar 37 July
3912June 19
7g
II
2918
Jan
2d
preferred
50
*37
397
8
39
*37
8
397
*37
39%
*37
3978
.P37
Jan 1812 July
6
7 July 26 15 Feb 7
Rutland RR 7% pre!
100
.5% 9
*55
"558 9
.558 9
9
*538 9
9% July
4% Feb 6
72 Jan
112 Aug
200 /St Louis-San Francisco 100
2
*134 2
2
214
2% *2
"2
214
*2
Apr
1
9,4 July
618 Apr 4
2 July 23
1st preferred
100
200
238 23
238 238 *212 234
•238 3
*233 3
22
July
Ma
8
514
Mar
1412
20
July
26
1412
*312
*512
8
Southwestern_
_
_
_100
St
Louis
141
7
2
"512 1412 *512
•512 14,2
3 July
14 Jan
2 Feb 6
78
78
g
7s July 2
800 :Seaboard Air Line____No pa
1
1
1
*78
33 Ma
4% July
21
Feb
318
15
114July
2
100
Preferred
•114
ls
138
•114
*114
*114
13
4
158
.1.14
1118 Feb 3834 July
3334 Feb 5
100 1478 Aug
1713 1818 19,400 Southern Pacific Co
1712 1814 18,4 1918 1712 19
1734 1838
36 July
418 Ma
100 1112 Aug 6 3612 Feb .5
1712 1534 16% 11,100 Southern Railway
1518 157
154 1738 16
1614 1614
5% Jan 49 July
Apr
26
4114
26
14
July
100
1,300
Preferred
1912
20
21
20
2078
'19
11112 20
*1913 2058
4014
July
Jan
8
473
4
Apr
20
13
Aug
Mobile & Ohio elk tr We 100 35
38
38 '31
"30
40
"3112 381 *31
*3112 39
43 July
15 Ay
Texas & Pacific fly Co_._ _100 1312July 27 4314 Feb 1
30
3.) .17
30 "17
"15
30
*15
*1512 2012
1218
June
Feb
12
4,
8
Jan
8
,
4
4
July
26
10
614
*6
700
Third
Avenue
612
618
6
6
6
"5
*0
6,4
4% June
De
812 Apr 24
1% Jan 10
200 Twin City Rapid Trans No pa
514
518 "4
*41
412 5
41_
'4
41,
*4
15 June
412 Dee
6 Jan 12 39 Apr 24
100
50 Preferred
22
•22
2414 22
23
23
23
23
2434 2434
7
132
July
Apr
8114
Apr
11
133
Aug
8
10
90
9612 10014 964 9714 5.600 Union Pacific
977 98
9814 1001
98
98
7512 July
58
AP
100 71% Jan 18 89 July 13
200 Preferred
775$ 7758 *7818 80
7814 7814 57858 79
*77% 80
July
712
Jan
112
30
Jan
4%
17
8July
27
10
25
8
/Wabash
*24
1
*214 212 *2 4
234 *214 238
*2% 234
978 July
113 Apr
858 Apr 26
10
23s July 26
300
Preferred A
34 334 *312 378
4
4
334 334 534 37
16 July
Fe
4
718July 26 174 Feb 20
10
918 914 1,200 Western Maryland
1018
*9
10
912
95
8
10
•914 938
1912 July
5% Jan
958July 26 23 Feb 20
10
2d preferred
"104 1312 .1014 1312 *1012 1312 *1012 1312
*1014 1312
Apr
1
912 July
812 Mar 29
258July 27
100
400 Western Pacific
*358 4
4'
4l8
418 44 '312 4
3% 3%
16 July
Ma
I%
1712
Mar
28
4%
Jan
10
5
5
1,200
Preferred
*8
918
9
9
912
831 8/
1
4
98
834 834
•Bid ar d asked prices, no sales on this day.




/Companies reported In receivership. a Optional sale. c Cash sale. 5 Sold 15 days. r Ex-dividend.

y Fx-rights.

1518
gar

New York Stock Record-Continued-Page 2

Sept. 8 1934
FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED
IN THIS LIST, SEE SECOND PAGE PRECEDING.

HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
PER SHARE
PER SHARE
Sales
STOCKS
Range Since Jan. 1.
Range for Previous
for
NEW YORK STOCK
Monday
On basis of 100-share lots.
Tuesday
Wednesday Thursday
Year 1933.
Friday
the
EXCHANGE.
Sept. 3.
Sept. 4.
Sept. 5.
Sept. 6.
Week.
Sept. 7.
Lowest.
Highest.
Lowest.
Highest.
share
$ Per
Per share $ per ihare $ per share $ per share
per share Shares.
Industrial & Miscel. Par
Per share
$ per share $ per share Per share
712 7;
7
712
74 712
713
714
7
714 5,300 Adam* Express
par
w
No 1p
6 July 26 1 l7g
e5
3 Feb 134 July
.80
86
•80 86 .
80 86 *80 86 .80
86
Preferred
7014 Jan 25 84 July 18
39 Apr 71 June
.
24
*2412 2511 2514 2514 253* 2538 2412 2434
2514
400 Adams Millis
No par 16 Jan 5 34% Apr 5
8
Apr 21/
1
4 July
778 7%
7% 7%
734 8
*7; 9
778 778
800 Address Multigr Corp
10
734 Jan 5 11% Feb 6
5/
1
4 Apr 121
/
4 June
458
*4
*4
4% •4
412 *4
412 *4
412
Advance Rumely
No par
318July 27
7
2%
58 Feb 6
*54 512
5
1/
1
4 Feb
9
58 July
*54 512 *514 512
512
512
Affiliated
*514 512
100
Products Ino_No par
54 Aug 6
5
5
8
July
1154
97
97
May
98
98
98
98
98; 100
9918 100
2,900 Air Reduction Ino
No par 9134June 2 10614 Jan 24
47/
1
4 Feb 112 Sept
11
/
4 134
*134 2
"1; 2
*134 2
134 134
300 Air Way Elm, Appliance No par
158July 24
3% Apr 26
/
1
4
Feb
4
May
18; 1878
18% 18% 18
19
17
17; 1634 17,2 67,100 Alaska Juneau Gold Min_ _10 1634Sept 7 237s Jan 16
111
/
4 Jan 83 Aug
*414 518
*414 518 *414 51a *414 5; *414 5;
A P W Paper Co
33 July 27
No par
7% Apr 24
1 Jan
2
95s July
2
2
2
2
24
2
218
1% 2
6,800 Allegheny Corp
158July 26 114586
No par
Feb
614
8
AA
t%)
ir.
100
1
7
8 Apr
812
*7
8/
1
4 July
*7
733 734
65* 658
7
734
200
Pref A with $30 wart....100
5% Jan 4
1
Apr 2178 July
7
*64 734
7
*612 7
*7
8
612 612
200
Pref
with
A
$40
warr.
3
Jan
_100
558
118 Apr 21 July
*64 7
*612 7
*814 7
*612 7
6
61
200
Pref A without wan. 100
514 Jan 6 1438 Apr 9
114 Mar 20 July
20
•18
20 •18
19
18
*16
18
20
100 Allegheny Steel Co.._ .NO par 15 June 16 2318 Feb 23
5 Mar 26 July
•129 130
130 130
130 13334 128 13334 12712 12912 2.800 Allied Cbemloal & Dye_No par 120 July 26
16034 Feb 17
7054 Feb 152 Dec
•12612 130
12612 12612 *128 130 *128 130 130 130
200 Preferred
_100 12218 Jan 16 130 June 22 115 Apr 125 Oct
1311 13%
1338 1338 13; 1334 1314 1334 12; 13
2.100 Allis Chalmers Mfg._..No par 1038July 26 2333 Feb 5
6 Feb 2838 July
*1312 15
.
13
1312 13
1314 13; 1334 *13
400 Alpha Portland Cement No par 1112July 28 2018 Feb 6
1334
1
4 Jan 24 July
5/
*34 312
*314 312 *338 358
34 33*
300 Amalgam Leather Co
34 318
218July 27
7/
1
4Mar 12
1
58 Feb
*2678 33%
914 July
•27 33% *27
3338 *2738 3338 .27 33;
6
Jan
25
45
50
Mar
13
6
Feb 40 July
*474 4712
4714 4734 4738 4734 47 47
4614 46; 1.400 Am
7eladUareCo
ferr
rp
ed
par 4112 Jan 4 5558June 8
1813 Mar 47% Nov
*3812 39
37
38
3712 3834 3734 3812 3718 3712 1,400 Amer Agri° Chem (Del)N
No par 254 Jan 4
74 Mar 35 July
*144 1512
•13; 1412 1412 1434 14; 144 •14
143*
500 American Bank Note
45
138
10 12%July 26 2
14 A ug
pr 27
2
8 Mar 284 July
*4318 44
*4318 44
*4318 44 *4318 44
44 448
20
Preferred
50 40 Jan 4 5012 Apr 27
34
Apr 49% June
24
24
•2318 24
*2312 24
2314 2312 234 2318
500 Am Brake Shoe & Fdy _No par 1978July 27 38 Feb 6
918 Mar 4212 July
10814 10814
*108 110
108 108 •105 107 *105 1.0
20
Preferred..
100 96 Jan 10 1104 Apr 18
60 Mar 106 Aug
9734 9812
97
97
9814 99
98 99
9614 9712 3,000 American Can
25 9014May 14 10734 Feb 15
4912 Feb 1004 Dec
*146 150
147 147 *140 14812 *140 1484 .140 150
100
Preferred_
100 12612 Jan 6 14812July 24 112 Feb 134 July
1612 164
1614 16% 1814 17
174 1714 16
1612 1,400 American Car & FdyNo par 12 July 26 33% Feb 5
618 Jan 39% July
*3518 364
3518 3638 3612 3812 *3512 37
3612 3634
600
Preferred
12
611: F
100 34 July 26 5
Feb 27
5
15 Feb 5934 July
*518 6
*518 6
.
518 6
*518 6
*54 6
American Chain
412 Aug 7
No par
1% Mar 14 July
35
•18
29 •20
*16
2518 *20 254 *20
2518
7% preferred
100 19 Aug 31 40 Apr 24
312 Mar 3112 July
62 62
.
59 6178 *5912 80
59
60 61
5918
900 American Chicle
No par 4614 Jan 8 62 Sept 1
34 Mar 5114 July
*258 3
*238 3
212 238 "214 2; *214 2;
300 Amer Colortype Co
8
Aug
24
612 Neb 5
10
2 Feb
818 June
284 2814
•2738 2814 28; 2878 2812 28; 26
28
2,200 Am Comml Alcohol Corp_211 2034July 26 6218 J/113 31
13 Feb 519% July
*9
9%
*9
9%
9
9
834 9
8% 8%
700 S American Crystal Sugar_....10
7 July 26 1312June 19
1
Jan 1634 July
*55
6312
*55 62 *55
6278 *55 6278 *55 621
7% preferred_
100 4612 Jan 4 '278June 18
24 Jan 64 Sept
•178 2
1% 2
1%
178
134 17
.134 2
600 Amer Encaustic Tiling_No par
14June 27
5 Feb 18
1
Jan
6 June
*5
*5
534
*5
6
6
*5
6
*5
6
Amer European Sers_No par
5 Aug 8 3110033142 e
seb
bb 3
76
3% Apr 13 July
6% 6%
6% 6%
638 67
64 612
64 612 8,400 Amer & Forn Power_ _No par
412July
26
3%
Feb
1958 June
*17
19
1512 1633 *1512 17 •1513 1612 1514 1514
500
Preferred
No par 13',July 27
Feb
74 Apr 44% June
•858 9
8% 8% *812 914 *812 10
*712 9
100
2nd preferred
64July 26 174 Feb 0
No par
4% Apr 274 June
1414 1414
14
14
*14
17 *1334 17
1334 1378
500
$13 preferred
No par 1112July 30 25 Feb 6
Apr 35% July
64
•1214 1378
•1214 1312 *1214 1314 1214 1214 *1214 1312
100 Amer Hawaiian El 8 Co____10 1012July 27 2258 Feb 16
418 Jan 2112 July
6
*5
*434 5% *478 6
5
5
54 514
400 Amer Hide & Leather_No par
312 July 26 1012 Feb 5
24 Mar 16 June
*207g 25
*2014 2218 *2012 23
21
21
*2034 22
100
Preferred
100 1734 Aug 1 424 Mar 15
I312 Feb 574 June
31
3134
*3012 3178 *31
31% 314 313* •31
32
500 Amer Home Products
1 2618 Jan 5 3638 Apr 26
24% Dec 4212 May
4
4
37
334 4
4
334 3;
334 34 1.100 American fee
912July 26 10 Feb 5
No
1
p
w
ar
3% Feb 1712 June
*30
34
3012 3012 3014 3212 .
3112 3212 3112 3112
400
6% non-cum pref
29 July 26 454 Mar 26
25 Feb 577t June
*678 71s
7
6% 6;
71/1
612 658 1,800 Amer Internet Corp...No par
834 7
434July 26 11 Feb 6
414 Feb 151
*58
Si
/
4 July
; ; *38 ;
514
%
*513
400 Am L France & Foamite No par
14 Apr
112 Apr 4
58July 27
34 June
*412 512 *412 512 *412 512 *412 512
*412 534
Preferred
4 Jan 18 10 May 22
114 Jan 12 June
*1734 1914
1712 18
, 1658 1612 1613 1,200 American Locomotive_No 100
1612 1712 168
par 1518July 26
57s Jan 394 July
•42% 45
*42
45 *41
44
42 42
*4012 44
200
Preferred
100 42 Sept 6
1734 Jan 63 July
*14
1412
•14
1412 1418 1414 1414 1414 1378 1413
700 Amer Mach & Fdry Co-No par 1238July 27 73
148
93
:
:g MF
Fr
eb 136
5
834 Feb 2233 July
*812 914 *544
*834 9; Stock
813 834
8
8
800 Amer Mach & Metals_No Pa
314 Jan 3 1014May 11
1
Jan
6 June
*1814 1878
1712 1712 1712 18
15
18
7,600 Amer Metal Co Ltd___No par 15 Sept 6 27
153* 17
158 Feb 15
318 Feb 2358 July
*75 84 Exchange •75 84
80 *75
*75
19
75
75
100
6% cony preferred
15
100 73 Jan 2
154 Jan 75% Nov
*24; 2534
*2438 2534 *2458 2534 247 2478 *243, 2534
100 Amer News Co Ino____No par 21 Jan 3 34% Mar 13
17 Jan 3012 July
518 518 Closed
518
5
5
518 514
518
44 5
3,700 Amer Power & Light...No par
4 Feb 194 July
4 July 26 1214 Feb 6
.
1414 1558
*1334 1412 21334 14
1378 14
14
14
$6 preferred
800
No par 13 July 27 2973 Feb 6
978 Apr 4118 July
13
Labor
1338
1234 13
x1212 1212 12
1214 12
12
900
preferred
$5
2
1
6
7
26
14
%
7
1
No
July
F
e
par
b
9
Apr 35 July
11
1314 1312
134 1314 13,2 13
13
1334 13
1312 11,600 Am Red & Stand San', No par 10 July 26
458 Feb 19 July
1718
17
Day
164 1718 17
1778 1714 1778 1612 1714 9,300 American Rolling Mill
25 1312July 26 2814 Feb 19
5% Mar 31% July
*5412 55
*54
*5414 55 *544 55 25312 5312
55
100 American Safety Razor No Pa
2018 Apr 4734 Jul).
36 Jan 13 58 July 20
*212 338
*212 3% *3
3% •212 34 *212 312
American Seating v t c_ No pa
7% Feb 19
24July 27
78 Ma
74 July
414 I
*34 1
*34
78
34
34
200 Amer Ship de Comm__ No pa
34
34
2% Jan 30
24
4July
la Apr
44 June
3
.
1934 20
*1934 20
1934 20
1934 1934 *1834 22
180 Amer Shipbuilding Co_No par 1758July 27 30 Jan 30
1112
Mar 3634 June
3712 3712
36; 3712 3712 3838 364 3812 338g 3614 24,100 Amer Smelting
Feb
514
15
1034 Feb 534 Sept
& Refg_No pa
3014July 26
*112 11614
11312 11312 11314 113,4 113 11314 113 113
600
Preferred
31
Jan 994 Dec
100 100 Jan 2 125 June 29
99
*96
98
98
97; 9738 984 9812 9712 9712
600
2nd preferred 6% eum
26
8113
2S
F
eepbt 5
6
100 7114 Jan 2 9
2012 Jan 73 July
*6218 65
*61
6214 6214 6214 *61
64
*6214 64
100 American Snuff
324 Jan 6114 Sept
25 4834 Jan 5 65 Aug 27
*120 12214
*120 12214 *120 12214 •121 12214 *121 1224
Preferred
100 106 Feb 2 125 June 13 10218 Jan 112 July
•14
1412
*14
1414 144 1414 144 1412 134 14
800 Amer Steel Foundrim_No par 1018July 26
4% Feb 27 July
*6914 73
*6914 73
*6914 73
6914 694 .6512 6914
70
Preferred
5978June 2 81 Jan 30
37% Mar 85 July
100
4212
*41
*42 423* *42
423* 4238 4233 *42 4214
100 American Stores
/
4 Feb 7
No par 37 Jan 3 441
30 Feb 4772 July
67 67
*6612 69
68
68
6812 6914 6614 6612
800 Amer Sugar Refining
2112 Jan 74 July
100 46 Jan 3 72 July 14
*121 12634
a122 122 .120 1213* *121 12158 121 121
200
Preferred
100 10312 Jan 3 12134 Aug 23 80 Jan 11214 July
•18
1914
*1838 19
19
19
194 1918 1813 184
300 Am Sumatra Tobacco_
1334May 10 2114July 20
6 Jan 26 July
11114 111,4
11112 11134 112 113 1124 11334 11234 11312 6,500 Amer Telep & Teleg .No par j053
4 July 30 12514 Feb 6
100
8612 Apr 13454 July
74
74
7334 74
*7334 75 *74
75
7334 7334
600 American Tobacco
25 6514 Jan 6 8238 Feb 6
49 Feb 90% July
*7512 7612
7512 76
755 7614 3,700
76
764 7614 77
Common class 11
25 67 Jan 8 844 Feb 5
5054 Feb 9434 July
*125 127
•125 127 *125 126 *125 127 z124 124
100
Preferred
100 10714 Jan 3 125 Aug 23 10234 Mar 120 July
*414
*412 512
*44 54 *44 5
514 58
1,100 :Am Type Founders__No par
3 July 25 13 Feb 21
24 Dec 25 July
*91 1718
25 *10
*914 25 *10
154 *9
7
16
Preferred
100
7% Jan 6 2834 Feb 21
7 Oct 37% July
*1638 1634
1618 163* 1618 1618 1618 1658 16
1618 1,900 Am Water Wks & Elee_No par 1412July 26 27% Feb 7
10% Apr 4314 July
*60
70
•65
70 *65
70 03614 67 *6338 67
200
1st preferred
No par 64 Jan 3 80 Feb 5
35 Mar 80 June
812 812
814 83*
88 88
8% 913
812 9
2,900 American Woolen__No par
7 July 31 1718 Feb 5
312 Mar 17 July
44
44
4412 4412 4412 458
44
44
42
44
2,400
Preferred
17:
1 F
Ae
Dbr 23
/
4 Aug 1 833
7
100 391
2258 Feb 6712 Dec
*118 1,4
14 14
*118 14
118 118
14 118
300 :Am Writing Paper
44 Mar 14
1
1 June 27
418 June
as Feb
*334 4
4
*334 4
38
*34 44 *334 414
200
Preferred
No par
273July 27
1
4 July
34 Feb 14/
*413 54
•412 514 *458 514 *4,2 5,8 *412 518
Amer Zinc Lead & Smelt_ __1
9 Feb 16
24 Feb 1078 July
334July 26
4412
*39
*39
45
3934 3934 •3934 45
3934 3934
200
Preferred
3712 Jan 4 504 Feb 16
25
July
20
66
Feb
1218 1214
1138 12; 12
1212 1173 1258 1134 1218 12,800 Anaconda Copper MI141144_50
10 July 26 17% Apr 11
5 Feb 2278 July
*12
13
*12
1212 1212 1212 •12
13 •12
13
100 Anaconda Wire & CableNo par
914 Jan 12 13's July 12
44 Jan 15'z June
17
17
•1812 1738 *1834 1738 *1612 173* *1534 17
900 Anchor Cap
1
4 Jan 31
No par 1318July 24 24/
8 Jan 394 July
*96
98
96
98 .94
98 •94
98 •94 98
60
$6.50 cony preferred_No par 84 Feb 5 7
10
p
lyr 3117
3
736,2t
0 Anug
7
1
1
4 Jan 90 June
62/
*3434 36
343* 3512 35
3512 3413 35
3412 343* 1,500 Archer Daniels MidI'd_No par 2614 Jan 9
9
/
1
4 Mar 2914 July
*11614 ---*11614 ---- •11614
'
7% preferred
1164 - - •11614
100
24
Jan
110
Feb 116 July
95
954
*93
94
*9314 95
94
94
9412 *94
95
300 Armour & Co (Del) Pref 100 7614 Jan 2 95 Aug 30
Jan 90 .71117
41
614 638
6
618 638
638
63s 64
614 64 44,500 Armour of Illinois new
312.Tuly
6
/
1
4
26
5
Aug
29
6112 6134
60 61
61
6212 6134 6338 61
62
9,500
$6 cony prof
No par 464 July 26 63
4:A
pu41
.,b 2
15
9
*7312 7512
*7218 75 *73
7512 7514 76
73 74
900
Preferred
100 64 July 26 77% Aug 29
7 Feb 93 ILO;
*458 5
*4; 5
434 434
4; 4;
434 44
500 Arnold Constable Corp
3 July 27
6
7 July
14 Jan
8% Fen 9
*4
6
•412 6
*4
*4
6
6
*4
6
Artloom Corp
No par
414 Jan 5 1012 Apr 21
2 Mar
9': June
Aaaociated Apparel had No par
I2July
13
June
Apr
54
514
"io- 10
10
-1514 101-2
10
1-01-2 10 YO Associated Dry Goods
17
814 F
1
Aepbr 20
714July 26 7
6
34 Feb 20 July
.50 55
55
*50
50 50
N 50 60 50
8% 1st preferred
100 46 July 26
18 Feb 614 July
*3734 4212
*3734 4212 *3734 4212 *384 4212 *3814 4213
7% 2d preferred
100 36 July 26 64% Apr 20
16 Jan 51% July
*35 45
*3512 45 *36
35 4878 *35 48%
4812 .
Associated 011
26 2912 Jan 5 404 Apr 25
654 Mar 354 July
15
*11
*13
15 *13
15 *1234 15
12
12
10 At 0 & W I SS IAnes_No par
16
5
Aug
Apr 12
4/
1
4 Mar 26 July
254 2514
2412 2512 2478 25
25 2514 242 2514 8,200 Atlantic Refining
2112July
Feb
354
25
2
6
12%
Feb 3212 Nov
*47 494
4712 4712 •45
4013 4511 *4334 4512
47
200 Atlas Powder
No par 354 Jan
5512 Mar 13
9 Feb 394 July
*103 10314
103 103 *102 103
102 102
102 102
70
Preferred
10312 Aug 23
100 83 Jan
Apr 8318 Sept
60
8
*7
*7
1154 *7
11
*7
1034 *7
1034
Atlas Tack Corp
No par
7 Aug
Mar
ar 13
3
1%
14 33
4
113 Feb 3454 Dec
23% 2334
22
2238 2234 233* 23 2412 22 23
3,800 Auburn AutomobileNo par 1612July 30
Oct 8414 July
31
*12
1212
*1114 123 *1114 123 *1114 123* 12
12
200 Austin Nichols
No par
1658 Mar 5
7 Jan
% Feb 9% J1117
438 412
43
414 43
414
438 45*
414 414 5,600 Aviation Corp of Del(The)
354July
.
10%
-6
2
Jan
1638 July
Feb
31
512
8
818
7% 8
8
84
83
75* 778 5.800 Baldwin Loco Works No par
8
612.ruly 2
312 Apr 1758 July
16 Feb 5
*31
3412
.31
33 *32
33 *32
3318 31
31
100
Preferred
27
644
100
July
2
July
Apr
21
912
60
Apr
*100 104
*100 104
100 100 •99 104
*99 104
10 Bomberger (L)& Co pref_100 864 Jan
100 Aug 20
6814 Feb 99% Aug
*312 312
*212 3
*212 3
212 212
*234 3
200 Barker Brothers
No par
2',July2
612
June
Feb
5
Jan
714
3
8
2318
*22
22
22
*22
2314 2212 2212 22 22
50 64% cony preferred_ _ _100 1618 Jan
3813 Apr 12
54 Apr 244 July
638 634
634 7
8; 6;
612 634 3,900 Barnsciall Corp
6; 673
5 6 July 2 10 Jan 22 3 Mar 11 July
*32 3434
*3212 3534 *3234 35; •3213 3518 3213 3212
100 Bayuk Cigars Inc
par 23 May
No
39
Feb
5
Jan 5212 July
314
*100 102 *100 102 101 101
*100 102
101 101
310
let preferred
100 89 Jan 1 101 Sept 6
27 Jan 100 July
1834 1878 18; 19
18; 1812
184 1938 1814 181/ 3,800 Beatrice Creamery
25 101* July2
19% Apr 28
7 Mar 27 June
82 82 *83 89 *83 89 *83 89
85
*81
100
Preferred
100 55 Jan 1
91 July 6
45 Feb 85 May
*65 6814 *6514 6718 *6534 874 6534 6534
*85 6814
100 Beech-Nut Packing Co
20 58 Mar
67 Apr 3
45 Jan 704 June
•1113 1134
115* 1134 1134 12
*1112 1178
12
12
800 Belding Heminway Co-No Par
87
8
Jan
1514
Apr
24
312 Feb 124 July
125 1254 12514 12514 *12518 127 *1254 127
*124 127
o00 Belgian Nat R78 Part MI- 054 Jan
12514 Sept 5 624 Apr 10114 Nov
1212 123* 1212 1318 1284 133
1278 12%
1214 1313 5,100 Bendix Aviation
5
934July 2
23% Feb 1
618 Feb 2114 July
1538 1512 15% 1578 15% 1578 15,2 1558
*1538 16
800 Beneficial Indus Loan_ _No par 1218 Jan 3
1918 Apr 26
134 Sept 15 Aug
'Bid and asked prices, no sales on this day. I Compan es reported in receivership. b Name changed from Amer. Beet Sugat Co. z
Ex-dividend.
Saturday
Sept. 1.




-1110°

New York Stock Record-Continued-Page 3

1519

Or FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE THIRD PAGE PRECEDING
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Sept. 1.

Monday
Sept. 3.

Tuesday
Sept. 4.

Wednesday
Sept. 5.

Thursday
Sept. 6.

Friday
Sept. 7.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE.

PER SHANE
Range Since Jan. 1.
On basis of 100-share Jots
Lowest.

Highest.

PER SH A RE
Range for Previous
Year 1933.
LOtegit.

Highest.

$ per share $ per share $ per share $ per share S per share $ per share Shares. Indus. &Mlscell.(Con.) Par $ per share
$ Per share 3 pa share $ per share
43112 32
32
32
*3112 32
3212 33
31
3112 1,200 Best & Co
No par 26 July 26 3414 Apr 10
9 Mar 3318 Aug
2858 2958 2912 303s 283 3012 2818 2912 15,6001 Bethlehem Steel Corp No par
2918 291s
25l July26 4912 Feb 19
1018 Mar 49,4 July
6478
*63
6312 6312 64
6434 x6314 6314 *6212 64
100 55 July 26 82 Feb 19
7% preferred
2514 Feb 82 July
600
*2218 24
22
22
2214 2214 *22
23
2134 2134
40 Bigelow-Sant Carpet Inc No par
1912 Aug 8 40 Feb 5
618 Apr 2912 June
*712 734
No par
712 7,2 *712 73
718Sept 7 1614 Jan 30
312 Feb
700 Blaw-Knox Co
1914 July
7,8 714
712 71 2
*1218 18
*1218 18
*1218 18
*1218 1612 •12,s 1812
18 Jan 12 26 Feb 7
Bloomingdale Brotbers_No par
658 Feb 21 July
5412
*53
52
52
521. 52
5112 53
50
51
2,500 Bohn Aluminum & Br
912 Mar 5812 Dec
. 5 48 July 26 6834 Jan 24
2534 2578
2514 253; 2512 26
26
2614 2518 2512 4,700 Borden Co (The)
18
Feb 3712 July
25 1978 Jan 6 2814 July 14
2178 22
2034 21
2114 2178 21
2178 20
4,600 Borg-Warner Corp
21
1618July 26 285g Feb 5
512 Feb 2214 Dec
10
*73
1,4
•1
114 .1
114 *1
3 Feb 9
:Botany Cons Mills class A_50
1,4 •1
7g July 25
114
N May
412 July
16
16,4
1618 1612 1618 1634
1534 16
1534 1618 6,400 Briggs NIanufacturing_No p..
12 Jan 6 1938 Apr 26
258 Feb
1458 July
*3212 34
3338 3338 3312 3312 3314 3314 3318 3318
25 Dec 3814 Sept
500 Bristol-Myers Co
5 26 Jan 4 3712July 18
60
*5812
•5812 59/8 .5812 60
*5812 60
*583 60
60 Dec 8812 June
Brooklyn Union Gas..__No par 5812 Aug 20 8102 Feb 6
•48
53
53
*48
*43
53
.48
52
5112 *48
Brown Shoe Co
2312 Mar 5378 July
No par 50 Aug 8 61 Feb 16
53
53
*5
*5
534
*5
534 *5
Bruns-13alke-Collender_No par
134 Mar
554 *5
4 July 23 1078 Mar 17
1812 June
412 412
*418 478 *418 47s *413 5
418 418
938 Feb 5
200 Bucyrus-Ede Co
312July 27
2
Fet 1278 June
10
8
*7
*7
778 *7
718 718
734
1412 Apr 24
7
7
Preferred
6 July 26
234 Feb
500
5
1952 June
58
*51
*51
*51
54
53
.58
*51
*51
54
201
:Mar 72 June
7% preferred
100 50 July 30 75 Jan 15
*412 434
412 412
438 412
438 412
3 July 26
734 Apr 25
414 414 2,800 Budd (E G) Mfg
No par
978 July
34 Apr
*22
25
2312 2312 2334 25
2334 24
2212 2312
3 Mat 35 July
150
100 16 July 25 44 Apr 25
7% preferred
*212 234
53 July
4
*212 23 .
538 Jan 30
212 214 *212 234 *212 234
2 July 26
1
Feb
Budd Wheel
No par
*334 5
612 Apr 28
78 Mar
*334 5
Bulova Watch
2% Jan 9
5 June
*334 5
No par
*334 5
*334 5
*838 9
•812 834 *812 9
8July 3
812 812
1512 Feb 16
Bullard CO
1314
57
400
No
8
July
Feb
par
814
212
:214 3
3
12 Apr
*2
*2
3
3
.2
*2
3
5 June
Burns Bros class A _ _No par
158 Jan 26
6 Feb 21
8
8
*8
*8
10
10
9
*8
9
9
13 June
IN Jan
50
7% preferred
4 Jan 9 1512 Feb 20
100
•12
1212
12
12
1218 12
12
1238 1134 12
3,200 Burroughs Add Mach__No par
818 Feb 20,8 July
1012July 2e z1938 Feb 1
118
118
*118
114
114
118 *1
114
*1
118
378 Feb 9
300 :Bush Term
Apr
118July 27
1
8 June
No par
*212 318
*2.2 318 *212 3
6 Mar 8
*212 318 *21 2 3
Apr
1
912 June
Debenture
3 June 29
100
834 834
*834 lO'2
814 834
40 Bush Term BI gu pre! ctfs_100
834 1012 .834 10'2
418 Dec
8 Dec
518 Jan 3 1534 Feb 23
.112
11s
*112 152 •112 158
158
158
158
158
218 Feb 16
200 Butte & Superior Mining_10
112 Jan 13
1
Feb
274 June
*258 23
212 212
214
212 212
214
238
1,300 Butte Copper & Zino
218
5
158July 27
314 Aug 8
414 June
12 Ma
2
2
43 Feb 1
*134 214
178 2
•178 214 *174 214
300 Butterick Co
114 Apr
71:June
112July 27
No par
*17
1738
17
17
1634 18
1712 18
1612 1658 1,300 Byers Co (A M)
1334July 26 3234 Feb 7
812 Feb 4314 July
No par
*44
5278
.44
44
46
5278 544
44
44
44
100 40 Aug 8 6778 Apr 23
30
Preferred
3018 Mar 80 July
4218 4218
41
4218 4112. 424 41
4278 3012 4112 6,900 California Packing__ __No par
734 Mar
3454 July
1834 Jan 4 4438 Aug 29
7s
*34
14 Jan
12July27
34
34
214 June
600 Callahan Zino-Lead
7s
78
134 Jan 23
*34
1
34
78
34
312 3s,
338 312
338 312
312 3'2
658 Feo 5
314 312 1.300 Calumet & Hecla Cons Cop_ 25
2 Feb932 June
234July 26
•738 838
718
*738
738 *7
778 *738 818
712
200 Campbell W & C Fdy No pa,
2 Feb1614 July
6 July 27 1578 Feb 23
1618 1618
1558 DI
1558 16
1578 16
1558 1558 1,300 Canada Dry Ginger Ale
712 Feb4112 July
5 1212July 26 2912 Apr 24
*32
34
*30,4 34
32
*3014 31
32 .32
200 Cannon Mills _____ __No par 2812 Jan 4 38 Apr 2
33
14 Feb3512 July
*714 814
*612 814 .7
912 *738 834 *714 834
CapItal Adminis al A
1
538 Jan 2 1014 Apr 20
414 Oct1212 July
.25
36
*32
*32
34
34
33
32
*32
32
50
2518 Jan 3512 July
Preferred A
10 263 Jan 24 39 Apr 20
4012 4138
39
4214 40
40
41
42
3834 40
3,500 Case (J I) Co
3012 Feb 10312 July
100 35 July 26 8634 Feo 6
*57
6712
*57
69
*57
6714 *62
65
6612 63
50
Preferred certificates_ _100 5678 Aug 15 8412 Feb 6
41
Feb 8638 July
.2673 2712
2678 2714 25
2678 2712 2678 27
2634 3,100 Caterpillar Tractor___No par 2312 Jan 4 3338 Apr 21
512 Mar 2934 July
20
20
1938 1958 20
2118 2018 21
1912 2038 5,100 Celanese Corp of AmNo par
412 Feb 5878 July
1718July 26 4478 Feb 5
•175 212
*218
211
212 212 *178 234 *178
200 :Celotex Corn
134
118July 27
458 Apr 12
12 Mar
578 July
No pa
*114
45 July
138
•114
158 *114
158 *114
158
I July 27
4 Apr 12
38 Feb
Certificates
138 •114
No par
•1012 12
*912 12
*10
12
12
*10
*10
12
112 Jan
612 Jan 18 2238 Apr 13
Preferred_
1234 July
100
25
25
2412 25
2434 2534 2412 25
2334 2414
1,600 Central Aguirre Asso__No pa
14
Jan 41 July
2334Sept 7 3218 Feb 5
*614
712
.614 714 *614 7
*614 7
2
Apr
1158 July
1238 Feb 19
Century Ribbon Mills_No par
•614 7
612July 27
*85
95
*85
95
95
*85
*85
95 .85
95
52 Feb 100 Dec
Preferred
100 82 Mar 31 95 Jan 2
4012 4012
3918 40
3634 3858 26,900 Cerro de Pasco Copper_No par 301451ay 16 4312July 5
578 Jan 4434 Sept
3938 407s 375* 41
*534 6
434 5
*514 534
734 Apr 5
1
5
Jan
5
738 July
700 Certain-Teed Products_No par
478 478
314 Jan 2
*23
32
*23
*23
32
32
*23
32
*23
32
4 Mar 3014 July
7% preferred
100 1712 Jan 19 35 Apr 5
•3918 4012
Stock
3914 39N 40
4012 24014 4014 *3858 40
400 Chesapeake Corp
147n Jan 5212 July
No par 34 Jan 4 4878 Apr 21
*478 534
5
5
5
*5
5
534
400 Chicago Pneumat Tool_No par
972 Feb 5
218 Mar 1238 July
358July 26
45* 5
*0113 19 Exchange •1818 19
.1818 19
1712 1818
1738 1738
512 Feb 2514 June
300
Cony preferred
1414July 26 2834 Apr 24
No par
2938 2938
2834 2914 281g 2834 28
5 Mar 34 July
2834 x2712 2778 3,100 Chickasha Cotton 011
10 1914 Jan 8 308 Feb 5
Closed
*514 512
512
5
5
2 Feb
1018 July
400 Childs Co
*514
334July 25 115* Feb 19
51.1
514
No par
5,4 5,3
.12
15
*12
*12
15
15
*12
13
*12
6
Apr 2112 July
15
Chile Copper Co
25 1014 Aug 9 1758 Apr 9
3278 3312
78 Mar 5753 Dec
Labor
3238 3318 3314 3414
3218 3414 32
3314 39,900 Chrysler Corp...
5 2914 Aug 7 13038 Feb 23
1912 1912
1912 1912 *19
1912 1912 1912 1912
718 Mar 25 June
1912
1714 Jan 5 2438 Jan 30
800 City lee & Fuel
No par
7812 7812
Day
*7812 81
a7812 7812 *7912 81
Apr 72 July
45
7918 80
70
Preferred
100 67 Jan 3 86 Apr 23
34
*34
78
34 3,700 City Stores
218 Feb 6
14 Feb
3
34
78
3% July
12July 27
58
38
34
No par
12
12
12
12
5
8
12
12
58
12
12 2,900
218 July
18 Ma
Voting trust certifs No par
114 Feb 6
38July 24
•173 23
43
43
234 234
3
478
812 July
112 Jan
5
558 Feb 6
5
Class A
214July 25
1,600
No par
*112 3
3
3
312 5
518 Feb 21
*4
434 5
478 2,700
Class A v t c
514 July
34 Nov
2 July 20
No par
14
14
*1118 16
17
*1418 17
*14
5 Mar 1414 June
*14
100 Clark Equipment
17
83 Jan 5 2134 Mar 5
No par
.25
33
*26
33
*25
29
*28
33
28
Jan 4112 July
28
10
28 Jan 3 45 Apr 7
100 Cluett Peabody & Oo No par
*112 116
•112 116 .112 116 .112 116 *112 116
90
Jan 100 June
Preferred
100 95 Jan 17 115 Apr 23
*13112 13358
133,2 13312 *134 13412 *134 13414 134 13412
700 Coca-Cola Co (The)___No par 9514 Jan 2 13638July 12
7312 Jan 105 July
5478 5478 *55
•55 ____ 55518
100
Apr 51 Dec
Class A
44
5018 Jan 11 5518July 10
No par
1412 1412
14
1414
14% 1458 1412 15
1458 7,600 Colgate-Palmolive-Peet No par
938 Jan 3 1838 Mar 13
14
7 Mar 2238 July
*94
96
.94
95
*94
95 .94
6% preferred
100
Apr 88 Aug
9414 x9212 9212
49
100 6812 Jan 8 95 Aug 23
*1214 1234
12
1214 1214 1238
12
1212 1134 1134 1,000 Collins & Aikrnan
3 Apr 26 Sept
10 July 26 2812 Feb 19
No par
5
5
8458 514
5458 478 *458 478
300 :Colorado Fuel & Iron_No par
412 412
8N Feb 8
2744 Dee
358 Jan 2
175* July
*6634 6712
6612 6714 *67
6734 66
07
6518 6612 1,300 Columbian Carbon v t a No par 58 Jan 8 7714 Apr 23
2318 Feb 7112 July
2912 2912
. 2933 3014 3112 3338 3214 3334 3112 3212 4,400 Columb P1ct Corp v t c_No par 2112July 26 3434May 28
EN Mar 28 Nov
938 958
9
938
9
912
9
938
6,200 Columbia Gas dr Elec_No par
878 9
9 Mar 2818 July
734July 26 1914 Feb 6
66
66
.66
75
66
60
6512
50 Dec 83 June
400
6578 6578 *63
Preferred series A
100 52 Jan 5 7834June 21
*53
60
*53
60 .53
60
*53
*53
60
60
5% preferred
40 May 7412June
9 71 Apr 24
41
Jan
100
28
2818
2714 2738 2712 28
x27
2712 2,900 Commercial Credit
2734 28
4 Feb1914 Dec
1858 Jan 4 3518 Apr 21
10
*2738 29
2914 2934 2912 2912 •29
2938 x2812 2812
110
7% 1st preferred
1812 Mar 25 Sept
25 2312 Jan 5 30 July 19
4918 4918
•4812 4978 4978 50
•4812 4934 *4712 49
900
Class A
50 Mar 9
16 Feb39,s Aug
Jan
3
50
38
29
29
*2812 2912 *2812 2912 *2812 2912 *2812 2912
10
1818 Mar 2518 Sept
Preferred B
25 24 Jan 3 30 Mar 3
*106 104
•10618 108 *10618 108 *106 110 .10438 110
64% firgt preferred___100 9112 Jan 3 107 Aug 28
70 Mar 9578 Sept
5712 5712
x51312 5678 57
2,100 Comm Invest Trust___No par 3534 Jan 4 61 Aug 16
5638 5712 5534 56
57
18 Mar 4312 July
.105 10614
*104 10012 *10512 10734 10512 10512 .10438 10934
200
Cony preferred
Jan 977s Jac
84
No par 91 Jan 3 11014 Aug 9
2058 21
2018 2038 2058 2118 2014 2138
1914 2038 17,100 Commercial Solvents_No par
9 Feb57.4 July
1534July 26 36N Jan 30
IN
138
35 Feb 6
IN
13.,
134
112 158 13,400 Commonw'Ith eeSou
1%
134
15*
114 Dec638 June
1 12July 26
No par
*371g 3912
3612 3712 3712 3914 x37
3712 36
3614
1,700
36 preferred aeries
1738 Dec6012 June
No par 21 12 Jan 2 5234 Apr 23
28
2812
2738 2758 2734 28
73 Jan 2758 July
27N 28
2618 2712 3.500 Congoleum-Nairn Ino_No par 22 July 26 3114 Feb 16
•78 11
*73 10
714 712
712 734
*734 1038
700 Congress Cigar
612 Feb18 June
No par
714Sept 7 1412Mar 5
•758 9
•758 9
5758 9
7
*738 9
758
700 Consolidated Cigar____No par
312 Apr 1934 June
514July 26 13N Mar 17
63
•54
*58
*5814 63
63
63 .59
*60
63
Prior preferred
Apr 85 June
31
100 4514 Jan 2 62 July 12
*234 3
3
3
3
*3
318
318
58 May
318 318
600 Consol Film Indus
1
158July 27
534 Feb 15
134 Jan
*1314 1312
1314 1314 1312 1312 14
1418 213
1312 1,200
Mar
par
15
Preferred
1484 May
104
1712
57
8
No
8
Jan
Feb
2
2758 28
2712 28
2634 2712 12,300 Consolidated Gas Co _No par 2578July 27 4738 Fen 6
273 2818 2718 28
34 Dec8418 June
*8812 89
89
8834 8831 *88
89
8812 89
500
89
Preferred
No par 82 Jan 4 95 July 23
811, Dec99
Jac
•178 2
•178 2
*178 2
218 218 *178 214
100 Consol Laundries Corp_No par
Aug 7
512 Jar
438 Feb 7
112 Dec
833 831
814
812
838 858
832 858
814 812 11.400 Consol Oil Corp
5 Mar
No pa
153 July
714July 26 1414 Feb 13
*111 113
.111 113 *111 11212 *111 11212 *111 11212
8% preferred
100 108 Feb 9 112 July 24
9512 Mar 108
Oct
84
78
34
78
34
75
78
78
34
34 2,800 Consolidated Textile_ __No par
12,yuly 26
218 Feb 7
14 Mar
314 July
*812 9
812 9
*838 9
8
*858 878
858 1,600 Container Corp class A
1334 Apr 23
Jan
20
5
618
118
July
Jan
1014
•314 31
800
3,8 318
314 314
312 33
333 33*
Class 13
No par
238 Jan 2
538 Apr 18
412 June
14 Feb
658 63,
7
7
712 712
7
7
634 634
514 July 26
700 Continental Bak class AN,par
1458 Jan 24
3 Mar 1814 July
•1
1141
1
118
1
118
1
118
1
1
2,200
Class B
No
12
Jan
par
7
8July
27
312 July
238
Feb
7
*51
5312
.51
53
*51
5112 .5012 52
5378 51
200
Preferred
100 4614 Jan 6 64 Feb 9
36
Jan 64 July
8112 82
81
81
8138 3112 81
8112 7978 8112 4,500 Continental Can Inc
14 Feb 7838 Dec
6912May
20
14
8314
Apr
21
35
56
634
*618 812 *614 8
*618 7
"6,8
7
Conti Diamond Fibre
5
6 July 24 1134 Feb 6
171s July
312 Feb
2712 271s
2712 2712 27
2712 *2712 28
2,000 Continental Insurance__2.50 2338 Jan 0 351/ Apr 20
2714 28
1012 Mar 3612 Jut)
78
78
900 Continental Motors_ __No par
34
*34
78
78
34
34
78
34
238 Feb 21
34July 24
4 Jun4
1 Mar
1818
18
1758 18
1778 1818
1738 1778 9,300 Continental Oil of Del
173 1814
5 1534July 2e 2234 Apr 21
478 Mar 1958 &pi
6138 6112
6034 61% 6078 6112 6038 6112 5878 6114 6.200 Corn Products Refining___25 5512 Aug 8 8412 Jan 26
4538 Feb 90% Au,
*147
__•146
____ •144
____ •144
____ •144
____ ______
Preferred
100 135 Jan 4 14812July 24 11712 Mar 14534 Jar
2534 6
514 514 .512 6
*534 6
518 538 1,100 Coty Inc
No par
358July 26
978 Fen 5
238 Mar
712 June
3214 32,4 3238 3238 3238 3238 3218 3214
3214 3214
1,200 Cream of Wheat otte
No par 23 Jan 3 35 Jan 31
3912 July
23 Feb
1412
•13
.123 1412
1312 1312
1318 1318 123 13
500 Crosley Radio Corp__ No par
8 Jan 2 1712June 16
214
Mar
145 June
*2214 2312
*2218 2312 *2212 2312 *2238 2312 2214 2238
200 Crown Cork & Seal
4
No par
183 July 26 3614 Feb 1
1414 Feb 65 July
.3912 4018
•3912 4018 •3912 4118 .3812 4018 •3812 4018
$2.70 preferred
No par 3512 Jan 2 4114 Apr 20
2412 Feb 3812 July
*418 478
.438 434
438 438
438 438
414 414
35 July27
400 Crown Zellerbaok v t c_No par
658 Apr 27
812 July
1
Apr
.18
2014
•I8
20
1918 20
1934 2014
1812 1912
700 Crucible Steel of America_100 17 July 27 3838 Feb 19
9 Mar 3712 July
61
*53
*55
61
.55
55
*5312 60 .5312 60
100
100
Preferred
48
Jan
12
8 July
603
71
Apr
Feb
19
16
*218 214
178 2
178 2
178
178
178
178 1,300 Cuba Co (The)
No par
1 Jan 2
438 June
318 Feb 9
12 Feb
878 9
838 834
838 878
838 9
818 812 6,400 Cuban-American Sugar
10
312 Jan 10
May
Jan
1112
9f8
Feb
8
1
18
*60
*6238 11414
6414 *6038 6212 .603 6134 6034 6034
200
Preferred
100 2018 Jan 9 65 Aug 30
10
Jan 68 June
50
*4812 50
50
4914 5014 4834 49
4918 50
1,200 Cudahy Packing
50 37 Jan 2 5258 Aug 29
2034 Feb 5912 June
1814 1814 1812 1812 1858 1834 18
18% 1834
1812 1,100 Curtis Pub Co (The)___No par
1312 Jan 8 2938 Apr 12
612 Mar 3214 June
8312
83
83
8312 8312 8312 84
84
834 8418 1,900
Preferred
No par 4312 Jan 3 85' July17
30
Feb 66 June
234 278
234 27s
23
278
234 278 5,500 Curtiss-Wright
234 278
1
212 Jan 2
31
112 Feb
Jan
488 July
514
83
8
8
814 812
818
*814
818
8
8
1,500
Class A
514 Jan 3 1214 Apr 2
1
2 Mar
8 July
.15
•1512 1614
1614 *1512 1614
1514 155* •144 15,4
300 Cutler-Hammer Inc___No par 11 Jan 4 2112 Feb 21
21 July
4,4 Jan
• ind and silted prices, m sales 00 this day. I Companies repo•ted In receivership.




a Optional sale.

c Cash sale

z Ex-dIvidend.

y Ex-rights.

1520

New York Stock Record-Continued-Page 4

Sept. 8 1934

12ir FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FOURTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Sept. 1.

Monday
Sept. 3.

Tuesday
Sept. 4.

Wednesday 1 Thursday
Sept. 5.
Sept. 6.

Friday
Sept. 7.

$ per share $ per share $ per share $ per share $ per share $ per share
614
718
.612 638 *614 658 *614 658
614 614
1678 1678
1618 1614
1612 1718 17
1738 1578 10
*12
1214
012
1214
1112 12
12
12
.1138 12
*6512 6812
6612 6612 .6612 6912 6634 6634 '6634 70
*4212 4412 *4212 45
'4112 441?
43
4234 4314 43
*2112 22
2112 2112 2178 2178 2178 2178 2112 2178
3212 *30
*3012 33
33
*30
*30
3278
'
31
33
4414 44'78
44
4412 45
4512 4312 4514 4234 4438
18
18
*1712 18
*1712 18
*1714 18
1712 1812
1712 1734
17
17
1712 18
17
1814 1612 1714
*878 10
9
9
"878 10
914 914 *878 10
.612 7
*612 71s
*612 814 *612 814 '612 814
*312 438
312 312 *358 414
33s 358 •314 312
10512 10512
*10512 106 .10512 106 *10512 106
106 106
*.513 6
*514 534 '5,2 614
514 514
51s 51s
.99 10012
.9819 100
*99 10012 9914 100
9914
99
•140 145
*13812 145 "13812 145 *13812 144 '13812 144
1458 1458
1412 1412 1412 1458 1434 1518 1412 15
8858 8958 8912 9058 89
8912 897s
9114 8758 8912
*12334 12434
*12312 12412 124 124
12312 12312 12412 12412
*814 812
*814 834
812 812
812
858 834
2
2134 22
21
2134 22
2312 2318 2438 2214 2334
*95
9612
95
95
*95
96
96
97
9634 9634
412 458
4
438
312 378
358 378
334 378
*63* 678
658 658
1334 634
634 634
612 6,2
438 438
418 412
438
4
414 414
4
4
*10
1034
914 10
10
10
1014 1014
912 95s
812 812
812 812 *534 10
'814 10
9
9
*3712 3812 3712 371 *3512 37
*3712 3812
x37
37
1
1
*1
118
118
114
118 •1
114 "1
•112 2
•112 2
134 134 *112 2
112 112
"45
*4514 48
48
*4514 48
*46
*4514 48
48
*125 12512
*125 12512 125 125 *12434 125
125 125
*3
412
*3
314
3
3
3
3
*3
4
*1312 15 '1312 1412 *14
.1312 1434
1434 *1312 1412
15
*1414 1518
1412 1412 '1334 1412
1414 1414 "14
.1412 1712
*1434 16
1412 1412 15
'15
15
16
5
518 558
514 '5
518
5
5
5
51g
*9
912
*9
914 *9
812 9
938
914 914
18
18
18
18
1778 1858 •1712 18
17
1734
412 5
412 412
414 414
*414 412 *414 472
1
•1
1
138 *116
112 *lls
llz *118
112
'514 578
*5
578 '414 6
*5
578
412 5
*10
12
*10
1134 *978 1.134 "10
11
1034 1034
*4378 43
*4378 50
*4378 50 •4378 46
4373 4378
542
*55*
*538 6
533 512 *538 6
538 512
'4412 45
*4412 45
*4412 45
*4412 45
45
45
*60
80
"60
95
"60
95 "60
95 '60
95
*312 334
*312 334 *312 334 *312 334
312 312
*213 3
*218 3
'218 3
*218 3
'218 3
0112
*112 158
112 134
158 *112 153 .112 158
*20
2814
.20
2814 *2018 2578 *2014 2814 .2014 2478
*26
28
2612 2613 27
2714 27
2718 2614 27
*814 g12
*814 8,
812 81 2 *814 934 *814 934
.23
34
*23
*23
34
34
*23
*23
34
24
*99 10512
Stock
'99 1051 •99 10512 .99 10512 "99 10512
1514 1514 *1458 15
15
'1454 1838
1412 1112 15
*79
80 Exchange *7918 80
*7938 80
7912 7912 *79
7912
6334 6334 6412 8434
*6312 64
6214 6314 .6234 64
314 314
Closed
3
3,8
3,2 *318 312
3,4 314 *3
.1718 18
18
•17
*17
1734 *17
1734 17
17
1158 1158
Labor
*1112 1214 1214 1214 *1158 1214 11
1158
834 834
9
914
9
'834 9
914
858 85s
*181, 20
Day
*19
20
*19
20
1978 20
1914 1914
1014 1138 1112 1112 1114 1134 11
1138 1138
11
024
'23
26
*22
26
*24
26
2412 2412 2412
3012 3012
2934 3012 30
30
2958 30
2912 2912
*1712 2012 1934 1934 *1712 1912 "1438 1912
•1712 1934
778
8
8
8
8
*7
778 778 .7
8
•15*
112
*114 2
.114 2
2
114
13s *114
1112
*1114 1134
1134 1134 .11
1112 '11
1112 •11
*ex, 778
712 712
714 714
*634 714
712 712
82
*73
.73
82
"73
82
*73
82
*73
82
33
3134 3318 33
33
33
3212 3314 32
33
17
1733 1712
1714 1712 1712 *17
1738 1618 1658
812 818
814 814 '818 814
813 818
8
818
•104 105 *104 105 "104 10412 10412 10412
•104 105
612 634
638 678 *612 7
612 634
612 678
*3
312
*3
312 *318 312 '314 312 *3
312
0512 714 *512 612 "558 6
.
512 714
*533 6
'1718 2078 *1718 2078 *1718 2078 '1718 207s
*1718 20
4334 *42
•42
•42
43
4334 4312 4312 4312 4312
*11214 IIR
.11234 116 .11214 115 *11234 115 .11234 115
1814 19
1814 1858 183s 19
1834 1834
18
1834
1214 1238
1218 1214 1214 1214 121 4 1212 1212 1212
2934 30
30
30
2978 30
2978 30
2912 3012
53
58
34
5*
3*
52
5*
5*
58
5*
*13
1412
.1312 14
1334 14
14
14
14
14
15
15
'15
19 .1514 18
513
18 '1514 18
'15
*1612 19
*1512 19
*15
18
1712
*1634 19
.60
6114
*5812 61
'5938 6034 611.4 6114 *6034 6212
57
57
57
57
5634 57
*5814 57
56
6614
*110 11378
.111 11378 .112 11218 51.1218 11378 11218 11218
2912 2938
2834 2912 2933 30
2878 3014 2812 2914
*100 101
1001.4 10014 10131 10112 101 102
101 101
*105* 1278
*1058 1278 .1032 1278 '105* Ill •1058 127
33
*338 312
338 32
3
33s 338
338 333
191 *18
18
19
*18
•18
18
1912 *18
1912
.84
88
*81
88 .84
.84
88
88
84
84
"21, 234
21? 212
214 238 *218 21
*21* 234
*25
.25
.26 - 2838
2834 2263.4 2634
28
*25
29
114
"114
114
112
114
114
114
114
114
114
1278 13
1278 '10
*10
1234 *10
1378
'914 1272
•1212 16
*1212 16
"1212 16
"1212 16
.1212 16
13
13
13 .1234 1314
.13
1314 *1314 1334 13
•_ _ 2712
2712 *____ 2712
2712 ... . 2712 *_
..1138 1158
111.4 1131
1112 12
liss 1131 ii78 1218
*6014 8212 *6014 62
*6014 6212 60
6014
*6014 6212
*3
334
372 312 "312 334 *312 334
312 312
•1718 1918
.1718 1918 •1714 1914 '1714 1914 '1714 1914
2538 2512
'2438 2458 2414 24581 25
24
2514 24
103 10338
*103 10312 103 103
10312 10312 10312 10312
512 512
538 53*
514 514
514 53s
51s 514
.18
1858
18
1814 1814 1834 1814 1878 181g 1818
•114 120
120 120 *117 120 .114 120
120 120
1038 1012
93* 1014 1012 11
1012 1078 10111 1058
4212
.37
*3612 43
03618 43
03618 43 .3618 4158
2214 2258
2158 2218 22
2218
23
2114 2318 20
70
70
*6912 71
•6912 71
70
70
06912 73
*434 5
*434 514 *5
512
538 538
5
518
04612 58
'4612 58
*4612 58
*4612 58 .4612 58
•178 2
178 2
178
178
178
178
178 178
*718 8
7
7
718 718 '714 734
714 714
5
518 538
5
518 538
514 558 •518 512
3212 3258 32
*3238 3312
32
*31
3212 '31
3212
*2278 25 .2278 25
'2278 25
02278 25
*2278 25
*3414 35
3414 3174 3212 34
*3378 3412
3214 33
12
II
1118 11
'11
11
1118 1118 1118 1114
3058 3034 3012 31
3018 31
30
3012 2912 30
011312 115
•11312 115
11312 11312 11214 11214 .11214 - 2
'134 214 '134 214 *134 2
2
.134 -2-18
018
24
•18
24
"18
24
•18
24
*18
24
65
*62
.62
65
.62
65
*62
65 "62
65
•Bid and asked prices, no sales 08 this day.




Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE.

Shares.
100
1,800
400
200
400
1,000

Lowest.

Indus.& Mlscell.(Con.) Par
Davega Stores Corp
5
Deere & Co
No par
Preferred
20
Detroit Edison
100
Devoe & Reynolds A__No par
Diamond Match
No par
Participating preferred___26
9,400 Dome Mines Ltd
No par
700 Dominion Stores Ltd No par
5,300 Douglas Aircraft Co Inc No par
200 Dresser(SR) Mfg cony A No par
Convertible class B No par
300 Dunhill International
1
80 Duquesne Light 1st pref__100
200 Eastern Rolling MIlle__No par
1,900 Eastman Kodak (N J)_No par
6% cum preferred
100
3,900 Eaton Mfg Co
No par
13,500 El du Pont de Nemoure____20
400
6% non-voting deb
100
600 Eltingon Schild
No par
45,900 Eleo Auto-Lite (The)
5
420
Preferred
100
8,800 Electric Boat
3
500 Elec & Mu* Ind Am shares_
1,800 Electric Power dr Light No par
700
Preferred
No par
400
$6 preferred
No par
800 Elea Storage Battery _ _ _No par
300 IElk Horn Coal Corp No par
400
6% part preferred
50
Endicott-Johnson Corp_ ___50
30
Preferred
100
300 Engineers Publio Serv_ _No par
$5 cony preferred___.:No par
200
No par
$5.5 preferred
200
$6 preferred
No par
3,500 Equitable Office Bldg No par
700 Eureka Vacuum Clean
5
2,500 Evans Products Co
5
150 Exchange Buffet Corp_No par
70 Fairbanks Co
25
40
Preferred
100
100 Fairbanks Morse & Co_No par
30
Preferred
100
400 Federal Light & Trao
15
Preferred
50
No par
Federal Min & Smelt Co__I00
100 Federal Motor Truck_ _No par
Federal Screw Works.,_No par
200 Federal Water Sett, A__No par
Federated Dept Stores_No par
1,600 Fidel Phen Fire Ins N Y__2.50
10 Fifth Ave Bus Sec Corp.No par
Filene's(Wm)Sons Co_No par
100
854% preferred
400 Firestone Tire & Rubber___10
100
Preferred series A
100
900 First National Stores__No par
1,100 :Follansbee Bros
No par
200 Food Machinery Corp_No par
1,300 Foster-Wheeler
No par
800 Foundation Co
No par
300 Fourth Nat Invest w w
1
3,100 Fox Film class A
No par
20 Fkln Simon dr Co Inc 7% pf100
2,100 Freeport Texas Co
10
10 Fuller (GA) prior pref.No par
30
$6 2d pref
No par
300 Gabriel Co (The) cl A No par
20 Gamewell Co (The)
No par
700 Gen Amer Investors
No par
Preferred
No par
3,900 Gen Amer Trans Corp
6
1,000 General Asphalt
10
90 General Baking
5
10
$8 preferred
No par
6
1,200 General Bronze
General Cable
No par
Class A
No par
7% cum preferred
100
300 General Clgar Inc
No par
7% preferred
100
_24,100 General Electric
No par
3,900
10
Speciti
6.100 General Foods
No par
900 Gen1 Gas & Eleo A
No par
500
Cony prof series A No par
100
$7 prof class A
No Par
$8 prof clam A
No par
100 Gen Ital Edison Elea Corp_
800 General Mills
No par
100
100
Preferred
80.900 General Motors Corp
10
700
$5 preferred
No par
Gen Outdoor Adv A___No par
500
Common
No par
120 General Printing Ink
No par
30
$6 preferred
No par
400 Gen Public Service
No par
_No par
100 Gen Railway Signal
1,300 Gen Realty & Utilities
1
800
No par
$8 preferred
General Retractories___No par
200
Voting trust certlfs__No par
Gen Steel Castings prof No par
6,100 Gillette Safety Rasor__No par
200
No par
Cony preferred
300 Gimble Brothers
No par
100
Preferred
2,300 Glidden Co (The)
No par
80
100
Prior preferred
2,200 Gobel (Adolf)
5
1,400 Gold Dust Corp v t o___No par
200
$6 cony preferrecl___No par
5,500 Goodrich Co (B F)
No par
100
Preferred
28,100 Goodyear Tire & Rubb_No par
200
No par
let preferred
600 Gotham Silk Hose__No par
100
Preferred
2,200 Graham-Palge Motors
1
800 Granby Cons M Sm & Pr__100
1,700 Grand Union Co tr ctfs
1
400
Cony prof series
No par
No pat
Granite City Steel
1,300 Grant (W T)
No par
1.500 Gt Nor Iron Ore Prop_ _No par
3,500 Great Western Sugar No par
40
100
Preferred
100 Guantanamo Sugar ____No par
No par
Gulf States Steel
100
Preferred___- .

I Companies reported in receivership. a Optional sale.

PER °HARE
Range in e Jan. 1.
On basis of 1.10-share lots.

$ per share
6 Jan 10
10'g July 26
1014 July 27
6312 Jan 5
29 Jan 6
2112 Aug 31
2814 Mar 27
32 Jan 25
15 July 26
1414 Jan 2
812July 26
634 Aug 1
3l July 27
90 Jan 16
412July 25
79 Jan 4
120 Jan 16
1218July 26
80 May 16
115 Jan 2
614July 26
15 July 28
80 Jan 6
3 July 26
414 Jan 3
312July 26
734July 26
7 July 27
36 Aug 18
5sMay 11
1 July 26
48 Aug 30
120 Jan 3
212July 27
1018July 27
11 Jan 8
13 July 26
5 July 24
7 July 26
9 Jan 3
3 July 27
1 Sept 1
4 July 26
7 Jan 6
30 Jan 10
4 July 27
3418 Jan 12
71 Aug 9
278July 25
2 Jan 13
132July 27
20 Aug 7
2334 Jan 5
7 Feb 15
23 July 25
87 Jan 10
1312July 28
71 Jan 9
5414 Jan 5
2 July 26
1012 Jan 9
812July 27
614 July 26
1712July 26
814Ju1y 26
20 Aug 16
2672July 26
14 July 26
5 July 26
118July 25
1012 Aug 7
558July 27
73 Aug 25
30 Aug 9
12 July 26
8 July 26
100 May 8
558 Aug 6
214July 26
414July 27
1412 Jan 9
27 Jan 2
97 Jan 8
1678July 26
1138 Jan 2
28 July 28
12July 24
614 Jan 2
11 July 25
13 Aug 6
50 Jan 24
5378 Mar 20
103 Feb 27
2458July 26
8934 Jan 6
834 Jan 5
338 Aug 30
012 Jan 3
7312 Mar 10
218July 24
2312July 27
1 July 26
11 Aug 3
1018 Jan 3
10 July 26
25 July 31
812 Jan 6
47 Jan 11
258July 27
1614 Jan 8
155* Jan 4
83 Jan 19
334July 26
1634 Jan 11
9612 Jan 6
8 July 26
3512July 28
1812 Aug 6
64 Aug 6
373July 26
4912 Jan 22
112July 26
512July 27
4 Jan 8
23 Jan 6
23 Jan 15
30 June 8
812July 27
25 May 14
102 Jan 2
34 Jan 2
1514July 26
47 Jan 8

Highest.

PER SHARE
Range for Previous
Year 1933.
Lowest.

Highest.

$ per share $ per share $ per share
814 Feb 5
1 5* Feb
834 July
3418 Feb 1
2438 July 49 July
1512 Jan 30
614 Feb
1838 June
84 Feb 23
48
Apr 9112 July
6518 Apr 25
10 Mar 3378 Aug
2812 Jan 16
1712 Feb 2912 July
3412 Aug 21
2618 Feb 31 July
4614June 27
12 Feb 3912 Sep*
23 Mar 10
1012 Feb 2838 July
2812 Jan 31
1014 Feb 1814 July
19 Feb 17
634 Feb 18 June
1172 Mar 28
218 Mar 1034 June
1134 Mar 26
72 Apr 1434 July
106 Aug 25
85 Nov 10218 June
1234 Feb 19
l's Mar 10 July
10158 Aug 25
46
Apr 8934 July
147 June 27 110 May 130 Mar
2212 Apr 19
318 Mar 16 July
10378 Feb 16
321* Mar 9638 Dec
125 July 20
9712 Apr 117 July
1914 Mar 6
3138 Feb 21
Io Apr /713 July
101 Apr 8
75
Oct 8812 July
712 Jan 29
1
Jan
814 July
918.May 8
412 Deo
1
Feb
952 Feb 7
3,8 Feb 1538 June
21 Apr 18
712 Apr 3612 June
1934 Feb 7
612 Apr 3234 June
52 Jan 24
21
Feb 54 July
4 June
13* Feb 21
18 Jan
334 Feb 23
58 Apr
6 June
63 Feb 18
26
Feb 6278 July
12712July 26 107 Feb 123
Oct
834 Feb 7
334 Dec 1434 June
2312 Feb 6
11 Dec 47 June
2412 Feb 5
11
Dec 4978 June
2512 Feb 5
12 Dec 65 June
1038 Jan 22
612 Mar 1338 July
1438 Feb 19
3 Apr 1814 July
2714 Apr 27
78 Mar io Nov
1012 Apr 2
312 Nov
1112 July
238 Apr 17
71 May
258 June
1212 Apr 14
I
Feb
814 June
212 Mar 1114 June
18 Feb 19
61 Feb 19
10 Feb 4212 Nov
1114 Apr 3
434 Apr 1412 June
33 Dec 5912 July
62 Mar 13
107 Feb 14
15 Mar 103 Sept
834 Jan 30
34 Mar 1134 July
538 Feb 23
478 July
54 Feb
4 Feb 6
138 Dee
634 June
31 Mar 6
712 Feb 30 July
35 Apr 20
1014 Mar 36 July
958 Nov
11 Jan 3
5 Mar
9 Apr 30 July
30 June 21
106 Aug 9
81
Apr 95 Sept
2514 Feb 19
918 Apr 3112 July
42 Mar 75 June
86 Apr 21
6914 July 16
43 Mar 7034 July
19 June
1738 Feb 21
212 Feb
612 Apr
16 July
21 May 4
412 Feb 23 July
22 Feb 16
2 Feb 2338 July
1714 Jan 30
1358 Mar 2614 June
2712 Feb 5
12
Oct 19 Sept
1712 Feb 26
12
Jan 50 Aug
63 Feb 7
6038 Feb 19
1618 Feb 4932 Nov
9
Jan 31 Jude
3312 Apr 26
1958 Apr 26
4
Jan 23 June
1
Feb
64 Aug
458 Mar 12
20 Feb 19
612 Jan 2078 Aug
258 Feb
12 June
1112 Feb 6
42 Feb 86 July
87 Mar 13
4358 Feb 19
1334 Feb 4314 July
458 Mar 27 July
2312 Apr 24
1012 Dec 2078 July
1438 Feb 5
10812 Feb 7
9934 Mar 10814 Sept
1012 July
218 Feb
1018 Mar 9
1112 June
612 Feb 1
114 Mar
12 Feb • 1
214 Feb 23 June
512 Mar 48 June
33 Apr 20
4334 Aug 28
2414 Dee 4858 June
Jan
116 July 24
90 July 112
1012 Feb 3014 July
25,4 Feb 5
1234 Feb 26
1078 Apr 125* July
21
Feb 3973 Sent
3678 Jan 30
12 Dec
272 June
134 Feb 6
19 Mar 13
318 Apr 1812 June
21 Mar 13
634 Dee 1812 June
22 Mar 12
Apr 20 Juno
5
8114 Feb 16
2414 Jan 5534 Nov
8412 Jan 15
3511 Mar 71 June
115 Aug 1
9212 Mar 10612 Sept
42 Feb 5
10 Feb 3534 Sept
10312July 11
6512 Mar 95 July
21 Apr 14
518 Jan 24 June
658 Apr 20
212 Mar 1018 June
17 June
2512 Apr 23
314 Jan
31 Mar 82 Aug
88 Apr 24
8,4 June
Apr
558 Feb 7
2
4534 Mar 3
1314 Jan 4912 July
458 June
353 Jan 30
33 Feb
2638 Jan 30
512 Jan 2234 June
233* Feb 23
212 Feb 1934 July
1912 Feb 21
714 Sept 18 June
4812 Mar 15
938 Feb 3812 June
13'4 July 20
758 Dec 2014 Jan
Jan
6512July 6
4512 Dec 75
7511 June
688 Feb 5
54 Feb
30 Feb 5
514 Mar 33 July
334 Mar 20 ',July
2838 Apr 26
Apr 9112 Aug
104 July 26
48
18 July
3 Feb
912 Feb 27
12 Feb 2738 July
23 Apr 23
120 Sept 4
9612 Dec 105 July
18 Feb 19
3 Mar 2112 July
6284 Apr 21
9 Feb 63 July
914 Feb 4712 July
4188 Feb 19
2734 Mar 8014 July
86,4 Feb 19
1134 Feb 5
612 Oct 1712 June
Apr 73 July
7112 Apr 26
41
55* July
I
Apr
412 Feb I
1356 June
1332 Feb 16
376 Mar
358 Mar 1058 June
834 Jan 31
20 Sept 3638 July
40 Apr 24
3118 Apr 25
1118 Mar 3058 July
4038 Feb 19
1534 Feb 3612 Dec
1634 July
618 Feb
1518 Feb 19
41(8 Sept
35l4 July9
678 Jan
7212 Jan 110 Sept
11534June 23
$12 Feb 8
412 May
14 Jan
634 Feb 38 July
42 Mar 13
1614 Jan 64 June
83 Apr 20

e Cash sale. r Ex-dividend. y Ex-rights.

,...,- FOR SALES

New York Stock Record-Continued-Page 5

HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Sept. 1.

Monday
Sept. 3.

$ per share $ per share
.2414 2514
29
.28
*414 412
*3114 33
*618 614
4684 3
"35
39
*100 10112
*15
1512
.212 31
5912
.52
.24 212
08412 86
*110 115
.634 81
07234 75
.123 12478
64
64
.99 100
*614 634
934
*9
*400 419
1934
*19
418
*4
49
.46
9612 1712
314
*3
5412 5412
834 878
212 234
.2234 23
56
56
38
.37
.358 4
338 338
41L
.4
5434 5
1
.3,
4
*22
2534
"136 138
06
614
'22
24
27
2712
110 110
*412 438
'234 3,4
2518 2512
"125 12934
•1012 15
.234 3
*114 2
*118
11,
11
11 .19
2012
'8814 90
2912 2912
MO% 41
Stock
"22
27
'63
70
Exchange
978 10
1012 11
Closed
"0
75
.2778 2812
Labor
*4778 48
45% 46
Day
'112 118
*4812 4978
.612 7
.1418 1412
01.4 2
'712 814
"434 7
.258 31.
•1318 1314
*8612 95
*1938 4958
.10
1214
3334 458
24
.15
1818
18
.105 10934
6,5
.80
.28
2834
'21% 22
38
.30
02312 24
*94 1112
9
9
•1112 1112
.7312 80
312 312
13
13
70
.68
16
*15
.29
2912
.2038 21
97
97
*9712 9812
514818 150
2234 22%
017
19
15
•13
224 2258
2738
.27
*9111 96
5158 14
112
$114
40
40
•125--18
18
115 2 115,2

Tuesday
Sept. 4.

Wednesday
Sept. 5.

Thursday
Sept. 6.

Friday
Sept. 7.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE. .

PER SHARE
Range Since Jan. 1
On basis of 100-share lots.
Lowest.

$ per share $ per share $ per share S per share Shares. Indus. & MisceII.
(Con.) Par
*2414 2514 *244 25
*2414 25
*2414 25
Hackensack Water
25
*2814 29
*2814 29
29
29
2912 2912
50
7% preferred class A
25
414
414 414
438
414 438
418 414 1,400 Hahn Dept Stores-----o par
*34
38
3514 3514 •34
3614 34
34
200
Preferred
100
534 6,8
64 64
64 614
1,900 Hall Printing
618 614
10
*634 8
*634 74 .634 74
634 634
100 Hamilton Watch Co__ _No par
.35
39
.25
39
*35
39
•35
39
Preferred
100
.9812 10112 99
99
100 100
100 100
230 Hanna(M A) Co 37 pf _No par
15
15
15
15
1518 1518 *15
1514
400 Harblson-Walk Refrac_No par
*212 3
*258 31
*212 338 *212 34
Hat Corp of America Cl A__1
52
52
.52
5734 .52
5912 .52
10
5912
6Ii% preferred
100
212 212
214 214
212 258 *212 238
400 Hayes Body Corp
2
.83
87
*84
84
85
85 .84
8512
200 Hazel-Atlas Glass Co
25
.1124 115 .1134 115 .11318 115 *11318 115
Heinle
(0
25
W)
*678 312 •67, st2 *672 812 "678
Hercules Motors
812
No par
717 7278 7138 7212 72
73
7138 7112 2,800 Hercules Powder
No par
12312 12312 "123 1248 12412 12412 .124 1247
20
57 cum preferred
100
.6312 68
"6312 675 a64
64
64
64
300 Hershey Chocolate____No par
.98 100 .98 100 .98 100
98
98
Cony preferred
500
No par
618 638 *914 634
612 612
618 614
800 Holland Furnace
No par
*858 914
9
9
914 912
600 Hollander & Sons (A)
878 878
5
.405 418 .406 418 •405 418
39912 405
400 Homestake Mining
100
•17
1812 1878 19
*1812 20
*1812 20
400 Houdaille-Hersbey Cl A No par
4
4
4
4
418 44
4
44 2,100
Class B
No par
'46
49
*46
4878 *46
49 .46
49
Household Finance part ()Lb°
017
*16
18
1734 '1512 1638 1534 1534
100 Houston Oil of Tex tern ctfs100
*3
34 '3
318 .3
400
34
Voting trust Ws new____25
3
3
54
5412 5412 .557
51
.56
521. 31,800 Howe Sound v t e
49
8
852
8
812
838 878
838- 7,200 Hudson Motor Car_ _....No pa
8
212 258
258 258
238 234
212 212 1,500 Hupp Motor Car Corp
10
2238 227
2238 2334 *2314 2378 2314 2334 2,200 Industrial Rayon
No par
.5512 56
056
59
56
56
*53
57
600 Ingersoll Rand
No par
39
39
39
39
*37
39
37
37
600 Inland Steel
No par
.358 4
*358 4
*352 378
358 358
200 Inspiration COOS CoppeL - _20
328 328 *31, 312
314 314
314 314
900 Insuranshares Ctts Inc
5
"334 418 .34 412 .334 438
334 334
100 Intercoiat'l Rubber__ __No par
44 478
47
434 434
47
5
54
1,400 Interlake Iron
No par
312 312
312 312
312 312
312 312
600 Internal Agrlcul
No par
*20
25
•2014 25 .22
244 22
22
100
Prior preferred
100
•136 137 .136 137
13612 13712 13734 13734
900 lot Business Machines_No par
*5% 614
6
614
6
614 "512 6
600 Internal Carriers Ltd
1
.22
23
.2212 2314 23
2212
2212
23
200 International Cement__No par
26
2678 2658 274 26
2712 25
2614 7,300 Internal Harvester____No par
"10912 11514 "11214 11514 11214 11214 *112 11514
300
Preferred
100
412 412
412 412
414
438 438 1,400 Int Hydro-El Sys cl A
4'2
25
'
234 34 "234 34
24 3
300 Int Mercantile Marine _No par
*212 3
2438 25
247 2518 2434 2514 2414 2434 28,300 lot Nickel of Canada__No par
*125 12934 .125 127 .125 127 0125 127
Preferred
100
*1012 15 .10% 15
12
12
*1012 1178
20 Internal Paper 7% pref
100
.
234 3
23
234 *234 314 *214 3
200 Inter Pap de Pow Cl A__No par
'14 2
.114
134 .114
14 *114
158
Class B
No par
114
114
114
114
114
114
114
114
1,200
Class C
No pa
11
11
1112 1112 1112 1134 1012 1114 2,100
Preferred
100
'19
20
.19
19
2014
19 .19
20
100 Int Printing Ink Corp_No par
*8614 90
*8614 90
.8614 90
*8614 90
Preferred
100
.28
3258 3112 3112 •28
3212 *2812 32
200 International Salt
No par
4014 40% .40
4012 3938 4018 39
3934 1,700 International Shoe
No par
*23
27 .20
27
*20
264 '1918 2834
International Silver
100
.63
70
*65
*6314 70
70 .63
70
7% preferred
100
972 1014
9,2 10
972 1018
912 97g 9,300 Inter Telep & Teleg___No pa
11
11
1134
11
11
1114 1034 1078 2,600 Interstate Dept Stcres_No par
'6
712 .6
712 •6
7% *6
Intertype Corp
758
No par
'28
2812 .28
2812 2778 28
*2712 2812
200 Island Creek Coal
I
4712 4712 4614 4614 *4614 49
4612 4612
300 Jewel Tea Inc
No par
4512 4638 4612 4712 4534 4734 4412 4614 8,200 Johns-Manville
No par
.112 118 .111 118 *115 118
115 115
10
Preferred
100
*4312 60
4812 4812 *4812 50
48
48
40 Jones de Laugh Steel pref _100
7
'612 7
7
*612 7
612 612
200 Kaufmann Dept Stores $12.50
1418 1418 1418 1412 •1418 1414 *14113 1414
400 Kayser (.11 At CO
5
17
178
178 178
178
178
154
900 Kelly -Springfield Tire
134
5
*712 811
8
8
*712 834 *718 814
100 .6% preferred
No par
'312 7
.312 6
*312 7
.312 6
Kelsey Hayes Wheel conv.clA I
8258 34 *238 338 *234 332 *238 338
Class B
1
x1278 1314 1334 1334
1314 1334 1234 13
3,300 Kelvinator Corp
No par
8512 8612 "85
*85
90
90
*85
90
10 Kendall Co pt pf sec A_No par
1834 1912 1918 197
1812 191 12,800 Kennecott CopPer
1858 197
No pa
*10
1214 *10
1214 .1012 1214 *10
1214
Kimberly-Clark
No par
*33.; 4
334 33
4
4
'334 418
200 Kinney Co
No par
•17
24
.17
24
24 .17
017
24
Preferred
No par
1755 1778 18
1814
1758 1814 1755 173
2,700 Kresge (88) Co
10
al09 109 .105 10934 *105 109
10612 10612
120
7% preferred
100
65
65
a65
*63
65
66 .6318 6413
200 Kress (S H)& Co
No par
2813 281
2838 2834 2858 2812 28
28
1,400 Kroger Groc & Bak
No par
22
22
22
.2318 25
22
24
24
40 Laclede Gas Lt Co St Louis 100
.3014 38
•3014 38 .3014 38 .3014 38
5% preferred
100
"2312 24
24
24
2412 25
24
241
1,500 Lambert Co (The)____No par
'912 111
.912 1112 *912 11,2 '912 111
Lane Bryant
pa
No
9
9
9
912 9%
934
9
9
800 Lee Rubber & Tire
5
.1212 1412 .128 1412 1312 14
*1212 1312
300 Lehigh Portland Cement_ __50
•7.512 80
57512 80 .7512 80
7512 7512
20
7% preferred
100
.34 312
318 318
3
34
3
34 1,600 Lehigh Valley Coal ____No par
'1112 13
1214 1214
1258 1258 12
1214
800
Preferred
60
"67,2 6912 *11858 69
6878 6912 6834 6834
800 Lehman Corp (The)___No par
5147 15
.14% 15
*147 15
1434 144
300 Lehn & Fink Prod Co
5
287 2878 2834 2918 2812 29
273 29
L1bbY Owens Ford Glass No par
2012 2012 .2018 2038 .2014 20% 2018 204 2,800
400 Life Savers Corp
IS
•96
97
96
96
96
06
95
95
400 Liggett & Myers Tobacco. 25
897
9712 9712 98
98
9812 0714 9734
900
Series It
25
"14818 150 .14818 150 •14818 14912 x148 148
200
Preferred
100
2158 2234 22
2214 2212 2112 22
22
1,300 Lily Tulip Cup Corp__No par
•17
20 '17
.17
19
19 '16
18
Lima
Locomot
WorksNo
par
•13
15
"13
1434 013
1412 .13
137s
Link Belt Co
No par
23
23
23
23
23
23
21
21
1,000 Liquld Carbonic
No par
2612 2714 2734 2838 2612 28
2612 2758 10,300 Loew's Incorporated
No par
9134 9154 .9112 96
*9112 93 '9112 93
100
Preferred
No par
17
134
134 *1P4
14. 134 .1%
13
200 Loft Incorporated
par
No
*114
112 .114
112 0114
14 0114
155
Long Bell Lumber A No par
*3912 41
40
40
394 4014 394 3934
1,000 Loose-Wiles Biscuit
25
•125 _
•125 _ _ •125
_ .125 _
_ _7% 1st preferred
100
1734 177.
8 18
18 --18, 18 --.
1838 1778 1838 3,200 Lorillard (P) Co
10
.115 118 .115 118
115 115
11412 115
110
7% Preferred
100
1 14
114
114
11
114
17
*114
*114
114
11,
400 Louisiana 011
par
No
*912 11%
1012 1012 *912 1O'z
978 97
*712 12
30
Preferred
100
•1412 1534
'1418 154 5144 15
•1418 151 .1414 151
Louisville Gas & El A_No par
1255 1255
•1212 1312 •1255 131, .1212 131
13
13
200
Ludlum
Steel
85
"55
80
80
•70
8134 •70
797 *70
8014
100
Cony
preferred
No par
36
30
36
30
36
36
.36
36'z 3814 3612
700 MacAndrews & Forbes
10
1074 1074
*10012 1071g •10012 10612 *10012 106'2 10612 10612
20
8% preferred
100
2434 2434
2414 2414 .244 2478 2418 2418 2334 234 1,200
Mack Trucks Inc
No
par
39
*38
'38
3912 3834 3834 *3834 40
3812 3812
200 Macy (R H) Co Inc
No par
*434 5
47
.45
47
478 *434 512
478 47
200 Madison Su Gard v I o_No par
*2014 2314
.204 2314 .2014 20%
1934 207s 1938 1938
900 Magma Copper
10
•I% 2
•178 2
218 .2
24
'lie
17
178
100 Mallinson (II R)& Co_No pa
"8
1778
•13
1778
1234 1234 "10
1778 "10
1278
10
7% preferred
MO
3
"2
.2
3
*2
3
.2
3
*2
3
IManati Sugar
100
*5
714
.5
714
*5
612 .412 6
6
6
30
Preferred
4354 6
100
033
414 •338 6
'358 6
'338 6
Mandel Bros
par
No
•1158 13
.1155 1278 511
1278 "1134 127s •11
13
Manhattan Shirt
2
01,4
*114
134
134 *114
134 *114
134 '114
134
Maracaibo 011 Explor_No pa
438 4 1 2
.438 4%
*43.3 412
438 484 *43,3 412
400 Marancha Corp
5
558 53t
555
55
57
5
555 53
53
4
5
53
4
5,400
Marine
Midland Corp
5
•1324 21
19
19
19
.19
19
20
*1858 2012
200 Marlin-Rockwell
No par
*1058 11
1012 1034
11
1112 11
1178 11
1,500 Marshall Field & Co
11
No par
*414 534
5414 534
*414
53
534 .438 53
.44
Mart1n-Parry Corp_ _ No par
• Itid and asked Prices. no sales on thls day. 1 Companies reported in recelver4nin.
1 C3(Itl,19 -11 4,1,'




1521

DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH
PAGE PRECEDING.

Highest.

PER SHARE
Range for Previous
Year 1933
Lowest

Highest.

$ per share
$ per share $ Per share $ per Mare
2012 Jan 9 2614 July6
15 Mar 2512 July
27 Jan 4 3012June 27
25
Apr 2878 Jan
312July 26
814 Feb 15
14 Feb
912 July
2514 Jan 9 5234 Apr 21
9 Apr 3812 July
312 Jan 8
934 Feb 14
318 Feb
1012 July
358 Jan 26 117 Apr 20
212 Apr
9 July
25 Jan l'' 5312 Apr 25
15
Feb 35 July
84 Jan 8 10134July 21
4512 Jan 85 Aug
13 July 26 2434 Feb 21
618 Feb
2512 July
112July 26
612 Apr 13
74 Mar
712 June
194 Jan 4 6214June 27
518 Apr 30 June
114 Jan 2
634 Feb 15
34 Feb
34 July
8112 Aug 8 9678 Apr 23
65 July 9712 Dec
101 Jan 9 115 June 27
0912 Jan 105 Dec
514 July 10
1218 Mar 15
3 Mar 17 July
59 Jan 4 8158July 17
15
Feb 8858 Dee
111 Jan 4 125 July 14
Apr 11018 Dec
85
4812 Jan 15 68 July 16
3518 Mar 72 July
83 Feb 16 101 July 17
6434 Apr
90 July
434 Aug 8 1014 Apr 23
312 Jan
1012 June
Jan
24 Mar 1012 June
534
2 13 June 21
310 Jan 4 243018 July 19 145
Jan 373
Oct
11 Jan 8 2314 Jan 30
418 Apr 15 June
1 Mar
238July 26
6% Jan 26
64 June
43 Nov 61,4 Jar,
43 Feb 5 54 Mar 12
1212July 26 2934 Feb 5
814 Mar 38 July
558 Apr 6
14 Feb
212July 27
738 July
3512 Jan 3 5714June 28
512 Jan 384 Dec
618July 23 2414 Feb 5
3 Feb
1658 July
158 Mac
178July 23
714 Jan 30
734 July
1938July 26 2638June 14
50 May 14 7334 Feb 3
1918 Feb -78 July
12 Feb 4578 July
35 May 23 494 Feb 21
672 Feb 5
3 July 23
2
Feb
912 June
218 Jan 2
414 Apr 25
114 Mar
37 June
578May 4
214 Jan 15
34 Mar
412 July
218 Mar 12 July
414July 24 114 Feb 19
2 Jan 8
74 Feb
618 Feb .5
514 July
Jan 2712 July
1.5 Jan 8 374 Feb 3
5
131 June 2 149,4 Jan 30
7534 Feb 15314 July
27 Jan
412July 26 1218 Feb 21
1072 July
1834July 30 3734 Feb 5
818 Mar 40 July
2314 July26 4672 Feb 3
1358 Feb 46 July
80
110 Aug 31 12538May 11
Jan 1194 Aug
2% Apr 1378 July
94 Feb 7
334July 26
214 July27
8 Jan 24
114 Jan
84 June
21 Jan 4 2914 Apr 27
634 Feb 2314 Nov
11534 J,,n13 130 June 28
72
Jan 115 Der
10 July 27 25 Apr 24
212 Jan 2134 July
2 July 23
612 Apr 20
12 Apr 10 July
312 Apr 21
118July 2
14 Apr
534 July
234 Apr 23
1 July 26
I4 Jan
4 July
Apr 2212 July
2
812July 26 2478 Apr 23
312 Feb
9 Jan 13 25 Apr 21
14
Oct
Apr 71
35
66 Jan 2 90 July 13
Aug
21 Jan 3 32 June 19
1334 Mar 274 July
39 Sept 7 5038 Jan 28
2433 Jan 5638 July
19 July 27 454 Feb 15
934 Feb594 July
2412 Mar 71% July
59 Jan 4 8412 Apr 9
518 Feb2134 July
712July 26 1734 Feb 6
312 Jan 4 1638 Apr 20
112 Mar
872 July
558 Jan 3 10 Feb 8
114 July
178 Jan
244 Jan 29 3058July 18
Feb32 July
11
23 Feb 45 July
33 Jan 9 52 Apr 20
1214 Mar 6312 Dec
39 Aug 6 66% Jan 30
42 Apr 10618 July
101 Jan 4 115 Sept 7
45 Aug 1 77 Jan 23
35 Feb 91 July
2% Mar
932 June
6 July 26 1038 Apr 13
1378 Jan 4 1812 Apr 20
674 Feb 1912 July
72 Mar
64 July
412 Mar 12
114 July 26
6 Feb 3118 June
5 July 26 20 Jan 30
2 Feb
3 July 28 10 Feb 16
8 May
258 Jan 2
712 Feb 16
1% Dec
834 June
11% July 26 2114 Mar 14
318 Feb 1558 Sept
30
6518 Jan 18 90 July 20
Jan 73 July
16 July 26 234June 13
738 Feb 28 Sept
12 Jan 2 1814 Apr 12
572 Apr 2535 July
3 Jan 16
Apr84 June
714 Apr 13
1
45 Feb 30 July
1312 Jan 6 41 Apr 26
1338 Jan 2 2234 Feb 5
512 Mar 1672 July
Apr 105 June
101 Jan 4 111 Mar 16
88
36 Jan 3 65 Sept 4
Jan 4414 July
27
2314 Jan 8 335 Apr 23
1412 Feb3551 July
20 July 26 6312 Feb 13
30 Nov 80 June
3712 Apr61
30 Aug 30 60 Feb 9
Jan
2214 Jan 4 3138 Feb 5
19% Dec41% July
5 Jan 6 1414 Apr 19
3 Feb1012 June
7 July 20 1412 Apr 26
334 Mar 1238 July
57 Jan 27 June
11 May 14 20 Feb 23
Feb 78 Sept
34
7352June 22 81 Apr 26
5 Feb 21
1
212 Jan 8
63 July
Jan
212 Apr 12 June
5 Jan 3 1638 July 19
6414July 26 78 Feb 8
37% Feb 793 July
14 Feb 2314 June
1434 Aug 23 2312 Apr 19
2514July 26 43% Jan 19
434 Mar 373 July
1558 Oct 2218 Sept
1718 Jan 8 24 Apr 23
49 Feb 98 Sept
73 Jan 6 9734 Aug 25
4914 Feb 9938 Sept
74% Jan 8 99 Aug 25
129 Jan 13 150 Aug 16 121 Mar 14018 Sept
2612July 18
16 Jan 1.
13 Apr 2112 May
Jan 3134 July
10
1712July 30 3614 Feb 5
1214 Jan . 1938 Feb 6
1914 July
614 Apr
16's July28 353 Apr 23
1014 Feb 50 July
2078July 2
812 Mar 3812 Sept
3518 Apr 12
72 Jan 2 974 Apr 24
Apr 7818 July
35
114 Aug 15
3 Jan 31
112 Dec
458 June
1 July 28
512 June
234 Feb 20
12 Feb
3812 Feb 26 34434 Jan 17
1914 Feb 4434 Dec
11934 Jan 1
Jan
12812July 13 11312 M sy 120
1534 Jan 8 194 Feb 5
104 Feb 25,4 July
102 Jan 26 11512Sept 11 8712 Feb106 Nov
33 Apr 4
114 Jan 10
4 July
58 Jan
74 Jan 2 2312 Apr 4
312 Feb29 July
13 July 26 21 Feb 7
1378 Apr 2534 June
814July 26 1912 Feb 20
Feb2018 July
4
77 Aug 24 97 Feb 20
1438 Mar 9512 Dec
30 Jan 5 37 Aug 27
912 Feb 3134 DeC
95 Jan 13 110 July 12
74 Apr 96 Nov
22 July 26 4134 Feb 8
1312 Feb 4832 July
36 July 26 6218 Jan 30
2414 Feb 654 July
7 Apr 27
7 June
25s Jan 2
14 Mar
1512 Jan 17 x2314June 28
538 Mar 1958 July
112July 28
44 Apr 24
72 Feb
5,4 June
758 Jan 9 3335 Apr 24
3 Feb 2634 JOY
1 Jan 8
334 Jan 23
54 July
14 Jan
97g July
134 Jan 3
914 Apr 26
38 Jan
3 July 26
978 June
812 Jan 26
112 Jan
1012July 27 205* Feb 1
5% Apr 23 July
338 Feb 17
l's July 25
12 Jan
4 Jane
53 Feb 5
47 Nov
44July 30
538 Nov
512July 27
9 Feb 6
5 Dec 1112 Jan
17 July 31 32 Jan 25
6 Feb 2314 Dee
858 Aug 9 19% Apr 11
414 Jan
1858 June
4 July 27 1238 Mar 3
12 Jan
774 Dec

•,
r toitl 4`lit.

• 301CI

15 'lays.

41.1x-(11*Irl•nd

n v* richt*

New York Stock Record-Continued-Page 6

1522

Sept. 8 1934

tarFOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SIXTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Sept. 1.

Monday
Sept. 3.

g per share $ per share
*2814 2912
*3612 38
514
*5
*24
25
*7214 7212
28
*26
*134 2
*112 2
1714 1714
*512 7
4812 89
88
*86
613 618
•26
27/
1
4
1
4
558 5/
.59
*56
*34
36
*41
/
4 5
*2514 3212
: 25
241
*251: 26
*312 3/
1
4
*1158 11/
1
4
9
9
6018 6018
*5214 5818
*214 212
•15
21
*1434 16
53
53
23/
1
4 24
*501
/
4 62
•1
/
4
.
523
*83g 9
19
19
8
8/
1
4
*714 9
*24
31
•I4
1614
518 538
*2014 21
14
14
*413 478
*6
7
*514 6
321
: 3238
•141 145
141
: 1478
1678 17
•11
: 112
4.12
1534
20/
1
4 2114
2434 243
*149 155
*14113 14412
*111 114
Stock
818 818
401
/
4 4012
*1214 14 Exchange
*41
43
Closed
1078 1078
*20
2012
Labor
*35
36
*1031
/
4 110
Day
758
.7
*1412 1612
*314 4
*714 10
12
12
1234 1234
81
*74
96
96
*WO 108
4312 4312
131
: 13/
1
4
4018 4012
338 312
*63
65
*35
36
*218 238
103g 103g
4.218 3
•11
1312
'418 412
*7
778
14/
1
4 1434
*10012 110
*458 4/
1
4

Tuesday
Sept. 4.

Wednesday
Sept. 5.

Friday
Sept. 7.

STOCKS
NEW YORK STOCK
EXCHANGE.

PER SHARE
Range Moe Jan. 1.
On basis of 100-share lots.
Highest.
Lowest.

PER SHARE
Range for Previous
Year 1933.
Lowest.

Highest.

S Per share i per share $ per *hare
1
4 Nov
14 Feb 46/
4034 Jan 24
984 Feb 33 Sept
4438 Apr 23
81
:July
118 Apr
8/
1
4 Feb 21
1
4 Aug
281: Apr 26
818 Apr 15/
Oat
15 Apr 58
9212 Apr 3
13 Mar 354 Sept
32 Apr 13
478 June
412 Feb 6
38 Apr
6
Jan
118 Dec
414 Feb 6
Jan
212 Mar 21
2534Mar 17
8/
1
4 June
3 Apr
101
:Apr 21
18 Mar 4838 Oct
5012June 19
4418 Jan 95/
9414 Feb 21
1
4 Aug
144 Mar 131: July
9/
1
4 Apr 10
3/
1
4 Mar 25 July
3412 Apr 27
338 July
634Sept 6
14 Feb
6312June 8
2/
1
4 Jan 2278 July
39 June 28
834 Feb 2834 Oct
2 Mar 20 July
11 Jan 22
22 Jan 57 July
52 Ayr 19
30 Feb 19
7 Feb 21 Sept
13/
1
4 Mar 22 Sept
2634May 22
984 June
158 Mar
812 Feb 16
334 Mar 16 July
1484 Feb 5
1
4 July
3 Mar 17/
2178 Feb 19
28 Mar 72 Sept
85/
1
4 Apr 21
13 Apr 3628 Des
59 July 10
5/
1
4 July
/
1
4 Feb
5/
1
4 Jan 30
30 July
35/
1
4 Feb 1
6 Feb
7
Jan 22 July
2238 Apr 21
25 Mar 83 Dec
5512July 13
1
4 July
3558 Feb 15
858 Feb 28/
25
Jan 56 July
5212 Aug 29
138 Feb 8
218 June
Is Jan
8/
1
4 Dec
12 Feb 21
14 Jan
44/
1
4 Feb 15
734 Mar 3634 Sept
1
4 July
112 Mar 11/
1612 Feb 16
11
/
4 Mar 1034 July
1558 Apr 23
46 Apr 21
5 Mar 25 June
5 Mar 1838 June
2514 Apr 13
/
4 July
1138 Feb 16
1/
1
4 Feb 111
8
211
/
4 Feb 21
Jan 2012 July
1118 Apr 27 July
3214 Jan 30
878 Feb 23
118 Feb
734 July
938 Dec 1018 Dec
1314 Jan 31
9/
1
4 July
12/
1
4Mar 19
114 Jan
4912 Jan 16
3112 Feb 6058 June
14812July 23 118 Mar 145 Aug
54 Mar 2358 July
2358 Feb 5
1018 Feb 2534 July
1834June 9
21
:June
Is Mar
3 Mar 16
114 Feb 10 June
221: Apr 18
311
/
4 Feb I
204 Dec 3314 Nov
5 Feb 154 Dec
32/
1
4 Apr 24
163 July 14
4314 Feb 140 Nov
145 July 18 101 Mar 12814 Nov
116 Aug 7
75 Feb 10918 July
:July
6/
1
4 Apr 201
1512 Feb 8
15 Feb 551
5814 Feb 5
/
4 July
4 Apr 2858 June
2118 Apr 24
17 Feb 6014 June
60 Apr 23
612 Jan 27 July
1834 Feb 1
/
4 June
3014 Apr 13
II: Jan 121
49/
1
4 Apr 10
10614 Aug 21
inly
-1-38 Mar
13 Mar 6
61
/
4 Apr 231: July
III:July 26 2434 Feb
N Y Alr Brake
No par
111
/
4
June
Deo
2
3
4
Marl
8/
1
4
258July 31
100
New York Dock
Oct 22 June
8
5 July 26 20 Mar 1
100
100
Preferred
38 Dec
234 June
114 Feb
1: Jan 2
500 tb: Y Investors 1no___No par
1
4 Feb
134 Jan 2212 Aug
912July 26 22/
1,100 NY Shipbldg Corp part stk_l
31
Jan 90 June
7% preferred
100 72 July 26 8924 Apr 1
10
/
4 Aug
70 Nov 1011
:Apr 1
No par 82 Jan 5 991
10 N Y Steam MI yret
Jan
83 Nov 110
No par 90 Jan 15 10978May 2
$7 let preferred
38
/
1
4 Sept
173
8
Jan
45
/
1
4
Aug
4
Jan
No par 3314
3.900 Noranda Mines Ltd
1214 Dec 3612 July
7,700 North American Co...No par 12 July 26 2514 Feb
Jan
31 Dec 46
Preferred
50 34 Jan 9 45 Ape 2
300
9 July
4 Feb
834 Feb
258July 26
1
3,700 North Amer Aviation
79 July
39 Nov
:Jan 4 7418 Apr 2
200 No Amer Edison pret__No par 471
26/
1
4 Apr 43 June
40 Northwestern Telegraph_50 34 Jan 9 43 Apr 2
5/
1
4 July
118 Feb
412 Feb 1
158July 27
500 Norwalk Tire dr Rubber No par
eh Feb 1758 July
1
4 Feb
81:July 26 15/
No par
4,000 Ohio 011 CO
4 July
83
11
/
4
Feb
7
Feb
July
25
2
No par
400 Oliver Farm Equip
314 Feb 3034 June
9 July 27 274 Feb
Preferred A
No par
83
4 July
Mar
11
/
4
July
6¼
8JulY
27
3
5
3,600 Omnibus Corp(The)yto No par
21: Feb 15 June
5I8July 27 1458 Mar 3
100 Oppenheim Coll dc Co_No par
10/
1
4 Feb 2514 July
No par 1338July 26 1938 Feb 1
3,900 Otis Elevator
93/
1
4 Apr 106 July
20
101) 92 Jan 18 10212 Aug 2
Preferred
91a June
114 Mar
8 Feb 1
358July 27
800 Otis Steel
No par
/
4 June
214 Feb 211
9 Jan 2 25 Feb 20
100
Prior preferred
July
9834
Mar
311:
94
Jan
30
611:July
26
1,000 Owens-Illinois Glass Co____25j
15 Dec 32 July
Feb 7
3,600 Pacific Gas de Electric
2I 15 Sept 7 2312
22 Dec 4338 Jan
No par 231: Jan 2 37 Feb 7
3,000 Pacific Ltg Corp
6 Feb 29 July
No parj 20 July 27 34 Feb 5
100 Pacitio Mills
65 Mar nese July
1
4 Mar 13
Pacific Telep dc Teleg
1001 72 Jan 11 85/
:Sept
Nov 1111
9914
116
June
22
3
Jan
103
6% preferred
10
1001
912 Sent
54 Dec
re Apr 25
534July 26
600 Pac Western Oil Corp_No par
678 July
1/
1
4 Mar
6/
1
4 Feb 23
234July 26
12,700 Packard Motor Car___No par
8 June 14 July
1
4 Jan 9 1112 Jan 30
Pan-Amer Pete de Trans .___Sj 10/
1
4 Oct
Jan 36/
6
17 July 26 3512 Feb 6
1
Park-Tilford Inc
3 July
/
1
4 Mar
2
Feb
5
30
Parmelee Transporten_No par
%ROY
/
1
4 June
4
38 Apr
58July 24
2/
1
4 Apr 6
100 Panhandle Prod & Ref_No par
534 Jan 20 June
8 Aug 20 211: Apr 6
8% cony preferred
1
June
Is
2
/
1
4
Apr
5
/
1
4
Feb
2
16
134 Jan
8.500 :Paramount Publix ctfs_.__10I
414 July
34 Jan
6/
1
4 Feb 15
212July 26
1
9,400 Park Utah C M
July
218
Jan
4
41
27
/
4
Mar
2
July
1:
part
8,400 Path° Exchange
No
1414 Dec
114 Jan
1,600
Preferred Ca188 A-- _No par 1012 Jan 4 2434June 12
538 Jan 25 Nov
500 Patin° Mines ac Eatery
- No par 1238July 26 211: Jan 2
9/
1
4 July
/
1
4 Feb
478June 5
2 Jan 2
8
900 Peerless Motor Car
No par 4712July 28 64 Jan 30 32518 Feb 6034 Dec
500 Penlok & Ford
1914 Mar 56 Deo
1
4 Mar 3
:Jan 4 67/
No par 511
3,800 Penney (J 0)
Jan 108 AuC
90
1001 1051:Mar 8 10812May 16
Preferred
1
4 July
9/
34 Feb
514 Apr 26
11
/
4July 27
Penn Coal & Coke Corp_ _10
/
4 .232 412
*258 41
91
:JUhe
h Jan
734 Feb 5
278 July 26
200 Penn-Dlxie Cement___No par
.
312 334
*358 4
July
32
Mar
4
/
1
4
32
Apr
24
100 1214July 26
*1418 18
Preferred series A
*1418 18
Jan
25 Dec 78
600 People's G L dc C (Chlo)_100 2214July 27 4378 Feb 6
24
2514 2514 24
June
1514
Feb
61
/
4
1514
Aug
27
3
Jan
914
par
No
*1334 15
700 Pet Milk
•1334 15
July
15
Jan
458
814July 27 1414 Feb 3
Sept5
1,100 Petroleum Corp of Am
614 934
*934 10
1871
Jac
,
i
/
4 Apr 26
1512
25 1334July 31 181
3,000 Phelps-Dodge Corp
1512 1614 15
36 July
2112 Nov
Pblladelphia Co 6% pret-50 2414 Jan 2 37 Feb 9
.3078 3358 *3078 32
July
3814 Dec 82
No par 49 Jan 12 6484 Feb 17
$8 preferred
.50
56 *--- 56
91: July
21: Feb
6/
1
4 Feb 21
34 Jan 4
No par
/
4
2,800 Phil& ck Read 0 dk 1
414 41
438 412
14/
1
4 June
8 Feb
3,000 Phlllip Morris di Co Ltd-10 III: Jan 3 3512July 19
311
/
4
315* 3214 30
PA July
3 Feb
7 July 27 21 Apr 2
Phillips Jones Corp
NO par
*8
10
*712 10
June
35
June
35
74
/
1
4
Apr
7
Aug
14
100 48
7112 *60
7% preferred
7112
*60
1834 Sept
48* Jan
1
4 Apr 11
1412Ju1y 26 z20/
No par
1638 4.300 Philips Petroleum
1614 1678 16
Dee
4
173
Mar
15
3
131:
Feb
3
26
412July
5
Phoenix Hosiery
*5
6
*5
6
:Nov
71
3 Dec
61
:Feb 19
112July 27
178 178
134 11
/
4 2,900 Plerce-Arrow Mot Car Co-_ _5
1/
1
4 June
14 Jan
-28
11
/
4 Jan 30
12July 24
200 Pierce 011 Corn
*I:
12
1z
5s
8/
1
4 Feb 1378 June
1
4 Feb 14
5 Aug 24 10/
100
*5/
1
4 61
Preferred
200
:
6
6
1
4 June
2/
/
1
4 Jan
2 Feb 8
1 July 26
No par
118 11
/
4 1.100 Pierce Petroleum
*Vs 114
1
4 June
Feb 26/
9
/
1
4
7
2914
Aug
8
Jan
1812
par
2812 2812 28
900 Pillsbury Flour Mills-No
2814
Nov
75
Apr
8
333
Pirelli-0o of Italy Amer.shares 7014 Jan 22 841:Mar 24
*8538 871
.8512 87
/
4
4 Feb 23 July
Feb 9
1811
26
712July
100
Pittsburgh
Coal
of
Pa
*718 912 "8
012
July
48
Jan
17
1
4212
Feb
8
Jan
30
100
Preferred
*30
36
4.30
36
I Companies reported In receivership. a Optional sale. c Cash sale. a Sold 15 days. z Ex-dividend. y Ex-rights.

$ per share $ per share $ per share $ per share
28
2814 z2614 27
29
2758 2814 28
3614 3712
/
4 38
*37
3814 *3712 3812 *371
5
5
538
514
514 *5
6
5
: 2412
2412 241
*24
25
*24
•24
25
721
: *72
7212 *72
7214 7214 •72
7212
27
27
•27
28
•26
28
•26
28
2
2
2
218
2
218
11
/
4 2
*112 2
2
2
*158 2
*112 2
*1614 1912
161
/
4 1614 *1614 1912 *1614 19
*512 7
*51
: 7
*512 7
*512 7
48
4814 4534 4634
4834 46
4734 48
8.514 86
*85
87
86
86
8612 86
614 614
638 658
6
634
6
61
/
4
2614 2614 2638 2714 2638 2718 2578 2612
614 612
6/
1
4 634
6
658
558 618
*57
6134
59
59
1
4 6()
*57
5912 59/
3412
: 3512 34
*341
*3412 35
*34
35
438 41: *414 434
4/
1
4 458
434 434
*2514 3212 *2514 3212 *2514 3212 *2514 3212
26
2614 *25
25
2612 2614 27
26
*25
26
26
2618 26
*26
261
/
4 *26
1
4
334 3/
334 334
334 334
*358 378
12
1214 1214 1212 12
11/
1
4 11/
1
4 12
*858 934
10
812 812
834 834 .9
*59
63/
1
4
61
63/
1
4 60
*60
63/
1
4 *60
521
: 5212
.54
54
55
*5234 5818 55
218 218
214 214
238
21, 212 *214
*1534 20
*1534 20
*15
21
*15 - 21
1412
*14
14
15
1434 1434 *1438 15
5218
53
5318 51
*5112 53
*5134 53
1
4 2414
1
4 2514 2378 2514 23/
231
: 2414 24/
/
4 *5034 52
5118 511
*51
52
.50/
1
4 52
*12
4,8
12
/
1
4
12
12
*12
58
*712 10
10
9
914 *9
*8
9
18
1812
19/
1
4 1934 20
1812 1834 19
8
8
*778 8/
1
4
738 8
734 818
714 714
*714 8
*714 9
*714 9
*24
29
29
2978 *24
.24
3014 *24
1614 *1414 1614 *1414 1614
*14
1614 *14
1
4
4/
1
4 4/
5
514
5
518
5
518
/
4 *2014 21
2014 2014
: 211
21
2114 211
143g 1358 14
1438 14
1334 1414 14
414 414
1
4
*41: 4/
438 438 *438 5
•534 7
6
6
7
*6
612 *6
518 5/
1
4
512 512
Ms
512 512 *512
3218 3212 3212 3234 3234 3314 3218 3212
14112 14112
*14112 145 *14112 145 *14112 145
1412 1334 1414
1.41
/
4 1412 14
1414 1414
1
4 1718
1712 16/
1712 17
1678 1718 17
112
112 *118 112 *118
*118
112 *112
22
1534 *1018 1534 •11
*612 1534 *9
2114 1918 20%
2112 20
203g 2114 21
*24
26
26
*23/
1
4 2.523 *2334 2512 *24
15012 15012
15312 154
•149 155 *15012 154
*14112 14412 .14112 14412 *14112 14412 *14112 14412
*111 114 *111 114 *111 114 *111 114
772 818
734 8
828 823
818 818
40
4012
4014 41
4058 4058 .4012 41
1238 1238
1
4 14
1312 1312 *12/
*12
14
4312
4214 43/
1
4 *41
*41
43
*41
43
11
11
1034 1034
11
1034 1078 11
2012 *1912 1934
*19/
1
4 2012 *20
20
20
*35
36
3612 *35
*35
*35
36
3512
*10314 110 *10314 10718 *10314 10718 *10314 10718
*612 7
*634 712 *634 7
7
7
*1412 1618 *1412 1578 *1412 15
*1412 16
*314 4
*314 4
*314 4
*314 4
9
714 714 *7
*714 10
*714 10
12
12
12
12
12
12
12
12
1212 1318
*13/
1
4 1431 1338 1338 1358 14
*74
80
74
74
*74
81
•74
81
911
/
4 *90
*91
9234 *90
*92
96
9134
•100 103 *100 108 *100 108 *100 108
41
4134
43
4332 4234 4314 4134 43
1
4 1418 1358 1418 1318 1358
z1312 131
/
4 13/
1
4
*3714 4078 *3714 4078 3934 3934 *3718 40/
318 3/
1
4
314 338
314 312
314 312
•63/
1
4 65
*6314 66
*6314 6514 6412 65
36
*35
35/
1
4 3534 3534 *35
35
35
218 218
214 214
218
238
*218 238
1014 11
1018 1014 1014 1034 1012 11
•218 278 .212 234
234 234
212 212
*11
12
13
1212 *11
*11
1212 *11
/
4 41
/
4
*414 412 *41
412 512
51
/
4 514
*6
718
7
*612 718 *6
7
7
14/
1
4 1434 1458 1434 1434 1434 1414 145*
10012 10012 *102 110 *102 110 *102 110
412 412
4/
1
4 4/
1
4
4/
1
4 438
412 412
171: •141: 16
*1412 1712 *15
18
•15
66
66
*6812 6912 6812 6852 6712 68
1518
1512 15/
1
4 1514 1558 1518 1512 15
2518 2438 25
25
*2518 2612 2514 26
*20
22
•201
: 22
20
20
•20
22
*7478 80
*75
80
*741
/
4 80
*74/
1
4 80
113 113
•____ 115 *-_-- 115 *--- 115
614 614
612 612 *614 612
*614 612
352 334
378 4
1
4 4
3/
334 4
*1034 1112 *1034 1118 •1034 1118 *1034 1118
21
20/
1
4 *19
*19
2034
*1820/
1
4 *19
34
*38
"kt
34
*38
78
*5;
73
*is
1
78
78
*34 1
78
*34
*9
912
10
1034 *9
1
4 *10
*9/
1
4 10/
3/
1
4 358
334 4
1
4
334 3/
334 3/
1
4
314 312
338 334
312 334
312 338
1
11
/
4
11
/
4
1
118
1
1
118
1334
1312 1278 1412 1314 1314 13
*13
1418 1414
*1412 1512 *1412 15
1434 15
218 218
218 218
218 218
218 218
4712 4712
48
48
49
4934 4534 *48
571
/
4 5734
5714 58
57/
1
4 58
5734 58
*106
____ •106 --.. *106 -- *106 -- --

*15
20
*681: 71
16
16
*251: 2612
*20
22
*74/
1
4 80
•--- - 115
4'578 612
334 4
"1034 1118
*1812 21
'
58
14
073 1
*918 1034
334 3/
1
4
334 334
1
118
13
1314
*1412 1434
•218 212
*4912 5012
5714 5734
•106
____
*212 41
/
4 *212 418
*2/
1
4 3
3/
1
4 378
*312 334 *334 4
*1418 IS
•1412 18
31412 18
26
*24
2612 26
*241 1 2612.
*13/
1
4 1514 1412 1412
•1334 1514
10
10
934 934
*958 10
161
1558 1553 16
/
4
1512 1512
.2934 3358 *2972 3358
._ 3232
*4912 56 •____ 56
*___ _ 56
41
/
4 4/
1
4
4
418
41
/
4 418
3134 3134 3131 3218
*3134 3212
*7
934 *714 10
*7/
1
4 10
*60
7478 *60
72
.60
7234
16
1638 1614 1612
/
4
1618 161
*5
6
*5
6
6
*5
178 178
1%
378
178
17e
*12
58
*12
58
38
58
534 534
*5/
1
4 7
*514 7
11
/
4 118
*118
114
11
/
4
118
28
2812
•27
28
2812 2312
*84
8718 •8538 8718
*85
8718
*4
912 *8
912
*8
912
36
•30
36 .30
*30
3518
• Bid and &Sired Deices, no sales on this day.




Thursday
Sept. 6.

Sales
for
the
Week.

Shares. Indus.& Miscell.(Con.) Pot t per share
2,800 Mathieson Alkali WorksNo par 2434Ju1y 26
500 May Department Stores_10 30 Jan 2
418July 26
No par
500 Maytag Co
Preferred
No par 10 Jan 2
100
Prior preferred
No par 49 Jan 3
10
No par 24 Jan 11
100 McCall Corp
118 Jan 8
1,300 :McCrory Stored classANo par
11
/
4 July 24
Class B
No par
100
514 Jan 2
Cony preferred
100
200
4 Jan 4
McGraw-Hill Pub Co_No par
8,800 McIntyre Porcupine Mines„5 3812 Jan 25
600 McKeesport Tin Plate_No par 79 July 26
414July 26
5,000 McKesson de Robbins
5
Cony pre!series A
50 1178 Jan 2
1,800
1 Jan 6
No par
40,000 :McLellan Stores
912 Jan 2
8% cony pret ear A
100
500
No par 26 Jan 2
300 Melvllle Shoe
312July 26
1
1,500 Mengel Co (The)
100 29 Aug 23
7% preferred
:Jan 4
5 161
2,300 Mesta Machine Co
100 Metro-Goldwyn Pict pret_27 21 Jan 5
3 July 26
5
300 Miami Copper
918July 26
10
2,700 Mid-Continent Petrol
612July 26
400 Midland Steel Prod____No par
8% oum lst prof
100 59 Aug 7
40
300 Minn-Honeywell Regu_No par 36 Jan 4
178July 26
1,000 Minn Moline Pow Impl No par
Preferred
No par 1512Ju1y 26
1
4 Jan 4
20 12/
400 Mohawk Carpet Mills
10 39 May 14
2,400 Monsanto Chem Co
31,300 Mont Ward dc co Ino_No par 20 Aug 6
No par 87 Jan 4
100 Morrel (J) dc Co
1:July 17
400 Mother Lode Coalltion_No par
6 July 27
200 MobO Meter Gauge &En_-_1
1,800 Motor Products Corp-No par 1514July 27
658July 26
5
1,200 Motor Wheel
514 Jan 12
No par
100 Mullins Mfg Co
1
4 Jan 12
Cony preferred
No par 12/
Aug 10
13
Munsingwear Inc
par
No
1
4July 26
3/
10
2,300 Murray Corp of Amer
14 July 26
400 Myers F dc E Bros
No par
No par 1258Ju1y 213
2,400 Nash Motors Co
3/
1
41uly 23
1
300 National Acme
534July 24
1,000 National Aviation Corp.No par
3
14 Jan 8
400 :National Hellas Hess pret-100
10 31 July 26
3,400 National Biscuit
100 131 Jan 3
100
7% cum prat
No par 12 July 26
2,100 Nat Cash Register
No par 13 Jan 4
10,000 Nat Dairy Prod
1 Jan 9
:Nat DepartmentStoresNo par
5 Jan 17
100
Preferred
No par 16 July 26
34,100 Nati DIstil Prod
161
:Jan 5
100 Nat Enam dc StampIng_No par
100 135 Feb 10
300 National Lead
100 122 Jan 16
Preferred A
:Jan 9
Preferred B
100 1001
712Ju1y 26
4,300 National Pow & Lt----No par
25 3712July 26
1,400 National Steel Coro
25 10 July 28
200 National Supply of Dei
1
4 Jan 4
100 33/
Preferred
130
9 July 26
No par
800 National Tee, Co
612 Jan 4
No par
300 Neigner Bros
Newberry Co (J J)__ _No par 31 July 26
100 100 Apr 3
0 preferred
6 Jan 10
1
400 Newport Industries

yiii

rm- FOR

New York Stock Record-Continued-Page 7

HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Sept. 1.

1523

SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SEVENTH PAGE PRECEDING.

Monday
Sept. 3.

Tuesday
Sept. 4,

IVednesday
Sept. 5.

Thursday
Sept. 6.

Friday
Sept. 7.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE.

PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.

Highest.

PER SHARE
Range for Previous
Year 1933.
Lowest.

Highest.

8 per share i per share $ per share
Shares. Indus.& Mlscell.(Con.) Par $ per share
412July 28 1138 Apr 4
178 Feb
1134 July
600 Pittsburgh Screw & Bolt No par
1014 Jan 3834 May
30 Pitts Steel 7% cum pref..,100 1514July 28 43 Feb 21
112July 26
12 Feb
678 July
312 Feb 21
100
Pitts Term Coal Corp
Jan 2312 July
818 Jan 4 184 Aug 22
4
100
20
6% preferred
11.July 27
612 July
5 Feb 19
25
Pittsburgh United
34 Feb
1634 Feb 64 July
100 28 - Aug 13 5978 Feb 19
Preferred
5 Feb 21
7 June
1314 Jan 4
38 Apr
No par
100 Pittston Co (The)
634 Feb
1752 July
8 July 28 1634 Jan 30
6
2,200 Plymouth 011 Co
134 Apr 1334 July
6 June 2 1478 Feb 5
No par
600 Poor & Co class B
138 Mar
258July 27
614 Jan 30
8 June
100 Porto Ric-Am Tab Cl A_No par
38 Feb
4 May
34 Jan 30
1 July 27
No par
600
Class B
4
Feb 4034 June
1,000 Postal Tel & Cable 7% pref 100 1012July 27 2938 Feb 6
512 Feb 16
114July 26
512 June
No par
:Pressed Steel Car
38 Jan
3
558July 26 22 Feb 17
Jan
18 June
100
200
Preferred
1958 Feb 4712 July
No par 3318June 2 4114 Jan 23
3,300 Procter & Gamble
Apr 11034 Nov
97
100
5% pre (ser of Feb 129)100 10212 Jan 22 114 June 20
37 June
14 Jan
1,4 Mar 15
14 Jan 2
------ :Producers & Refiners Corp_50
2 Nov
13 June
6% Feb 19
118May 2
- _ - ___
50
Preferred
323* Nov 5718 June
3,600 Pub her Corp of N J___No par 30% Sept 7 65 Feb 6
5978 Nov 8812 Jan
No par 67 Jan 2 84 Feb 6
$5 preferred
75 Dec 10138 Jan
79 Jan 8 9734July 11
100
6% preferred
84 Dec 112% Jan
100 90 Jan 8 108 Feb 21
7% preferred
99 Nov 125
Jan
100 105 Jan 12 11912 Feb 17
8% preferred
83% Dec 10312 Jan
Pub Ser El & Gas pf $5_No par 90 Jan 10 10412 Aug 9
18 Feb 584 July
3834 Aug 8 6938 Feb 5
3,400 Pullman Inc
No par
212 Mar 1538 Sept
714 July 26 1478 Feb 16
1,900 Pure 011 (The)
No par
30 Mar 6978 Sept
150
100 5834 Jan 9 80 Feb 6
8% cony preferred
91 July 26 1934 Feb 5
578 Feb 2538 July
1,300 Purity Bakeries
No par
1214 July
412July 28
918 Feb 6
3 Feb
16,700 Radio Corp of Amer_No par
1314 Feb 40 May
300
50 2314 Jan 4 4338 Aug 25
Preferred
612 Feb 27 July
9,700
No par 15 Jan 4 35323.1ay 11
Preferred B
5% June
112July 23
1 Mar
1,800 fltadio-Kelth-Orph __ __No par
414 Feb 17
1412July 28 23 Feb 5
5 Feb 2038 Sept
600 Raybestos Manhattan_No par
512 Feb 2078 June
Real Silk Hosiery
.5 July 27 14 Feb 6
10
Jan 60 May
25
100 45 Jan 23 6014 Apr 26
Preferred
413 July
14 Jan
8 Apr 2
200 Refs (Robt) dr Co____No par
158July 27
1812 June
118 Jan
100
let preferred
532July 26 385 Apr 2
100
1114 July
212 Feb
2,400 Remington-Rand
6 July 26 133* Feb 23
1
712 Feb 3712 July
100 323* Jan 5 6912 Mar 14
1st preferred
8 Feb 3534 Dee
10
100 80 Jan 8 67 Mar 14
2d preferred
138 Feb
638 June
512 Feb 23
800 Boo Motor Car
2 July 26
6
4
Feb 23 July
16,900 Republic Steel Corp_ __No par
1012July 26 2534 Feb 23
9 Feb 541 July
6% cony preferred
2,900
100 37 Aug 6 6712 Feb 23
12 June
114 Jan
100 Revere Copper & Braes
5
5 Jan 8 1412 April
214 Mar 25 June
100
10 114 Jan 29 2812 April
Class A
2112 June
1,000 Reynolds Metal Co __No par
6 Feb
1513 Jan 2 2734 Apr 26
158 July
100 Reynolds Spring
612 Jan 9 1312 Feb 25
112 Feb
No pa
2612 Jan 85414 Sept
4,400 Reynolds(R J) Tob class B_10 393 Mar 21 4634 Aug 25
Jan 6234 Jan
60
10
10 67 Jan 5 6012July 8
Class A
1634 June
Ritter 1)ental Mfg
512July 25 1312 Feb 8
612 Feb
No par
2612 Nov
232 Nov
1.700 Roan Antelope Copper Mines. 21 Aug 1 3318 Apr 28
2 Apr
1078 June
5
4 Jan 3 1014 Feb 6
1,800 Rossla Insurance Co
400 Royal Dutch CO (N Y shares) 3214July 26 391e Feb 19
173* Mar 395 Nov
618 Feb 318 Sept
3,900 St Joseph Lead
10 1538July 31 2778 Feb 5
28 Mar 6238 July
1,400 Safeway Stores
No par 44 Jan 5 57 Apr 23
72 Apr 9412 July
100 84% Jan 3 108 July 5
6% Preferred
804 Feb 105 Sept
100
100 9812 Jan 15 113 June 16
7% preferred
214 Apr
12 July
Savage Arms Corp____No pa
512July 30 1214 Feb 15
24 Nov
4514 Aug
9,300 Schenley Distillers Corp
5 1718July 26 38% April
32 Mar
1014 July
8 Feb 5
334 Jan 4
1,300 Schulte Retail Stores
1
318 Apr 355 July
Preferred
100 15 Jan 2 304 Apr 16
Jan 4478 July
28
No par 41 Jan 10 5113 Aug 30
10 Scott Paper Co
15
Feb 4338 Sept
1,900 Seaboard Oil Co of Del_No par 2334 Aug 6 3833 April
47 Feb 7
118 Feb
43* July
25 Jan 18
100 Seagrave Corp
No par
1212 Feb 47 July
13,200 Sears. Roebuck & CoNo par 31 Aug 6 5114 Feb 5
41g
5 June
Jan 26
114 Feb
134July 25
1
400 Second Nat Investors
24
Feb 48 July
Preferred
1 82 Jan 8 4518 Feb 2
32 June
24 July 16
18 Mar
2 Jan 22
No par
300 :Seneca Copper
712 July
112 Feb
Apr 24
435July 28 9
3,600 Servel Inc
1
Mar
9
5
3
4
Apr
2
134
137
8
July
Jan
65
300 Shattuck (F G)
par
No
12 July
112 Feb
900 Sharon Steel Hoop__ No par
518 Jan 11 1314 Feb 23
77 Feb 5
838 June
212 Feb
4 July 26
1,200 Sharpe & Dolime
No par
2114 Mar 417 July
100
Cony preferred ser A_No par 3814 Jan 8 49 May 3
1138 July
612July 26 1112 Jan 27
312 Feb
1,500 Shell Union 011
No par
2812 Mar 61 July
100
Cony preferred
100 57 July 31 89 Jan 28
438 Feb 31 July '
6,200 SIMM0113 CO
818July 26 241 Feb 5
No par
47 Feb
1238 June
714 July 26 1112 Feb 5
3,200 Simms Petroleum
10
3 Feb
978 June
300 Skelly 011 Co
634July 25 1118 Apr 25
25
22 Feb 5712 July
Preferred
100 54 July 26 6818 Apr 28
7
Jan 35 July
Sloss-Sheff Steel & Iron__100 15 Jan 9 2712 Feb 17
814 Feb 42 July
7% preferred
100 20 July 26 42 Apr 23
58 Mar
014 July
4,400 Snider Packliag Corp_ No par
6% Jan 3 17 May 5
8 Mar
17 Nov
13,600 Socony Vacuum 011 Co Inc_ _15
1212July 26 19% Feb 5
300 Solvay Am Invt Tr pret 100 86 Jan 6 10414June 28
58
Feb 92 July
15% Jan 4858 July
1,900 So Porto Rico Sugar_No par 2918M.4y 14 393* Feb 5
Jan 132 July
10
Preferred
100 115 Jan 16 137 July 23 112
1414 Nov
28
Jan
5,700 Southern Calif Edison
25 1214 Sept 7 22% Feb 7
4
Jan
1178 July
Spalding (AG)& Bros_No par
534 Jan 10 13 Apr 21
2518 Mar 81 June
60
74 Apr 21
lat preferred
100 3014 Jan 11
__ Spann Chalfant &Co Inc No par
412 Feb
1512 July
7 Jan 22 1538 Apr 23
1712 Feb 60 June
10
Preferred
100 30 Jan 23 62 Apr 24
2,300 Sparks Withington____No par
34 Feb
8 June
8 Feb 21
318July 26
Spear & Co
512 June
732 Apr 18
12 Jan
2 Jan 3
No par
600 Spencer Kellogg dr Sons No par 153 Jan 5 2714 Aug 29
7% Apr 22 July
218 May
712 July
6.700 Sperry Corp (The) v t o
1
538 Jan 5 1138 Apr 2
Spicer Mfg Co
5
Jan
16 June
6 July 19 13 Feb 7
No par
1134 Mar 3212 Jur e
30
Cony preferred A _ No par
215 Jan 2 31 12 Feb 20
1
2,600 Spiegel-May-Stern Co_No par
Feb 2112 Dec
19 Jan 4 6712 Apr 25
1334 Mar 37,
10,600 Standard Brands
8 July
1714July 26 2514 Feb 1
No par
1,300 Stand Comm Tobacco_No par
1
Jan
8 Mar 13
93s Aug
314July 27
2.300 Standard Gas & El Co_No par
518 Mar 2212 June
614 July 26 17 Feb 6
700
Preferred
85 Dec 2572 June
No par
6's July26 17 Feb 6
15 July 27 33 Feb 6
15 Dec 61 June
$6 cum prior pref____No par
400
19 Dec 66 June
$7 cum prlor pref____No par
1712 Jan 4 3812 Apr 24
200 Stand Investing Corp__No par
12 Mar
June
178 Jan 5
% Jan 13
100 Standard 011 Export pref__100 9812 Jan 2 11014518y 28
9212 Mar 10234 Sept
9,800 Standard 011 of Calif _ __No par x3058May 14 427 Jan 30
1912 Mar 45 Nov
Standard 011 of Kansas_ _ _ _10 30 July 31
1234 Apr 39% Dec
41 Apr 21
9,900 Standard 011 of New Jersey_25 40,
2234 Mar 4712 Nov
8July 27 5018 Feb 17
1,500 Starrett Co (The) L S__No par
6 Jan 15 1414 Apr 19
4 Feb1112 June
2,400 Sterling Products Inc
10 4714 Jan 4 6612July 30
4533 Dec60% Sept
200 Sterling Securities el A_No par
138 Jan 2
378 June
3 Feb 6
58 Jan
100
Preferred
112 Feb734 June
No par
3 Jan 3
7 Feb 6
Convettible preferred____50 30 Jan 12 36% Feb 1
20 Mar 3614 July
2.300 Stewart-Warner
412July 26 1038 Feb 21
5
212 Feb1112 July
2.400 Stone & Webster
No par
478 July 26 1314 Feb 6.
1914 July
512 I)ec
83 June
4,900 :Studebaker Corp(The)No par
214July 24
112 Mar
914 Feb 21
100
Preferred
100 1112July 24 47 Feb 19
Apr 381s June
9
2,200 Sun Oil
No par 5112 Jan 2 6934Sept 6
35 Feb59 Nov
10
Preferred
100 100 Jan 17 117 Aug 20
89 Mar 103 July
Superheater Co (The)__No par
1112July 27 2514 Feb 5
712 Feb27 July
3,800 Superior 011
1
1 14July 28
3 Feb 1
412 July
34 Jan
500 Superior Steel_
100
2 Feb2238 July
4's July 26 1534 Feb 19
Sweets Cool Amer(The)50
318July 27
10 July
1 Mar
5% Jan 26
300 Symington Co
38July 24
No par
3 June
218 Feb 19
18 Apr
53 Feb 23
100
No par
Class A
112July 27
514 July
14 Apr
900 Telautograph Corp
9 Sept 4 1514 Feb 1
5
818 Feb1638 July
200 Tennessee Corp
5
318July 26
62 Feb 19
15 Feb714 Aug
7,200 Texas Corp (The)
25 20 July 28 2938 Feb 5
1034 Feb3018 Sept
8,400 Texas Gulf SulphurNo par 30 July 26 4314 Feb 6
1514 Feb4514 Nov
18 Mar
1,700 Texas Pacific Coal & 011._10
212July 27
612 Apr 4
612 May
4,100 Texas Pacific Land Trust_ _ _ 1
634 Jan 6 12 Apr 2
312 Mar
1118 June
100 Thatcher Mfg
No par
8 July 26 1512 Jan 30
5 Feb2218 July
100
33.60 cony pref..No pa
39 Jan 15 44 Jan 29
273* Feb44 July
• •Bld and asked prices, no sales on this day. (Companies reported In receivership. a Optional sale. c Cash sale. 2 Ex-dividend. p Ex-rights.

$ per share $ per share $ per share S per share $ per share 5 per share
618 618 •614 634 .614 7
6
6
63i 613
*2118 2412 .2118 2412 2012 2118 *2018 2312
2118 2118
27
278
*2
*2
278 .2
278 .2
273
.2
18
*14
18
18
18
*14
17% *14
17
•16
*158 2% *158 218 *158 218 .138 218
*158 218
*2718 2S
*2718 38
*2718 30
*2718 30
.2718 38
*2
27
*2
278 *2
*218 278
27
214 214
912 934
*938 931
918 912
912 934 2938 938
8
8
8
8
814 838
818 8%
*734 812
*3
334 *3
3
3
334 *3
*3
313
312
•134 134 *138
1
1
118
112
13.4
112
1,2
1458
1112 1413 *1514 158 15
1558 14
.1434 15
214 .2
*17
218
2
*2
•178 2
•178 214
9
734 8
.8
*734 9
*734 11
*734 534
•3734 38
38
3812 3734 3834 3734 38
.3732 38
113 11312 11313 11313 *11312 114
114 114
*Ill 113
---- ----- -- ---- ---- ---------- ---_ _ __ -_ _ ____
__ ____ ---_ ____
_ _
;3214 1032 1214 324 1212 3112 3214 305 -3114
*74
7612 *74
•74
7634 *74
7612
7638
768 *74
88
*84
91
88
•84
.81
*8513 88
91
.87
*9934 1033 *9934 10334 *9934 10334
*9934 103
*9934 10334
*110 117 *11012 117 .11012 116 *11012 116
*110 114
•100 10112 •10012 104% *10012 10418 *10012 101,8
*100 10418
42
4214 4134 42
42
42
42
3912 41
42
77g
77
73
77
734 8
744 8
*734
78
62
6214 62
61
61
61
62
61
*61
61
1012 1012 1018 1013 *10
1013 1018
1012 1012 1018
512 538
512 534
512 534
534 534
534 534
.38)3 40
*3813 40
4014 4014 38
38
40
40
25
2534 2618 2712 26
261 4 2614
2714 2458 2614
214
238
238 23
212
23
212 214
218 234
18
*1712 18
•17
177 1812 1834 1834 1812 1812
*614 634
*614 7
*058 7,4 *658 7
*838 714
*40
45
45
*40
.40
45
45
*40
*40
45
218 218
23
2
*2
*2
238 *2
213
2
*9
11
12
*912 11
11
*10
1014 104 *9
813 834
814 812
834 9
878 9
834 812
*1218 50
*42
50
*4318 497 *4314 50
*43
50
4912
*40
49% *41
*44
43
*4312 49,2
43
43
27
24 234
278
212 234
.232 234
234 234
133* 1378
127 1312
1314 1312 1334 1378 1312 14
4734 48
4734 4734 47% 4712 4634 47% 45
4618
*8
813 *8
912 •8
912
912
*8
8
8
*1618 2112
•1618 2112 *1614 2112 .1612 2113 163s 163
2012 21
20
2114 2114 20
2012 21
2014 21
812
8
*718 8
*7
7
•7
*7
8
7
46
46
4534 4612 462 4634 4612 4634 4614 4634
*5934 61
61
*57
61
5934 5934 •57
*5934 61
*534 7
*534 7
*534 7
*534 7
*634 7
.234 248
2312 2312
23
2334 234 2314 2312 24
.612 7
7'g
634 631
718 714
612 612
734
*35
36
35
"3418 35'2 35
35
35
35
35
9712 17t
x1712 18
1712 1758
1612 1712
1734 18
4712 471_
45
4512 4512 4512 4612 4634 4614 4612
•102 10612
"100 106 .100 10618 *100 106% .100 108
Stock
•10712 1101
.10838 11012 *10813 11012 .10834 110
10834 10838
7
7
•64 712 •64 712 *634 73
*634 73
2114 22
2134 2218 Exchange
2112 2234 2114 2214 193 2134
*418 414
434
41
4
*4% 412 *418
4
4
*16
22
22
*16
Closed
22
.15
*16
2158 .15
22
.50
51
51
51
*51
*5012 51
52
•5018 51
.26
2634
Labor
26
2614 27
2618 2618 25
28
26
8*2
58 27
*258 27
.2% 27
253 258 *212 278
39% 3734 39
3612 38
37% 373k 38
3732 375 . Day
.178 214
2
214 .2
2
2
218
2
*2
.3212 498
*3212 1978 .3238 4978 .3255 497 *3258 497
*34
1
"4 1
"4 1
34
34
34
%
*58, 6
534
578
534 578
578
53
578 6
712 712
8
g
*712 8
712 712
•71.3 8
65
613 .638 7
6
63
434 713
634 638
5
5
5
434 434 *434 5
5
438 5
.4613 4712
46
4712 .4613 4713 *45
4613 4612 .48
678 678
678 7
678 678
7
7
*63
7
*8214 65
*6112 65
6214 6214 .6112 65
*6112 65
9
1034
912 958
1014
934 10
914 9,2 10
*812 914
938 934
912
934 97
.812 9,2
9
*714
*74
718
7,4 7,4
718 74
714
714
7,2
55412 61
*5412 61
*5413 61
*5412 61
*5412 61
•1058 25
*12
25
25
•12
*12
25
25
*12
*2012 2312
.20
2312 .20
2312 .20
23,2
2312 *20
144 144
1434
141. 147s 14
145s 1434 144 1514
1414
1418 1458 1418 1414
1412 14%
14
1418 1414
*102 10234 *102 10234 10234 10234 10234 10234
•10118 1023,
3112 3134 3113 32
3118 31 18
3112 323* 3112 3113
.135
135 13.5 .13212 14412 93212 14413 *132 14112
•1321
1318 1314
13
12% 1278 124 1213
134
1234 13
*658 8
.658 8
.7
712 •658 712 *65g
713
58
.55
58
5812 58
58
5812 *58
*55
68
- - - ---58
..i
.45
,Th 15
*ii -50 *45 -4-fi
312 338
334 378
358 334
35s 334
*334 37
.312 4
•312 4
•313 4
*312 4
*313 4
•2538 26
*2514 26
*2512 2612 2514 2514 2518 253*
77
8
734 8
818
734 818
8
734 77
57
77
778 .614
778
5612 778 *612 778
•7
.25
27
*26
.25
27
2834 26
27
27
26
49
50
51%
5314 4913 5012
51
5212 51
*50
1913 1952 1958 20
1918 1934
1938 2014
1938 1952
47
47
47
47
478
438 47
48
48 48
818
734 818
75s 734 *8
734 77
734 734
814 814
734 8
814 814
.814 9
833 833
•17
2012 *15
•18
2034
20
2034 *15
2034 .18
2034 2038 .20
22
20
20
22
•21
2033 203*
*112 14
134
138
13
•112 134 *112
•112 14
•10912 11031 110 110 .10913 111 *10912 111
.10912 11034
34% 3414 3414 3412 3334 3412 3334 3458
3414 34,4
*29
3118
3112 •29
29
3118 *29
*29
311
31,8
44% 4434 4414 4458 44' 442 44
4412
4414 4432
97
95 1014
934 1014 *93
1012 1012
914 10
58
58
58
58
58,2
5714 58
58
5812 58
17
13
13j .158
13
134
17s .158 1% *158
3t3 4
.338 4
333 338 '312 334 .312 4 1
*30
3218 .30
3218 .30
3515
3261 .30
•30
32,8
6
614
614
618
632 634
6,
3 612
63s 6'2
614
61 1
614 614
618 614
*618 6 3
578 6
314
3
3
318
318
3
3
318
318
31
"1414 1614 1478 147 *1414 16
*1318 16
*1414 154
6712 68
6712
644 6912 6914 694 *6712 693
.67
.116 11634 11612 11612 116 11634 *116 11834
.116 1184
*1334 1534 .1334 1558 •1334 155 .1334 1555
*1334 5534
17
178
1% 2
2
214
2% 218
.1%
2
7
7
7
.74
712
734
.718
734 .634 74
44 *358 414 .358 414 *358 414
.35
*35
434
34
14
"8
34
34
34
34
"8
34
34
2
2
.1% 212 *134 212 *134 213
*2
214
9
912 .818 9
9
9
.812 914
*9
9,2
414 414 .4% 47
414 414
*414 434
*414 454
2312 2334 238 24
x2334 24
2212 2312
234 2334
3434 3538 3414 35
34% 3434 35
36
3412 3434
3
3
3
3
3
278 3
3
34
.3
87
918
9
938
878 9
9
9
P's 914
*10
11
.10
11
.10
11
10
10
11
*10
*4312 44
*43
4313 4312 *43
44
44
*4358 44




New York Stock Record-Concluded-Page 8

1524

Sept. 8 1934

gAr FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE EIGHTH PAGE PRECEDING.
HIGH AND:LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday
Sept. 1.

Monday
Sept. 3.

$ per share 5 per share
.57,8 64
*334 4
*15
1534
*514
534
•1234 1314
1
4
*212 2/
*1814 2278
*1014 1012
8314 8314
*22
31
*9412 96
614
6
30
3012
578 6
*6
814
434 434
*6812 70
*36
37
*338 4
5
5
*131 212
*48/8 482
*49
50
4134 42
*1538 1531
*1858 19/
1
4
1414 1458
2312 2318
*11313 114
*4113 4232
4
412
26/
1
4 2578
*13
131
/
4
*434 6
*4/
1
4 434
*72
7312
1478 1478
*9438 95
*2
212
*434 51
/
4
*33
38
*258 3/
1
4
*50
5818
*44
47
*2612 50
*118
114
*19/
1
4 21
*1813 19
•--- 112
•1314 20
*7/
1
4 61
/
4
71
*68
4034 40/
1
4
139 139
*612 7
*3953 41
Stock
*614 7
*9
1078
*4414 50 Exchange
512 512
161
/
4 1638 Closed
38
38
Labor
136/
1
4 138
*6414 65
Day
3313 331
/
4
*7618 7812
*11118 11978
2
2
075
1
1773 1778
*7/
1
4 812
75
*72
33
33
4313 375
*1614 19
80
*75
*77
7712
*353 712
64
*62
*4/
1
4 4/
1
4
*2334 2434
*10712 10812
*334 4
4615 g
153
1.78
ns
3113
41
/
4 412
*1412 20
*112
11
/
4
*7
714
.11
1514
1612 1012
*334 4
"4 1
2814 2814
*6418 6512
36
36
1814 1814
33
33
*88
90
.838 10
*2214 2778
"56
60
6812 6812
*53
56
110 110
095/
1
4 99
*238 234
*74
78
2013 2012
01412 15
*40
•1534
*2512
*112
*514
4
*714
•23/
1
4
*8212
481
/
4
18
/
4
*341
*28
04478
*6412
*15
3/
1
4
*3414
16
1678
*218
3/
1
4

4112
1634
281
/
4
2
6/
1
4
4
774
2414
83
48/
1
4
18
36
31
52
65
1712
3/
1
4
3572
18
1714
214
41
/
4

Tuesday
Sept. 4.

Wednesday
Sept. 6.

Thursday
Sept. 6.

Friday
Sept. 7.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE.

$ per share $ per share $ per share $ per share Shares. Indus.& Miscell.(Corset.) Par
100 The Fair
No par
553 538
*534 678 *534 678 *534 634
1
300 Thermold Co
1
4
3/
1
4 3/
1
4 *312 3/
1
4 3/
1
4
1
4 *3/
31
/
4 3/
I
*15
500 Third Nat Investors
1534 1534 1534 1513 1534
1534 *15
461
400 Thompson (.1 m)
25
1
4
514 514 *518 5/
514 514
2
1212 1212 1258 1278 *1214 1278
12
1214 1.0001 Thompson Products Inc No par
3
234 3
258 234 *234 278 2,8001 Thompson-Starrett Co_No par
3
*1814 2211 *18 14 1912 *1814 2278 *1814 2212
83.50 cum prof__ _No par
10
1038 1104 1012 10
958 978 5,400, Tidewater Assoc 011___No par
1038
8112 8112
82
82
800
81
8112 8112 81
Preferred
100
Tide Water 011
*25
31
*25
31
*22
31
*25
31
No par
200
95
95
*9412 9512 9518 9518 *95
Preferred
100
96
10
534 534 1,600 Timken Detroit Axle
6
614
61
/
4
'6
5/
1
4 8
30
30
1
4 2918 2913 2,100 Timken Roller Bearing_No par
30
30
2912 30/
5/
1
4 534 6,100 Transamerica Corp____No par
534 5/
1
4
534 57s
534 578
6
6
300 Transue & Williams St'l No par
614
*6
614 *618 614
6
418 418 2,600 TM-Continental Corp__No par
414 412
/
4
412 41
*41
/
4 458
6% preferred
*6812 70
*70
7118 *6918 75
*6812 70
No par
37
37
*3618 37
SOOt Trico Products Corp
3634 37
*3612 37
No pat
Truax Traer Coal
*278 3/
1
4
*318 4
*3
4
*31
/
4 4
No par
E458 478 *452 5/
4/
1
4 478
1
4
10
458 434 1,100 Truscon Steel
100 Ulen & Co
134
134 *178 218 *1713 212 *178 212
No pat
48
48
4858 49
49
49
4712 48
1.000 Under Elliott Fisher Co No par
4712 4813 1.000 Union Bag & Pap Corp_No par
49
5013 4913 50
4818 49
/
4 428 8,900 Unlon Carbide & Carb_No par
1
4 411
4112 4214 4212 4338 4178 43/
/
4 15/
1
4 1534 1534 1514 1534 1.100 Union Oil California
1538 1538 151
25
No par
900 Union Tank Car
•1858 1938 *1858 1914 1914 1914 1878 lOss
/
4 1514 22.200 United Aircraft & Tran_No par
1578 141
141
/
4 1412 1412 1558 15
2234 23
2213 2258 225* 2234 2234 2234 1,600 United Biscuit
No par
114 114 *114 117
Preferred
30
11312 11312 *11314 114
100
4112 4034 4034 2.000 United Carbon
4214 41
4112 41 12 42
No par
4
918
418
378 4
378 4
4
10.600 United Corp
No par
2638 2612 2614 2678 2634 2712 2634 2712 2,900
Preferred
No par
1218 1213 1,200 United Drug Inc
1234 1234 1234 13
*1212 13
5
*412 514 *434 514 *94 514 *412 504
United Dyewood Corp
10
45* 4,
8
41g 412
413 412
*413 431
400 United Electric Coal_ __No par
71
72/
1
4 3,100 United Fruit
7312 7312 74
7212 7314 73
No par
No par
1434 1478 1434 1478 1458 1478 1413 1434 7,800 United Gas Improve
*9412 95
*9938 95
100
*9412 95
95
95
Preferred
No par
100
200 Milted Paperboard
2
2
238
214 *2
218 218 *2
513 518
*419 5
400 United Piece Dye Wke_No par
518 518
5
5
100
*33
38
*33
38
*33
38
*33 - $8
63.4% preferred
3
3
2/
1
4 2/
1
4
*258 2/
1
4
2/
1
4 2/
900 United Stores class A__No par
1
4
58/
1
4 *50 5818
5818 *50
*50
5818 .50
Preferred class A____No par
48
46
200 Universal Leaf Tobacco No par
46
46
*45/
1
4 47
*44
47
*28
50
*28
50
*2612 50
Universal Pictures let pfd_100
*2634 50
1
118 1,300 Universal Pipe & Red
1
118
118
118
•1/8
1 14
1
/
4 1934 1814 1912 2,000 U S Pipe dr Foundry
1934 191
1814 1834 19
20
1834 18/
1
4 *1812 19
18/
1
4 19
*1834 19
1s1 preferred
400
No par
/
4 11
*1
*1
/
4 113
*12 2
*12 2
U S Distrib Corp
No par
13
1314
*1314 15
*13
15
*13
15
200 U S Freight
No par
818 818
713 818
*7,1 818
8
8
No par
900 U 8 & Foreign Secur
6913
*134
70
70
*69
70
200
Preferred
No par
691z *85
41
4133 4012 4114 40 40
*4012 41
1,500 U S Gypsum
20
139 139
*139 140 *139 140 *139 140
7% preferred
100
30
5
100 U S Hoff Mach Corp
612 653
*81
/
4 678
*612 7
*6/
1
4 7
9012 3914 4012 37
3914 40
381z 3,300 U S Industrial Alcobol_No par
39
612 612 '612 7
COI 634
400 U S Leather v t 42
614 614
No par
*912 1038
914 9/
*914 10
•9
10
100
1
4
Class A v t o
No par
100
*44
50
*4214 50
*44
49
*4114 50
Prior preferred v t o
478 5
1,500 U S Realty & Impt_No par
5
538
318 514
*514 512
1615 17
1514 1638 14,600 U S Rubber
1514 1614 1612 17
No par
3934 3712 3912 36
381
/
4 7,800
3614 3734 38
lat preferred
100
135/
1
4 13658 137 14038 12612 141
11914 125/
1
4 75,400 U 13 Smelting Ref & Min.._ _50
*6414 65 .6414 65
6478 65
*6414 65
500
Preferred
50
8 3312 30,600 U S Steel Corp
3 32,
8 3412 3338 34,
321
/
4 3312 33,
100
77/
1
4 7814 3,100
79
78
781
/
4 78
7658 77
Preferred
100
*11011 11978 *1104 11978 *11018 11978 *1101s 11978
U IS Tobacco
No par
*2
214 *2
214
2
2
2
2
300 Utilities Pow & Lt A
1
*75 1
*78
1
No par
300 Vadaco Sales
*34
/
1
4
34
/
1
4
1812 1612 1712 2,700 Vanadium Corp of Am_No par
18
1818 18
1712 18
5
100 Van 114.3.10 Co Inc,
812 812
"752 912 "784 912 *784 9
7213 75
*74
76
.72
76
*72
76
7% 1st prof
100
90
3218 3258 3238 3212 1,200 Vick Chemical Inc
32
3238 3212 32
5
312 358 2,200 Virginia-Carolina Chem No par
334 3/
1
4
3/
1
4 334
314 3/
1
4
1734 1812 *1734 1814 1712 1812 1714 1714
800
8% preferred
100
75
*72
74
*7312 80
*73
80
75
7% preferred
100
100
77
7612 7612 *7612 7712 77
*7658 7712
30 Virginia El & Pow $8 pf No par
1
4 712 *358 712
1
4 7/
1
4 *3/
Virginia Iron Coal & Coke_100
"353 712 *3/
63
62
62
62/
1
4 6234 6214 6214 *62
100 Vulcan Detinning
100
1
4 *438 4/
*412 4/
1
4 *438 4/
4/
1
4 4/
1
4
1
4
200 Waldorf System
No par
2414 2414 2378 24
24
2378 2378 24
700 Walgreen Co
No par
*10712 10812 10812 10812.10818 10912 *10812 10912
10
100
634% preferred
*334 4
358 3/
1
4 *313 4
334 334
300 Walworth Co
No par
•638 7
*678 7
*832 7
6
018
200 Ward Baking class A_ _No par
*134 2
/
4 2
11
/
4 134 *11
*153 2
200
Class B
No par
28
*2414 28
*2414 28
*25
*25
28
Preferred_
100
414 414 6,100 Warner Bros Pictures__
438 41
/
4
414 4/
1
4
41
/
4 438
5
1
4 *1518 1978
*1518 1934 *1518 19/
*1413 20
No par
$3.85 cony prof
11
/
4 11
/
4
*112 158
200 Warner Quinlan.
112 11
No par
/
4 *112 158
6/
1
4 7
7
634 634
7
7
7
700 Warren Bros
No par
/
4 1514 *1112 1514
1514 *111
*11
1514 *11
No par
Convertible pref
*1613 17
*1634 17
17
300 Warren Fdy & Pipe__ No par
1812 1613 *16
200 Webster Elsenlohr
334 334 *3/
*334 4
1
4 4
No par
31
/
4 3/
1
4
*3
1
Wells Fargo.', Co
I
"4 11
*34
1
"4
1
28
2838 2734 2838 2738 2734 5,400 Wesson 011 dt Snowdrift No par
2712 28
6614 6614 6612 *864 67
1,100
65/
1
4 6534 66
Cony preferred
No par
35
35/
1
4 7,900 Western Union Telegraph_ 100
3538 3513 3634 3512 3738 34
1912 3,100 Westingh'se Air Brake_No par
1838 1914 1014 1934 1914 1914 19
3438 3218 3312 11.800 Westinghouse El & Mfg_....50
3234 3318 3312 3414 33
a/
8713 8713 8712 8712 87
93713 90
1st preferred
150
50
9
*8
*8
9
*81
/
4 9
*814 9
Weston Elea lastruin't_No par
1
4 27/
1
4 02214 2778 *22/
1
4 *2214 27/
*2214 27/
Class A
1
4
No par
60
5912 5912 *55
60
00 West Penn Eleo class A_No par
581
/
4 5878 *55
6814 683* 6814 6814 6814 6814
60
*8814 70
Preferred
100
56
5512 5512 *53
56
54/
1
4 54/
1
4 *53
8% preferred
20
100
107 107 *10814 11038
108 108 .107 108
70 West Penn Power pref.. 100
*95/
1
4 99
*95/
1
4 99
30
*9514 99
99
0% preferred
100
99
1
4
100 West Dairy Prod ol A_ _No par
214 234 *214 234 *214 2/
239 238
400
Class li v t o
"8
78
No par
74
74
"4
72
74
84
2012 2012 2012 *1934 21
800 Westvaco Chlorine Prod No par
2018 2012 20
100 Wheeling Steel Corp
15
1412 1412 014
*141
/
4 14/
1
4 *1412 16
No par
4118 *40
4118 .
*40
4118 040
*40
42
Preferred
100
1
4 15/
20 White Motor
1
4 1534 15/
*1514 1634 *1513 1634 15/
50
1
4
25
25
*25
26
25
300 White Rk Min Syr cif __No par
*25
2512 25
112 112
/
4 2
*113
11
/
4 *11
100 White Sewing Maohine_No par
*113 2
1
4 6/
1
4 *514 634
No par
1
4 *5/
Cony preferred
*514 6/
1
4 *514 6/
312 312
312 312
312 /12 *312 372
500 Willcox 011.8 Gas
5
7
714 1,500 WIlaon & CO Ino
748 734
728 718
758 758
No par
23/
1
4 24/
22/
1
4 24
1
4 2358 2478 2312 2412 10,700
Class A
No par
83
83/
1
4 3,000
8213 84
84
82
8212 82
Preferred
100
48
4814 47/
1
4 48/
1
4 4713 4828 4718 4778 8.400 Woolworth (F W)Co
10
1734
•17
17/
*161
/
4 1778 •16
18
1
4 *17
200 Worthington P.8 W
100
*32
*3113 37
30
*3112 36
36
10
36
Preferred A
100
*28
31
*28
3112 *28
*28
31
31
Preferred B
100
*4478 62
*44/
1
4 62
*44/
1
4 82
*44/
1
4 62
Wright Aeronautical_ __No par
*6412 6512 6412 64/
84/
1
4 6413 *6412 68
1
4
200 Wrigley (Win) Jr (Del)No par
16
/
4 *15
015
17
100 Yale & Towne Mfg Co_ __25
1512 151
*1512 17
312 358 •312 4
312 312 1,700 Yellow Truck & Coach cl-B.10
*3/
1
4 358
0344 3512 3534 3534 3458 3458 3418 3418
Preferred
100
90
161
/
4 1718 1612 1678 4,500 Young Spring & WIre.No par
1534 1534 16
17
1612 1712 15/
1
4 1618 3,200 Youngstown Sheet.', T.No par
17
17
1812 17
*21
/
4 214 *2/
1
4 2/
1
4
214 214
200 Zenith Radio Corp__ _No par
2/
1
4 2/
1
4
4
*3/
1
4 4/
1
4
*334 4
4
4
4
1
600 Zonite Products Corp

PER SHARE
Range Since Jan. 1.
On Oasts of 100-share lots.
Lowest.
$ per share
4 Aug 7
312July 23
13/
1
4 Jam 2
478 Aug 15
10 July 26
134Ju1y 28
1812 Aug 6
812 Jan 4
6412 Jan 4
31 Mar 26
80 Jan 11
378 Jan 4
24 July 26
518July 26
41
/
4 July 26
3/
1
4 July27
6014 Jan 9
33 Jan 8
15* Jan 3
33,July23
1 July 23
30 Jan 5
3914July 20
3578May 14
1334July 27
1558 Jan 9
1358July 26
2212Sept 5
107 Jan 9
35 Jan 4
312July 26
2434 Jan 3
914 Jan 8
3/
1
4 Jan 2
3/
1
4 Jan 10
59 Jan 6
1418Ju1y 27
88 Jan 8
1/
1
4 Feb 13
4 July 26
35 Aug 30
2',July26
54 Aug 15
4014 Feb 26
1078 Jan 8
78July 27
1512July 28
16/
1
4 Jan 11
113 Jan 5
11 July 26
els Aug 7
133/
1
4 Jan 5
3414June 1
115 Jan 10
Os Jan 9
3412July 26
5/
1
4 July26
712July 28
5518July 21
4 July 26
11 July 26
2418 Jan 8
9853 Jan 13
5412 Jan 13
317s Aug 6
7658Sept 4
99 Jan 5
2 July 23
34July 21
14 July 26
412 Jan 2
x541
/
4 Mar I
2458 Jan 4
178July 23
10 July 26
59/
1
4 Jan 8
65 Jan 2
358July 31
52 Jan 4
438Sept 7
2214 Feb 26
841
/
4 Jan 4
214 July 27
5 Aug 6
114July 27
2412 Aug 20
234July 26
17 Aug 29
138July 26
512July 26
10 July 30
1312July 27
3 July 27
34July 27
1534 Jan 4
52/
1
4 Jan 5
1
4July 27
30/
15/
1
4July 26
271
/
4 July 28
82 Aug 8
6 July 30
1838 Jan 5
1
4 Jan 8
44/
618 Jan 8
45 Jan 3
8912 Jan 2
7834 Jan 10
11
/
4 Aug 1
12 July 27
1
4 Jan 12
14/
13 July 26
38 Jan
15 July 2
21',July 2
1/
1
4 Jan
5 July 2
212July 2
4/
1
4 Jan
1212 Jan
53 Jan
4114 Jan
1312July 2
34 Jan 1
2358 Aug
18/
1
4 Jan
54/
1
4 Jan 1
14 Jan
234July 2
28 Jan
13 July 2
1252July 2
/
4 July 2
11
332July 2

Highest.

Lowest.

Highest.

$ per share 8 per share $ per share
1218 Feb 18
1
4 May
238 Mar 12/
91
/
4 Feb 19
1
Feb 1012 July
1938 Feb 6
10 Mar 2114 July
11 Feb 5
8 Dec 1513 June
2014 Feb 16
538 Jan 2014 Sept
912 June
512 Jan 29
12 Mar
12
Jan 30 June
2412 Jan 30
14/
1
4 Apr 23
31
/
4 Jan 1134 Sept
2313 Apr 8514 Nov
8518 Apr 30
40 Apr 27
914 Apr 26 Dee
981
/
4 Apr 27
45 Feb 80 Dee
11
/
4 Mar
8/
1
4 Apr 24
814 June
41 Feb 5
1334 Feb 3512 July
938 July
258 Mar
812 Feb 5
1313 Feb 17
1712 July
278 Mar
61
/
4 Feb 3
834 July
254 Feb
41
Apr x75 May
78 Apr 20
40 Feb 3
1
4 July
201
/
4 Feb 38/
4/
1
4 July12
514 July
/
1
4 Apr
958 Feb 19
2 Mar 1234 June
4 Jan 15
61
/
4 June
54 Jan
5112 Jan 20
/
4 July
914 Feb 391
60/
1
4 Feb 23
512 Jan 60 July
50/
1
4 Jan 19
/
4 July
19/
1
4 Feb 511
2013 Feb 5
812 Mar 2338 July
2114June 18
101
/
4 Feb 2234 June
1613 Mar 4C1
3738 Feb I
/
4 July
2914 Apr 26
1312 Feb 27.8 July
120 June 30
Dec
92 May Ill
4612June 16
1014 Feb 38 Dee
878 Feb 7
4 Dec 1412 June
377s Feb 7
2218 Nov 40/
1
4 June
1814 Apr 28
618 Dec 12 Sept
1078 Apr 26
878 June
34 Feb
6 Apr 25
1 Mar
878 July
77 Apr 21
2314 Jan 88 Aug
137s Dec 25 July
2012 Feb 8
9938July 18
Jan
8212 Dec 100
358 Feb 19
512 July
/
1
4 Jan
3/
1
4 Mar 211
1334 Feb 20
/
4 July
68 Feb 21
35 Dee 85 July
6 Apr 20
714 July
34 Feb
45 Mar 66 July
66 Apr 16
501
/
4 July 13
211
/
4 Apr 5112 July
46/
1
4 Apr 11
10
Apr 35 June
3 Feb 18
338 July
14 Apr
818 Mar 2218 July
33 Feb 7
191
/
4 Feb 23
1234 Apr 19 May
1
Oct
4 Jan 31
6 June
7 Feb 2958 July
27/
1
4 Feb 5
1514 Feb 5
17/
1
4 July
3/
1
4 Feb
3812 Mar 84 July
78 Feb 26
18
1
4 Jan 24
Feb 5312 July
50/
14078July 27 10114 Jan 121 Sent
1018 Apr 24
111
/
4 June
138 Apr
6434 Feb 9
1313 Feb 04 July
238 Mar 1714 July
111
/
4 Jan 24
1
4 July
41
/
4 Feb 27/
1
4 Feb 1
19/
30 Feb 7814 Sept
80 Jan 30
213 Feb
1412 July
12/
1
4 Feb 2
24 Apr 21
278 Feb 25 July
1
4 July
512 Feb 43/
611
/
4 Apr 20
1312 Jan 105/
1
4 Sept
141 July 19
3912 Jan 58 Sept
65 June 18
338 Mar 6712 July
59/
1
4 Feb 19
5a, Mar 10512 July
9912 Jan 5
59
Jan 10912 Deo
120 July 10
8/
1
4 June
11
/
4 Ayr
5/
1
4 Feb 6
318 July
11
/
4 Jan 25
/
1
4 Jan
758 Mar 3814 July
3134 Feb 19
10 July
158 May
111
/
4 Apr 18
98 Feb 5
2012 May 85 Sept
23/
1
4 Dec 31 Sept
3634July 20
/
1
4 Feb
758 July
5/
1
4 Jan 23
338 Mar 2612 July
26 Feb 5
3538 Mar 13313 July
84 Aug 17
130 Dec 8558 Jan
80 July 31
2/
1
4 Feb 15 May
9 Feb 23
1
4 June
12/
1
4 Feb 67/
79 Mar 9
5/
1
4 Dec 12 July
878 Feb 20
2914June 18
-75 -Apr 91012 Sept
109 Aug 13
8/
1
4 June
/
1
4 Apr
85* Feb 1
218 Mar 20 July
12 Feb 5
558 July
/
1
4 Apr
358 Feb 5
111
/
4 Apr 4478 July
38 Jan 24
918 Sept
Feb
1
814 Feb 5
41
/
4 Feb 2412 Oct
31/
1
4 Apr 24
4713 Juno
/
1
4 Mar
3/
1
4 Feb 18
1358 Jan 24
212 Feb 2238 June
1
4 June
712 Feb 35/
28/
1
4 Apr 23
31 Jan 20
5 Feb 30 Deo
8 Jo y
1
Jan
7 Jan 25
312 June
/
1
4 Apr
214 Jan 23
7 Mar 3712 July
29,
8 Aug 29
40 Mar 63 July
8812Sept 6
1714 Feb 7714 July
6678 Feb 6
36 Feb 6
111
/
4 Jan 3558 July
1938 Feb 5834 July
47/
1
4 Feb 5
8012 Feb 96 July
95 July 11
131
/
4 July
14 Feb 5
312 Feb
10 Mar 2214 July
21512June 29
30 Apr 73 June
70 June 13
37 Apr 7734 June
80 July 13
33/
1
4 Apr 6912 July
x8812July 19
881
/
4 Dec 11038 Jan
11058June 12
Jan
80 Dee 101
105 June 29
Apr 11% June
2
/
1
4
Jan
30
8/
1
4
/
4 June
41
/
1
4 Mar
212 Jan 30
5 Mar 2012 July
27/
1
4 Feb 8
7/
1
4 Jan 35 July
29 Feb 21
15 Feb 67 July
57 Feb 28
Jan 2612 July
2813 Feb 19
14
Oct
23 Oct 29
3112 Apr 19
1
4 July
4/
12 Jan
1
4 Feb 8
3/
118 Jan 1012 July
1114 Apr 20
ale June
2 Mar
5/
1
4 Apr 5
7s Jan 11 June
9 Apr 11
June
22
Jan
4
283s Apr 13
19 Mar 7212 July
8412 Apr 11
25/
1
4 Apr 5078 July
5478 Apr 21
8 Mar 397o July
317s Feb 5
14 Mar 51 June
53 Jan 24
Feb 47 June
14
42 Jan 24
0 Apr 24 May
75 Jan 27
1
4 Dec
3412 Feb 57/
6131
/
4 July 11
Jan 23 June
7
22 Apr 24
734 July
218 Mar
7/
1
4 Feb 19
18 . Mar 42 July
4712 Apr 26
/
4 July
Ma Mar 191
22/
1
4 Feb 19
712 Feb 8752 July
33/
1
4 Feb 19
5 Dee
12 Feb
4/
1
4 Feb 5
8/
1
4 July
3/2 Feb
744 Feb 19

• Bid and asked prices, no sales on this day. 1 companies reported in receivership. a Optional sale. e Cash sale. s Sold 7 days.




PER SHARE
Rangefor Presious
Year 1933.

x Flx-dtvidend.

y Ex-rIghts.

New York Stock Exchange-Bond Record, Friday, Weekly and Yearly

1525

On Jan. 1 1909 the !exchange method of quoting bonds was changed and prices are now and interest"-ercept ro, {alone sad deltuued c•nds
NOTICE.-Caell and deferred delivery sales are disregarded In the week's range, unless they are the only transactions of the week. aud when selling outside of the
regular weekly range are shown in a footnote in the week In which they occur. No account Is taken of such sales la ciomput ng the range tor the year.
BONDS
N. Y. STOCK EXC II A NOE
Week Ended Sept. 7.

Price
6
'
3
ba
ut
Friday
413. Sept. 7.

Week's
Range or
Last Sale.

;,
4
e35 s'o'

U. S. G
ment.
Ask Low
High No.
Bid
First Liberty Loan-3X of '32-47 1 D 1022222 Sale 10217.2103.22 227
J D
__
___ 1022132Nlay'34 ---Cony 4% of 1932-47
J D 155
Cony 434% of 1932-47
9-ale 1022..1032n 165
.1 D
2d cony 434% of 1032-47
__ __-- 1022.22Jan'34 ___
Fourth Lib Loan 434% of '33-'38 A 0 155.22 Sale 1032.2 10324.2 692
434% (2d called)
100242 Sale 10014210022n 456
Treasury 434s
1947-1952 A 0 110242 Sale 11027.21122n 976
Treasury 434e to Oct 151934,
thereafter 334%
1943-45 A 0 10142 Sale 10142 10242 4091
Treasury 45
1944-1954 J 13 106242 Sale 106142107142 1253
Treasury 334,
1946-1956 M S 105
Sale 105
1061.2 221
1943-1947 J D 1022.2 Sale 1022.2 103
Treasury 344s
1250
Treasury 3s_ __Sept 15 1951-1955 M S 992222 Sale 99142100232 3928
Treasury 3s_Dee 15 1946-19481 D 99u3 sale 99142100.n 6220
Treasury 3145 June 15 1940-1943 J D 102142 Sale 10212121031.n 806
Treasury 334s Mar 15 1941-1943 M S 10214.2 Sale 10214210312n 1423
Treasury 3145 June 15 1946-1949 J D 10014.2 Sale 10011.21012n 1828
Treasury 3A s
Aug 1 1941 F A 1021022 Sale 10242 1031122 4049
Treasury 3)4s
1944-1946 ---- 101222 Sale 1011.2 1022.2 3817
Fed Farm Mtge Corp 334s_1964 Si S 991222 Sale 96.22 10042 857
3s
1944-1949 Si 5 9711.2 Sale 96142 982.2 1701
Home Owners Mtge Corp 43_1951 J J 97142 Sale 931222 9842 2665
3s series A
1952 Si N 97142 Sale 96142 9842 8399

Range
Since
Jan. 1.
Low
High
1004.210411.2
100142 10342
101421041ln
10214.1022.n
10124210412n
10012.21021222
10421.2114122
971421042.n
1011421092.n
100.22 1082.2
9822.210512.2
931.2210211.2
99422102142
982..21059.2.
9822.210522.2
95111.2103.42
9727.21050.2
10024.10412..
9842 102242
9612.210142
96142101142
96".2 1011.2

State & City-See note below.
Foreign Govt & Municipals.
Agric Mtge Bank s f 6s
1947 F A
27 -- 26 May'34 ____
Aug 1 1934 subseq coupon__
. 2512 Sale 2512
2612
2
Sinking fund 6s A__Apr 15 1948 A111
_-• 2729
32
6
With Oct 15 1934 coupon_
- 24 ".3-ii 2758
274
5
Akershus (Dept) ext 5s
1943
_M N
7758 Sale 7758
5
784
Antioquia (Dept) coil 7s A 1945 J J
1058 1212 11
11
1
External 8 f 7s ger B
1945 J 1 1114 Sale 1114
1114
2
External 5 t 7s ser C
1945 J J
1058 1212 1134 Aug'34 __
External s f 75 ser D
1945 J J
1012 Sale 1012
104 10
Externals f 7s let ser1957 A 0
918 11
1118 Aug'34 __
External sec St 75 2d ser 1957 A 0
918 1112 11
Aug'34 ____
External sec 5 t 7s 3d ser 1957 A 0
918 104 912
934
5
Antwerp (City) external 5s_ _1958 J D 9512 Sale 95
9578 63
Argentine Govt Pub Wks 68_1960 A 0 83 Sale 81
8312 27
Argentine 68 of June 1925_1959 J D 8338 Sale 8118
8338 110
Extl s f 68 of Oct 1925
1959 A 0 83 Sale 8118
83
41
External a f 65 series A
1957 Si 5 8338 Sale 82
8378 47
External 6s series 11, _Dec 1958J 0 83 Sale 81
83
35
Extls f 6s of May 1026
1960 M N 83 Sale 8138
8314 41
External a f Os (State Ry).1960 M 5 8234 Sale 81
8314 159
Ext1 68 Sanitary
_ _1961 F A 834 Sale 81
8334 34
Extl 6s Pub wks May
Works1927 1961 M N 83 Sale 8118
83
46
Public Works extl 5148_1962 F A
7718 78
7614
7734 125
Argentine Treasury 5s £._1945 Si 5 95 Sale 93
95
9
Australia 30-yr 58_,Buy 15 1955 5 j 92 Sale 9118
9212 82
External 5s of 1927_ _Sept 1957 Si 5 9214 Sale 91
9212 29
External g 434e of 1928_ A956 M N 88 Sale 8034
8812 25
Austrian (Govt) a t 78
19435 D a984 Sale 98
99
35
Internal sinking fund 78_1957 J .3 62 Sale 614
6218 15
Bavaria (Free State) 6340_1945 F A
Belgium 25-yr extl 645s
1949 M 5
External s f 68
19555 J
External 30-years f 78
1955 J D
Stabilization loan 78
1956 M N
Bergen (Norway) 5s_ _Oct 15 1949 A 0
External sinking fund 58_1960 M
Berlin (Germany)51 6 Xs_ _1950 A 0
External s f Os_ _ _June 15 1958 .1 D
Bogota (City) esti 8 t 88
1945 A 0
Bolivia (Republic of) eat! 85_1947 MN
External secured 75 (flat)_1958 J
External s f 78 (flat)
1969 M 5
Bordeaux (City of) 15-yr 65_1934 NI N
Brazil(US of)external 8s
1941 J D
Externals f 6 Xs of 1926._1957 A 0
Externals t 6445 of 1927 1957 A 0
7s (Central Ity)
1952 J D
Bremen (State of) extl 78_ _1935 Si S
Brisbane (City) 8 1 5s
1957 M S
Sinking fund gold 58
1958 F A
20-year a t 6s
1950 J D
Budapest (City) extl s f Os_ _1962 J D
Umnatured coupons on _ _ ____ _ ____
Buenos Aires (City) 644s 2 13 1955 J J
Externals f 13s ser C-2..._1960 A 0
External s f 6s ser C-3
1960 A 0
Buenos Aires (Prov) mai 08_1961 M S
Stud (Sept 1 '33 coup On)1901 M 9
External a I 634e
1961 I? A
Stud (Aug 1 '33 coup on)1901 F A
13ulgarla (Kingdom)5 f 78._.1967 J J
Stabil'n a I 734,.. _Nov 15 1968 Si N
May coupon on
Caldas Dent of(Colombia)7448'46 1 J
Canada (Dom'n ot) 30-yr 48_1960 A 0
55
1952 M N
414s
1936 F A
Carlsbad (City) s f 8s
1954 J .1
Cauca Val (Dept) Colom 7449'46 A 0
Cent Agric Bank (Ger) 7s...1950 M S
Farm Loans f 6s__July 15 1960 J .1
Farm Loan a f lls_Oct 15 1960 A 0
Farm Loan 6s ser A Apr 151933 A 0
Chile (Ren)-Extl a I 7s.__1942 Si N
External sinking fund 0s_ _1960 A 0
Ext sinking fund Os-Feb 1961 F A
Ry ref ext s f 68
Jan 1961 .1 J
Ext sinking fund 65_ _Sept 1961 M S
External sinking fund 6s__1962 M S
External sinking fund 6s_ 19O3 M N
Chile Mtge Bk 034, June 30 1957 J D
S f 610 of 1926__June 30 1961 5 D
Apr 30 1961 A 0
Guar a f 68
Guar a I Os
1962 M N
Chilean Cons Music 75
1960 Si S
Chinese(Hukuang Ily)
_1951 .1 D
Christians (Oslo) 20-yr5s_a fths '54 M 9
Cologne(CRY) Germany6101950 M S
Colombia (Rep)6s of'28_ -Oct'61
Oct 1 1934 and sub coupons on A 0
Eater 65 (July 1 '34 coup on)'61 J J
Colombia Mtge Bank 6 Xs of 1947 A 0
Sinking fund 7s of 1920_ _1946 m N
Sinking fund 78 of 1927.„1947 F A
Copenhagen (City) 58
1952 .1 D
1953 M N
2 -year e 4445
_1957 F A
Cordoba (City) call *1
External a f 78.... Nov
7s_15 1937 NI N
Cordoba(Prov) Argentina 731942 J 5
Costa Rica (Republic)78 Nov 1 1932 coupon 0n_1951 Si N
75 May 11930 coupon on_1951 ____

3014 30
Sale 9912
Sale 100
Sale 10658
Sale 10114
- 7938
____
78-7712
- - 7612
2212
2118 27
2212 2314 2258
1912 2012 2033
73
734 Sale
6
6 Sale
6 Bale
54
172
_--- 172
3312 Sale 3212
3014 Sale 29
3012 Sale 2834
2914 Sale 2834
29
32
30
84
8334
82
84
8318
82
89
9312 93
40 Sale 384
4012 2618
39
7514 794 79
784 ____ 7712
79 Sale 77
6212 Sale 6212
5012 Sale 50
56
__-- 60
52 sale 5112
20 Sale 20
2112 25
1734
1912 1758
18
1334 Sale 134
10378 Sale 10318
112 Sale 112
10412 Sale 10438
____ 60
5814
134 Salo 1358
____ 3538 41
2634 Sale 26
2634 Sale 2638
25
2814 2718
1434 Sale 1314
1414 Sale 13
144 Sale 1318
14 Sale 13
1418 Sale 1314
1412 Sale 1314
1418 Sale 13
1412 Sale 1334
1414 sale 1418
1334 1412 1318
1378 Sale 1314
012 Sale
9
--------38
91 Sale 9014
2414 28 126

23
100
100
107
10114

303
6
100
33
100
14
10712 14
10112 15
Aug'34 ____
7612
2
22'2
2
17
24
2038
1
8
7
61
10
5
638
172
1
3334 27
3014 25
3012 90
2912 13
31
8
85
9
83'8
5
93
I
40
8
Aug'34 -_
80
16
Aug'34 ____
79
14
63
7
5183 154
60
1
52
11
20
2
Aug'34 ___
Aug'34 ____
1412 15
10378 52
1121., 52
10412 10
60
8
1378
7
Aug'34 __
2878 17
2838 22
30
25
1434 84
1412 104
1438 62
1412 82
1412 64
1412 34
1412 71
1412 30
1412 12
14
36
14
17
924
8
Aug'34 ---7
91
3
26
4

314
3114
2478
2338
2458
7512
7358
43
444
4414

Sale
Sale
Sale
28
Sale
Sale
Sale
Sale
Sale
____

39
25

42's 4012 Aug'34 ____
Sale 25
25
1

3014
3214 89
3014
3218 77
24
2478
3
24 Aug'34 __
2458
2458
i
7458
7512 11
7312
7334 22
42
4312 42
44
444 12
65
65
5

1834
20
154
16
6618
818
9
938
818
778
8
8
824
534
5312
53
53
5358
5358
534
52%
5258
471s
8034
8818
89
83
914
50

2718
27
32
2758
8158
1734
17
17
1714
1434
1458
1458
9912

8434

BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 7.

.
i3
tt
B
.-43,

Price
Friday
Sept. 7.

Week's
Range or
Last Sale.

;. .
4,2
CC c?,

Foreign Govt. & Munk.(Con.)
Bid
Ask Low
High No.
Cuba (Republic) Soot 1904_1944 M S 9618 ____ 29612
9612
2
9412 __ 96 Aug'34 --__
External 5s of 1914 ser A__1949 F A
1949 F A 80 -85 28114
External loan 4448
8114
7
Sinking fund 5448 Jan 15 1953 1 J 7634 Sale 76
7712 19
Public wks 540 June 30 1945 1 D 29 Sale 2858
30
19
1458 29
Cundinamarca 0345
1959 Si N
134 1412 14
Czechoslovakia(Rep of) 8.5 1951 A 0 954 98
934 Aug'34 ____
Sinking fund 85 ser 13_ ....A952 A 0 9518 984 9212 Aug'34 --__
Denmark 20-year mai 65
1942 J J 954 Sale 9414
9512 28
External gold 540
1955 F A 90 Sale 83
90
14
External g 444s__Apr 15 1962 A 0 a7912 Sale 7912
8012 10.5
Deutsche Bk Am part ctt 6s 1932
2
52
51
Stamped extd to Sept 1 1935 -7-- 51
52
.5
6712
Dominican Rep Cast Ad 534s '42 M S 67
68
68
65
67
1940 A 0 65
1st ser 5445 of 1926
65
1
6658 65 Aug'34 ____
2d series sink fund 510_1940 A 0 65
Dresden (City) external 7s_1945 Si N ____ 46
48 Aug'34 ____
Dutch East Indies eat! 6s1962 M S ____ ____ r110 Aug'34 -30-year ext1 5448____Nov 1953 M N 156
____ 159 Aug'34 ____
30-year extl 5Xs____Mar 1953 M S --------159 Aug'34 _--El Salvador (Republic) 8s A 1948 J J
___ 5612 Aug'34 ---424
4
Certificates of deposit
J J 5143
50
41
Estonia (Republic of) 7s--1967 5 J 77 Sale 77
7
7738
9912 99
Finland (Republic) ext 651945 Si S 99
3
99
External sinking fund 75__1950 M S 10012 Sale 100
10034 12
External sink fund 6145..A956 Si 5 9912 Sale 9912
9934 28
6
External sink fund 5148_1958 F A 9438 95
9518
95
Finnish Mun Loan 6448_1954 A 0 9738 99
9714
9714
1
98
1
External 6145 serlal B___1954 A 0 9738 99
98
23 Sale 23
Frankfort(City of) 8 f 6 Xs__1953 MN
23
.5
French Republic extl 7149_1941 J D 18638 Sale 18512 187
19
External 75 of 1924
1949 J D 18534 ___ 186
2187
12
German Government InterneLionel 35-yr 5445 of 1930_1965 J D 26 Sale 26
184
27
German Republic extl 7s
1949 A. 0 3412 Sale 3258
35
108
German Pros' & Communal Bks
(Cons Agric Loan) 610_1958 J D 2814 Sale 28
30
14
Graz (Municipality) 85
1
8712
8814_7_-- 8712
1951 M N
Only unmatured coupons on__
6358 Aug'34 __
_
60
Gr Brit &Ire(U K of) 5145_1937 ..43
11634 Sale 116
117
FA
14% fund loan .c opt 1960A990 MN al1478 Sale 011418 all5
65
Greek Governments f ser 7s_1964 Si N
28
324 3212 Aug'34 ___
a t sec 6s Aug '33 coupon-1968 F A
2314
2312 11
2212 24
Haiti (Republic) a f Os ser A_1952 A 0 78 Sale 774 278
7
Hamburg (State) 6s
25 Aug'34 ____
1946 A 0 2018 25
Heidelberg (German) extl 7145'50 J J
15
18
1618
1618
5
Helsingfors (City) ext 63.4s.1960 A 0 9218 93
91
9214 13
3712
Hungarian Munic Loan 744s 1945 J J 3814 39
3838 12
Only unmat coup attached_ J J 24
30
27 Aug'34 ____
External 8 1 7s (coup)_ A.945 J 1 3734 3912 3834
3834
2
2978 30 June'34 __
Only unmat'd coups attached J J 24
Hungarian Land Si Inst 744s '61 Si N 4714 Sale 4714
4714
1
Sinking fund 734s ser B 1961 M N 4714 50
4712 Aug'34 ___
Hungary (King of) s f 7148_1944 F A 3834 Sale 38
3834
5

Range
Since
Jan. 1.
Low
744
93
0278
6178
2258
1018
88
90
864
8334
71

High
9912
96
8114
844
4178
194
101
101
9812
9512
87

5078 774
4334 70
67
36
3718 67
4514 584
125 16512
151 16412
125 165
484 60
33
55
574 7738
79 100
8618 10118
7818 100
9512
76
77
98
754 9814
23
48
1544 18812
160 189
2512 6312
3258 8712
28
7112
5738 884
62
6512
11158 12412
109 11712
334
22
1834 31
744 82
25
58
44
15
7234 95
284 4414
25
2714
3020 45
30
30
3312 5018
5918
31
3112 424

85
8478
8478
8434
8434
8434
8412
8458
7914
99
9758
974
95
10012 Irish Free State eat!,f 55_1960 Si N 108 120 11214 Aug'34 ____ 110 116
77
Italy (Kingdom of) ext1 7s 1951 J D 9034 Sale 90
90 102
92
77
Italian Cred Consortium 78 A '37 M S 9538 9912 9512 Aug'34 ____
934 100
2912 594
8914 100
92
External sec s t 7s ser 13_ _ _1947 M S ___ 92
92'2 14
95 105
Italian Public Utility extl 78_1952 J J 84 Sale 84
85
6
76
9318
94 104
Japanese Govt 30-yr a f 6 Xs_1954 F A 8534 Sale 8414
8712 97
8414 9612
99 109
Extl sinking fund 5 34s .,.1965 M N r7412 Sale 734
57414 34
734 86
9578 10634 Jugoslavia (State Mtge Bank)
68
8212
Secured 5 f g 7s
2318 4212
32 Aug'34 ____
1957 A 0 3118 41
78 with all unmet coup..1957 _-__
664 8212
1558 27
2058 Sale 2058
205* 20
2212 52
With Oct 1 '35 & sub coups on
1312 18
18 Aug'34 ____
16
20
_
225* 494 Leipzig (Germany) 5 f 78_ _A947 F
_--A ____ 417e 44 Aug'34 ____
374 654
174 24
Lower Austria (Prov) 7445_1950 J D 8912 Sale 8818
8912
8
60
8912
64 1134
Only unmatured coups attach'd ------------50 Feb.3 ____
50
63
54 Wiz Ly008 (City of) 15-year 68_1934 NIN 172 173 172
172
4 149 172
54 1012 Marseilles (City of) 15-yr 65_1934 Si N 172
.17112 Aug'34____ 149 17112
149 172
Medellin (Colombia) 610_1954 J D
9% _1110
3
84 164
10'z
2234 3612 Mexican 'nig Asstng 434s 1943 M N --------84
634
412 73,
5
2014 32
Mexico (US) extl 5s of 1899£ '45 @ / --,z
6
1
6
6
5
6
2014 32
Assenting 55 of 1899
64 10
97
89
978 Sale
814
1945 ____
204 32
1114
712 Aug'34
Assenting 58 large
7
29 (134
Assenting 5s small
618 8
____ ____ 618 July'34 ____
734 88
Assenting 45 of 1904
512
7
49
7 Sale
418
714
1954 ____
73
8778
Assenting 48 of 1910
558 612 414 Mar'3 ____ __ __ _
83
9712
Assenting 4s of 1910 large
578
7
9
7 Sale
____
5
-5-34
3118 4612
54
Assenting 4s of 1910 small
658 Sale
63
59
_ _
438 84
24
2618
84 11
2
812 1112 10
*Trees 6s ot'13 assent(large)'33 .1--j
10
Cps 8018
814 15
812 Sale
534 1112
*Small
8
J J
47
7712 Milan (City, Italy) extl 6345 1952 A 0 8112 Sale 8112
8214
9
8014 9178
454 79
Minas Geraes (State) Brazil3014 63
24
17
External a f 614s
191
3
19.53 M S 1912 Sale 194
264 55
Ext sec 0348 series A
20
27
17
2312
1959 Si S 19 Sale 19
3158 60
36
7
274 3614
Montevideo (City of) 7s
1952 J D 3534 Sale 35
27
5418
7
External s t 6s series A.-_1959 151 N
3134
2614 324
3134 Sale 314
184 24
1734 2612 New So Wales (State) extl 55 1957 F A 9012 Sale 9012
91
36
85
96
1618 2012
9012 13
8514 9558
External a f 58 Apr
1958 A 0 9012 Sale 9012
1038 1834 Norway 20-year en! 6s
10138 11
9112 10134
1943 F A 1004 Sale 10038
92 10414
20-year external Os
10114
11
9014 102
1944 F A 10012 10134 1101
1034 11212
30-year external Os
100
20
8918 100
1952 A 0 100 Sale 9914
10034 105
40-year a f 540
94
19
83.8 9512
1965 .1 1) 93 Sale 93
5814 8018
804 9218
8958 35
External s f 55_ __Mar 15 1963 M S 8878 Sale 8834
1014 19
Municipal Bank extl s f 58_1967 J D
8312 91
_ 904 Aug'34 -__
41
73
9112 Aug'34 ____
9012--81
91
9112
Municipal Bank extl 5 t 58_1970 .1 D 904
26
69
26 Aug'34 ____
Nuremburg (City) ext1 63_1952 F A
2018 25
26
5512
20
69
Oriental Devel guar Os
74
17
65
7712
1953 M S 7258 7414 7278
2718 70
624 74
Exti deb 514s
1958 Si N
6918 16
6878 Sale 6878
812 16
Oslo (City) 30-year is t 6s 1955 M N 9112 Sale 9114
92
7
7618 93
718 16
7
1534 Panama (Rep) extl 534e_,..,_1953 .1 D 10312 104 1034 1034
98 10334
5
7
154
Extl of 5s ser A___Nlay15 1963 M N
3514 Sale 3514
7
2918 44
36
74 154
Stamped
35
35
1
294 44
37
35
74 1558 Pernambuco (State of) extl 78'47 M S 1234 1412 134
104 1818
5
144
Peru (Rep of) external 7s_...1959 Si S 14 Sale 1314
74 16
14
17
818 17
94 1512
54 144
Nat Loan extl s t 65 1st ser 1960 J D
137
912
10
Sale
94
10
1814
Nat loan eatt a f Os 24 ser_1961 A 0
912
10
47
94 Sale
64 1418
gig 1512 Poland (Rep of) gold 6s____1940 A 0 6912 Sale 6912
7018 34
59
79
8
1518
Stabilization loan a f 78_1947 A 0 122 Sale 122
125
77
88 125
7
12
External stink fund g 8s__1950 .1 J 8212 Sale 8212
8378 22
6914 00
2758 4278 Porto Alegre (City of) 85..1961 J D 22 Sale 22
22
6
1712 24%
814 93
Extl guar sink fund 715s-1966 i 3 214 24
2134
2178
2
164 2412
26
50
Prague (Greater City) 710_1952 M N 88
9538 984 Aug'34 ____
83 100
Prussia (Free State) extl 614s '51 M 5 26 Sale 2514
2814 28
2514 5812
2112 355*
External a f Os
1952 A 0 254 Sale 25
267
20
24
5712
21
3534 Queensland (State) extl 5f 78 1941 A 0 10414 Sale 104
10414
6 102 1064
15
247
25-year external 6s
1947 F A 10014 Sale 100
10012
9
9418 103
1518 2412 Rhine-Main-Danube 7s A 1950 NI 5 39 Sale 39
39
5
39
8938
15
25
Rlo Grande do Sul extl s f 85 1946 A 0 2258 2434 23 Aug'34 ___19
26
6318 84
3
Apr'32-0cP33-Oct'34 cpn on __ _ -- 2278 22
22
184 23
5
594 7312
External sinking fund Os 1968 .1 ii 2212 Sale 22
2314 19
1514 24
1414 4312
External s f 75 of i926.._.1960 Si N
2212 Sale 22
23
9
1718 24
2978 4412
May coupon off
2012 234 2012
2012 10
184 224
2518 654
External s f 7s munie loan_1967 J D 2178 2338 2134 Aug'34 _
1714 2414
Rio de Janeiro 25
-years f 8.5_1946 A 0 214 23
2218
221„
5
1718 2312
4012
30
April coupon off
2213 22 Aug'34 ____
20
19
22
1834 2512
External a f 614s
1953 F A
2158 Sale 214
2234 10
16
2234
Rome (City) call 6 14s
1952 A 0 8318 8312 8314
8312
6
83
92

For footnotes see page 1530
NOTE.-Sales of State and City securities occur very rarely on the New York Stock Exchange, dealings in such securities being almost
entirely over the counter.
Bid and asked quotations, however, by active dealers In these securities, will be found on a subsequent page under the general
head of "Quotations for Unlisted Securities."




Sept. 8 1934

New York Bond Record—Continued—Page 2

1526
BONDS

•

N. Y. STOCK EXCHANGE
Week Ended Sept. 7.

il•
1t
.... a,

Ma
Friday
Sept. 7.

Week's..."
.0„
Range Or
Last Sale. co

Range
Since
Jan. 1.

High
High No Low
Ask Low
Bid
Foreign Govt.&Munk.(Concl.)
48 112 140
140
Rotterdam (City) exti 68_1964 M N 1397 Sale 135
40
23
3214 11
Rumania (Monopolies) 71.....1959 F A 3214 Sale 3214
6618 81
30
1953 J J 79 Sale 79 . 79
Saarbruecken (City) 68
30
22
9
26
Sao Paulo(City) at 8s__Mar 1952 MN 26 Sale 2478
20% 2012
2012 Aug'34 ---_
2218
May coupon on
17% 24
2
2234
2234
Externals!6348 of 1927_ _1957 MN 21% 27
19% 211
2112 Aug'34
19
May coupon on
36
18
2
3512
San Paulo (State) extl at 88_1938 J J 351 Sale 3512
31% 35 32 Aug'34 ----32 32
July 1932 coupon on
26
1352
4
241
2438
J
Sale
J
2438
1950
External sec s f 88
1812 23
3
2078
2418 27 20
July 1932 coupon on
1338 24
1
22
Externals! 78 Water L'n_1956 MS 2144 2384 22
7
125s 23
2212
22% 22
1968J J 21
External 8 ft%
1778 21
3
21
1918 2213 21
July 1932 coupon on
17
89
65
88
87
8712
0
8734
A
1940
8
Secured f 78
18% 4613
3
452
Santa Fe (Prov Arg Rep) 75_1942 M S 4513 Sale 4513
38
38
3818 4413 38 Aug'34 Stamped
37 87
3712 17
37
Saxon Pub Wks(Germany) 73'45 F A __ 38
14
28% 607
30
1951 M N 2914 Sale 2812
Gen ref guar 034e
71
43
Saxon State Mtge lust 7s_ _ _1845 J D ____ 59 44 Aug'34 ---493.j 46
70
46
1
46
Sinking fund g 6%s_ _Dec 1946 J D 40
4
21% 28
26
Serbs Croats dr Slovenes 88-1962 M N 25 Sale 26
16
5
22
1712
All unmatured coupon on.. ---. 17% Sale 1712
1312 1512
1612 141 Aug'34 ---13
Nov 1 1935 coupon on_
18
7
2538
1962 IN-N 2218 2438 2214 32214
External sec 75 war 13
1234 20
1712 11
1634 1713 165s
November coupon on
11
17
1334 Aug'34 __-1334 17
78 Nov 1 1935 coupon on 1962 -- _
9
641?
71
52%
64
Sale
64
1)
J
1958
Silesia (Prov of) mai 7s
33 89
8
35
Silesian Landowners Assn 138 1947 F A ___ 36 33
.171% Aug'34 ---- 150 17113
Soissons (City of) exti 68—1936 M N 172
88
55
1
8534
Styria (Prov) external 78_ _1946 F A 8414 -Fiti 8534
13 102 10934
Sweden external loan 534s...1954 MN 103 105 10312 104
8
80 93
8712
8813 87
1955 F A 84
Sydney (City)5!5348
6134 7312
7114 20
Taiwan Elm pow a f 630_1971 J J 70 sale 6912
85
1
731k
65
Tokyo City 58 loan of 1912A952 M S 65% 6678 65
70%
2
70
6134 7334
70
707s
0
A
1961
External a!534s guar1
1212
1013 17
1152 1314 1212
Tolima (Dept of) exti 7s_ _ _1947 M N
6754 8714
Trondhlem (city) 1st 5348_1957 MN 80 8612 82 Aug'34 ---62 86
Upper Austria (Prov) 78.._ _1945 J D 75 82 80 Aug'34 __-May'34 ---76
74
_
Only unmatured coups attch ------------74
4812 7712
4
73
External $ f 610-lune 15 1957 J
4138 14
3412 46
Uruguay (Republic) exti 813_1946 F A 40 Bale 40
2714 42
3638 48
1960 M N 35 Sale 35
External s f 6s
2914 42
67
36
External at 6s_ —May 1 1964 MN 3513 Sale 354
94 109
Venetian Prov Mtge Bank 78 '52 A 0 ____ 947 94 Aug'34 ---9012
58
8
90
Vienna (City of) eat! B!62-1952 M N 88 89 88%
76
50
7312 30
Unmatured coupons attached_ M N ---- -- 7312
6234 35
53 6814
Warsaw (City) external 78_1958 F A 62 Sale 62
77
7312
12
73
66
Sale
7312
D
Yokohama (City) exti 68_1961 J

7414 7773

BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 7.

13
...,t

West's
Ranee Or
Last Sale.

High
Low
105 10952
10834 122
1005, 103%
8512
61
7454 9954
9912 11072
77:4 102
7112 97
3212 45
9554 10714
9014 109
70 84
56
28
65
41
161: 38
912 26
9 26
37
18
-_:-' _- -..
ZO -3112
35
25
65 8354
73
53
95 108%
9712
78

27 584
30 312
2734 Sale 273
A
7% 2338
91211...
878
8% Sale
5212
6
48%
70
53 52
5113 Sale
77
5
59
601
565,
59
78
2 68
5812
5813 60 5812
83 8234
1
63
---- 63 63
3 02% 87%
6478
6478 6412
61
6012 62
_z,... .4 ___ 62 Aug'34 --75 98
8
75
to 'bale 75
39 6612
7
40
37% 40 39%
18
33
317 6078
33 Sale 32%
33% 27
32 61
32 Sale 32
24 53%
2824 297
26 Sale 26
5152 7314
6
56%
554 58 56
73
64
65 8412 July'34 --.54
19% 20
1918 Sale 1812
1812 3113
7
1712
1711 29
1712 Sale 1713
1812 3234
5
1912
19 Sale 19
1913
1
1834 28
1912 Sale 1913
1834
7
17
734
9
734 Sale
83 107
98 l0O8 106 Aug'34 ---84'... 6312 Sept'33 ___ __ _ _
75 80 83 Aug'34 ---6314 8634
80
52
9
5534
55 Sale 55
397 62
6
40
40 Sale 3978
10718 Sale 10678 10718 22 10034 1074
4 10512 11012
108
108 109 108
9714 10812
10611 107 1067s 10714 13
5 11134 116
114
1125, 113 113
7214 9312
8914 48
8814 Sale 88
10012 Sale 10014 10012 35
842e 10413
62
46
44 46 July'34 ---30
96 10314
10272 —.. 10314 Aug'34 --103
99
--Aug'34
4
1023
____
10318
98,4
951e.... 971 Aug'34 --. 85
5 10012 108,2
107
-_-- 10634 107
7 10438 11112
1095, Sale 1091i 310938
36 104% 111
110% Sale 1014 111
1
96% 1038
103
10012 _ _ 03
7518 97
9
8834
885, Sale 88%
9212 109
5
109
__. 09
80 100%
10814---- 100 0012 Aug'34 ._
7438 9112
5
821s
8134 82
78
82
64
7434 21
7312 Sale 73%
92 104,4
102 10314 104 Aug'34 -__
2
9912
68
84
90 84
81
95
77
84 89% 88 Aug'34 ___
92 99
99 104 99 Apr'34 ___
73% 96%
95 95 July'34—
86
9912 103%
1017s ---- 0134 Aug'34 --9913 101%
10112 --- 1015, July'34 ---

VILAS & HICKEY
New York Stock Exchange — Members — New York Curb Exchange

-

Range
Since
Jan. 1.

7552 0612
35
93
1949 F A 9212 Sale 9212
Cent Pac 1st ref gu g 4s
734 95
Through short List gu 43_1954 A 0 ---- 95 96 Aug'34 ___
7434 26
6372 87
1960 F A 7012 7434 74
Guaranteed g 58
Charleston & Sav'h let 7s 1936 J J 10538 ___ 106 Aug'34 --- 103 106
111
22 10511 111%
Ches & Ohio let con B 52-- _ _1939 MN 116 Sale 110
9854 11112
1992 M S 11014 111 11034 11138 23
General gold 434s
2
8852 106
Ref dr Impt 434s,
1993 A 0 10234 1027 10212 10278
49
MI 10612
Ref & Impt 434s ser B----1995 1 .1 10212 Sale 10214 103
104
1
97% 10514
Craig Valley let 58_May 1940 J J 104 ____ 1047
5
_ 99
100
9012 101
Potts Creek Branch 1st 48.1946 J J
- 10078 1007s
1
99349712 103%
8 10212
R & A Div 1st con g 48—.1989.1 J 1007
_ 10112 July'34 ---8712 101%
1989 J J
2d consol gold 4s
99 102
11.16,8 10-g 102 Aug'34 ____
Warm %ring V 1st g 5s.._1941 M El ,„54
26
51% 70'8
Chic & Alton RR ref g 38-1949 A 0 53,2 Sale 5314
9
88 1014
Chic Burl &Q—Ill Div 3%8_1949 J p 101 Sale 10034 101
44
97 107
1949 J J 105 Sale 1041? 105
Illinois Division 48
10212 41
92% 1054
1958 M 13 10114 Sale 10118
General 48
1017
18
8818 104%
1st & ref 4%s ser B
1977 F A 10114 Sale 10134 106
106
106
15
96 109%
104
e
7
A
F
1971
1st & ref 5s ser A
53 83
Aug'34 ---(Chicago & East III 1st 68..1934 A 0 75 ___ 79
612 2612
4
12
;C & E III By (new co) gen 581951 M N 1134 Sale 11
8
Aug'34
21
4
8
83
---13%
deposit..81
Certificates of
_ _ _ 10613 10612
1
91 110
Chicago & Erle Ist gold 5s_ 1982 I -1'4 107 Sale
2612
28
78
57
27
261±
S
M
Chicago Great West 181 45..1959
25 25 Aug'34 .-2234 474
;Chic Ind Sr LOUIS,ref 0&l947 J. p 21
22
4
22
4215
1947 J J 2214 50 22
Refunding gold 55
2634
41
--164
20
20
Aug'34
J
J
1947
Refunding 45 series C
10
1114
6
9% 23%
1986 M N 10 Sale 1014
1st & gen 5s series A
1014
1
9 2552
1st & gen 813 series Il_May 1966 J J 1014 Sale
9214
1
71
9551
Chic Ind & Sou 50-year 48_1956 J -1 9214 Sale 9214
99 105,4
Chic L S de East let 434s_ -__ _1969 J D 1054 .... 105 Aug'34--,_.
74%
51%
12
8
547
54
Sale
54
J
J
Chic M & St P gen 45 ser A..1989
50
1
71
60
5034 50
1989 J J ---- 57
Gen g 3%s ser B May
567
5712
2
5612 8012
34-23, 1989 J J 56
Gen 434s ser C
7
81
57
1
37
Gen 434s ser E
May 1989 J J ---- 60
69 84
5912 10
5912
Gen 45(s set F
May 1989 J J ----

BOND BROKERS
Railroad, Public Utility and Industrial Bonds

49 WALL STREET

1.
1

High No.
Ask Low
Bid
Railroads (Continued)—
23
1087
Canadian North deb a I 7E4_1940 J D 1083s Sale 1088
122
11
1946 J J 12134 Sale 121
25-year s f deb 613s
11
10-yr gold 43.s_ _Feb 15 1935 J J 10214 _.,..— 10214 103
151
76
- deb stock. ,-- 75% Sale 74
Canadian Pac By 4%
951
17
194i m S 95% Sale 94%
Coll tr 4%8
15
110
1944 J .1 110 Sale 1098
5.9 equip tr ctfs
9914 82
Dec 1 1954 J D 9914 Sale 9814
Coll tr g 58
9113 70
1960 J -1 91 Sale 9012
Collateral trust 4148
45 4112 Aug'34 ---1949 1 J 41
(Car Cent let cons g 4s
Caro Clinch &01st 30-yr 58_1938 J D 10614 ___ 10618 10614 12
104
11
let & eons g gs ser A _Dee 16.62 J D 104 Sale 103
1961 J D 7312 74 80 July'34 ---Cart & Ad ist gu g 4s
48
1
Cent Branch UP let g 4s_.1948 J D 48 Sale 48
;Central of Ga let g 5a.Nov 1946 F A 45 60 53 July'34 ---22 23 Aug'34 ---1946 MN 18
Consol gold M
123 12 Aug'34.--Ref & gen 530 series B
1959 A 0 11
11
1
Ref & gen 5s series C
1959 A 0 11 Sale 11
25 25 July'34 ---Chatt Div pur money g 48_1951 .1 D 20
--------35
Jan.33
---Mac & Nor Div Ist g 58_1946 -1 J
Jan'34 ---Mid Ga & Atl Div pur m 5s '47 J J ---- 25 21
27 25 Aug'34 ---1946 J J 20
Mobile Div 1st g 58
Aug'34
---77
78
-7-Cent New Engl 1st gu 4s. 1961 J J
70 67 Aug'34 ---Cent RR & Bkg of Ga coil 5s 1937 MN 66
103
103
Sale
1
103
J
J
1987
Central of NJ gen g 58
1987 J .1 ---- 9824 97,4 July'34 --General 4s

Railroad.
94 10412
Ala Gt Sou let cons A 5s-1943 J D 10013 ____ 10334 Aug'34 ---4
96 100%
. _ 10012 100%
1943 J D
1st cons 45 ser B
9914
85
Aug'34
--984
9813
92
100780
A
3%3_1946
&
Alb
Susq 1st guar
7334 91
8938 9024 July'34 --1998 A 0 83
Alleg & West let gu 4s
103
16
96 10434
1942 DI S 103 Sale 103
Alleg Val gen guar g 48
29 60
55 Aug'34 ___
55
;Ann Arbor 1st g 45—July1995 Q J 50
93 106
Atch Top &S Fe—Gen g 48.1995 A 0 10114 Sale 10118 10212 123
998
97
1
97
84
97
95
Nov
1995
Adjustment gold 48.-July
95
39
83 100
July 1995 M N 9418 Sale 94%
Stamped
8213 961
Cony gold 48 of 1909...1955 1 D 9634 ____ 9434 Aug'34 --97
11
80 9712
1955 1 D 9634 Sale 9834
Cony 45 of 1905
785, 95%
Cony g 4s issue of 1910-1960 1 D 871 952 9514 Aug'34 ___
Chic Milw St P & Pac 5s A...1975 F A
1948 1 D 104 Sale 10334 16418 53 95% 107
Cony deb 410
Cony ad) Eat
3 82 102
98
Jan 1 2000 A 0
Rocky Mtn Div let 46_1965 J J 98 Sale 98
96% 106
5
Chic & No West gen g 3%6_1987 M N
J 10338 Sale 103% 103%
Trans-Con Short L 1st 48_1958
1997 M N
106
4s
106
Sale
5
1081
106
General
95
S
M
Cal-All: 1st & ref 434s A_1962
Stpd 48 non-p Fed Inc tax '87 M N
D --- 11012 10513 Aug'34 ---9934 105,3
All Knox & Nor 181 g 5s-1948
Gen 4135 stpd Fed Inc tax-1987 M N
_ 01% Aug'34 _--867s 103
All & Chad A L let 410 A 1944 J J 102
Gen 5s stpd Fed Inc tax_ _1987 M N
105
1
8 05
88 106%
.1 9612 1037
-- let 30-year 52 series B_ __ _1944
75 90
4 348 stamped
96 90 May'34 ___
1987 MN
J 90
Atlantic City let cons 46_1951
1
9534
19
9514
I5-year secured g 6M8----1936 MN
Sale
10012
95
82
S
M
'52
July
Atl Coast Line 1st C0118 48
81
1st
8234
4
ref g 58
74 92
May 2037 J D
1964 J D 823 Sale
General unified 413s A
1st & ref 434s stpd—Mag 2037 J D
7512 22 68 85
L & N coil gold 4,2___Oct 1952 MN 7413 Sale 74
2037 J D
5372
39
&
---let
.May
Aug'34
ref
C
ser
42
410
41%
J
4014
-1
1948
All & Dan 1st g 48
1949 M N
Cony 45(s series -A37% 3712 Aug'34 --35
47
1948 J J 35
2d 4s
80
5113
5712
.1 J
P
0
&
July'34
RI
gen
_1988
-Ry
_
46
(Chic
4s_
A
64
1940
48
guar
1st
Yad
&
All
deposit_
92
7914
____
Aug'34
8412
89
of
80
Certificates
Austin & N W let gu g 58_1941 J J
A -0
1934 -10118 49
8812 1034
*Refunding gold 48
Bait & Ohio let g 48...July 1948 A 0 101 Sale 00
__
7114 19
Certificates of deposit
675, 86
Refund & gen 58 series A.1995 J D 69 Sale 69
1
.
10524 25
_1952 4 S
*Secured 4%a series A
9813 109
July 1948 A 0 105 Sale 05
1st gold 55
_
8114 19
77 9713
Certificates of deposit
1995 J D 791 Sale 79%
Ref & gen Os series C
Cony g 434s
1960 MN
15 85 100
98
P.L E & W Va Sys ref 4s 1941 M N 9678 98 971.1
9313 10
8312 10014 Ch St L de N 0 58__June 15 1951 J D
.1 J 92 Sale 92
..
Southwest Div 1st Is_ -..1950
79
Gold 313s
4 66 88%
June 15 1951 1 D
1 ---- 77 79
Tol & Cin Div let ref 4sA..1959 J .
70
4 87 85%
Memphis Div 1st g 4s..1951 J D
2000 M S -_-- 695 69%
Ref & gen Is series D
5734 59
51
722 Chic T H & So East 1st 53._1960 J D
1960 F A 5512 Sale 55%
Cony 414s
6912 18
Dec 1 1980 M 5
Inc gu Is
6712 8578
1996 M S 69 Sale 69
Ref & gen M 53 ser F
108
2 101 110
Chic Un Sta'n 1st gu 4%s A 1963 J P
Bangor & Aroostook 1st 5s 1943 J J 187 109 108
987
1963 J J
97
10
98%
75
Sale
51
B
let
series
97
J
J
1951
Con ref 48
1944 J D
13514
60
Guaranteed g 58
Battle Crk A: Stur let gu 35_1989 J D -_-- 73 8514 July'34 ---1963 J .1
IC
let guar 634,series C
90 102
_ 10112 102
1938 J J 1011
Beech Creek let gu g 4s
___
101
92
11:12
Aug'34
4101
&
1015,
1952 J J
Chic
J
West
Ind
J
con
45
1936
111112d guar g 5s
1962 M 5
83 95
1st ref 534, series A
Beech Creek ext let g 3348..1951 A 0 90 ____ 95 July'34 ---_
MN
__
-___
__
____
____
____
Choc
58-1952
Okla
101
Gulf
&
cons
J
.1
3;0.1943
Belvidere Del cons gu
9618 103
1937 P P
Cin H AG D 2d gold 434,
1944 .1 D 1015, __ 103 Aug'34 ___
Big Sandy 181 48 guar
8
7038 9018 C 1St L & C 1st g 4s—Aug 2 1936 Q F
7534
Boston & Maine 1st 58 A C.1987 M S 75 Sale 75
7513 11
72 90
Cin Lab & Nor let co: gu 46_1942 M N
1955 M N 741 Sale 7414
a 1st M 511 series II
72
4 68
7113
8414 Cin Union
Term let 43482020 J J
_
1961 A 0 __-- 73
4s
s ser JP
g
*1 1st43
62
8
2020 J J
60
51
7313
1st mtge Is series 13
Sale
60
A
F
1955
4s
1st
NY
Air Line
Boston &
1957 MN
Aug'34
___
8878
10034
1st mtge g Is series C
Bruns & West 1st gu g 4s._1938 J J ---- ___ 00
97 10578 Clearfield & Mali 1st gu 56-.1943 J J
0412 Aug'34 --Buff Rock St Pitts gen g M-1937 M S 10478 106
8
60
6512
1 D
6418
&
Chi
L
Cin
808
St
4s-1993
Cleve
N
gen
Sale
M
1957
6418
Consol 434*
_
1993 1 D
28
48%
General M series B
*Marl C R & Nor let St cc:415.3'34 A 0 281 321 28 Aug'34
1 J
40
___
34
Apr'34
1941
40
7
2
C
&
ser
Ref
6s
Impt
-------deposit
Certificates of
1963 J J
92 1097s
105%
5
Ref & Impt Is ser D
Canada Sou cons gu 58 A___1962 IA 0 10514 06 105
10614
9
Ref & taint 434e ser E___ _1977 .1 J
9835 10634
Canadian Nat guar 414s___1954 M 5 1055, 10613 106
98% 11134
1939 J J
Cairo Div let gold 4s
30-year gold guar 434s..3957 J .11 11114 Sale 1l04 11134 81
99% 10834
Cin W & M Div let 48_ _ _1991 J J
Guaranteed gold 434s....1968 J D 107% Sale 065, 10734 19
M N
43_1990
116
g
49
116%
1147
105
Sale
Sr
coll
St
1st
Div
L
115%
J
J
1969
Juy
g
Guaranteed 58
1940 M S
Spr & Col Div 1st g 4s
Oct 1969 A 0 11714 Sale 1163g 11734 22 1047k 11734
Guaranteed g 58
,W W Val Div 1st g 48_ _4940 J J
9 105 1175,'
1970 F A 117,s 1177S 1l71s 1175,
Guaranteed g Is
.1
Guar gold 4128—June 15 1955 J D 11514 Sale 11478 11514 10 10218 11513 Cleveland &Mahon Val g-is 1938 J N
F A 11234 Sale 11118 11234 49 100 112% Clev & Mar 1st gu g 43-58- - --1935 M
ar g 4%s
Gust
1123o
71
III%
1001/1
Sale
11238
11314
S
M
1951
Sept
Guar g 434s
For footnotes see page 1530.




Pries
MUM
Sept. 7.

-

NEW YORK

Private iVires to Chicago, /ndianapolia and St. Louis

1527

New York Bond Record-Continued-Page 3
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 7.

t.3
•a• t
...a.

Week's
Range or
Last Sale.

Price
Friday
Sept. 7.

..a. •
c+4

High
High No. Low
Ask Low
Bid
Railroads (Continued)_-- ____ ___
, ser B 1942 A 0 103 -_- 98 June'33
Clev & P gen gu 430
Jan'33
86
96
0
A
1942
Series B 3;0
1942 J J 10378 ---- 10134 May'34 ---- 10134 10134
Series A 4%8
____ 91 Aug'33 ----__
1948 MN 96
Series C 3%5
Oct'33 _ _- ___ -- 1950 A F 10012 z___ 83
Series D 31is
1 1114112 104
1977 F A 10312 Sale 10312 10312
Gen 4)4s ser A
82 10418
2
102
102
10218
102
0
A
430..1961
Cleve Sho Line 1st gu
8412 104
9
10012
100
0
A
Sale
Cleve Union Term 1st 530-1972 A 0 100
82 10078
9714 21
96
9514
9614
1973
B
series
5s
1st 5f
136
75
29
914
8
897
8
907
89
0
A
1st 8!guar 4;0 series C1977
95 102
--_____ 102 July'34
1945 .11 D 100
Coal River Ry 1st gu 4s
9778
84
19
9514
95
Sale
95
N
M
430_1935
ext
Colo & South ref &
8112
65
1
6712
6712
General mtge 4348 ser A 1980 1,11 N 67 Sale 100
2
96 10212
100
1948 A 0 100 10512
Col & If V 1st ext g 4s
97 105
10212 Aug'34 1955 F A 10012
Col & Tol 1st ext 48
92
984
99'2 9212 Aug'34 ---Conn & Passum RN 1st 45 1943 A 0 96
5912
40
4934 46 Aug'34 ---41
.T
.1
48_1954
deb
non-cony
Consol Ry
68
4912
--Aug'34
4912
4912
41
1955 J J
Non-cony deb 4s
59
44Ts
---59 Mar'34
50
1955 A 0 41
Non-conv deb 48
44
5812
---July'34
52
52
41
J
1
1956
Non-cony deb 4s
39
1914
3614
27
3412
Sale
1942 J D 3512
Cuba Nor Ry 1st 530
34
18
15
34
Cuba RR 1st 50-year 5s 12_1952 J .1 3334 Sale 33
31
1614
1
2912
2912
30
4
1
/
1963 J D 27
1st ref 7;0 series A
29
15
4
2612
1936 J 0 2512 Sale 2512
1st lien & ref es ser B
Del & Hudson 1st & ref 48 1943 M N
1935 A 0
58
1937 MN
Gold 530
D RR & Bridge 1st gu g 4s 1936 F A
4s
1936.1
g
cons
1st
G
R
Den &
1936 J
Consol gold 49-48
Den & R G West gen 58 Aug 1955 F A
Assented (sub) to plan)
Ref & impt 55 ser B._Apr 1978 AO
2Des M & Ft Dodge 48 etre-1935 J J
Des plaines vai lin gen 4%8_1947 M S
1955 .1 D
Det & Mac 1st lien g 48
1995j D
Second gold 48
Detroit River Tunnel 4%8 1961 M N
1 J
Dul Missabe & Nor gen 55-1941.
Dul & Iron Range let 55._ 1937 A 0
1937 J J
Dul Sou Shore & Atl g 55

9314 61
924 Sale 92
10118 102 101 Aug'34 --10214 43
102 Sale 101%
10034 _ _ 10158 May'34 -- -4212 16
4112 Sale 4112
5
44
44
44
4
1512
15 Sale 1478
4
14
1218 1512 1318
15
3112
2812
2812 Sale
1
4
4
334 . _
80 -90- 81 Aug'34 ---2012_ _ 2012 July'34 ---12 May'34 ---10 -207
10314 10412 10412 10418
103% Jan'34 ---10512
2
10714 10-8 1074 10738
2
32
3112
____ 32

East Ry Minn Nor Div 1st 48'48 A 0
East T Va & Ga Div 1st 58_1956 M N
Elgin Joliet & East 1st g 5s 1941 M N
1965 A 0
El Paso & SW 1st 58
Erie & Pitts g gu 330ser B..1940 J .1
1940 J .1
Series C 334s
Erie RR 1st cons g 48 prior. 1996 J J
1st consol gen lien g 4s___ A996 .1 J
Penn coil trust gold 4s.. _1951 F A
50-year cony 48 series A...1953 A 0
1953 A 0
Series B
Gen cotw 48 series D
1953 A 0
M N
_1967
Ref & impt 5s of 1927_ __
Ref & impt 58 of 1930-.1975 A 0
Erie & Jersey 1st s I 68---1955 J .1
Genessee River 1st s f 68 1957 J .1
NY & Erie RR eat 1st 42_1942 MN
1938 M S
3d mtge 4 Hs

9918 12
99
9914
2
100
100 Sale 100
98 103 104 July'34 --- ---Aug'34
---- 8734 8678
____ 96 Feb'34 ---100
100
100 Sale 100
9312 24
9258 Sale 9258
9
7134
70 Sale 70
____
Aug'34
10414 _ _.10414
2
70
70 Sale 70
3
71
71
71
--------73 Aug'34 ___
6812 66
65 Sale 65
68
48
6412 Sale 6412
3
4 10814
/
10812 114 1081
1
109
10634 10912 109
4
10118
____ 1014
100
10012 ____ 100 Mar'34 ----

4234
1943 J J 40
:Fla Cent & Penn M
56
:Florida East Coast lst 4%8_1959 J D 50
814 Sale
1974 AI 5
1st 23 ref 58 series A
8
612
.
Certificates of deposit
*Fonda Johns & Glov 4%8_1952
15
7
Proof of claim flied by owner _ M N
(Amended) 1st cons 2-4s_ _1982
6
5
Proof of claim filed by owner M N
__ _
99
Fort St U D Co 1st g 43.4s.,.,_1941 J J
Ft W & Den C 1st g 5 AS--1961 J 13 10334 ____

Aug'34 ----

4 Aug'34 ---1
7/
9712 June'34 ____
104 July'34 ----

81 Aug'34 ____
84
Only lions & Rend 1st 5;45 A '38 A 0 80i4
1712 Aug'34 ---18
15
tGa & Ala Ry 1st COM SS Oct'45 J .1
3.:Ga Caro & Nor 1st gu g 55'29Aug'34 ____
3012
35
Extended at 6% to July 1 1934 J J 2312
1
5112
1946 A 0 5112 Sale 5112
Georgia Midland 1st as
Jan'31 -__
100
4
1
/
103
95
D
J
Gouy & Oswegatchle 1st 58 1942
_
Aug'34
103
Gr R & I ext 1st gu g 4 Hs_._1941 J .1 103 10318
10814 40
Grand Trunk of Can deb 78_1940 A 0 10712 Sale 10712
10778 21
1936 M 5 10678 Bale 10678
15-year s f 68
Grays Point Term 1st 58_
1947 .7 D --------96 Nov'30 ---8938 98
87
Sale
87
J
J
A_1936
gen
78 serGreat Northern
7
92
92
1st & ref 43is series A._ 1961 J .1_ _ 93
8158 10
8112
82
General 534s series B
1952 1 .7' -2
76
4
1
/
75
754
7214
1973 .1 .1
General 5s series C
6944 24
General 4)4s series D____1976 J .1 6834 Sale 6834
39
70
1977 3 .1 6812 Sale 6812
-is series E
General 43
____
July'34
3818
50
33
Feb
Green Bay & West deb Ws A
414 678 7 Aug'34 Feb
Debentures etre B
9934___ 102 Aug'34 --_Greenbrier Ry 1st gu 413_ __1940 M N
76 Aug'34 ---Gulf Mob & Nor Ist 5348 B__1950 A 0 ____ -76
4
6538
1950 A 0 65 Sale 65
1st mtge 58 series C
Gulf &S I 1st ref & ter 55Feb 1952 J J --------67 Feb'34 ---55 Dec'33 ---Stamped (July 1'33 coupon on) J J ___. 68
8
108
Hocking Val 1st cons g 430_1999 J .1 106 108 10778
10014 20
99 Bale 99
1937 MN
Housatonic Ry cons g 55
10434 12
It AT C let g 55 In! guar_1937 J .1 10434 Sale 10434
7
Houston Belt & Term 1st 58.1937 J .1 1014 Sale 10134 10134
8218 31
Bud & Manhat 1st 58 ser A_1957 F A 81 Sale 81
26
8
383
37
Sale
37
Feb
income
58
0
A
1957
Adjustment
Illinois Central 1st gold 48_1951 J J
1951 1 J
1st gold 334s
Extended 1st gold 3348-1951 A 0
1st gold 3s sterling
1951 M S
Collateral trust old 4s____1952 A 0
1955 NI N
Refunding 48
1952 J .1
Purchased lines 330
Collateral trust gold 4s___1953 M N
1955 131 N
Refunding 55
_1936 J .1
15-year secured 631s
g._- 1966 F A
Aug1
40-year 4345
1950 J D
Cairo Bridge gold 45
Litchfield Div 1st gold 35_1951 .1 .1
Louisv Div & Term g 3 Hts 1953.7 .1
Omaha Div 1st gold 3s._.1951 F A
St Louis Div & Term g 38.1951 J J
1951 J .1
Gold 3;0
Springfield Div 1st g 330_1951 1 J
Western Lines 1st g 4s_1951 F A
III Cent and Chic& L & N-01963 J D
Joint 155 ref 5s series A
1963 J D
1st & ref 4W series C

1
10118
10118
98 Aug'34
1
9814
9814 9814
73 Mar'30
7512 12
74/
4
1
_ __ 76
7538 20
55
7514 7434
7812 July'34 -78
65
1
67
67
6558 68
3
86
8112 85
86
100 Sale 9912 10018 32
5938 12
594 Sale 5812
____ 9972 9958 Aug'34 ---6
8312
8312 8312
76
2
8334
8334 Sale 8334
6212 6634 6212 Aug'34 ---79 July'34 --_75
62
8512 85 Aug'34
84
8434 -_- 80 May'34 --__
8712 Aug'34 ---80 -86

100

-_

---

7114 Sale
66 Sale

7114
6512

7218
4
/
661

27
10

__ 9834 July'34 ____
Ind Bloom & West let ext 45_1940 A 0
- s 9718 Aug'34
957
90
1950.7 .1 70Ind Ill & Iowa 1st g 45
25 Feb'34 ___.
:Ind & Louisville 1st gu 48..1956 1 J ____ 20
102 Aug'34 ___Ind Union Ry gen 53 ser A 1965 1 J 10212 ____
4 July'34
1033
_
1965 .1 J 1024
Gen & ref 5* series B
2912 16
1952 .1 .7 2912 Sale 2912
:Int-Grt Nor 1st 68 ser A
918 37
812
Sale
818
0
A
1952
A.July
(laser
Adjustment
5
2712
1956.7 J 2712 Sale 2712
185 58 series 13
5
8
275
8
275
2818
J
1956.7
C
series
5s
g
1st
7
70
68
Sale
70
N
Int Rys Cent Amer 1st 58 B_I972 M
727$ 7412 Aug'34 ____
69
1st coll trust 6% g notes 1941 M N
5
6912
6918
7118
A
F
69
1947
1st lien & ref 8)4*
For footnotes see page 1530.




3.5
tS
,g t
-.a.

Price
Friday
Sept. 7.

Week's
Range or
Last Sale.

.

4
fa cl

Range
Since
Jan. 1.

High
High No Low
Ask Low
MA
Railroads (Continued)1138
4
514 Aug'34 ---7
5
1938.1 D
:Iowa Central 55 Ws
212 512
Aug'34 ---212
238
14
S
M
1951
1st & ref g 4s
6918
8814
---Aug'34
84
85
80
D
1
James Frank & Clear 18t 45_1959.
1938 J
Kal A dc G R 1st gu g 5s
1990 A
Kan & M let gu g 45
1936 A
4s
g
ref
Ry
M
&
S
:IC C Ft
A
Certificates of deposit
_ _1950 A
Kan City Sou 1st gold
19501
Apr
as_Ref & knot 5s
Kansas City Term 1st 48____1960 J
Kentucky Central gold 48_ _ _1987 .7
Kentucky & Ind Term 4;0.1961 J
1961 J
Stamped
1961 J
Plain

J
0
0
0
0
J
J
1
J
.7
J

97 10212 10212 Aug'34 ---_ 9412 Aug'34 -_-_
9418
3
4014
41- 40
_40
1
40
__ 3978 40
6814 35
i738 Sale 6714
7
68
67
6718 68
53
102
10112 Sale 10118
6
10014 103 210012 1902
8918 Aug'34 ---____ 91
9512 July'34 ---95 100
____ 9812 Aug'34 ---97

1024 10212
97
79
5334
36
3512 52
624 7712
6212 84
9312 10418
9012 103
92
73
9512
80
93
9812

8318 1014
1937 J J 994 10112 10112 Aug'34 ---Lake Erie & West 1st g 58
95
70
92 July'34 ---92
90
1941 J .11
2d gold 5s
81
98
8
9
937
93
Sale
1997 J D 93
Lake Sh & Mich So g 3Hs
83
57
a73 Aug'34 --__
7412
6818
S
M
45-1945
Lehigh & NY 1st gu g
8212
15
10312
10114
4
1003
10114
___
A
Leh Val Harbor Term gu 5s-1954 F
8
1005
8314
---93 9738 Aug'34
1940 J .1 96
Leh Val N Y 1st gu g 4 Hs
68
47
5618 35
Sale 5434
Lehigh Val (Pa) cons g 4s2003 M N 55
52
7412
8
6134
6112
6412
2003 MN -Genemi cons 430
83
54
8
67
2003 M N 65 Sale 65
General cons Ss
94 106
10518 15
105
1$
Leh V Term Ry 1st gu g 58 1941 A 0 105 Sale 10712 Aug'34 -___
110
804 97
91
A 0 108 10878
97 10212 I,ex dc East 1st 50-yr 58 gu_ _1965 SIN 101_ 10058 June'34 ---95 100/
4
1
Little Miami gen 4s series A.1962
92 105
8
1035
99
1
102
102
0
10112 1-0-31935 A
9914 10158 Long Dock consol g 65
354 614 Long Island_
4
1045
9914
--Aug'34
104
10458
104
D
1933 J
General gold 48
63
38
i 95 105
100
1949 M 5 100 102 100
Unified gold 4s
32
13
4 1044
1
93/
10312 11
10212
Sale
10312
N
M
1937
20-year pm deb 58
234
11
9212 10478
8
101
Sale 10012
1949 M S 10034 s
Guar ref gold 48
2372 4912
504 684
5812 26
5812 ale 5828
4
11¼ Louisiana & Ark 1st 5s ser A_1969 J .1
84 10112
____
Aug'34
994
4
993
8712 Louis & Jeff Ildge Co gu g 4s 1945 M S
65
_ __ 10612 Aug'34 -- -- 102 10712
1937 M N 107
244 Louisville & Nashville 58
20
941s 105
10414 30
4
1033
Sale
.1
10414
J
1940
Unified gold 48
1118 12
225a 10558
7
4 10412
1
2003 A 0 10438 Sale 104/
1st refund 530 series A
84 106
90 104%
13
10178
2003 A 0 10178 Sale 101
1st & ref 5s series B
10372 10578
56
83
9912
9412
9312
105
8
1043
0
A
2003
1st & ref 4%5 series C
1024 10814
10612
10112
1
10618
10612
1941 A 0 106 10634
Gold 58
234 494
82 101
3
9814
9814
Sale
4
1
/
99
A
F
48_1946
Paducah & Mem Div
6078 7412
3
69
1980 m S 6834 Sale 6834
St Louis Div 2d gold 3s
8912 9918
964 10512
10512 Aug'34 ____
91 1094
Mob & Montg 1st g 4345-1945 NI 5 105_
641s 8412
---Aug'34
77
-58
76
55
J
J
South Ry joint Monon 48_1952
944 10512
85 102
5
10114
101
Atl Knoxv & Cin Div 48-1955 M N 10114 Sale
8112 94

4012 Aug'34 ---_
1
56
56
812 19
8
3
712
712
10

BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 7.

Range
Since
Jan. 1.

gl

9414 99
95 10012
7912 98
4 7938
1
66/
9918 10414
6238 78
78
63
62
76
6014 794
60
7978
96 114
97 III
9334 10512
100 100

1

5718 75
694 Aug'34 -_-Manila RR (South Lines) 48_1939 M N 69313 70
4
/
721
65
6518 Aug'34 ---1959 M N 6318 68
1st ext 4s
5978 70
---June'34
70
70
45
J
J
1941
Man G B & N W 1st 3Hs
____
8
17
4
1
/
2
June'34
8
17
334
112
1977 M 5
Mex Interest 1st 4s asstd
Michigan Central Detroit & Bay
8
1033
94
---Aug'34
8
1033
10112
J
J
1940
City Air Line 48
4 91
1
87/
____
1951 131 5 82 -92 91 May'34
Jack Lens& Sag 3Hs
86 100
3
9712
97'2
Sale
9712
N
M
1952
1st gold 330
754 97
94 Aug'34 ---94
.T 90
8512
Het & impt 430 series C I979 J 0
62
84 Aug'34 ---83
75
1940 A
and of NJ 1st ext 58
7814 97
--__
July'34
872
87
__-_
D
J
*Nlilw&Nor 1st ext4 Hs(1880)'34
95
65
---May'34
95
1034 .1 D -._- 84
*Cons ext 4148 (1884)
6
554 7512
5712
5712
Mil Spar & NW 1st gu 4s.,1947 M S 5712 Sale
75
4
1
/
70
_-__
June'34
5
---------7
Milw & State Line 1st 3Hs_ _1941 1
91s
4
714 7 Aug'34 ---5
1934 M N
46 :Mine & St Louis 5s ctfs
34
214 578
314 16
3
24 3
1st & refunding gold 48_....1949 M S
5434 64
23
_
414
4
Aug'34
314
338
2
Ref & ext 50-yr 58 ser A-1962 Q F
612 19
118 434
212 2 Aug'34 ____
2
Q F
Certificates of deposit
174
6
49
32
48
32
Sale
3312
3218
M St P & SS M con g 48 int gu '38 J .1
4212
31
31 Aug'34 ____
30
20
1938.1 .1
1st cons 58
13
7
56
36
5
39
3812 38
1st cons 58 gu as to Int-.1938.7 .1 38
38
1818
4
223
4
223
2234
19
1946.2 .1
1st & ref 68 series A
312 15
34
15
43
19
17
1949 91 s 19 Sale 6012
25-year 530
9712
83
80
60
2
64
Sale
64
J
1978.2
18t ref 5;0 series 13
9614 10512
88
85
Jan'34____
___ 85
1st Chicago Terms f 48__ .1941 M N
7612 93
93 Aug'3 ____
8812 95
4 Mississippi Central 1st 5s_.,1949 .1 .1 77/
75
911
1412 26
28
14
5
22
21
2112
20
.1
1
-1959
A_
58
series
:Mo-Ill RR 1st
757s 937s
894 21
4
1
/
204 3012 Mo Kan & Tex 1st gold 48_1990 .1 D 8758 8818 87
70
9112
7
7612
7614 Sale 754
40
60
Mo-K-T RR pr lien 55 ser A.1962 J J
79
61
6512 Aug'34 ____
68
1962 .1 J 66
40-year 48 series B
_, _
634 834
7012 Aug'34 __-9534 10-414
Prior lien 430 series D,_.1978 J J ___- 72
6212
36
8
3712
Sale 36
105 10912
Cum adjust 58 ser A-Jan 1967 A 0 37
39
22
7
2212
2214 ____ 22
INIo Pac 1st & ref 58 ser A-1965 F A
1025s 109
35
22
___ 2712 July'34 ____
21
._
deposit
of
Certificates
_
--84 2034
934 22
914
Sale
s
918
M
1975
General 48
8534 -9-9-12
3814
2112
68
234
2214
2234 Sale
1977 M 8.
1st & ref 5s series F
9938
78
35
22
3
22
22 Sale 22
Certificates of deposit
2 99
3812
22
26
23
2218
Sale
N
4
223
M
1978
1st & ref 5s series G
6872 9234
34
29
_
__
34 May'34
24
21
Certificates of deposit
8738
65
184
6
28
812
714
Sale
714
N
M
1949
6412 8611
Cony gold 53is
3812
22
34
2314
2218
Sale
3818
26
1st & ref g 5s series H-- -.1980 A 0 2234
34
22
____ 23 Aug'34 ____
21
deposit
of
Certificates
534 855
22
3812
17
23
1981 F A 2234 Sale 2218
1st & ref 53 series I
9812 102
2134 34
1
22
22
22
Certificates of deposit
6212 8612
724 119
--Aug'34
74
86
7512
SIN
1938
Mo Pac 3d 75 ext at 4% July
81
59
93
85
93 July'34 ____
Mob & Birm prior lien g 5s_ _1945 J .1 83 100
70
57
91
83
8912 90 Aug'34 --__
J .1 81
Small
.
---60
48
__-_
May'34
60
70
45
.1
1945.1
Ist, /31 gold 45
91338 1-1012
80
55
____
July'34
J .1 __ _. 5778 60
Small
83 10114
9918
99
Jan'34 ____
99
97 10534 :Mobile & Ohio gen gold 40_1938 M 5 ___ 89
27
1518
3
151a
1518
20
1518
4 102
/
911
Montgomery Div 1st g 58.1947 F A
2138
8
5
8
8
12
8
5
NI
1977
434s
&
Ref
impt
8912
23
72
9
6
9
1112 9
812
5
51
1938
Sec 5% notes
5058
32
88
8312
-___
Aug'34
84
83
1991 51 5 78
Mob & Mal 1st gu gold 4s
4
1
8778 103/
10134 16
1937 J .1 101 Sale 101
9214 10212 Mont C 1st gu 65
81 10238
10018 12
1937.7 J 9934 10034 9934
1st guar gold 5s
9812
83
7444 894s
16
88
8712
984 Morris & Essex 1st gu 33.48_2000 J D 8712 Sale
92
77 103
10058 15
1955 131 N 10018 Sale 10018
Constr 13I 5s ser A
9755
73
9014 27
9034 90
._1955 M N 90
Constr M 4)4s series B.
6814 85
4
1
74
88/
9512
12
82
5
92
91
91
86
Nash Chatt& St L 48 Series A1978 F A
82
63
99 106
_ 10412 Aug'34 ____
1937 F A 10414
6212 7958 N Fla & S 1st gu g 58
July'28 __-- ---- -.n.9134 Nat Ry of Mex pr lien 434s_ .1957.7 J --------18
81
21s bat
17
4
3
5
4
1
5/
534 Sale
_
Assent cash war rct No 4 on_
90 10378
A0 --------1284 July'31 -----------Guar 48 Apr '14 coupon 1977 -63
7612
218 6
28
6
518
Sale
514
Assent cash war rct No 5 on_ ---87 100
8318 Nat RR Mex pr lien 49-0 Oct'26
75
234 74
135
718
64
Sale
74
_
Assent cash war rct No 4 on_
88
76
A0 --------22 Apr'28 - -- -.-- 1951 -1st consol 4s
6212 76
512
3
121
51
518
Sale
518
on.
4
No
rct
war
Assent
cash
79
66
8112 Nov'32 ____ --81
M N 71
1954 -8512 Naugatuck RR 1st g 45
gg
80 -9212
9112 8912 July'34 ____
80
New England RR cons 58.„1945 J .1 82
67
85
68
1
79
79
1945 J .1 ____ 79
Consol guar 48
90
75
8212 92
N J Junction RR guar 1st 48_1986 F A 8318 ____ 92 June'34 ____
574 77
1
60
J 60 Sale 60
1983.7_
New Orl Great Nor 5s A..
6778 87
7512
54
58 Aug'34 ____
NO & NE 18t ref&impt 4 Hs A '52 J J ___- 58
81
62
6234 90
1
8413
8412 Sale 8412
New Orleans Term 1st 48-1953 J .1
16
2934
____
Aug'34
18
22
0
A
18
55..1935
Inc
&
n-c
IN 0Tex Mex
95 100
1758 32
1814
1
4 Sale 1814
/
1954 A 0 181
1st 55 series B
9712
75
4 33
/
181
194 Aug'34 ____
1814 20
1956 F A
1st 53 series C
25
25
1712 3112
4 Aug'34 ____
1
2012 19/
15
1956 F A
1st 43is series D
9812 10412
33
18
4 Aug'34 ____
1
1954 A 0 1812 1934 19/
1st 534s series A
100 10334
97 103
4412 N & C Bdge gen guar 4)4s._1945 J J 10012 ____ 10218 Aug'34
25
1014
1634
1
8
1025
8
1025
__
4 N Y B & MB 1st con g 55_1935 A 0 10258
/
181
7
83 101
6
96'4
4012 NY Cent RR cony deb 6s_ - _1935 M N 9614 Sale 9614
25
11314 198 110 11812
1944 MN 112 Sale 112
Cony secured 6s
41
24
7315 9012
7
s
837
8334 Sale 8334
1998 F A
Consol 48 series A
4518 7214
75
57
70
62
494 744
Ref & !rapt 430 series A 2013 A 0 6012 Sale 6018
6212 82
156
67
6412
Sale
6412
0
A
2013
Ref & impt 53 series C
4312 72

New York Bond Record-Continued-Page 4

1528
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 7.

"iv:
t4
24
..
4' &''

Price
Friday
Sept. 7.

Week's
Range as
Last Sale.

.3 •
5,4,
di t4

Range
Since
Jan. 1.

BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 7.

11

Sept. 8 1934
Price
Friday
Sept. 7.

Week's
Range or
Lail Sale.

Q. •
Range
5:1_
Since
rZi
Jan. 1.
Railroads (Continued)50
Ask Low
High No. Low
High
Railroads (Concluded)NY Cent & Hud Ely M 33is 1997 J J
Bid
Ask Low
High No. Low
9014 Sale 90
91
High
27
7912 96
St Louis Iron Mt & Southern30-year debenture 4s
1942 J J 95 sale 95
9512 12
8018 99
*Ely & G Div 1st g 4s____1933 M N 5558 Sale 5558
Ref & impt 4Sis ser A
2013- - 6012 Sale 6012
57
21
64
4713
62
62
57
75
Certificates of deposit...._ _.-Lake Shore coil gold 3;0_1998 F--A 8012
__ 52 Aug'34 -___
52
59
Sale 80
27
81
694 8812 St L Peor & NW 1st gu 5s__1948 J .1 ____
Mich Cent coil gold 3948 1998 F A
56 -6-4
6112
6112
1
7634 8234 813
5712 82
8134
1
71
88
:St
L-San
Fran
NY Chic & St List g 4s
pr
lien
4s A.1950 .1 .1
1412 1514 1434
1937 A 0 10014
1512
6
1312 28
100
10014 27
8518 101
Certificates of deposit
Refunding 5;is series A__1974 A 0 6412 10013
1412 Sale 1412
15
Sale 6412
15
1112 28
6512 24
5512 8034
Prior lien 5s series 13
Ref 436s series C
1950 J J
143i 10
1978 NI S 5312 Sale 5312
16 Aug'34 -133
4 30
5512 171
4714
70
Certificates of deposit
3-Yr 6% gold notes
1412
1935 A 0 6213 Sale
15 Aug'34 ___
1313 28
64
66
49
80
Con M 4948series A
NY Connect 1st gu 4948 A__1953 F A 10414 Sale 6212
1978 M 5 1313 -1-414 1313
1414
7
12
10414
105
2512
33
90
Ctfs
1063
4
of
1st guar 5s series B
deposit
stamped-------13
13 Sale 13
1953 F A 10714 Sale 10714
1312
9
114 2412
10714
1 101 10714 St L 9 W lot 4slig bond
NY & Erie-See Erie RR.
ars 1989 31-N 6614 74
68
68
1
644 8114
2s
g
4s
Inc
NY Greenwood L gu g 5s
bond
ctts__Nov
1989.9
____
1
62
1946 MN 79
61
Aug'34 ____
81
87 May'34 ____
4214 63
68
88
1st terminal & unifying 55_1952 J J 5118 Sale 5118
NY & Harlem gold 3Ms_
2000 M N 91
97
54
9514 June'34 __-5
48
6912
86
9514
Gen Jc ref g 5s ser A
NY Lack & West 4s ser A1973 M N 94 Sale
1990 J J 41
4234 4238
4318 12
40
94
94
1
5813
9312
973
St
4
Paul
&
K
C
List
Sh
0.65_1941
F
A
4948 series B
184 2312 1914
1973 MN 103 104 104
1914
3
1712
3734
104
9
100
104
St
P
& Duluth lot con g 45_1968 J D 9312 99 100 July'34 --__
NY & Long Branch gen 4s 1941 M 5 1003
84 100
10012 Aug'34 ____
9512 10034 St Paul E Gr Trk 1st 43.48_1947 1 J __ __ 69
NY & NE Bost Term 4s_ _1939 A 0 ____4 ____
73
June'34
____
_ _ 9512 July'29 ____ , __
63
7613
___ St Paul M & M 55
NY N H &II n-c deb 4s____1947 M S
1943 J J 10513 Sale 10512 10558 23
_ -54
60 June'34 ____
97 10658
'
544 -65
Mont ext let gold 4s
Non-cony debenture 330_1947 M 9 43
1937 J D 10118 10112 10114
46
94 10112
46 Aug'34 ___10112
5
45
6012
Pacific ext gu 4s (sterling).1940 J J 9812 ___ 9838 Aug'34
Non-cony debenture 31.0_1954 A 0 __
---4438 4438
89
443
8
2
9938
4012
58
St
Paul
Un Den 1st & ref 5s_1972 1 J 108 Sale 10713 10812
Non-cony debenture 4s___1955 J .1 45
7 101 112
4812 4812
49
3
44
6412
Non-cony debenture 4s___1956 MN 46 Sale 46
48
36
45
64
S
A
Jc
Ar
Pass
1st
Cony debenture 33.48
gu
g
4s...,,.1943.3
.1 77
1956 1 J 40
7912 78
45
78
45
1
604 854
45
1
4138 5978 Santa Fe Pres & Phen
Cony debenture 6s
1st 58_1942 NI 5 lO7'
10612
1948 .1 J 6234 Sale 6234
6418 71
97 10678
60
8778 Scioto V & N E 1st gu 4s_ .198954 N 10412 Sale 10413 July'34 ---_
Collateral trust 6s
1940 A 0 70 Sale 70
10412
I
9712 10713
7218 18
64
8918
'(Seaboard
Air Line 1st g 4s_1950 A 0 1634 24
Debenture 4s
23 June'34 --__
1957 M N
3618 3912 3834
20
27
393
8
9
3834 58
Certificates of deposit __
1st & ref 40ser of 1927 1967 J D 5018 Sale 50
1612 26
16 July'34
5312 21
16
23,2
4774 7012
'Gold 48 stamped
Harlem R & Pt Ches 1st 481951 M N 9558 Sale 9558
1.5K) -A-0 1034 21
17 Aug'34 ____
16
9678 13
27
833
4
994
Certifs of deposit stamped__ A 0 1612 Sale 1612
NY 0& W ref g 4s____June 1992 M 5 5912 Sale 59
1612
1
15
25
52
60
574 71
Adjustment 5s
General 48
334 4
Oct 1949 F A
4 Aug'34 ---1955 J D 5314 Sale 5212
4
712
5334
8
50
6818
'Refunding 4s
NY Providence & Boston 4s 1942 A 0 90-_-- 90
12 6713
1959 A 0
7
7
73
8
Jan'34 _--3
5
14
90
90
Certificates of deposit ____ „-,
NY & Putnam lot son gu 4s..1993 A 0 8112 8434
5
612 7
7
1
5
13
8212 Aug'34 ---,
7178 8734
lot & cons 6s series A
NY Susq & West 1st ref 5s....1937 .1 J 61
5
M
75
1945
8
Sale
712
8
10
634 164
67
65
65
3
50
754
Certificates of deposit _ ___ ____
2d gold 4348
734 Sale
614
1937 F A 45
734 12
4912 4612
4612
514 1438
1
43
5612
'ALI & Birm 30-yr 1st g 4s_1933 NI 5 1314 20
General gold 58
15 July'34 ____
1940 F A
45
50
49 Aug'34 ____
1418 25,4
383
4
5812
:Seaboard
all
Fla
Terminal 1st gold 58
6s
3 Sale
A etfs.1935 A 0
234
1943 M N 9618 9834 9712
312 30
212 712
---,
8238 9812
Series B certificates
NY Westch .13 13 181 ser I 43.0'46 J .1 39 Bale 3734 Aug'34
213 5
1935 F A
334 Aug'34 ___
40
214 714
76
3638 594 So & No Ala cons gu g 5s
1936 F A 10412 __
10412 Aug'34 __-- 10058 1041
2
Gen
cons
guar 50-year 5s_ _1963 A 0 108 Sale 108
Nord Ry ext sink fund 630_1950 A 0 16734 sale 1665
108
2
16734 18 128 17114 So
91 110
s
Pac coll 45(Cent Pac colt) 1949.9 D 6358 Sale 6358
'(Norfolk South 1st & ref 58_1961 F A
6412
15 Sale 15
8
1534
56
8
744
8
25
1st
43.48
(Oregon
Certificates of deposit
72
Sale
Lines) A_1977 M 5
72
7434 11
1334 1812 1312
1412
8
634 8414
734 22
Gold 434s
'Norfolk & South 1st g 55_1941 MN
1968 M S 5734 Sale 5734
2418 34
25 Aug'34 ___
6014 13
534 72
40
Gold 430 with warrants 1969 M N 59 Sale 5834
N A: W Ry 1st cons g 48
1996 0 A 10414 Sale 104
00
27
10438 53
53
72
983
4
1077
8
4348
Gold
DWI 1st lien & gen g 4s_ __1944 J J 10612 Sale 10612 10718 16
1981 M N 5718 Sale 5718
60
34
52
71
San Fran Term 1st 4s
Pocah C& C joint 48
1950 A 0 9638 Sale 964
1941 J D 10434 Sale 10434 10514 25 10018 10838
9738 25
8272 9914
9934 10634 So Pac of Cal 1st con gu g 5s_1937 M N 107
North Cent gen & ref 5s A 1974 M S 10412 ____ 98
____ 107 Aug'34 --- 101 107
Oct'33
_
So Pac Coast lot gu g 48___1937 J J 101
Gen .33 ref 43.s series A_ 1974 M S 10112
____ 100 July'34 ____
99 100
__ 103 Aug'34 ____
olii2 10112 So Pac RR 1st ref 4s
:North Ohio lot guar g 5s_ _ _1945 A 0 4512 -15
1955 J J 8312 Sale 8313
8514 34
40 Aug'34 ____
70
9034
35
60
Stamped (Federal tax)
Ex Apr'33-Oct'33-Apr'34 cons1955 .1 J --------9212 May'30 ____
4112 49
00 June'34 ____
3534
64
Southern sty 1st cons g 5s__ _1991 J J 95 Sale 9418
Stmpd as to sale Oct 1933, ,k
9512 26
86 1-017e
Devi
&
gen
Apr 1934 coupons
48
.58
0
series
A
_1956
Sale
A__
58
5914 42
4934 48 Aug'34 -534 7334
344 52
Devi & gen Os
North Pacific prior lien 4s___1997 Q J
1956 A 0 7634 Sale 7634
9618 Sale 9618
9678 50
7818 10
71
95
83 101
Devi & gen 6348
Gen lien ry & id g 3.9 Jan 2047 Q F 6578 Sale 6518
1956 A 0 81 Sale 81
8134 38
7334 9734
5718 68,
60
71
Mena
Div
Ref & impt 4345 series A2047 J J 7712 Sale 77
lot
g Is
94
19965 1 83
9614 July'34 --7734
803
5
4
100
7312
9014
St Louis Div 1st g 4s
Ref &'rapt Os series B_ _2047 j j 91 sale 9012
1951 .1 J 76 Sale 76
76
9134 131
5
664 91
864 103
East Tenn reorg lien g 5s..1938 M 5 _-__ 102 102 Aug'34 --,
Ref & inapt 5s series 0.20475 J 8512 Sale 8512
8614 20
7614 9713
84 1025s
Mobile & Ohio coil tr 4s_1938 M 5 52
Ref & Rapt 55 series D____2047 J .1 83 Sale 83
62
5978
60
86
19
2
50
81
754 97 :Spokane Internat let g Is..1955 J J
Nor Ry of Calif guar g 5s___1938 A 0 101
1014 1078 914 Aug'34 ___
Jan'34 ____ 100
954 17
____ 100
100
Staten Island Ry 1st 43.48.1943 .1 D --------60 May'32
Sunbury & Lewiston 1st 4s 1936 J .1 100 ---- 100 Feb'34 ___
Os & L Cham 1st gu g 43_ _ _ _1948 J J 4514 57
59 July'34 ___ _
166 1-0-6
51
72
Ohio Connecting Icy lot 4s__194354 5 10012
_ 97 Mar'32 ____
_
_ _ Tenn Cent 1st 6s A or B
Ohio River RR 1st g 55
1947 A 0
5978 5712 Aug'34 --1936 .1 D 10418 1-6i14 104
10418
46
6978
4
iiiii
10412 Term Assn of St L 1st g 43.0_1939 A 0 10712- 10713 Aug'34 ___
General gold Is
1937 A 0 100 10312 101 Aug'34 ____
10038 10812
89 104
1st cons gold 5s
Oregon RR & Nay corn g 4s.1946 J D 10314 10312 103
1944 F A 10858 1-1-1:1 10811 10812
10314 15
5 10114 111
92
11412
Gen refund s f g 4s
Ore Short Line lot cons g 58_1946 J J 1084 11134 10918 1091a
1953.3 .1 98 Sale 98
9878 34
82 101
,
I 10414 112
Texarkana &Ft 9 lot 534s A 1950 F A 8634 8818 8612
Guar stpd cons 58
8612
1946.9 J 111 Sale 111
3
111
7514 97
- 10412 115
Tex & NO con gold 55
Ore-Wash RR & Nay 4s____1961 J J 0712 Sale 9712
19435 J ---- 8578 85 Aug'34 --,
9838 26
64
91
834 10034 Texas & Pac 1st gold 5s
2000 1 D 109 112 109
10918
2
gps 111
Gen
&
Pac RR of Mo lot ext g 4s_ -1938 F A
ref
1
5s
Sale
774
0
7714
series
A
1977
B
77 4
9914 10012 9914
5
64
9914
87
1
874
100
3
4
Gen
& ref 58 series C
2(1 extended gold Is
1938 J J
1979 A 0 7614 Sale 7614
7634 13
98
90
95 July'34 ____
65
8614
84 10013
Gen & ref 55 series D
Paducah & Ills lot s f g 43.0_1955 J J 104 10512 10412 Aug'34 ___ 1tn.,,,,•24
D 7434 7812 7712
1980
7812
6
65
864
10412
Paris-Orleans RR en 53.4s_1968 M 9 15738 Sale 15714
8518
2
67
9114
15712 18 1234 16212 Tex Pac-Mo Pac Ter 5948 A_1964 NI 5 ___ 8612 8518
Tol & Ohio Cent 1st gu 58
Paulista Ry lot ref s 2 78_
_ _1942 M 5 72
1935 J J 10134 10234 10178 Aug'34 ---80
90
80
1
9412 10312
50
8013
Western Div 1st g 5s
Pa Ohio & Det lot & ref 434sA'77
1935 A 0 10134 103 102 Aug'34 ---A 0 10018 Sale 100
10012 23
9712 10278
85
1033
4
General gold 5s
Pennsylvania RR cons g 4s_ _1943 M N 10512 ____ 106 July'34 ___
D -___ 10212 10112 Aug'34 ___
1935
90 102
101
Tol St L & W 50-year g 4s___1950 A 0 734 76
Consol gold 4s
81 Aug'34 --__
1948 M N 10514 ____ 105
6734 874
10514
1 100 10618
10678 Tol W V & gu 45 ser C
4s sterl stud dollar May 1 1948 M N 10514 Sale 10514
- 9618 Apr'31 ____
1942 M 5
1
10514
9972
107
Toronto Ham & Buff 1st g 45 1946
Consul sinking fund 4 Ms__1960 F A 10834 Sale 10858 1084
- - 9412
9412 9612
D 10094,2
6 103 112
2
82 -913;
Union Pac RR 1st & Id gr 4519475J 10534 Sale 10512 107
General 4348 series A
1965 J D 9912 Sale 994
10012 66
54
994 1084
8838 10334
1st Lien & ref 4s
General 55 series B
June 2008 M 9 9938 Sale 9938
19685 D 10534 Sale 10512 10614
100
36
17
10338
89
9712
110
Gold 4348
15-year secured 63.4s
.1 10078 Sale 100.4 101
1936 F A 10578 Sale 10578
1967
65
10618 52
8934 105
1st lien & ref 5s
40-year secured gold 5s..--1964 MN 10012 Sale 10012 10112 13 10334 10712
June 3008 M 9 112 114 100
100
3 1024 1154
9i14
1043
4
40-year gold 45
Deb g 43.48
D 9518 Sale 9412
1968
9558 48
1970 A 0 85 Sale 85
8738 21
8212 9938
784 9278 U N J RR & Can gen 48_ __ _1944 M S 100
General 44s series D
____ 10738 Aug'34 ---, 10012
1981 A 0 9478 Sale 9412
96
48
1073s
. 8313 9878 Vandalla cons g 4s series A__1955
Gen mtge 4U8 ser E
9512 16r
A 10018 ____ 10018
1984 J J 94 Sale 94
100,
8
2
99
102
9112
97
Cons s f 4s series B
Peoria & Eastern 1st cons 48_1940 A 0 65
_ 101
1957 MN 10014
Apr'34 ____
67
67 Aug'34 ---9718 101
57
813
4
*Vera
Cruz
&
Income 48
P
.1
asst
J
14
4
April 1990 Apr
1933
_-3
3.4s
458
714 978 712 Aug'34 ____
914 III
6
213 514
1914
July coupon off
Peoria & Pekin Un lot 53.0_1974 F A 1004 101 101 Aug'34
J J
312 -- -- 318 July'34 ____
318 34
---8513 10212 Virginia Midland gen 59_ ___1936 M N 1034
Pere Marquette 1st ser A 5s 1956 J J __ 75
__ 10334
7634 Aug'34 ____
10334
5
984 10378
5812
90
Va
&
Southwest
let 4s series B
1st gu 5s_2003 J J 90 -95
623,
9018
1956 J J 6213 Sale 6212
3
90,1
2
7578 97
5014 7812
lot COOS 5s
lot g 4348 series C
82
80 Aug'34 - - -,
1958 A 0 79
1980 M S 6458 60
6558
6614
a
67
87
5112 81
Phila Bait & Wash 1st g 4s_ _1943 M N 10678 Sale 10034 10678
10714
3 10012 1074 Virginia Ry 1st 5s series A 1962 M N 10638 Sale 10638
7
994
110
lot mtge 43.48 series 13
General 55 series B
1962 M N 10238 Sale 10214
1974 F A 110-- -- 110 Aug'34 ---10212
9
90 103,2
100 110,2
General g 4348 series C
1977 j j 1034 ale 10212 10314
9
9214 10512 :Wabash RR 1st gold 5s____1939
Philippine Ry 1st 30-yr s f is 1937 J .1
M N ..-_ 87,8 8778
244 2534 27 Aug'34 ---8778
1
74
95
3313 3114
2d gold Is
1939 F A 664 Sale 6614
6714
11
5134 8312
lot ilen 50-year g term 45..1954 J .1 ---- 58
PC C &St L gu 4348 A
60 Feb'34 ____
1940 A 0 al0612 Sale 010634 1064
60
60
4
10114
1084
Det
& Chic Ext 1st 55_ ___1941 J J 82
Series B 4348 guar
99 100 July'34 ____
1942 A 0 105
____ 106 Aug'34 ---- 102 108
70 100
Des Moines Div lot g 4s__1939 J 5 49
Series C 434s guar
55
52 Apr'34 ____
1942 NI N ____
__ 10758 July'34 ____ 103 1074
45
58
Omaha Div lot g 310_1941 A 0 4612 50
Series 13 4s guar
48 Aug'34 -__
1945 M N 10012 10412
10112 Aug'34 _ _
_45
55
9918
10112
Toledo & Chic Div g 48_1941 M 9 06
Series E 33.48 guar gold_ _1949 F A 9512 ---- 8912 Aug'
90
75 May'34 ____
7314 75
33 ---_
:Wabash
Series F 4s guar gold
ref
&
fly
gen
105
A_'75
8
530
M
1654
Sale
1953 J D 100
_ _ 10334 July'34 ____
4
164
4
1334 29
56 10-334
Certificates of deposit
Series G 4s guar
----------- 25Apr'34 ____
1957 MN 10034 10-53144 25
4 1044 June'34 ____
OR 105
Ref & gen 53(1;413'32 coup) 13'76 F A
614 Sa
Series H cons guar 4s_ __ _1960 F A 102_ 105 July'34 _-_1534
1718
2814
5
13
10212 10512
_::- _ _
Certificates of deposit
Series I cons guar 4 Ms_ _ _1963 F A 10612 110-12 108 Aug'34 _-24 Apr'34 ____
16
2414
10034 109
Ref & gen 4;is series C___1978 A 0 LA Sale 1512
Series icons guar 4 Ms _ _1961 M N 1054 109 106
1714
45
106
1312
28,2
i 10158 108
Certificates of
General M 58 series A_ _ __1970 J D 106 10712 10618
May'34 ____
16
10614
2512
2
94 110
Ref & gen 5,seriesD
Gen mtge guar Is ser B___1975 A 0 1064 1074 10614
0 1614 Sale 1512
1980 A1714
16
1314 28
106,4
1
9432 110
. ___. __ 2314 Apr'34 ____
Certificates of deposit ____
Gen 4 Ms series C
1977 J .1 100 Sale 100
10012 27
14
234
8414 103
Warren 1st ref gu g 334s_ _2000 FA
7722 Sale 774
--Pitts Sh & L E 1st g Is
1910 A 0 103
7712
____ 10412 Dec'33 __
_
1
76
7712
Washington Cent let gold 45 1948 Q rel -:::- 8818 79 June'34
1st consol gold 55
19435 J 101_ 100 Mar'33 ___
79
79
Wash
Term
Pitts Va &Char lst 4s
097
1st
8
10013
A
gu
F
1915
994
3345
1943 MN 99 1-0-714 94
Aug'34
Oct'33 ____
93 103
1st 40-year guar 4s
Pitts & W Va lot 4'%s ser A.1958 J D 66
1945 F A 10134 ---. 95 Nov'33
80
66 Aug'34 ____
56
80
Western Maryland 1st 4s.....1952 A 0 8314 Bale 83
10154 43(o series 11
84
1958 A 0 70 Sale 70
93
70
704 -84-ii
1
56
794
lot
&
let NI 434s series C
ref
927
8
Sale
series
J
A
9214
_ _ _ _1977 ,J
534s
93
1960 A 0 68 Sale 68
15
80
684
5
974
56
80
West N Y 54Pa lot g 58
Pitts Y & Ash 1st 4s ser A__ _1948 J D 96
1937 .1 .1 al0578 Sale 10534 z10534
___ 100 May'34 ____
7 10232 1063*
9414 100
Gen gold 48
1st gen 5s series B
1943 A 0 100 Sale 100
1962 F A 103 109 10914 Aug'34 _--- 101 10912
100
4
85 10312
Western
Pac 1st Is ser A___1946 M 9 37 Sale 37
Providence Secur deb 4s
1957 M N ____ 45
3818 14
30
464
50 Aug'34 ---50
50
West Shore 101 40 guar
Providence Term 1st 48
2361 J J 804 Sale 7712
82
1956 M S 8714 _- 9112 Apr'34 __-_
14
887/1 86
814 91 12
2361 j j 77
Registered
80
78 Aug'34 ___,
6512
823
3
Wheel & L E ref 4348 eer A 1960 M S 994 101 100
Reading Co Jersey Cent c0048,51 A 0 9638 97
964
101
9714 48
2
85 10112
82
9812
Refunding 5s series 11
Gen & ref 430 series A_.1997 .1 J 101 18 Sale 10118
1966 M S 10314 105 10334
10334
2
10134 23
9312 105
80
105
RR
1st
consol 49
Gen & ref 4 34s series 14___1997 J J 10112 102 10112 102
1949 M 5 100 101 100 Aug'34 ___.
8634 10112
8
8612 105
Wilk & East 1st gu 1/ 5s
Rensselaer & Saratoga 6s___1941 MN --------113
1942 J D 4712 Sale 4712
4712
_
Oct'30 ____
I
11933 5973
wm & SF 1s2 geld 8s
Rich & Merch 1st g 4s
1938 1 D 984 100
99
1948 M N
100
11
39
60
40 July'33 _ __ ,9_ . _ Winston-Salem
09 10253
Richm Term fly 1st gu 53_1952 J 5 10212
9 11 1st 4s___1960 J J 97
- 0014 Aug'34 ____
__ 10214 Aug'34 ---- :Wis
90 10212
934 103
-4
Cent
-50-yr
1314
Rio Grande June 1st gu 5s 1939 J D 7412 -9-2
48_19495
1514
1st
gen
1
1512
Aug'34
____
95 Aug'34 __-1134 2212
73
9638
Sup & Dul div & term
:Rio Grande Sou lot gold 4s_1940 5 .1 ___
84 912 84 Aug'34 ____
'36 M N
1712
7
4
114 Oct'33 ____
____ __ Wor & Conn East 1st 1st 4s
Guar 48 (Jan 1922 coupon)1940 J J ____
70 ---- 66 May'34 ____
194g. _1943 J J
66
66
_
314 July'33
Rio Grande West lot gold 4s_1939 J .3 80 --83
81
81
5
ii
93
78
INDUSTRIALS.
1st con & coil trust 4s A._1949 A 0 48 Sale 48
4934
5
4414 67
'Ill 1 Ark & Louis lot 432s_ _1934 M 5 1214 Sale 1112
12314
7
978 25 .:Abitibi Pow & Paper lot
Rut-Canada lot gu g 4s
58 '53 .1 13 2838 Sale 284
1949 5 .1
283.1
5214 60
7
51 Aug'34 _ _ 184 4834
47
72
Abraham dc Straus deb 534s.1943
Rutland let con 43'4s
1941 J J
_ 65
6214
6214
2
534 7858
With warrants
A 0 103 103,2 103
St Joe & Grand Isid lot 4s___1947 J J 10034 10114 10138 Aug'34 -.
10312
6
93 10512
86
-103
Adams
Express coil tr g 4s___1948 M 5 75
7812 7712
St Lawr & Adr lot g 5s
19985 J 82
78
2
62
83
90
90 Aug'34 _
77
9514 Adriatic Elec Co ext 7s
97
1952 A 0 97 Sale
2d gold 6s
5
904 110
1996 A 0 85
92
8838 Aug'34 ____
7078 93 Albany Perfor Wrap Pap 65_1940 A 0 68 Sale 297
68
6812
3
56
70
For footnotp,. nee sage 1530




..,a,

--

--

141,

- 20deposit

1529

New York Bond Record—Continued—Page 5
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 7.

ll.'3
R.. t
tin.

Price
Friday
Sept. 7.

Week's
Range Or
Last Sale.

1•
M,
3
0:1,

Range
Since
Jan. 1.

BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 7.

;..'3
'._2 h
242

Price
Friday
Sept. 7.

Week's
Range or
Last Sale.

1,
S._
.
ecl,

Range
Since
Jan. 1.

High No Low
High
Ask Low
Bid
High
Industrials (Continued)—
High No. Low
Ask Low
Bid
Industrials (Continued)—
10734 27 10114 108
Duquesne Light let 434s A1967 A 0 10738 Sale 10714
5118 74
41
64
Allegheny Corp colt tr 5s_ _1944 F A 6275 Sale 6278
5 10212 111
111
111
111
110
5
M
1957
B
series
434s
Mg
35
1st
44
6912
55
1949i D 5378 Sale 5378
Coll & cony 55
714 2212
1514 12
8 Sale 1458
48
*East Cuba Sug 15-yr 5!7345'37 M S 14,
23
69
27
1950 A 0 23 Sale 23
Coll & cony 5s
.1 .1 10512 ----106 Aug'34 __- - 10018 107
__
4018 Ed El DI Bklyn let cons 4s1939
26
2812 10
26 Sale 26
Certificates of deposit..
124
110
124
---Aug'34
128
124
.1
J
5s_1995
g
eons
1st
Y)
(N
Ed Elec
904 100
9734 16
---- WI -N 9734 Sale 9714
Allis-Chalmers Mfg deb 5s_ _1937
3338 6912
3
34
3338
5614 8312 El Pow Corp (Germany) 6345 50 NI S 3338 Sale
3
7614
Alpine-Montan Steel 18t 75_1955 M S 7614 ---- 7478
34
3412
89,4
6
Sale 34
3412
0
A
1953
634s
fund
Milking
1st
71
2
101
101
10018
1935 F A 101 Sale
gg
68
Amer Beet Sugar 6s
7118 7814 69 Aug'34 ____
1954 F A
9614 Ernesto Breda 78
80
9318
6
65 extended to Feb 1 1940_ _ F A 9318 Sale 9318
82
64
7212 Aug'34 ---_1942 M 5 7158 80
_
50_
1st
Tr
&
Light
9058
Federal
Sale
8
8818
64
887
13
8818
American Chain 5-Yr 68-- - -1938 A 0
75
8034 June'34 ____
4
_
,
80
_
68
S
M
series....
10314
_
9312
International
55
10
8
1023
5s
_ _1942 A 0 102 Sale 10178_Amer Cyanamid deb
78 July'34 ---6012 8214
8 -801st lien s 1 5s stamped_ _1942 M S 71,
5912
35
5114 85
8512
64
Am es Foreigh Pow deb 55.2030 M S 5035 Sale 4934
76 Aug'34 ____
85
M S 76
1942
stamped
65
lien
1st
4
791
62
7
6912
Sale
6914
6914
American Ice s I deb 58.-1953 J D
6412 Aug'34 ---5112 68,2
1954 J D 6212 68
30-year deb 6s series B
8378 99
9614 37
Amer I G Chem cony 534s 1949 M N 95 Sale 95
104
a 101 um
1939 J D 104 Sale 104
11
Federated Metals at 7s
6714 87
83
Am Internet Corp cony .5345 1949 J J 83 Sale 8118
2
9712 102
___ 10012 10012
99
J
J
1946
debate
78
10412
10712
---Fiat
1939 A 0 103_ 10512 Aug'34
Amer Mach & Fdy s 1 6s
106
10618
3
10212 110
Sale
10615
.1
.1
7345'42
9514 11612 Framerican Ind Dev 20-yr
10412 58
Am Rolling Mill cony 5.5 _1938 SIN 10318 Sale 10318
41
19
2812 3112 30 Aug'34 ---_
N
M
1942
734s
20
f
9912
s
105
1st
Sug
'Francisco
10312
10512
Sale
105
0
A
Am Sm & It let 30-yr 5s ser A '47
4 10414 10712
Amer Sug Ref 5-year 65_ _1937 J J 10512 106 10512 106
3
7914
97
97
9912
Sale
97
A
3 10158 10458 Gannett Co deb 6s ser A_ _ _1943 F
10378
1936 M 5 10378 Sale 10378
Am Telep & Teleg cony 4s
FelY34 ---- 104 104
___ 104
11038 57 10518 11038 Gas & El of Berg Co cons g 551949 J D 110
1946 J D 10914 Sale 10914
30-year coil tr 55
80
13
8
8
507
511s
507
Sale
8
507
S
M
6a....1934
127 1031.4 11112 *Gelsenkirchen Mining
1960 J J 10838 Sale 10812 109
35-year s f deb 5s
8
7912 98,
8
95
9434
III
80 10574 113
Gen Amer Investors deb 58A1952 F A- 95 10412
1943 M N 11034 Sale 110,8
20-years f 534e
10412
1 102 10534
-0412 Sale
1940 A 0 1
Gen Baking deb s f 534s
8 113
10834
7 106,
1939 J .1 108 Sale 108
1
Cony deb 434s
10
59
75
77
7412
Sale
4
7412
J
1965 F A 10878 Sale 10834 10918 80 10318 11114 Gen Cable 1st s f 534s A_ _ _ _1947 J
Debenture 5s
1 100 105
105
105
26 50
Gen Electric deb g 330_ _ _ _1942 F A 105 Sale 48 Aug'34 ---26 Aug'34 ____
27
20
:Am Type Founders 6s etts_1940 ____
65
48
3958
---.1
J
'45
15
Jan
Gen Elec(Germany) 7s
Am Water Works 5,- Electric—
4714 6312
1940 J D ____ 4478 4714 Aug'34
6414 90
3
a! deb 6348
80
1975 M N 7812 Sale 7812
Deb g 6s series A
33
8312
4
3312 ---1948 M N a3112 Sale 533
98 111
20-years f deb 6s
10134 53
1944 M 5 101 Sale 101
10-yr 5s cony coil tr
106
105
18
10312
105
Sale
105
A
F
Gen Petrol 1st sink f'd 5s...1940
2112 62
22
20
9513
:Am Writing Paper tat g 68_1947 J J 2134 Sale 2134
76
9014
1
9014 9212 9014
J
J
1
_1939
_
_
534s_
deb
Pub
Gen
5
Serv
1714
8
38
Sale
4
814
9
N
M
1945
Anglo-Chilean Nitrate 7s
85
6818 90
6
8412
8112 85
8314 90
_
Gen Steel Cast 530 with warr '49 J J
8618 July'34
90
Ark & Stem Bridge etc Ter 5s_1964 M 5 76
13
4
318
618
1
534 6 4 6
79
8712 10014 *jGen Theatres Equip deb 6s1940 A 0
10014 __Armour & Co (III) 1st 434s._1939 J D 10014 Sale 100
1114
12
3
6
514
5,2 6
_
9812
82
9712 61
Certificates of
Armour & Co. of Del 530_1943 .1 J 9712 Sale 9612
8
427
8
427
6318
5
44
s
427
40
A0
& trace 78_1945
2
86 10178 Good Hope SteeldepositArmstrong Cork cony deb 58 1940 .1 D 10214 10234 10134 10178
95 10512
10112 Sale 10112 10212 48
J
J
6348_1947
1047
8
____
,
1st
102
8
Co
Aug'34
F)
(B
4
Goodrich
S
M
--------1023
_1935
notes_
g
Associated Oil 6%
85
63
72
90
1945 J D 8212 Sale 8212
95 10015 Cony deb 65
_ _ 10018 Slay'34 ____
1947 J D
Atlanta Gas L 1st 55
10012 173
8
8914 103
6112 Goodyear Tire & Rub 1st 55 1957 M N 10018 Sale 997
50
15
54
lly-54- 5312
Atl Gulf & W I SS coll tr 5s_1959 J J 5312
8512 95
86 Aug'34 -- -90
---_
D
J
68_1936
10718
14
deb
108
Hosiery
8
Gotham
Silk
1067
10358
_1937 J J 10678 Sale
Atlantic Refining deb 5s
878 1912
1314
2
1314 Sale 13
*:Gould Coupler 1st s 1 6s_ _1940 F A
10
6814 87
84
4
83,
5 102 10712 Gt Cons El Pow (Japan) 78._1944 F A 8418 86
107
Baldwin Loco Works 1st 58_1940 M N 10634 10758 10634
80
13
8518
80
4
79,
Sale
4
793
J
J
1950
116
113
11 10218
1st dt gen at 6345
Batavia,, Petr guar deb 430 1942 J J 11012 Sale 110
9212
89
71
5
Gulf States Steel deb 53481942 1 D 89 Sale 89
11258 12 108 114
Bell Telep of Pa 5s series 13.1948 1 J 11258 Sale 11258
116
106
5
11512
115
Sale
1960 A 0 115
1st & ref 5s series C
104
98
Aug'34
_--104
_
10312
.1
J
_1952
11
84 108
104
Hackensack Water 1st 4s_ _
Beneficial Indus Loan deb 681946 M 5 10312 10378 10314
3914 5712
5
46
45
3
29
2858 8534 Hansa SS Lines 6s with warr 1939 A 0 41:08 If
2958 2812
Berlin City Elec Co deb 634e 1951 J D 25
5312 5412 Aug'34 ---7038
53
4
2712 87
2878
Harpen Mining 68 with warr.1949 I .1 - - 2712 Sale 2712
Deb sinking fund 6345..... _1959 F A
Aug'34
____
2912 38
a39
4'212
35
2438 6514 Havana Elec consol g 5s_ _ _1952 F A
2514 13
1955 A 0 2514 Sale 2438
Debentures 6s
924
7
1
818
81s
Sale
818
S
M
_1951
_
74
1926_
3012
of
____
Deb
series
534s
Aug'34
3012
8
323
____
Berlin Elec El St Underg 6348 1956 A 0
40
25
32 Aug'34 _ -__
9978 11538 •211oe(R)& Co 1st 634s ser A '34 A 0 2812 32
7
10512
Beth Steel 1st & ref 5s guar A '42 M N a10512 Sale 10514
_
_
____
Dec'33
39
1418 25
99 104
Holland-Amer Line Cs (flat) _1947 M N
30-year p m & Impt s f 58.1936.3 .1 10234 Sale 10234 10278 12
84
-ii -88
5
30
3712 Houston Oil sink fund 5348_ _1940 M N 8312 Sale 8314
3712 July'34 ____
51
1950 M S 31
Bing & Bing deb 634s
44
51
15
39
4314
Sale
:
44
914 25
1018 Aug'34 ____
Hudson Coal 181 13 t 5s ser A _1962 J D
..1 Botany Cons Stills 630_ _1934 A 0 1018 15
1949 M N 11218 114 112 Aug'34 ___. 10514 114
758 20
Hudson Co Gas let g 5s
9 Aug'34 ____
734 9
A 0
Certificates of deposit
19 10218 10512
10214
Humble 011 & Refining 5s_ 1937 A 0 10218 Sale 10218
•Ilowrnan-Bilt Hotels 1st 79.1934
35 10534 11012
10812 109
- Illinois Bell Telephone 58_..i956 J D 10812 Sale 105
- - 412 May'33 ---- -- M 5
Stmp as to pay of 3435 pt red
14 10218 10814
8 106
,
106
8
,
105
0
A
1940
10
5
,
5
430
--deb
____
Steel
Aug'34
Illinois
10
978 1014
3.:111way & 7th A,' 1st cons 5s '43 J D
3514 5912
9
3618
36
37
38
88
72
Reeder Steel Corp mtge 6s_1948 F A
4 14
83,
8312
Brooklyn City RR 1st 55_ __1941 J .1 8278 85
102
1
94 103
94 102 102
N
M
_1936
55
ref
10834
22
Int
10818
10512
8
Oil
Nat
1097
&
Gas
Sale
10814
J
liklyn Edison Inc gen 5s A..1949 J
10012
23
86
100
10112
10014
100
0
A
1978
6 10514 110
109
Inland Steel 1st 430
1952 .1 J 109 Sale 109
Gen mtge 58 series E
9978 20
8514 101
9934 Sale 9914
1981 F A
931. 10234
1st NI s t 434s ser B
10138 137
9934 Sale 9912
Bklyn-Manh It T sec 6s___ 19685_
34 Sale 7314
75
205
6512 7538
73
5
J
58_1966
9914
10014
38
let
100
Tran
Rap
Unterboro
1949 J J 9938 Sale 99
6s series A
4912
30
46
33
1932 A 0 45 Sale 4412
67
57
•10-year (38
5914 6278 6614 June'34 ____
Ilklyn Qu Co Sr Sub con gtd 5s '41 SIN
42
2712 4319
42
2
43
5734 8784
Certificates of deposit-- 37
64 Aug'34 ____
75
1941 J J 61
1st 5s stamped
83
7014
31
79
---79
3
--S
fki
_1932
notes_
*10-year cony 7%
7515 99 4
9512 9612 96
23
961
Itklyn Union El let g 55_•__ _1950 F A
4
78
6712 8112
77 Sale 77
eposit.._ _ _ _ _
6 10614 11512 InterlakeCerUfr
1stofmdB
ontes
Itklyn Un Gas 1st cons g 58_1945 M N 115 11534 11512 11512
1
60
67
7715
67
70
60
N
WI
1
195
11018
120
____
July'3
120
11814
let lien & ref 6s series A....1947 NI N 118
Int Agile Corp let & coil tr 5s—
1936 J J --------158 Feb'3 ____ 156 158
Cony deb g 5348
8412
72
62
4
7112 Sale 7112
N
M
_
_
1942_
1
to
8
98
1045
1053
8
extended
1045
3
Sale
Stamped
10458
D
.1
1950
Debenture gold 58
95
49
7978 96
9412
10912 11 10414 110
Int Cement cony deb 5s_ _ _1948 WI N 95 Sale
1957 M N 10912 110 109
let lien & ref series 13_
8
693
4018
114
5412
99 10834 Internet Hydro El deb 6s_ _1944 A 0 5314 Sale 53
10718 14
1981 F A 10612 Sale 10614
Butt Gen El 435s series B
85
44
50
60
5
Int Mere Marine s f 6s1941 A 0 4858 5012 51 Aug'34 ___
5338
5314
58
1952 A 0 53
:Bush Terminal 1st 45
69
6
8212
68
Sale
0758
68
..1
J
1218 2612 Internet Paper 5s ser A & B.1947
19
6
1834 Sale 1834
1955 J J
Comm! 55
3814 73
6234 55
1955 wi s 52 Sale 5112
8 6012
36,
44
1
44
Ref s f 6s series A
itush Term 131dge 58 gu tax ex '30 A 0 4312 44
4814 65
5412 44
2
Int Telep & Teleg deb g 43481952 J J 52 Sale 52
6112 88
74
7312
75
74
It Y-Prod Coke 1st 534s A_ _ _1945 SIN
57
6212
7312
25
62
Sale
62
1939 1 5
Cony deb 430
101
52
59
6034
1955 F A 5712 Sale 5712
108
5 10318 10812 Debenture 58
Cal G St E Corp unf & ref 58_1937 NI N 10778 1081a 10778
98
_
_
_
Aug'34
9514
9312
8258
8918
8612 104
10334 18
Investors Equity deb Es A_ _1947 .1 D
1940 J J al0334 Sale 10312
Cal Pack cony deb 55
98
88
95
1
9631 103
102
6
Deb 55 ser B with warr _1948 A 0 8212 9578 95
Cal Petroleum cony deb s f 5s '39 F A 102 Sale 102
8771 98
9918 10412
1948 A 0 8212 9558 9512 Aug'34 ___
Without warrants
Cony deb s f g 5348
1938 NI N 10214 Sale 10134 10214 22
272 12
714 6 Aug'34 ---5
1942 _ .
Camaguey Sugar 7s ars_
10738 10 10012 10814
1812 3334 K C pew & Lt 1st 434s ser 13_1957 .1 .1 10714 Sale 10714
Canada SS I. let St gen 6s....1941 AO 2712 291 2818 Aug'34 ____
10912
7 10038 110,4
1961 F A 10712 109 109
1st mtge 4348
Cent Dist Tel 1st 30-yr 55_ _1943 J D 108313 110 108 Aug'34 ____ 10458 10912
96
25
7215 997/1
1 10418 10914 Kansas Gas & Electric 4348_1980 J D 9514 Sale 9514
10878
Cent Hudson G & E 5s_Jan 1957 M S 10858 ---- 10878
-3131s
Aug'34
-19
30
3112
2418
N
M
4512
_1943
6s_
697
lot
8
8
4
(Rudolph)
643
Karstadt
Cent Ill Flee & Gas 1st 5s_ _1951 F A 64 Bale 6134
1612 32
2
21%
1718 2418 2158
2 10118 113
113
Certificates of deposit
Central Steel 1st gal 8s_ _ _ _1941 M N 111 114 113
72
51
5912 10
57
Sale
57
S
M
_1946
6s._
let
8
717
9
5218
6214
(B
Corp
Keith
F)
60
60
59
S
A.
_ _1948 M
Certain-teed Prod 534e
3834 591s
8 Aug'34 ____
103
74
96 110
Kelly-Springfield Tire 65_ _1942 A 0 4112 4258 42,
Chesap Corp cony 5s May 15 '47 M N 10214 Sale 10134
7418 9815
98
10
9814 106
10434 26
Kendall Co 5348 with warr-1948 M S 9734 Sale 9714 Aug'34
Ch G L & Coke 1st gu g 5s_.1937 J J 104 Sale 104
7312 gg
__
88
89
78
Keystone Telep Co 1st 5s___1935 .1 J
*IChleago Railways 1st 55 stpd
__ 108 Aug'34 ____ 104 10358
47
60
5
56
58
57
Kings County El I. & P 58_ .1937 A 0
55
F A
Aug 1 1933 25% part pd
141 Aug'34 ____ 122 145
141 149
1997 A 0 1073465
41
7
Purchase money 68
4734
8 Sale 4612
Childs Co deb 511
1943 A 0 48,
92
9512
75
7
58
8314 22
87
Kings County Elm,18t g 4a.1949 F A 9134 9214 9178
Chile Copper Co deb 5s_ _._1947 J J 83 Sale 82
_ 109 June'34 ____ 1031i 109
92 10278 Rings Co Lighting 1st 5s_ 1954 .1 J
10034 23
8 10018
1968 A 0 10018 100,
CM G & E 1st Si 45 A
120
108
____
Aug'34
117
11712
10818116
J
19545
__
5218
June'34
6518
First
ref
and
6348
___ 65,8
Clearfield Bit Coal 1st 4s_ 1940 .1 J 63
8112 10212
7
10212
82
51
2
5514
Kinney(GR)& Co 734% rotes'36 J D 10058 Sale 100
5514
1038.3 1 5514 Sale
Colon 011 cony deb 6s
8214 100,2
10012
7
Kresge Fouud'n coil tr 68_ _ _1936 J D 10012 Sale 10058
65
30
13
55
53
5434 5412
:Colo Fuel & Ir Co gene f 55 1943 F A
1078 2114
1614
14
4
153
Sale
11318
S
M
1712 3312 :Kreuger & Toll el A 58 ctfs_1959
2312
3
Col Indus 1st & coil 5s gu _A934 F A
23 Sale 23
69
25
84
Columbia G & E deb 5s Slay 1952 M N 8134 Sale 8114
9075
10818
97
3
10312
103
Sale
103
S
M
_1950
A..
58
70
1st
1
9118
Steel
82
82
88
Lackawanna
Debenture Es
Apr 15 1952 A 0 80
9712
79
16
9514
8612 89
52
30
*Laclede G-L ref & ext 58_ _ _1934 A 0 9514 Sale 94
Jan 15 1961 J J 80 Sale 80
Debenture 5s
9012 9134
9134 17
1939 A 0 9012 Sale 9012
73
9878
1
Ref & extension 5s
96
9712 96
Columbus Ry P & List 434e 1057.3 .1 96
8
139,
50
2
6314
6314
64
A
F
8
627
1953
3
9014 10712
10412
Coll & ref 530 series C
Secured cony g 5346
1942 A 0 10418 10412 10418
50
69,4
Coll St ref 5348 series D_ _ _1960 F A 6014 6312 63 Aug'34 ____
1912
51s
72
12
1012
Sale
1118
.1
J
68_1954
Ltd
Co
Nitrate
Lautaro
deb
110
Tr
101
Invest
10912
34
Sale
10834
5348_1949 F A 10834
Comm'l
81 10154
7
10078
4 Lehigh C & Nay s 1 4348_1954 J J 10075 Sale 10014
_ 10434 July'34 ____ 103 104,
Con RY & L let & ref g 434e 1951 J J
80 101,4
97 10434
-- 10314 Aug'34 ____
Cons sink fund 434s see C-1954 I J 10012 101 100 Aug'34 ____
Stamped guar 434s
1951 J J 10410288 10414
7512 91
____
Aug'34
4
873
A
8812
F
8612
'44
5s
f
Lehigh Val Coal 1st & ref 8
Consolidated Hydro-Elec Works
6218
40
55 Aug'34 ____
60
55
1954 F A
3434 60
7
1st & ref s f As
3614
of tipper Wuertemberg 78.1956.3 J 3614 Sale 36
4212 59
55 Aug'34 _.__
5334 62
1964 F A
27
12
11
1st & ref s 1 58
2514
(Cons Coal of Sid 1st & ref 58'50 J D 2414 2612 2418
58
40
2
5512
5512
5512
51
1974 F A
1 • 1114 2014
1st & ref at 58
2434
Certificates of deposit
2412 2414
23
1
8118 97
9518
9518
Secured 6% gold notes_ _ _1938 J J 9518 97
10812 13 10112 10734
Consul Gas(N Y) deb 5348_1945 F A 10614 Sale 10614
11918
130
,5
5
128
12812
A
127
9088
12858
0
78_1944
10314
61
4348
10118
I)ebenture
Liggett &'Myers Tobacco
1951 J D 10012 Sale 10012
8 106 11512
11514
1951 F A 11514.. 115
9712 106
os
1957 J ..1 103 Sale 10234
Debenture 58
10314 37
85 10212
22
1941 A 0 10134 1-02- 10134 102
5 100 10513 Loew's Inc deb s f 68
104
Consumers Gas of Chic gu 5131936 J D 104 105 104
98
76
3
7812
1952 J D 77 Sale 77
109
14 10012 10918 Lombard Elec 78 ser A
Consumers Power 1st 5s C_ _1952 NI N 10858 Sale 10858
5 11218 125
125
1944 A 0 125 Sale 125
9712 Lorillard (P) Co deb 78
70
3
93
Container Corp 1st 6s
1946 1 D 92 Sale 92
4
1103
9912
3
110
5s
110
8112
F
1951
A
Sale
110
52
1
with
69
warr_ _1943 J D _ _ _ 69
8 69
,
15-year deb 5s
88 10712
19
104
751s 95
1
85
Louisville Gas & El(Ky) 58_1952 M N 104 Sale 10334
89
85
Copenhagen Telep 5s Feb 15 1954 F A
55
8514
51
4
8012
9712 107
Lower Austria Hydro El 83911944 F' A 8012 Sale 80
10512 12
Crown Cork & Seal a f Co. _ .19475 D 10434 Sale 10434
7912 97
9
9814
96
Crown Willamette Paper 68_1951 J J 96
97
70
98
jAleCrory Stores deb 534s_ _1941
9312 10
9258
Crown Zellerbach deb 5s w w 1940 M 5 9258 93
68
50
60 July'34 ____
_
45
55
211. Ps
Proof of claim filed by owner__
338 47
3
3 Sale
•:Cuban Cane Prod deb 68_1950 J J
5818 8814
8312 97
_-N 8314 Sale 8214
10738 16 10312 10734 McKesson & Robbins deb 530'50 M
Comb T & T 1st & gen 59-1937 J .3 10714 Sale 10714
2334
9
1
17
•:Manati Sugar 1st s f 730_1942 A 0 17 Sale 17
20
10
16 Aug'34 ____
20
12
9414 10534
_ 104 Aug'34 ____
Certificates of deposit
Del Power & Light 1st 434e 1971 J .1 1053
20
10
16 Aug'34 ____
8 103
,
89
101 10212 Aug'34 ____
•Strnpd Oct 1931 coupon_1942 1-0 1214 17
1969 J J 100 8hat & ref 4345
20
6
____
34
Feb.
16
20
12
104
____
94
deposit
1
of
104
434s
104
_
1969
Certificates
mortgage
J
J
151
20
12
35
1714 Aug'34 ____
10
86 1027e
4
102
-- 101 14
9812 1021
*Flat stamped modified_
Den Gas & El L Ist &ref a f 58 '51 M N 102344284 5412
18
52
8714 10334 :Manhat Ry(NY) cons g 45 1990 -A- -0 52 Sale 52
Stamped AA to Penne tax_1951 M N 10012 - _ 10134 Aug'34 ____
5014
37
5014 13
15
9614 109
108
--- 50 Sale 50
8
,
1949 A 0 107/
Certificates of deposit
4 10-812 107
1
Detroit Edison 5s ser A
2812 40
1
35
2013 J 1:, 3418 38
35
2d 4s
96115 109
8
10878
1955 J D 108,
5
8 __ -_ 108,
Gen & ref 58 series 13
97
3
82
2
94
4
M
93
S
5s_1953
f
s
8414
Lt
9812
,
&
107
4
10814
RR
Manila
8
9631
C
10712
Elec
A
__-_
series
F
5s
1982
ref
10758
&
Gen
89 10514 Mfrs Tr Co cgs of partic in
10412 40
1961 F A 10378 Sale 10378
Gen & ref 434.3 series D
60
7784
1
7312
7312
73
76
A I Namm & Son let 13s_ _1943 .1 D
97 10812
5
1952 A 0 10812 ----10858
10812
Gen & ref 5s series F
81
44
3
47
10538 92
9814 10618 Marlon Steam Shovels f 65_1947 A 0 4618 Sale 4618
Dodge Bros cony deb 68_ _1940 M N 105 Sale 10478
9112
68
7
8612
8612 Sale 86
92
7978 93
6
Market St Ry 7s ser A _April 1940 Q J
Dold (Jacob) Pack 1st 613_1942 Si N 9118 9212 92
81
53
2
7512
94 102
Mead Corp 1st 6s with warr_1945 M N a75 Sale 27512
1942 J J 10112 ___ 100 Aug'34 ___
Donner Steel hat ref 7s
116
9118
z9712
26
A
0
A1957
9712
0714
____
7412 98111 Sierldionale Elec 1st 78
9512 53
Duke-Price Pow let 6s ser A.1986 M N 9512 Sale 92
I
Coy footnotes see page 1530




New York Bond Record-Concluded-Page 6

1530
BONDS
X Y. Errocx EXCHANGE
Week Ended Sept. 7.

8
.
ttil

Ili

:-..a.

Prtte
Friday
Sept. 7.

Week's
Range or
Last Sale.

1.
;
ra

Range
Since
Jan. 1.

Industrials (Continued)Bid
Ask Low
Mph No. Low
High
Metr Ed 1st az ref 5s ser C_ _1953 J J 101 Sale 101
10114
6
77 10114
1st g 4998 series D
1968 M 5 95 Sale 95
9512 18
71
9634
Metrop Wat Sew & D 55s.1950 A 0 87 Sale 8878
87
9212
2
80
*Wet West Side El(Chic)4s 1938 F A
94 1214 9 Aug'34 ---9
18
Min Mill Mach 1st a f 7s_..1956 J D ____ 4778 48 Aug'34 -48
78
Midvale St a:0 coll tr s f 512_1936 M 9 10258 Sale 10212 10278 30
974 10314
Milw El Ry dr Lt 1st 5s 13_1961 .1 D 794 Sale 794
8014 29
57
8512
1st mtge 58
1971 .1 ..1 7914 Sale 7914
6
7912
85
58
Montana Power 1st 5s A_ ___1943 J i 9438 Sale 9438
96
20
7912 10012
Deb 53 aeries A
1962 .1 D 6012 6938 70 Aug'34 ---53
8134
Montecatini Min & AgrioDeb g 7s
1937.1 J 9134 Sale 91
9238 18
91
9812
Montreal Tram 1st & ref 58_1941 J J 10234 10314 10312 10312
4
954 10334
Gen & ref a f 58 series A__ _1955 A 0 7712 82
81 Aug'34 ---8012 8214
Gen & ref s 1 5s series B___1955 A 0 7712 86
74 Feb'34 ---74
74
Gen & ref 8 f 499s series C_I955 A 0 7112 76
76 June'34 ---7538 78
Gen &ref s 153 series D___1955 A 0 7712 83 85 Mar'34 ____
83
85
Morris & Co 1st 8 f 4Hs___ _1939 J J 9858 Sale 9858
9914 22
8411 100
Mortgage-Bond Co 48 ser 2.-1966 A 0 34
____ 4038 Dec.32 ____ _ __ -__
Murray Body 1st 8945
1934.7 D 97 Sale 96
97
12
ii3 100
Mutual Fuel Gas 1st go g 59.1947 M N 1054 10618 10518 10518
2
95 10512
Mut Un Tel gtd °sextet 5% 1941 MN 100 103 10212 Aug'34 ____
97 10312
Namm (A I) & Son_See Mfrs Tr
Nassau Elec go g 4s stpd
1951 J J ____ 56714 57 Aug'34 ---Nat Acme 1st s f 69
1942 .7 D 85 ---- 8412 Aug'34 ____
Nat Dairy Prod deb 5.995
1948 F A 9814 Sale 98
9878 156
Nat Steel 1st coil 58
1956 A 0 103 Sale lOBs 10358 110
Newark Consol Gas cons 58_1948 J D 110 _--- 1134 11134
1
Newberry (ID Co 599% notes'40 A 0 104 Sale 103
19
104
New Eng Tel & Tel 5s A_ --_I952 J 13 11338 11358 11314 11312 12
1st g 499sseries B
1961 MN 10812 1095 10984 110
9
NJ Pow & Light 1st 4998_ _1960 A 0 89
9112 90
91
13
New On Pub Serv 1st 5s A._1952 A 0 5814 Sale 5614
57
24
First & ref 55 series B_ __ _1955 1 D 5614 Sale 5814
57
15
N Y Dock 1st gold 4s
5438
1951 F A 5312 Sale 534
6
Serial 5% notes
1938 A 0 39 Sale 39
3914
3
N Y Edison Ist & ref 13952: A-1941 A 0 11334 Sale 11311 11334 72
1st lien & ref 58 series B 1944 A 0 10914 Sale 10858 10914 14
1st lien & ref 58 series C__1951 A 0 10834 Sale 10812 10878 14
N Y Gas El Lt H & Pow g 5s 1948
D 11578 118 ll57s 11578
3
Purchase money gold 45.1949 F A 107 Sale 107
10738
9
NY L E az W Coal az RR 5968'42 MN 93_.._ 9312 Aug'34 ____
NY L E & W Dock & Impt 55'43
1 10024 103 100 May'34 ____
NY Rys Corp Inc 68_ __Jan 1965 Apr
814
912 Sale
10
97
Prior lien 65 series A
1985
J 66
70 67
69
5
N Y &Mehra Gas 151 8s A 1951 M N 106 1094 106 Aug'34 ___
IN Y State Rys 4995 A cds_1982 4
3
3 Aug'34 ____
8998 series B certificates_ _1982 - 3
412 3 Aug'34 -_
NY Steam 65 series A
1947 MN 10834 109 10812 10834
8
1st mortgage .55
1951 141 N 10638 Sale 10838 10638
1
1st mortgage 5s
1956 M N 10514 Sale 105
10512 12
NY Telep 1st & gen 51 490_1939 M N 10714 Sale 10714 108
27
N Y Trap Rock 1st 6s
1946
D 41
50
50 Aug'34 _ _ _
Niag Lock &0Pow 1st 5.5 A-1955 A 0 10178 103 10178 102
9
Niagara Share deb
._ _1950 MN 6258 65 65
65
6
NOrddeutscheLloyd 549820-yr 21f 68'47 MN a4918 Sale 25018
5014
5
New 4-6%
1947 M N 4518 47 246
46
42
Nor Amer Cem deb 8945 A1940 M S 3818 45 37 Aug'34 ---.
North Amer Co deb 58
1961 F A 8558 Sale 8512
86
26
No Am Edison deb 58 8er A.1957 M 5 85 Sale 85
13
85
Deb 5998 ser B-Aug 15 1963 F A 88 Sale 88
8812 10
Deb 5s ser _ __ Nov 15 1969 M N 8118 83
81
8112 31
Nor Ohio Trac
COZLight 813_1947 M S 1024 Sale 10134 10334 38
Nor States Pow 25-yr 58 A1941 A 0 104 Sale 10334 10438 23
1st & ref 5-yr 621 ser B
1941 A 0 10578 Sale 10534 10612 18
Norweg Hydro-El Nit 5398-1957 MN 37612 Sale 07612 e7812
6
Ohio Public Service 7965A1946 A 0 107 108 10714 Aug'34 --__
1st & ref 7s series B
1947 F A 100 10514 10514 10514
4
(Old Ben Coal 1st 6s
1944 F A
1412 16
18 Aug'34 ---Ontario Power N F 1st 58_1943 F A 103 ____ 10912
Aug'34 _Ontario Transmission 1st 58_1945 M N 1093 - - - 110 Aug'34 ___
Oslo Gas & El Wks extl 53....1963 M 8 83 4-84
8318
84
13
Otis Steel 1st mtge (Is ser A__1941 M S 62 Sale 6118
64
25

BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 7.

3'
g.
it
c.a.

Sept. 8 1934
Moe
Pride/
Sept. 7.

Weeks
'
Range or
Last Sale.

1.
1

Industrials (Concluded)Bid
Ad Low
High No.
tRichfield Oil of Calif 65 _1944 M N 2812 Sale 2812
29
8
Certificates of deposit
MN 2814 Sale 28
33
29
Rima Steel 1st s 1 7s
1955 F A 6158 65 6134 Aug'34 ---_
Roch G&E gen M 536:2 ser C '48 M S 107 Sale 10678 107
5
Gen mtge 499s series D...1977 M S 10314 - -- 10314 Aug'34 ---Gen mtge 55 series E
1962 M S 10712 Sale 10712 10712
5
Royal Dutch 48 with warr 1945 A 0 137 141 139
14012 21
Ruhr Chemicals f 65
1948 A 0 ____ 50
45 Aug'34 ---St Joseph Lead deb 599s
1941 MN 11114 112 11178 11178
9
St Jos Ry Lt Ht de Pr 1st 59_1937 M N 9312 9338 9312
9312
1
St L Rocky Mt & P 5s stpd_1955 J .1 47
504 5012 Aug'34 ---St Paul City Cable cons 58_1937 1 .1 70
73 694 Aug'34 ---_
Guaranteed 5s
1937 J J 7018 ____ 68 Aug'34 -_
San Antonio Publ Serv 1st 65 1952 .1 J 9812 Sale 9812
9812
1
Schulco Co guar 690
1946.1 .3 3812 ---- 39 Aug'34 ---Stamped (July 1933 coup on)
- 3812 Sale 3812
3812
1
Guar at 6995 series B
A13 3812 42
1946 --3812
3812
1
Stamped
3812 40
38 Aug'34 ---Sharon Steel Hoop a 1 599s._1948 F A 8912 Sale 6912
70
11
Shell Pipe Lines I deb 58-1952 M N 10012 Sale 10012 101
35
Shell Union 011 s f deb 5s_ __1947 M N 9934 Sale 9934 100
59
Deb 5s with warrants_ _ _1949 A 0 9934 Sale 9934 100
22
Shinyetsu El Pow 1st 6348_1952 J D 7938 8014 7958
7958
1
Siemens & Halske 8 I 78_ _ _1935 J J _ _ 50 63 Aug'34 -Debentures f 6995
1951 M S 33
3914 36
36
5
Sierra & San Fran Power 58_1949 F A 10134 10212 10112 10214
5
Silesia Elec Corp s I 69921-1946 F A ____ 2912 32 Aug'34 ---Silesian-Arn Corp coil tr 75_1941 F A 44 Sale 44
4414
5
Sinclair Cons 011 15-yr 723_1937 M s 10378 Sale 10312 104
31
1st nen 6995 series B
1938 J D 10334 Sale 10358 10418 20
Skelly 011 deb 5998
1939 M S 96 Sale 9534
91918 19
South Bell Tel & Tel 1st s f 5s '41 J J 10814 Sale 108
10834 21
Sweat Bell Tel 1st & ref 58_ _1954 F A 110 Sale 10958 1104 26
Southern Cob Power 68 A._1947 J J 82 Sale 80
82
6
Stand Oil of NJ deb 56 Dec 15 '46 F A 10638 Sale 10614 10612 41
Stand Oil of N Y deb 4999-.1951 J D 1034 Sale 10334 104
29
•IStevens Hotels 6s series A _1945 J .1 1412 1512 1419
15
4
*2Studebaker Corp 6% notes '41.1 D 3912 Sale 3912
4214 10
Certificates of deposit
38
42 414 Aug'34 ___
Syracuse Ltg Co 1st g 59_1951 J D 11214 114 11214 11238
2

R4/08
Binge
Jan. 1.
Low
High
2114 38
20
3514
mu 62
9978 10812
88 10314
94 10712
1024 14214
45
7412
10534 114
72
91314
3534 81
4514 82
4578 80
71 10012
3534 41
30
45
32
41
30
41
38
76
8912 103
8958 10014
8938 1004
6434 8014
63
81
313 , 89
9654 10414
304 8812
374 5834
1024 1044
101 10534
8412 9712
1054 11012
1054 110%
834 88
10412 107
100 105
14
2814
354 684
34
67
1034 11312

5314 6234
86
7812 100
91 10514
103 112
884 1044
1054 11514
101 11112
694 9334
414 65
4034 65
50
67
37
68
10911 115
1054 11018
1054 10912
107 11612
994 198
Tenn Coal Iron & RR gen 55_1951 .1 .1 11014 11158 111
11112
3 104 112
754 95
Tenn Copp & Chem deb 6513 1944 M S 8158 84 82
82
1
6512 8814
87 10034 Tenn Elec Pow 1st fis
1947 J D 84 Sale 82
8412 21
57
897e
10
618
Texas Corp cony deb 5s
1944 A 0 10234 Sale 10258 103
45
967s 10334
63
70
Third Ave By 1st ref 4s.._ _J960 J J 524 Sale 5212
534 19
41
5512
98 107
AdjInc 55 tax-ex N Y_Jan 1960 A 0 2712 Sale 2712
2834 41
25es 3134
14 5' Third Ave RR 1st g 5s
1937.7 J 9914 100 100
100
1
86 101
212 412 Tobacco Prods(NJ)699s...2022 MN 10812 Sale 10612 107
12 10118 1074
10214 11012 Toho Elec Power 1st 7s____1955 M 8 ____ 88 8712
8778
3
80
9512
9858 10638 Tokyo Elec Light Co Ltd1st 6s dollar series
9738 10514
1953.7 D 73 Sale 7212
7312 30
8378 7514
103 10958 Trenton (1 & El 1st g 55_1949 m s 1104 113 113 Aug'34 - 102 113
59
63 Truax-Traer Coal cony 6998-1943 M N 6412 Sale 63
6412 12
37
644
90 108
Trumbull Steel 1st s f .. _1940 M N 9912 Sale 9914 10038 16
SW, 10078
50
724 •Twenty-third St Et,ref
Ils-5.5.1962 1 J 2812 ____ 28 Aug'28 _._ _ _
_
454 73
Tyrol Hydro-Elec Pow 2;0_1955 M N 72 Sale 70
72
4
48 -7514
48
Guar see 8 f 7s
49
1952 F A 6634 Sale 65
6634
8
45
76
Ullgawa Elec Power a I 7s_ _1945 M 13 8418 8412 844
2212 40
844
4
734 87
634 9134 Union Elec Lt & Pr(Mo)511_1957 A 0 10614 10612 10614 10614
9611 10712
3
Un EL & P (III) lst g 5995 A 1954 J J 10558 Sale 10512 10558
91
81
2 102 10714
95
62
*Union Elec Ry (Chic) 5s. _ _1945 A 0 1034 15
13 July'34 ___
13
24
5618 874 Union 011 30-yr 62; A_May 1942 F A 11378 11414 2114
11455
4 10712 115
7478 10514
Bob 6s with wart._ _Apr 1945 J D 10212 1027s 10212 102721
8
904 10414
824 10538 United Biscuit of Am deb 68 1942 M N 105 10634 10534 10534
3 10234 10712
9414 10778 United Drug Co (Del) 5,5_1953 M S 81 Sale 81
8312 20
60
8534
*SUnited Rya St L 1st g 4s_ _1934 J J
7818 90
2112 23
204
20 Aug'34 ____
17
89 110
US Rubber 1st & ref 55 ser A 1947 .1 J 8534 Sale 8534
8714 45
68
91
United
S 8 Co 15-year 68_1937 M N 95 10014 98 June'34 --78 107
904 98
Un Steel Works Corp 699s A.1951 .1 D 2338 2714 2612
23
15
2714
6
2812 8611
Sec. s f 6 Hs series C
101 11014
2638
28
1951 .1 D 20
27
5
2638 MN
101 1104
Sink fund deb 649s ser A1947 J J 2514 Sale 25
2514
9
25
67
694 86
Un Steel Works(Burbach)79 1951 A 0 110 113 112
112
4 107 120
Universal Pipe & Bad deb 8819363D 2018 264 2212 Aug'34 _-__
28
70
13
31
Unterelbe Power & Light 63_1953 A 0 ____ 39 3714
3714
1
3714 7353
Pacific Coast Co 1st g 58. _1948 / D 314 35
33
33
3
4078 Utah Lt & Trac 1st az ref 59.1994 A 0 6212 Sale 6212
25
654
Mk 7512
0
Pacific Gas & El gen & ref-58 A'42 .1 1 10518 Sale 10478 10578 38
10012 1074 Utah Power & Light lat 58_1944 F A 6514 Sale 65
654
8
804 81
Pacific Pub Serv 5% notes_ _1936 M S 9414 95 9412 Aug'34 _ _
67
94:2 Utica Elm L & P 1st 8 I g As 1950 J J
.- 09
109
1 109 109
Pacific Tel & Tel 1st 59
1937.7 J 10738 Sale 10758 10758 14 10414
11212 113
11212 115
J 10810812 Utica Gas &Elec ref & ext 55 1957
3 102 1154
Ref mtge 58 series A
1952 MN 10958 11018 1094 11014
5 10518 11112 UtIl Power & Light 5999- _1947 .1 D 29 Sale 2812
2912 19
2212 4114
*pan-Am Pet Co(Cal)conv 8840.1 D 38
4034 3818
Bob 55 with warranta_-__1959 F A
384
I
2558 4712
26 Sale 2534
2838 41
184 3818
37:2 Bale 374
Certificates of deposit
38
5
28
4634
Paramount-B'way 1st 5998_1951 1 J 3512 38
38
38
Vanadium Corp of Am cony 58.41 A 0 8412 Sale 8412
1
30
47
8912
88
30
82
Certificates of deposit
3558 41
38 Aug'34
Vertientes
Sugar
712 9
30
7s Mrs
1942 _ _
814 Aug'34 ____
47
34 14
:Paramount Fam Lasky 65__1947
Victor Fuel 1st s f 5s
23
1953
1812
184
J
May'34
____
1818
184
*Proof of claim filed by owner_
454 4734 4678
47
10
294 55
Va Elec & Pow cony 5995-1942 M S 10678 10712 10612 Aug'34 ____
96 1087s
Certificates of deposit
.1 D 454 Sale 4514
477s 10
2811 5434
58 series 13
73 102 Sale 10184 102
1959
6 1014 1044
tParamount Pub Corp 5%s _1950 F A
Secured cony 599s
1944
J 10812 Sale 1081z 109
23 108 110
*Proof of claim filed by owner_ ---. 4734 Sale 47
484 11
2914 5524 Va Iron Coal dr Coke 1st g 581949 m 13 54
59
54
54
2
54
6514
Certificates of deposit..____ -- 47 Sale 47
48
15
544 Walworth deb 6998 with ware '35 A 0 25
29
30
30
Aug'34
124 444
_
Park-Lox 6998 ctis
1953
1518 Sale 154
154
1
954 2212
Without warrants
A 0 20 -.-- 30 Aug'34 ..- _
Ws 37
Parmelee Trans deb 6s
1944 A 0 ____ 2112 2112 Aug'34 _
1st
sinking fund 69 ser A._1945 A 0 38 Sale 35
20
354
50
21
3818 11
Pat& Passaic G & E cons 5s_1949 M S 1104
_ _ 11012 11012
i 1034 11114 Warner Bros Pict deb 6s-_--1939
M S 534 544 5234
5414 39
40% 67
Pathe Exch deb 7s with warn 1937 M N 99 -9912 99
9914
85 100
9
Warner Co 1st mtge 6s
1944 A 0 30
35
35 Aug'34 ____
42
20
Pa Co go 399s coil It A reg_ _1937 M S 10118- 101 May'34 ____
Warner-Quinlan Co deb 68_ .1939 m 8 3014 32
94 101
32
32
2978 4812
1
Guar 3998 coil trust ser B.1941 F A 96 -9914 97 Aug'34 ____
944 100
Warner Sugar Refill 1st 78_ _1941 J D 10534 10612 106
106
1 1054 108/
1
4
Guar 349s trust ctfs C_ __ _1942 J D 9512 100
994 July'34 ____
86
994 Warren Bros Co deb 6s
1941 m S 44 Sale 44
45
5
3614 63
Guar 3995 trust Ws D___ _1944 J D 9514 Sale 9514
9514
4
8634 9912 Wash Water Powers f 59_ .1939.1 J 10512
- 10534 1054 10
984 108
Guar 48 ser E trust cds___1952 MN 9512 98 984 July'34 __
85
991, Westchester LW 58 stpd gtd 1950.7 D 11312 11412 11312
11312
1 105 11412
Secured gold 439s
1963 MN 10134 Sale 1014 102
55 8534 19334 West Penn Power ser A 53_1948 M S 10812 Sale 108
10914 10 10334 11032
Penn-Dixie Cement 1st (is A.1941 141 5 69 Sale 6758
89
6
66
77
1st 59 series E
1963 M S 11212 Sale 11212 112It
9 104 11312
Pennsylvania P & L Ist 4 Hs-1981 A 0 9812 Sale 9638
9714 60
79
1st sec Es series el
9978
1958 J D 10812 10878 10878 Aug'34 ____ 104 10934
Poop Gas L & 01st cons 68_1943 A 0 10914 110 10912 10912
1 10078 11212 Western Electric deb
_ _1914 A 0 10234 Sale 10234 103
94
9714 104
Refunding gold 5s
1947 M S 9812 Sale 98
9812
4
83 10314 Western Union coil trust
5558.1938 1 J 101 Sale 10012 101
9113 10214
13
Phila Co sec 53 series A
1967 J D 864 Sale 86
8634 37
6354 9278
Funding & real eat g 4995_1950 M N 784 Sale 784
7858
6
7414 904
Phila Else Co 1st & ref 4958_1967 MN 10778 --_ 108 Aug'34 - - - 15-year 634s
10134 108
1936 F A 102 Sale 101
96 10234
23
102
hat dr ref 45
1971 F A 10312 Sale 10312 10414 65
25-year gold 5s
934 10414
1951 J D 8212 Sale 8212
794 9514
8414 12
Phila & Reading C & I ref 58 1973.7 J 60
60
64
6158
7
5054 69
30-year 53
1980
m 13 83 Sale 83
8614
79
9412
8
Cony deb Os
4878 19
39
1949 M 8 47 Sale 47
554 Westphal/a Un El Power 621.1953 J J 3618 Sale 35
384 15
3412 6834
Phillips Petrol deb 599s_ _ _ _1939 J D 10158 Sale 10118 10134 51
8912 102
Wheeling Steel Corp 1st 5995 1948 J .1 98 Sale 96
0838
4
8214
97
Pillsbury Flour Mills 20-yr 131: '43 A 0 10712 Sale 10634 10712 12 105 109
1st & ref 434s series B_ _1953
l953 A 0 60
8112 81
3
83
8734
72
Pirelli Co (Italy) cony 78
1952 M N 101
_ 10112 Aug'34 ---100 1014 White Sew Mach Os with warr'36 1 J 50
70 58 May'34 _-__
58
58
Pocah Con Collieries 1st s I 5s '57.7 -1 80 _897
- 8 84 July'34 --.
Without warrants
6732
88
./
J
50
63
60
49
__
Aug'34
89
Port Arthur Can az Dk 68 A.I953 F A 80
i
69
95
83 81
81
Partic s f deb 65
1940 M N 50 -- -- 57 Aug'34 ___
48
57
1st mtge Os series B
1953 F A 80
83 8238 Aug'34 - - - 9034 (Wickwire Spencer St'l 1st 79.'35
70
Port Gen Elec 1st 434s ser C 1960 M S 47 Sale 4534
4712 129
Ctf dep Chase Nat Bank _ _ _ _
39
5734
_
612 734 612 Aug'34 __._
538 Ws
Portland Gen Elec 1st 59._. _1935 J J 8918 9112 9018
91
Ctrs for col & ref conv NA 1935 791N
3
9512
78
6
_413 14
734 558 Aug'34 ____
Puerto Rican Am Tob cony 69'42 .1 J 3634 Sale 364
4012 39
3212 5712 Wilson & Co 1st s f 6s A___ _1941 A 0 107 Sale 10658 107
12
973
4 1084
Postal Teleg & Cable coil 58.1953.7 .1 4414 Sale 4414
47
43
37
63
Youngstown Sheet & 'rube 55 '78 J J 8434 85 8478
85
10
7412 8934
•IPreesed Steel Car cony g 521933 .1 J 40
49
45
1st
45
mtge a f 5s ser B
1
45
1970 A 0 8434 Sale 8434
19818
7412 8012
28
85
Pub Serv El & Gist dr ref 4999'67 .7 D 10714 108 107
10714 13 1004 10812
bet & ref 4999
1970 F A 10712 Sale 10712 10712
3 100 1084
e Cash sales in which no account is taken In computing the range are given below
1st dr ref 43
1971 A 0 10358 Sale 10358 104
45
93 105
Pure 011 s f 534% notes
1937 F A 1004 Sale 10014
10058 16
90l 1005 Japanese 53.45, 1965, Sept. 7 at 7434.
S 1 599% notes
1940 M S 994 Sale 994
994 31
87
9914
Purity Bakeries s f deb 58_ _1948 1 J 8338 Sale 81
r Cash sales not Included in year's range. a Deferred delivery sale not included in
84
7814 964
21
jRadio-Keith-Orpheum pt pd ctfs
Year's range. • Negotiability Impaired by maturity. t Accrued interest payable at
for deb 6s & corn stk (65% 0)_ . - ____
_ 3678 Aug'34 --- 35
37
exchange
rate of 54.8685. / Companies reported In receivership. z Deferred de*Debenture gold 6ss
1941 J--u 26 --32
30
27
3
1814 41
Remington Arms 1st s f 6s_ _1937 m N 1024 1034 10212 10212
1
9612 10312 livery sales In which no account Is taken in computing the range, are given below:
Rem Rand deb 5Hs with wart'47 M N 9112 Sale 91
0212 44
76
9518 Adriatic Elec. 75, 1952. Sept. 4 at 9534.
Mead 6s, 1945, Sept. 7 at 75.
Repub I & S 10-30-yr 58 8 f 1940 A 0 10314 Sale 10258 10314 39
85 10412 CM. Un.Term. 58,2020. Sept. Sat 110.
liaerldionah Elec. 75, Sept. 4 at 0734•
Ref & gen 5198 series A_ _ _1953 J .1 934 Sale 934
9438 49
74
9812
Cologne
6345,
1950,
Sat
Sept.
2539.
Norddeutschel3s,
Sept. 7 at 4934.
Revere Cop & Brasses ser A_1948 M S 10212 103 10212 105
11
80 105
Cuba 58, 1944, Sept. 4 at 9694.
Norddeutache 45, Sept. Sat 4534.
Rhelnelbe Union s f 78
1948 J .1 2612 Sale 2612
2714 18
2612 73
Cuba 434s, 1949, Sept. Sat 7939.
Norway 6s, 1944, Sept. 4 at 10099.
Rhine-Ruhr Water series 6_1953 J J 27
2978 2638
28
18
2838 5612 French 75, 1949, Sept. 4 at 18749.
P.C.C.& St.L.4 Hs,A,'40,Sept.4 at 10894.
Rhine-Westphalia El Pr 7E1_1950 M N 35
44
44 Aug'34 ____
43
7312 German Gen. El. 68, 1948, Sept. 7 at 3134 Serbs, Croats & Slov. 7s, Sept. Sat 2299.
Direct mtge 8s
1952 M N
3812 43
39
401
4
39
Haiti 6s, 1952, Sept. 4 at 79.
71
Union 011 69, 1942, Sept. 6 at 11336.
Cons mtge es of 1928
1953 F A
3812 43 39
4018
4
39
71
Kentucky Central 4s, Sept. Sat 100.
West N. Y.& Pa. 5s, 1937, Sept. 7 at 106.
Cons M 63 of 1930 with wart'55 A 0 4012 Sale 38
4012 32
38
71




6316

1531

Financial Chronicle

Volume 139

Outside Stock Exchanges
Boston Stock Exchange.—Record of transactions at the
Boston Stock Exchange, Sept. 1 to Sept. 7, both inclusive,
compiled from official sales lists:

Saks
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.

Range Since Jan. 1.
Low,

High.

io 1231 Sept 20 Jan
1231 1251
Gardner Denver Co corn "
so 4 Jan 751 Mar
555 534
General Candy Corp A.6
Sales
Friday
July 1651 Apr
7
1,000
9
855
84
Gen Household Uhl oora_•
Range Since Jan. 1.
Last Week's Range for
July 3234 Feb
150 15
1554 1534
Goldblatt Bros Inc com •
Week.
ofPrices.
Sale
155 Feb
34
July
200
55
55
A..'
Aircraft
Great Lakes
High.
Low.
Par Price. Low. High. Shares.
Stocks—
Jan
July 22
1334
so
1555 1535
Great Lakes D di D com..• 1555
Mar
30 1035 Jan 20
12
12
&Marx corn 100 12
Schaff
Hart
Railroads—
Aug
21
May
16
100
20
20
41 10935 Jan 140
July Hormel di Co (Geo)oom A*
122 124
100 122
Boston & Albany
Apr Houdaille-Hershey—
Jan 70
123 55
65
67
100 65
Boston Elevated
Jan
Jan 23
50 11
20
20
•
Class A
Boston & Maine—
634 Jan
251 July
50
351 351
•
Class B
May
15
Sept
835
20
100
84
84
CID 1st pref
354 Aug
735 Feb
250
4
4
4
25
Co
Brick
Illinois
Jan
251
25 750 June
850 850
East Mass St Sty com-100 850
1755 Jan
735 July
10
8
8
1435 Feb Interestate Pow $7 pref..'
Aug
5
26
555
100
534 555
Maine Central Sty
18
Jan
June
8
850
1454 1434
Feb Iron Fireman Mfg v to_.• 144
July 24
9
155
104 1035
NY N Haven&HarUord100
1654 Jan
July
1031
50
12
12
12
•
corn_
Co
Electric
5 7851 Jan 10434 July Jefferson
100 8534 8531 854
Feb
2734
Old Colony RR
18
100
Aug
20
20
•
Feb Kalamazoo Stove com
405 214 Aug 39
50 2355 2335 244
Pennsylvania RR
so 21 Jan 38 Apr
Katz Drug Co common_l 3355 3335 3355
23
Jan
Aug
10
8
535
555
50
Ken Uhl Jr cum pref
Miscellaneous—
934 July Keystone St & Wire—
44 Jan
370
74
American Cont'l Corp___'
734 755
Jan 2334 May
lig
400
1735
17
17
•
Common
Feb
100 11334 11135 11334 1.691 10534 July 12535
934 Jan
Amer Tel & Tel
131 July
350
131
151
331 July 104 Feb Kingsbury Brew Co cap...1
122
451 435
4.51
•
Amoskeag Mfg Co
Feb
1
31 May
30
34
35
Apr La Salle Ext Unix,com___5
16
Jan
5
160
734
Brown Co 6% cum pret..•
734 855
Jan
Aug
8
8%
2,100
855
734
735
__10
Libby
Libby McNeil di
East Gas & Fuel Assn—
Sept
2555
Apr
1655
270
2555
25
1031 Feb Loudon Packing corn.....' 25
Jan
5
55
751 755
Common
•
734
July 4055 Feb
300 26
3051
29
5 29
Jan 70
July Lynch Corp com
319 45
66
67
100 66
6% sum prat
Apr
235 Jan 20
250
12
11
Jan 804 July McCord Rad & Mfg A_ •
65 55
435% prior preferred 100 724 724 74
600 1451 Jan 264 Jan
2454
2334
2355
•
CoDredging
Feb
1031
McWilliams
Aug
6
625
5
5
Eastern SS Lines Corn...'
5
Apr
35
Aug
30
10
3251
3254
•
Jan Mapes Cons Mfg cap_
Aug 42
100 36
36
36
Preferred
" 36
84 Aug 1954 Apr
150
1034 11
220 1254 Jan 15435 Feb Marshall Field common__•
100 131
13034 132
Edison Elm Ilium
44 Feb
55 Jan
50
154
134
131
com..1
A
ser
Mfrs
Feb
&
Merch
Jan
74
1234
200
94 951
Employers Grout)
1 aro 335 Jan
70
2
2
2
851 Jan 1251 July Mickelberry'sFdProd corn 1
325
1135 12
Gillette Safety Razor
% Feb
34 Jan
1,550
34
33
4
Middle West Uhl corn..'
llygrade Sylvania Lamp
Apr Midland URIMar 25
30 19
22
•
22
Co corn (T C)
Mar
2
34Sept
20
4
51
100
7% prior lien
94 Feb
431 Jan
50
435 435
Intl Hydro-Elec class A.25
551 June 104 Feb
100
755 74
755
Sept Miller Az Hart Inc cony pfd•
8
455 July
300
8
Libby McNeil & Libby--10
8
Apr
16
Jan
94
100
14
14
655 Feb hlodine Mfg corn* 14
535 June
45
Lowes Theatre's
25
551 531
1534 Aug
934 Jan
10
154 1535
251 Feb Masser Leather (J K)com •
May
I
373
151
131
134
Mass Utilities Assoc v t o.•
Feb
July 23
15
20
2255
224
•
pref.
40 2035 July 2715 Feb Natl Battery Co
Mergenthaler Lynotype__• 2234 2131 2235
July
754 Sept 14
850
sg 734 9
Jan 9754 Sept Nat Gypsum A n v com_.5
539 83
New Eng Tel & Tel____100 9655 9531 974
254 Feb
55 July
300
155
134
44 204 May 3454 Feb National Leather com_10
Pacific Mills
100 2034
2055 2034
Feb
2734
Jan
21
200
25
25
25
1251 May National Standard coin...
Jan
65 10
1155 114
Reece Button Hole Mach10 1155
Feb
16
July
1234 1355 1,150 10
3 June Noblitt-Sparks Ind corn..' 1355
Jan
2
100
234 3
Reece Folding Mach Co_10
44 Feb
Aug
1
1,050
1
1
_1
Feb
com
Pr
951
North Amer Lt &
535 Aug
63
751
Shawmut Assn tr(Ufa__•
74 751
Jan
651
June
334
250
355
334
451 July 134 Feb Northwest Bancorp corn_ •
60
•
64 635
Stone & Webster
751 Mar
355 Sept
50
355 335
Jan 2035 Aug Northwest Eng Co corn- •
14
5.5
Swift & Co
25 184
851 Feb
1834 194
Jan
351
579 4931 Jan 6434 Sept Oshkosh Overall Co—
65
63
Torrington Co
Feb
• 65
Jan 20
30 15
Convertible preferred' 1955 1934 1934
155 Feb
55 July
221
X
55
United Founders corn.....)
Aug
July
5
6
20
531 551
551
348 5651 Jan 684 Apr Peabody Coal 6% pref_100
6555
U Shoe Mach Corp
25 6534 65
June
Jan
1974
6
600
II%
11
Aug Penn Gas & Elec A cam...* 11
10 8234 Jan 37
364 3631
Preferred
25
1254 Jan
231 July
950
331
3
•
1334 Jan Prima Co com
535 July
290
655 74
•
Warren Bros Co
Public Service of Nor Ill—
Feb
22
July
1235
150
1355 14
•
Common
Mining—
July
50 3834 Jan 75
up
yox
70
7031
7% preferred
234 July
634 Feb
100
335 355
Calumet & Recta
25
24 Feb Quaker oats Co—
Jan
1
100
1
1
25
Isle Royale Copper
Aug
Apr 125
40 106
• 12351 123 12354
Common
100 25. Jan 80., Jan
300 310
North Butte
2.50
Jan 1324 July
20 115
125 126
100 126
July
Preferred
Jan 19
125 10
Pond Crk Pocahontas Co__
Aug
1734 18
31
Jan
244
10
3054 31
255 Apr Rath Packing Co corn._10 31
Jan
1
100
1
1
Feb
25
Quincy Mining
150 1234 Jan 20
1331 1334
2,800 120 Apr 20c Sept Ryerson & Sons Inc com__• 1331
16c 200
Shannon Copper Co—_ _25 200
Feb
Aug 51
324
100
39
39
Feb Sears Roebuck & Co cons-.
3
100 75. Jan
154 14
Feb
5
Utah Apex Mining
235
Jan
154
50
2
2
634 July Signode Steel Strap corn'
1
Jan
1.115
251 3
251
1331 Aug
Utah Metal & Tunnel_ _ _ _ 1
Jan
7
130
12
1234
30
Preferred
Mar
7
Sept
4
130
4
4
Sivyer Steel Castings corn •
Bonds—
Sept
Jan 70
50 50
70
70
Apr St Louis Natl Stkyds cap-'
Aug 76
$6,200 58
60
59
Amoskeag Mfg Co 61-1948 59
631 Apr
435 Jan
50
434 455
Storkline Fur cony pref.25
Jan
Chicago Jet Sty & Union
8
Jan
655
50
754 755
735
Jan 10055 July Sutherland Paper com_10
2.000 88
100 100
1940
031 Sept
Stockyards 4s
Jan
3,800 24
MaY Swift International
Is 3734 3734 4031
Jan 52
484 484 2,000 88
E Mass St Ry ser A 4558 '48
Aug
2055
Jan
14
12,650
1931
1855
25 1854
Jan 58
3,000 89
May Swift & Co
50
50
1948 50
Series B 5s
1051 Feb
Aug
5
150
531 534
Thompson (J R) com_ _ _25
Feb
2
35 July
650
4 1
Uhl& Ind Corp corn
• No oar value. z Ex-dividend.
•
Feb
6
Jan
135
100
234 234
Convertible preferred •
Mar
5
135 Jan
40
451 4X
Viking Pump Co com__ •
Vortex Cup Co—
1654 Aug
851 Jan
1,200
1551 16
• 16
Common
Mar 3255 July
100 25
30
30
'
Class A
24 Feb
Jan
1
450
131
135
•
Wahl Co com
Listed and Unlisted
June
150 1755 Jan 29
2334 2454
•
Walgreen Co common_
June
Jan
123
88
100
118
118
Ward (Monte)& CO 01 A-•
Apr
6
14 Sept
100
155
134
Wayne Pump cony pref..*
Feb
35
July
19
20
28
28
Waukesha Motor Co corn."
Feb
4
2
Aug
400
234
2
Wisconsin Bkshares ooze_•
Members.
Feb
5
151 JI113,
300
251 231
231
Chicago Stock Exchange
Zenith Radio Corp oom_•
New York Stock Exchange
BondsChicago Curb Exchange
New York Curb (Associate)
208 So La Salle St Bldg
May
38
$2,000 2454 Ser.
2434 20
1958
5541
37 So. La Salle St., CHICAGO
y Ex-rights
• No par value. z Ex-dividend

CHICAGO SECURITIES

Paul H.Davis &Co.

Chicago Stock Exchange.—Record of transactions at
Chicago Stock Exchange, Sept. 1 to Sept. 7, both inclusive, compiled from official sales lists:
Stocks—

Saks
Friday
Last Week'saRange for
Week.
ofPrices.
Sale
Par Price. Low. High Shares.

Abbott Laboratories corn_•
Adams Royalty Co coin...
Advanced Alum Castings.5
Altorter Bros cony pfd.'
Amer Pub Sera pref ___100
Armour & Ca common„5
Asbestos Mfg Co com __I
Automatic Products corn 5
AutomaticWash cony pref•
Bendix Aviation corn_._•
Berghoff Brewing Co____1
Borg-Warner Corp oom _10
100
7% preferred
Brown Fence & Wire—
Class B
•
•
Bruce Co(EL) corn
Butler Brothers
10
Cent Cold Stor Co com _ _20
Cent III Pub Sera pref •
Cent III Secur—
Convertible preferred •
Cent*5W Ut11—
Common
•
Preferred
•
Prior lien prof
•
Chain Belt Co corn
Chicago Corp common_ - •
•
Preferred
Chicago Electric Mfg A.*
Chic & NW Ry cam _100
Chicago Rivet di Mach cap•
Cities Service Co coin_ _•
Club Aluminum Uten Co •
Commonwealth Edison 1011
Continental Steel corn.-- _•
5
Cord Corp cap stock
25
Crane Co common
100
Preferred
Dexter Co (The) coin_ _5
Klee Household UV!oap..5
pit,Sim k co D & D corn'




%
164
2
2535
6
14
4454
7
355
734
1554
12

Low.

49
3
134
1734
634
64
14
6
151
1334
5
2174
107

50
300
100
30
10
4,100
100
100
50
600
450
1,900
620

40
135
155
10
5
4
14
254
134
931
44
1834
93

254 255
8
8
84
8
8
8
114 1254

200
50
2,300
70
150

134
551
4
814
1034

49
3
151
1731
1734
651
634
655
655
I%
6
6
154
1255 1255
451
454
20
20
106
107
3

851

Range Since Jan. 1.

751

751

50

%
351
1234
164
14
2555
7
6
8
134
35
4454
7
351
755
58
354
1551
12

51
351
1231
1655
24
254
7
634
8
2
55
4534
7
435
735
58
331
1554
12

300
50
20
20
1,550
350
30
1,750
100
3,950
100
600
400
1,950
350
50
40
450
100

High.

Jan 5135
4
Mar
44
Aug
Jan 25
13
Jan
651
July
34
July
sui
Jan
3
Jan
July 2355
1174
July
July 2834
Jan 108

May
May
Jan
Feb
Feb
June
Jan
Feb
Feb
Feb
Jan
Feb
Aug

Jan
Aug
Jan
Jan
Aug

451 Feb
1654 Mar
1254 Api
Feb
8
Am
24

54 Jan

851 Feb

55
3
5
164
135
2231
7
44
6
134
X
84
5
274
534
44
334
854
12

July
Aug
Jan
Sept
Jan
Jan
Feb
July
Mar
July
Jan
Jan
Jan
July
Aug
...1
Feb
Jan
Aug

2
1355
17
1756
4
3134
15
154
1751
4r
34
82
11,1
834
1154
654
651
16
17

Jar
Jar
Jar
Mal
Jar
Fet
Api
Fet
Api
FM
Jar
Fet
Fet
Jar
Jar
Jar
Jar
Am
Fet

CANADIAN

MARKETS

J E N KS,GWYN N E & CO.

Members New York Stock Exchange. TOT07110 Stock Exchange
and other principal Exchanges
65 Broadway, New York
256 Notre Dame St. W., Montreal
230 Bay St., Toronto

Toronto Stock Exchange.—Record of transactions at
the Toronto Stock Exchange, Sept. 1 to Sept. 7, both
inclusive, compiled from official sales lists:
Stocks—

Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par Price. Low. High. Shares.

Abitibi Pr & Pap corn_
Alberta Pac Grain pref.ies
Beatty Bros corn
Beauharnots Power com_•
160
Bell Telephone
Blue Ribbon Corp corn. •
Brantford Cordage 1st p125
Brazilian T L & P COM--•
Brewers & Distillers corn..'
•
B C Power A
Building Products A— •
__25
corn_
Burt (F N) Co
Canada Bread cum
100
lot preferred
Canada Cement corn._ -•
•
Preferred
Can Canners cony pref.•
ioo
let preferred
•
Can Car & Fdry com
25
Preferred
Can Dredge & Dock corn..
Can General Elec pref 50
Can Indus Alcohol A.—....'
•

1.00
95c
15
15
855 855
555 5%
555
117 118
117
435
2555 26
28
1034
10
10
650 750
70c
2655 2655
2154
21
3135
31
255
255
35
35
755
631
7
3855
38% 38
755 8
755
8151 82
82
655 655
1451
14
2255
2255 21
62
62
84 9
855
8
8
1.00

Range Since Jan. 1.
Low.

High.

Apr
400 95c Sept 2.25
Feb
Sept 23
130 15
Feb
10
July
631
25
94 Feb
34 Jan
472
May
Jan 120
4
390 110
June
6
May
5
July
Jan 26
75 22
1431 Feb
735 July
1,425
Jan
534 Sept 2.95
23
1,725 6
Jan 3251 Feb
25
Jan 2355 Feb
104 16
44 May
g 35
an
217 227
Aug
20
Jan
Aug 50
5 25
Feb
12
435 July
2.719
Feb
53
Jan
23 33
Feb
10
7
Aug 5
187
Apr
44 75
54
85
r
il
ab
a
.71e
'
:55 F
95
16
y
Jualn
j
1
5
25 16
July 3455 Feb
410 17
p
eb
ja
5% F
10 59
an
Jug
34 A
20
6
2,70
31
200

1532

Financial Chronicle

Friday
Sates
Last Week's Range for
Range Since Jan. 1.
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low.
High. Shares.
Low.
High.
Canadian 011 corn
14
14
70 10
July 18 June
Preferred
100
115 115
25 92
Feb 120 June
Canadian Pacific Ry......25 13
13
13%
984 11% July 18% Mar
Cockshutt Plow corn
•
6%
6
654
445
6
Sept 1055 Feb
Consolidated
_*
83.5
8
130
835
7
July 1251 Feb
Cons Mining &Bakeries_Smelting 25 135
135 139
98 118
July 170
Apr
Consumers Gas
100 195
200
Jan 200
158 165
Sept
CO81808 Imperial Mills_ _ _* 1134 188
11
1135
185
735
Jan
1131
Feb
Crow's Nest Pass Coal _100
20
22
77 16 May 23
Mar
Dominion Stores com____" 17
16% 17%
316 16% Sept 23
Mar
Easy Washing Mach corn"
251 255
120
134 July
535 Apr
Economic Invest Trust_50
11
11
10
Jan 16
Apr
Fanny Farmer corn
28
28
117 13
Jan 324 June
Ford Co of Canada A.....• 19
18% 204 1,816 15
Jan 2535 Feb
Goodyear T & R pref--100
11134 114
56 106
Jan 118
July
Gt West Saddlery pref 100
1655 1635
10 10
Feb 164 Sept
Gypsum Lime dc Alabast_•
435
4% 534
340
4% Jan
8% Feb
Hinde & Dauche Paper _.•
7.% 734
554 Jan
35
8% July
Internat'l Mill 1st pref 100 102
102
12 99
July 1104 June
International Nickel coin_• 23% 23% 104
2435 6,030 21% Jan 29
Apr
Lake of Woods Mill coin.*
731 731
5
7% Sept 14
Feb
Laura &cord Candy com_*
58
59
25 4634 May 59 Sept
Loblaw Groceterlas A.__• 17
17
17% 1,250 14
Jan 18% Apr
• 17
16% 17
23 1335 June 17% Apr
Maple Leaf Milling coca_ •
65c 65c
15 50c Aug 6.00
Jan
Preferred
100
9
9
5
5 may 10% Feb
Massey-Harris corn
•
434
4
4% 1,127
34 July
835 Feb
National Sewer Pipe A_ •
1934 1955
20 1435 Jan 20% Feb
Orange Crush let pref 100
70
70
15
5
Jan
9% July
Page-Hersey Tubes corn.* 68
68
68%
90 55
Jan 77
Mar
Photo Engrav & Elec_ •
1935 1955
40
14
Jan
2034
June
Riverside Silk Mills A_ •
21y• 2134
10 19
Jan 2431 July
Simpson's Ltd A
11
11
45
935 Aug 17
Apr
Preferred
100 69
69
6935
95 4231 Jan 74 June
Steel of Canada coin
• 33% 33
33%
284 28
Jan 3831 Apr
Preferred
25 35% 3534 36
35 3851 Apr 31 June
Tip Top Tailors pref__100
68
68
25 66
Jan 80% Feb
Twin City Rapid cony_ •
4
4
5
154 Jan
8
Apr
Union Gas Co corn
•
335
334 3%
503
2
Aug
64 Mar
United Steel
3
3
334
265
3 Sept
6% June
Walkers (Hiram) com___• 26
2535 28
1,032 21
July 5731 Jan
Preferred
15
15
1531
562 14% Aug 17% Jan
Weston Ltd (GeO) oam- • 47
4431 47
2,755 28
Feb 47
Sept
Preferred
loo 110 108 110
66 8835 Jan 110
Sept
Zimmerknitt corn
•
75
75
16 50
Mar 75
Sept
BanksCommerce
100 15034 148% 15031
17 123
Jan 168
Feb
Dominion
100 166
166 167
71 133
Jan 186
Mar
Imperial
100 17331 173 17435
141
79
Jan 180
Feb
Montreal
100 19735 19734 198
16 167
Jan 203
Feb
Nova Scotia
100
257 257
4 253
Feb 278
Jan
Royal
100 15731 15535 157%
23 13031 Jan 168
Mar
Toronto
100 203
202 203
31 162
Jan 210 May
Loan and TrustCanada Permanent--100 123
122 123
42 118
Jan 140
Apr
Huron & Erie Mtge
100 75
75
78
5 70
Jan 95
Mar
zo% Paid
13
13
17 13
Sept 15
Aug
•No par value.

Sept. 8 1934

Friday
Sales
Last Week's Range for
Range Since Jan. 1.
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Low.
High.
Canadian Celanese
• 16
16
1635
125 16
Aug 2231 Mar
7% preferred
100 105
105 105
105 104
Feb 120
Apr
Canadian Cottons
100
5634 60
60 41
Jan 72
Feb
Preferred
100
95
95
31 70
Jan 95
Aug
Candn Hydro-Elec pref 100 69
6635 69
41 544 Jan 76
Apr
Canadian Ind Alcohol _..*
834
831 9
1,575
5
July 2055 Jan
Class B
•
735
734 835
752
5
July 18% Jan
Canadian Pacific Ry____25 1335 13
1331 2,643 1135 July 1835 Mar
Cockshutt Plow
•
635
6
64
210
6
Aug 1035 Feb
Cons Mining & Smelting 25 135
135 140
217 119
July 170
Mar
Dominion Bridge
• 31
31
32
515 2555 Jan 37
Mar
Dominion Coal pref_ __100
79
79
10 10
Jan 92 June
Dominion Steel & Coal B 25
335
3% 4
897
2% Jan
5% Apr
Dominion Textile
• 84
84
8435
215
67
Jan 88 May
Preferred
100 130
130 130
17 112
Jan 140 May
Dryden Paper
4
435
70
354 Aug
73.1 Feb
Eastern Dairies
3
3
15
2
July
5
Feb
General Steel Wares
• 334 3% 4
140
335 Jan
Feb
6
Gurd. Charles
6
•
6
15
6
July 114 Apr
Gypsum, Lime & Alabast-*
5
5
5
85
451 Aug
835 Feb
Hamilton Bridge pref__100
25
25
30 23
Aug 37
Feb
Hollinger Gold Mines__ __5 19.25 19.25 19.75 2,845
11.40 Jan 20.10 Aug
Howard Smith Paper M.._*
7
35 7
300
4
Jan
11
May
Int Nickel of Canada__ __• 2331 2335 24% 2,986
21.15
Jan 29
Apr
Internat!
. Power pref__100 28
26
26
10 14
Jan 28% July
Lake of the Woods
• 11
11
11
535
10
July 15
Feb
Preferred
100 67
67
67
22
55
Jan 73
Mar
MacKinnon Steel Corp__ •
334 3%
45
334 Sept
8
Mar
Massey-Harris
4
435
431 1.222
351 July
8
Feb
McColl-Frontenac Oil_ _• 1355 13% 1355
830 1034 Jan 1455 Apr
Mont Cottons pref_ __100
78
78
5 63
Jan 87
Feb
Mont L,H & Power Cons_• 33
33
3335
15
3035
July 3935 Feb
Mont Tramways
100
94
95
15 93
July 125
National Breweries
• 2831 2831 28)5 1,277 2335 Jan 28% Feb
Aug
Preferred
25
38
36
101
31
Feb 3635 July
National Steel Car Corp..* 14
134 14
140 1231 July 1835 Feb
Ogilvie Flour Mills pref 100
13734 13735
16
125
Jan 140% July
Ottawa 14, lit & Pr.. ___100 89
85
89
101 79
Jan 92
Mar
Preferred
100
10034 10055
10 90
Jan 103 June
Power Corp of Canada_ _.."
931 9%
9%
200
73,5 Jan 15
Feb
Quebec Power
• 1631 16
1634
117 15
Jan 20
Feb
St Lawrence Corp
• 1.85 1.85
2.00
900
135 Jan
335 Feb
A preferred
7
50
7
7
30
535 Jan 11% May
St Lawrence Flour Mills100 40
38
40
125 33
Feb 40 Sept
St Lawrence Paper pref100 16
154 17
378 12
Jan 26 May
Shawinigan W & Power....• 19% 19
1935
682 17% Jan 2435 Feb
Sherwin Williams of Can-5 1334 13% 14%
75 1235 Jan 21
Mar
Preferred
100
83
83
2 60
Jan 7734 Mar
Simon (H) & Sons
74 734
•
20
6% Jan 10
Mar
Southern Can Power
13
•
13
20 11
Jan 16
Mar
Steel Co of Canada
• 3335 33
3335
290 28
Jan 38
Mar
Preferred
25 3531 3551 3534
25 31
Jan 39
July
Windsor Hotel
2
•
2
2
2
2
Mar
2
Mar
Winnipeg Electric
•
235 235
231
110
151 Jan
4
Feb
BanksCanadienne
125 125
100
16 124
Aug 145
Feb
Commerce
150 15034
100
77 129
Jan 166
Feb
Montreal
195 199
100 198
231 169
Jan 203
Feb
Nova Scotia
258 260
100 260
26 253
July
276
Feb
Royal
100 157
1564 157
18 129% Jan 1664 Feb
•No par value.

Toronto Stock Exchange-Curb Section.-Recor of
transactions in the Curb Section of the Toronto Stock dExMontreal Curb Market.-Record of transactions at the
change, Sept. 1 to Sept. 7, both inclusive, compiled
Montre
from
al Curb Market, Sept. 1 to Sept 7, both inclusive,
official sales lists:
compiled from official sa es lists:
Stocks--

Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High. Shares.

Brewing Corp corn
•
Preferred
*
Canada Bud Brew com- •
Canada Malting corn .._ ..-•
Canada Vinegars com- •
Consolidated Press A..
'I,
Cosgrave Export Brew_ _10
Distillers Seagrams
*
Dominion Bridge
*
English Elec of Canada A.•
B
•
Goodyear T & R corn
•
Hamilton Bridge pref __100
Honey Dew corn
*
Imperial Tobacco ord- - --5
Int Metal Ind Ltd
5
Langleys Pre
•
Montreal L H & P cons_ _ _•
Power Corp of Can corn_ *
Rogers Majestic
•
Robert Simpson pref. .100
Shawinigan Water & Pow •
Stand Pay & Mat com_
•
Stop & Shop corn
•
Supersilk pref
*
Tamblyns Ltd G pref..100
Toronto Elevators pref _100
United Fuel Invest pref 100
•
Walkerville Brew

7
835
28
31
91% 1035
3034 3154
26
26
8
8
8
8
15
1434 1635
3134 313.4 32
935 10
435 435
126 126
2435 243.4
30e 300
11
11
II%
435 435
56
56
33
33
3335
97% 97%
734
731 8
97
97
19
19
154 134
6
6
55
55
105
101
100 101
13
13
8
74 834

OilsBritish American 011_ ....-*
Crown Dominion 011
•
Imperial 011Limited
*
Interned Petroleum
•
McColl Frontenac Oil corn*
Preferred
100
North Star 011 pref
5
Supertest Petroleum ord *
Preferred A
100
Thayers Limited pref _ ___•
•No par value.

1334 14
234 234
1431 1435 1434
28
2731 2834
1335 1354 1331
8955 88
8934
1.10 1.10
23
24
105 105
6
631

74
29
934
3035

1334

Range Since Jan. 1.
Low.

High.

4,234
5
Jan 11
May
778 15
Jan 3234 Aug
640
734 Jan 12
Mar
865 2831 Jan 3534 Mar
35 2135 Jan 27
Feb
10
6
Jan 1134 Feb
15
534 Jan
10 June
8,048
834 July 2631 Jan
140 2634 Jan 37
Mar
20
935 Sept 16
Feb
60
4
July
6
mar
5 90
Jan 136
Feb
30 21
July 37
Feb
30e. 300 Sept
1.60 Apr
231 1034 Sept 1235 Feb
15
455 Sept 1034 Feb
10 25
Jan 63 May
170 31
July 394 Feb
50
735 July 15
Feb
265
5
Jan
935 June
5 80
Jan 97
Sept
30 18
Jan 2431 May
5
134 Aug
435 Feb
24
435 Jan
9
Am
5 50 June 65 May
5 90 May 106
Api
15 894 Jan 102
Aug
10
934 Jan 2034 Api
245
551 Feb 10
July
770
10
2,191
1,020
231
87
50
65
7
35

12
2
124
1851
1035
7135
1.10
16
99
6

July 1534
Jan
434
Jan 1534
June 287
%
Jan 1434
Jan 91
Sept 3.00
Jan 2934
Jan 103
Sept
7

Mai
Mai
June
Jun(
Am
May
Mai
Mai
May
July

Montreal Stock Exchange.-Record of transac
at
the Montreal Stock Exchange, Sept. 1 to Sept. 7, tions
both inclusive, compiled from official sales lists:
Stocks

Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High. Shares,

Agnew-Surpass Shoe
•
7
6
7
Alberta Pacific Grain A.. •
331 331,
Bathurst Pr & Paper A......5
4
4
431
Bawlf N Grain pref......100 1814 1835 1835
Bell Telephone
100 117
117 117%
Brazilian T. L & P
•
9%
955 1035
Brit Col Power Corp A_ •
2835 2734
Bruck Silk Mills
• 1531 1531 1535
Building Products A
•
21% 2131
Canada Cement
•
635 735
Preferred
100
3835 40
Can North Power Corp_ •
20
20
Can Steamship pref___ _100
5
6
Canadian Bronze
• 22
22
22
•
Canadian Car & Fdy
631
6% 651
Preferred
25.
14
1434




Range Since Jan. 1.
Low.

High.

120
554 Aug
8%
25
3
Jan
7
75
3
Jan
8%
10
7
Jan 15
286 110
Jan 120
1,400
735 July 144
175 2251 Jan 324
60 1231 July 22
25 16% Jan 2335
1,021
4% July 12
79 32
Jan 5235
25 16% Jan 2234
24 Jan
50
9
5 17
Jan 27
535
531 July
955
102 11,< May 16

Feb
Feb
Mar
Aug
Mar
Feb
Feb
Mar
Feb
Feb
Feb
Mar
Apr
Mar
Mar
Feb

Stocks-.

Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Par Price. Low. High. Shares.

Asbestos Corp vtg trusts _ _*
Associated Brew of Can....5
Cumul preferred_ ..100
Associated Oil & Gas Ltd •
Bathurst Power & Paper B•
Brit American Oil Ltd _ _ _ _•
Brit Col Packers cum pf100
Canada Vinegars Ltd...
Cndn Foleign Invest Corps
Cndn Wineries Ltd
•
Catelli Mac Prods pf A....30
Champlain 011 Prods pref •
Commercial Alcohols Ltd_•
Cosgrave Exp Brew Ltd_10
David & Frere Ltee A_
•
Distill Corp Seagrams Ltd*
Dominion Stores Ltd
•
Fraser Companies Ltd....•
Voting trust
•
Home 011 Co Ltd
•
Imperial Oil Ltd
Imp Tob Co of Can Ltd 5
Int Petroleum Co Ltd__ •
Melchers Distil Ltd A__ --•
•
Mitchell Sc Co Ltd (Robt)•
Page-Hersey Tubes Ltd....'
Regent Knitting Mills I4d*
United Distillers of Can.. •
Walkerville Brewery Ltd_•
Walk Good & Worts
•
•
Preferred
Whittall Can Co Ltd
•

54
1055
97
150
1.10
1354
13
28,11
21
6%
834
8
700
735
254
14%
17
4
334
90e
14%
11
2751

535
11
973'
150
1.10
14
13%
2631
214
654
835
831
700
7%
235
16%
18
44
3%
1.00
1451
114
28%,
1151

5
6834
4
900
7.85
2435
1535
2

5%
6835
4%
1.00
8.25
28
1535
2

Public UtilityBeauharnois Power Corp-•
531
535
C No Pow Corp Ltd pref100 101
101
City Gm dc Eleo Corp Ltd •
335
Inter Mil Corp class B....1 500
500
PowCorp of Can cum pf100 7334 7334
Sou Can P Co Ltd pref.100
90

531
101
335
600
75
90

535
15c
1.10
13%
13
21%
654
831

14%
17
92o
1455
11
27%
1134
5
68%
4
8.00
25%

11
5

5

MiningBig Missouri Mines Corp_ 1 330
330 340
B R X Gold Mines Ltd_50c 98c
1.00
930
Bulolo Gold Dredging Ltd 5 34.65 35.55 35.75
CartIer-Malartic 0 M Ltd1
50 4.550 535c
Crown Cons Mines Ltd25c 36540
36e 3634c
J M Consolidated
400 420
1
Lake Shore Mines Ltd......
56.00 56.50
Label Oro Mines Ltd
1
70
90
743
Mining Corp of Can Ltd.. •
1.66 1.66
Noranda Mines Ltd
• 40.25 40.25 42.25
Parkhill Gold Mines Ltd..1 34340
340 370
Premier G MM Co Ltd_ _1
1.23 1.23
Pickle Crow
1
1.53 1.51 1.53
Quebec Gold Min Corp_ I 210
170 2335o
Read-Authier Mine Ltd.._1
1.40 1.40 1.47
Slime Gold Mines Ltd....A
2.71 2.7