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J!INANeiAIJ--NjlWg MANC14LSECTION COMMODITIES


^_j^-j^i^

M2 NEW YORK CITY, THURSDAY, OCTOBER 4, 1934


20

Hiat They Talk


Newspapers Hold
Steady Position
HEADS COMMITTEE
jT-ESgll Service Costs Silver Trading
TO LEARN VIEWS
Tire Price
About Called Danger Holds Steady w d l d^'-iyillio
In Advertising JL1.JL
In WaU Street Doane Thinks Swollen Change in National Pol-
I—By EDWARD A. R U H F E L — '
Newspaper publishing maintained
a n u n u s u a l record of stability Demands and Taxes icy Has little Effect Iff!
JL CI*
Again t h e r e was n o real c h a n g e
throughout t h e depression, quickly
reflected improved conditions i n
May Wreck New Deal on London Business
In t h e c h a r a c t e r of t h e stock m a r -
both circulation a n d advertising 9 |~< i Lapsing of NRA Retail
ket^ a n d m a n y Wall Street prophets
say there will be n o n e until t h e
Issues left untouched i n t h e P r e s i -
dent's talk Sunday n i g h t a r e offi-
gains and is t o today i n a strong
position t o r e a p full advantage of
any further progress toward eco-
Startling increases i n the cost of
"services," Including
London, O c t . 4
government, nationalization of silver h a s r e -
the time factor i n i t s relation t o reversed t h e direction of t h e n o r m a l
Income distribution, a n d resort t o world flow of t h e white m e t a l — b u t
(/¥)—America's
AirliineS Irani Minimum May Price
nomic recovery, states t h e Index,
.i
cially dragged o u t a n d delimited.
T h e thought seems to be t h a t I t is
all a waiting game, w i t h capital
monthly publication of t h e New
York T r u s t Company, i n its Octo-
"social positions" are charged w i t h t h e .dally busines. jsof • fixing, i t s . of-
dangerous consequences upon t h e
economic structure/ of t h e United-
ficial price goes o n just t h e s a m e
To Be Small Bring About More!
capable of m o r e patience t h a n t h e
ber issue.
States by Robert R.- D o a n e I n t h e
in London. Chads -Manufacturers
Government can afford.
Total circulation for daily papers
current issue of t h e New Outlook. Like Topsy, t h i s daily ceremony, Reduced Postage and
t h r o u g h o u t t h e country is placed
Mr. Doane's article is t h e conclud- which takes place i n a room a t 19
Are Rather Hdpeful
No u n a n i m i t y of opinion exists as at 36,500,000, representing a recov-
ing instalment of a series t h a t h a s G r e a t Winchester St., " j u s r grew."
Extension of Lines^ T h e u n r e l e n t i n g competitive
to t h e next short swing of the m a r - ery of all losses sustained i n 1932 struggle i n t h e automobile tire i n -
ket. About a t h i r d of the m a r k e t a n d 1933, while advertising linage taken s h a r p issue w i t h m o s t of t h e T h a t President Rosevelt's policy Cut Into Profits , d u s t r y w h i c h t h i s year has'severely,
letter writers t t h l n k t h a t 4;here will for* t h e first, six m o n t h s of the cur- premises of t h e New Deal. h a s altered t h e u s u a l flow from t h e r e s t r i c t e d t h e profit recovery by t i r e
be nohing but Inactivity a n d s t a g - rent year h a s registered a gain of After d e m o n s t r a t i n g t h e u n d e r - world's m a i n producers—the U n i t e d T h e m a j o r domestic air t r a n s p o r t m a n u f a c t u r e r s a n d h a s led t o i n -
n a n t prices, while t h e other two- 17 percent over the corresponding consumption of m a n y elements i n States, Mexico a n d C a n a d a — t o lines a r e expected b y security creasing u n s e t t l e m e n t i n t h e r e t a i l
t h i r d s a r e evenly divided a s t operiod i n 1933. the s t a n d a r d of living, even i n 1929,
China, as a silver-currency c o u n t r y , analysts t o show only m o d e r a t e Im- field h a s entered a new p h a s e with,
w h e t h e r t h e r e will be a small rise An analysis of the distribution of Mr. Doane analyzes the r e m a r k a b l e t h e lapsing of t h e m i n i m u m r e t a i l
national advertising, the Index f u r - shift in. occupations from 1880 t o a n d India, a s a silver-hoarding provement i n t h e second half of tire prices by which the N R A h a s
or a small reaction.
* • * ther says, indicates t h a t in the past, 1030. I t appears t h a t whereas i n country, Has m a d e n o difference. t h e y e a r over t h e i r poor e a r n i n g s a t t e m p t e d t o check excessive p r i c e
few years newspapers have actually 1880, production activities absorbed Once upon a t i m e t h e price of/sil- results i n t h e first six m o n t h s . c u t t i n g since l a s t May.
M u c h more cheerfulness prevails i
tfbout h o m e modernization prospects. increased t h e i r share of the nation- 75 percent of t h e effective popula- ver s?as a r n a t t e r ' O f » e x c h a h g e . T h a t Prof. R a y m o n a Moley, close a d - Reduced airmail postage, e x t e n - Sentiment among m a n y l n d e -
T h e reason is t h a t t h e selling c o m - wide total. I n 1933 they obtained Edwin P . M a y n a r d tion, only 52.9 p e r c e n t was so' oc- was when t h e I n d i a n m i n t s were viser t o P r e s i d e n t Roosevelt, w h o
sion of services, a n d t h e u s e of p e n d e n t tire dealers who as a group;
p a n i e s like J o h n s Manville, a r e now 48.7 p e r c e n t of all national adver- cupied i n 1930. Services', accord- open to t h e free coinage' of t h e will b e t h e guest tonight a t a we ertsrongly i n favor of a further;
s t i m u l a t i n g t h e necessary borrowing. tising, a s c o m p a r e d . w i t h 47 percent ingly, rose from 25 t o 47.2 p e r c e n t metal. Silver was t h e n s t e a d y i n little dinner-conference faster p l a n e s probably will t e n d t o extension of t h e m i n i m u m levels l a
t o b e
T h i s , i t is t h o u g h t , i s w h e r e t h e in 1929. Magazines accounted for
b u r d e n rested in t h e first place, n o t 31.5 percent, c h a i n broadcasting for
with the banks. 10.6 percent, outdoor advertising
C. of C. Oppose of workers.
He asserts t h a t this change, i n -
price.
men. T h i s will b e t h e fourth
increase m a i l receipts a n d reduce t h a t t h e r e l a x a t i o n of NRA p r i c e
After 1873, however, in conse- given b y a dozen leading business- p e r - m i l e costs of t r a n s p o r t lines, c o n t r o l / m a y presage a new wave of
cluding t h e g r e a t expansion of quence of t h e c h a n g e i n t h e m o n e - such meeting to acquaint t h e P r o - b u t t h e s h a r p l y lower a w a r d s f o r w i d e open price cutting in t h e r e t a i l
tary systems of F r a n c e a n d G e r -
R e a s o n i n g i n t h e above seems for 8 percent a n d car cards for 1.2 government services, m e a n s t h a t fessor w i t h t h e businessman's G o v e r n m e n t m a i l c o n t r a c t s a r e e x - field, s u c h as existed prior t o t h e in-i
good. I t m a k e s t h e obligations of percent.
h o m e owners, w h e n a n d if t h e y get "Maintenance of circulation dur-
back t o t h e b a n k s , m u c h better col- ing t h e depression a n d t h e gains
Central Bank the consumer, now h a s barely o n e - many a n d increased production of p o i n t of view on c u r r e n t problems p e c t e d t o p r e v e n t a n y g r e a t i m - t e r v e n t i o n of t h e NRA l a s t Spring, i
t h i r d a s m a n y dollars t o spend o n silver, the rupee s a n k i n value, a n d of industry.
in J u n e , 1893, a n a c t w a s passed ' provement i n revenues.
is
C o n t r a r y t o t h i s view t h e feeling
becoming pronounced amongj
producers' goods as h e h a d i n 1914. T h e t h r e e leading systems o p e r a t -
lateral. closing t o t h e public t h e I n d i a n m a n u f a c t u r i n g interests t h a t t h e !
alreadv recorded," t h e I n d e x - c o n - Since 1929, a m o u n t s expended f o r
Full Indorsement Given mints' free coinage of t h e m e t a l . ing w i t h i n t h e United S t a t e s s e -
i • • • ' cludes, "place the newspapers i n a
Now t h a t R a i l Co-ordinator E a s t - very advantageous position t o r e -
Views Expressed by
physical goods h a v e declined $20,-
000,000,000 while a m o u n t s s p e n t for I t was t h u s t h a t four London
firms which h a d always dealt i n
Gasoline Taxes cured a b o u t $8,500,000 i n mail pay discrepancy between selling; prices!
in t h e first half of 1933, b u t only a n d p r e s e n t costs in the tire I n d u s «
m a n is recommending a c a r r i e r - cover their advertising losses. Na- government have increased $7,000,- about $2,500,000 i n t h e J a n u a r y - t r y h a s r e a c h e d a point which notl
owned, less-than-car-lot service, tional advertisers, especially, will
^ t h e r e i s . s o m e t a l k . t h a t T J , S . F r e i g h t . bo seeking .out. the. m o s t , promising Federal Council 000,000. " I t ' m a y well be • t h e s u b -
silver—the bullion brokers, Pixley
and. Abell,. Moddttd a n d Goldsmid,
merged rock -against which n o t only Samuel Moritagu"&; Co., a n d S h a r p s
ForJ^Y.Rise J u n e t e r m of. t h i s year, according only m a k e t h e prospects for any!
to S t a n d a r d \ Statistics C o m p a n y . f u r t h e r decline i n average retail
m a y become t h e nucleus of such a n m a r k e t s for their products, tending the New Deal b u t our entire W e s t - and Wllkins—came t o gain . t h e , prices h i g h d y unlikely b u t whicbj
Declaring a g a i n s t t h e proposed ern E u r o p e a n civilization m a y b e T h e s e payments, ceased for several
organization. T h a t company built u p to c o n c e n t r a t e on those sections of . Albany, N. Y., Oct. 4 UP)—Motor- also m a k e imperative a p r o m p t cor*
power t o "fix" dally t h e price of m o n t h s , a n d average r a t e s u n d e r
a service based on almost infinitesi- the country where business recov- establishment of a "politically-con wrecked," h o declares. v ists contributed $4,458,912.57 i n m o - last Spring's t e m p o r a r y m a l l con- r e c t i o n i n t h e form of price i n *
mal differentials which proved ery becomes most pronounced, and trolled" central b a n k , a report was the metal. v ^ creases.
F r o m these f a c t s . h e reasons to
highly profitable for a time. These were t h e firms t o which tor fuel sales t a x to New York S t a t e t r a c t s were n e a r l y o n e - f o u r t h lower Competitive conditions i n t h e i n *
t h u s requiring a n elasticity and presented a t t h e regular meeting of the folly of limiting production and buyers a n d sellers i n t h e world i n J u l y , T a x Commissioner M a r k t h a n the year before.
.- • * » flexibility to which newspaper ad- calls s u c h , control, also'price-fixing market t u r n e d a n d whose dealings G r a v e s a n n o u n c e d today. d u s t r y are such t h a t i t is impossible!
I n t h e first half of t h e year, t h e t o predict w i t h
Stock Exchange seats a s "good, vertising is particularly adapted. the Chamber of Commerce of the agreements, credit expansion a n d t h r e e major systems succeeded I n w h e t h e r this feeling will b e t r a n s *
a n y certainty;
clean fun," a s t h e U . S. Circuit There c a n b e little doubt t h a t a s State of New Y o r k today favoring thereby became t h e daily indicator T h e t o t a l ' quantity of gasoline
tariff b a r r i e r s "social poisons."
C o u r t of Appeals ruling i n P r e s i - conditions improve t h e volume of a continuance of t h e Federal R e - of t h e s t a t e of s i l v e r . ; consumed in t h e State was 156,46V e x p a n d i n g t h e i r '• passenger-miles l a t e d into a c t u a l price improve-*
"Unbelievable a s i t seems," h e The ceremony of "fixing" t h e 183 gallons; of which 148,630,419 flown by 17 p e r c e n t a n d t h e i r e x - m e n t .

r
:
d e n t Whitney's income t a x case was advertising will again grow." • j
interpreted, do n o t a p p e a l m u c h t o serve system a n d unqualifiedly i n - writes, "while w e a r e still i n t hprice e has become standardized with gallons w a s t a x a b l e . a t t h r e e cents press p o u n d a g e by 39 percent, while
dorsing the sound mnoey and a n t i - grip of t h e r e a c t i o n from a n t i - the passing of t i m e . t h e n u m b e r of passengers carried FARM PRICE INDEX UP I
t h e risibilities of owners. B wouM social a n d non-economic doctrines a gallon.
t a k e & $250,000 rise i n value t o get
a 'Iselly l a u g h " o u t of t h e m , Brokers'Loans inflation views recently expressed by we a r e a t t e m p t i n g economic resus- I t t a k e s place five days a week T h e receipts for the m o n t h were declined by 3 percent. Lower o p e r a t -
the Federal Advisory Council to the citation t h r o u g h application of e x - at 1:45 p.m. a n d o n S a t u r d a y s a t a h increase of $49,778.97 over t h e m a i l income failed t o m a k e u p for. les F a r m Price I n d e x for t h e montrJ
ing costs a n d t h e increase i n n o n -
B u r e a u of Agricultural EconomJ

ended Sept. 15 was 102, against 991


_ * *. * 11:30 a.m. i n a r o o m a t t h e h e a d - s a m e m o n t h i n 1933 a n d $180,785.16
Federal Reserve B o a r d . actly t h e s a m e identical forces t h a t quarters of S h a r p s and Wllkins.
Holders of California stocks seem
t o h a v e been no end scared by h e a d - Of f $42,678,429 T h e s t a t e m e n t issued by the F e d - came so n e a r wrecking our civiliza-
tion * * * An American afraid of
over, t h e previous m o n t h this year. the d r a s t i c drop i n m a i l revenues. on Aug. 15.

lines of fleeing capital. B u t some eral Advisory Council, which was


production presents a curious spec-
people h e r e apparently are n o t ad- T h e New York Stock Exchange rejected by t h e acting governor of tacle indeed."
_ _
versff~to" buying, "Upton - Sinclair's reports- m e m b e r - c o l l a t e r a l - b o r r o w - , the F e d e r a l ReseWe^BOa'rd for tech
program notwithstanding. ings, a t t h e close of business, Sept.
29, 1934, a m o u n t e d to $831,529,447, a nical reasons, held t h a t a fixed gold T P ^ r l p - p o l J n t t O T l
C o r n P r o d u c t s is" estimated t o decrease of $42,678,429, compared s t a n d a r d was necessary for p e r m a -
have e a r n e d $2.40 a s h a r e i n t h ewith t h e Aug. 31 total of $874,207,876. n e n t recovery, t h a t national income
p a s t n i n e m o n t h s , a s contrasted T o t a l face a m o u n t of Government
with $2.70 i n t h e corresponding securities pledged a s collateral for manipulation, t h a t a definite p r o -
period l a s t year. t h e borrowings included in the above
could n o t be increased by money Off the Market ationa ank of N e w Ifork
total o n Sept. 29 was $44,467,525, g r a m for balancing t h e budget was New Orleans, Oct. 4—Pool cotton
If some of t h e rolling stock seen compared with $66,092,850 Aug. 31.
necessary, t h a t G o v e r n m e n t e n - Head Office: Capital, Surplus
c r o a c h m e n t o n private enterprise is definitely off t h e m a r k e t a n d
around Ne»s York is a fair sample, T h e low point for brokers' loans was wrong, t h a t the rising Govern- w l / r e m a i n off t h e m a r k e t u n t i l
. It won't be the first cost bu t h e u p - since t h e Stock Exchange started
Fifty-five Wall Street and Undivided Profits
m e n t debt was a t h r e a t t o public such a time as by reason of . h i g h e r
keep in t h e reported negotiations by publishing these figures was reached
credit, t h a t tile supply of currency prices certificate holders conclude
New York $166,349*272^04
China for some of our used freight July 31, 1932, w h e n they amounted
• * « to $241,599,943, compared w i t h the was adequate a n d t h a t f u r t h e r i n - to liquidate their holdings by sell-
cars. record high of $8,549,383,979 on Sept. flation would be a calamity.
T h e alcohol distillers are p r e p a r - 30, 1929. T h e report which i s sponsored by ing their certificates t o t h e pool,"
ing for a very cold Winter. T o t a l borrowings against collat- the committee on finance a n d cur- said Oscar G . J o h n s o n of W a s h - .# •u
*'. * ."• eral by members of t h e New York rency, of which Edwin P , M a y n a r d , ington, m e m b e r of t h e Govern-
; World rubber consumption is e x - Stock Exchange on Oct. 1 were 2.57 c h a i r m a n of t h e board of t h ement's cotton pool, after opening Condensed Statement of Condition as of September' 29, 1934
pected t o t o p 1,000,000 t o n s this percent of t h e m a r k e t value of allBrooklyn Trust Company, is c h a i r - bids Wednesday on 1,950,000 bales. INCLUDING DOMESTIC AND FOREIGN BRANCHES
year—a new high record. R e s t r i c - shares listed, against 2.68 percent on m a n , says t h a t irrespective of
tion difficulties a n d London price Sept. 1, a decrease-of 0.11 percent. w h e t h e r the Federal advisory coun- T h e bids were from 124 persons
jitters, also t o o m a n y amateur T h e average m a r k e t value of allcil was within i t s technical r i g h t s in all p a r t s of the cotton belt for . . . ASSETS
speculators, caused the 2^4c slump shares listed o n Oct. 1 was $24.61, in publishing 4ts views, t h e com- an aggregate of 813,268 bales.
Cash and Due from Banks and B a n k e r s ! . .....,... . . . . . . . . $357,9jJ4r714.18 ___
in the past m o n t h . compared with $24.90 on Sept. 1 and mittee is in thorough a g r e e m e n t Practically n o participation t r u s t
• * * $25.32 on Oct. 1, 1933. with t h e council's convictions a s certificates were received. United States Government Obligations (Direct and Fully Guaranteed) • 4 • • • 323,147,967.06
T h e New York Stock Exchange On Oct. 1,1934, there were 1,203 expressed In t h e seven points i t "The pool m a n a g e m e n t is- r e - Notes of Reconstruction Finance Corporation—Due January 10, 1935 49,093,000.00
continues t o p a r e down i t s e m - stock issues aggregating 1,313,378,729 outlined. lieved of the need of selling more State and Municipal Bonds r 72,810,722,62
ployes a n d m e m b e r firms are doing shares, with a total market value of Twenty-one new resident m e m - t h a n 100,000 bale3 a t this time a n d Other Bonds and S e c u r i t i e s . , , , , . . , . 60,866,187.08
t h e s a m e . N o t surprising with s o $32,319,514,504. This c o m p a r e s ' w i t h bresr-ineluding-exeeut^yes-of-eever-al- -may— sell—no—cotton-at—allr—said-
little money coming i n . 1,200 stock Issues aggregating 1,309,- l&adlng corporations, were electd. Johnston. Loans, Discounts and Bankers' Acceptances. .._ ~.. 468.104,720.97
» » * 743,479 shares on Sept. 1, w i t h a Among thse were: " T h e cotton offered Included s t a - Customers' Liability Account of Acceptances ^ 54,968,593.80
Gossip of a reduction i n t h e price total m a r k e t .value of $32,618,130,082. Peter E. Bennett, vice president ple held over from t h e old --farm Stock in Federal Reserve Bank / 6,600,000.00
••• »
of Blue Eagle copper from i t s p r e s - On Oct. 1, 1933, there were 1,212 Bond a n d Mortgage G u a r a n t e e board. I n recent weeks t h e pool Ownership of International Banking Corporation 8^000,000.00
e n t 9c level i s going t h e rounds. stock issues aggregating 1,292,528,228 Corporation; William B . Clarke, sold 50,000 bales of low grade c o t - Bank Premises _„, ^ . . 55,171,240.06
H i g h price interfering -with con- shares w i t h a total m a r k e t value of vice president Bond a n d Mortgage ton t o t h e Federal Surplus Relief Items in Transit with Branches ,. — .„ «. ^ „ , 11,621,339.62
s u m p t i o n , i t i s said.<" $32,729,938,196. G u a r a n t e e Corporation; A r t h u r W. Corporation; and 75,000 bales which
* * • ' • ' , *
Mllburn, chairman of t h e B o r d e n have been replaced with futures
N o dividend* from R o a n A n t e - Company; Dudley H . Mills, presi- contracts. Total sales of 125,000 Total $1,473,622,962.30
lope, because of t h e lowest gold
price o n record for copper abroad,
Farmers Back d e n t Discount Corporation of New bales against which may be allo-
York, and George D . Strohmeyer, cated pool certificates were t e n -
••« • •

is h u r t i n g American Metal, now president Childs Company. dered t o t h e manager. * LIABILITIES •


selling a t t h e year's low.
AAA Projects Capital
Preferred. .$50,000,000.00
A m e r i c a n Telephone gained 60,-
750 s t a t i o n s i n September, b e t t e r -
ing last September's record by tion" in agricultural circles was roll-
8,000. Much of these gains i n s t a - ing u p a heavy
Des Moines, Oct. 4 UP)—An "elec-

majority i n t h e
Commodity Markets S u
Common
r p l u s
Undivided Profits.
77,500,000.00
3 0,000,000.00
8,849,272.04 $166,349,272.04
tions is cumulative, a good thing mid-West today for the leading c a n - R e s e r v e s for: ;".
to remember i n connection with didate—the AAA—early returns
dividend discussions, now— a c u t e , from two States indicated.
again. T h e " e l e c t i o n ' s an mTormarref-
Cotton Easier Wheat and Corn Unearned Discount and Other Unearned Income
I n t e r e s t , T a x e 3 a n d O t h e r A c c r u e d E x p e n s e s
,.,-.','
x 4
2,337,454.22
, 492,523.69
• • • erendum sponsored by Secretary of Dividends
Any day now a big buyer of crude Agriculture Wallace a n d t h e AAA
oil will drop the price sharply, o r to give.a million corn belt farmers
In Fair Trade Make Good Gains P r e f e r r e d . . , ,S , „ . . " 502,267.50
Common 1,550,000.00
60 i t is said. Codes h a v e n ' t been e n - a chance to air their views on con- On the first call the cotton m a r - Chicago, Oct. 4 —Sharp u p t u r n s L i a b i l i t y as A c c e p t o r ^ E n d o r s c r or M a k e r o n A c c e p t a n c e s a n d Bills 64,234,290.77
forced equitably, the r u m o r s have tinuance of a n agricultural adjust- ket was easier. T h e r e was a s h a r p in Chicago grain values took place
it, a n d t h e buyers won't s t a n d t h e m e n t program. Deposits * 1,234,157,154.08
gaff m u c h longer. "Election day" is from now to Oct. increase i n demand for contracts, today, responsive t o a firming t e n - Total > ,.., , $1,473,622,962.30
• ». • 13 when t h e results will be com- although this was offset t o some dency shown In the Liverpool w h e a t
extent by S o u t h e r n a n d foreign v H " I
Some Street quarters t a k e e x - piled a n d sent t o t h e AAA. T h e market. I t was" also asserted t h a t ^^IfifurM of F o r d p i Br*ncliM «r« t i of 8<ptcmb*r 35, 1934
selling. Following t h e opening, con-
ception t o the President's praise of election Judges a r e county farm siderable mill buying entered t h e tho w h e a t m a r k e t here was in a N
England's heterodoxy i n m a t t e r s fi- bureaus a n d county agenta who are sold-out condition a n d t h a t a price
United States Oovcmmcnt Obligation* and other iccuritles carried at $170,655,025.81 in the foregoing
n a n c i a l . T h e y say improvement is in direct supervision of the referen- m a r k e t . statement Are deposited to tccure public and tru*t deposits and for other purposes required by law.
due to a b a n d o n m e n t or modification d u m . T h e voters exercise not the I recovery was overdue.
( Q u o U t l o n i t>T Ol»rke. Chtldt it Kccch.)
of m a n y phases, initiated by t h efranchise of citizenship b u t merely W h e a t closed l t o 1H cents h i g h -
labor government, when the n a t i o n - the franchise of "being a farmer." COTTON er and corn h a d gains of ^i t o % %.
Tte. Friends of higher prices for wheat
alist cabinet took charge-^poiicics Month O p t n . High. Low. L»t«. I A H .
Which are p a r t and parcel of the put m u c h stress o n a n a n n o u n c e -
Foreign Exchange Oct 12.01 12.09 11.96 11.96 12.04
New Deal h e r e .
• .•
Montgomery Ward's September
• C»ble q a . U i l e n . , t p.m.
Dec
Jan
12.19 1256 12.10 12.14 1254
; ^ . 2 0 12.25 12.00 12.14 12.23
M a r c h . . 12.31 12.38 12.22 12.25 12.33
m e n t t h a t t h e C a n a d i a n Govern-
ment marketing agency would n o
longer sell |U holdings until actual
consumers wanted the wheat. No-
City Bank Farmers Trust Comjpany
.sales a r e reported 40 percent above rr««ouj M a y . . . . 12.35 12.43 12.25 12.29 12.38
t h e corresponding m o n t h last year. Put. dot*. T<xl»y. J u l y . . . . 12.38 12.44 12.28 12 32 12.41 tice was also taken of • statements
Head Offict •" 22 WILLIAM STREET • New York
W h i c h should mean a big increase St«rllrnr (»4.866M . . . . . . . . » • 63 I4.9JH
by Chicago trade leaders t h a t the
In t h e prosperity of t h e farm r e - 0 , » o U t ! a n i In C»nt« COFFEE wheat trade of the world evidently
gions.
• • •
FrAnce, f m n c (6.63) 6.63$ 6.636 Dec 10.53 10.60 10.52 10.60 10.55 has had a bad case of "nerves" And
t h a t , in any event, the drastic r e -
Condensed Statement of Condition as of September 29,1934
I U l y . llr» (8.91) 8.63 8.625 M a r c h . , 10.57 10.65 10.57 10.62 10.55
Liquor shares got oft t o a good Belgium, b*!(« (23.S4) 33.44 33.60 J u l y . , . . 10.75 10.75 10.75 10.75 10.62 cent decline of prices and heavy
s t a r t o n estimate* t h a t National OM-mnnjy murk ( 4 0 . 3 3 ) . . . . 4 0 . 6 0 liquidation h a d greatly Improved
40.56
SUOAR the technical position of alt m a r - ASSETS
Distillers would show $5 for t h e6 w i U < r U n d , fr»ix> (33.676) .33,84 33.85
I • year. B u t t h e California pessimism HolliDd, giU'wW ( 6 3 . 0 4 ) . . . . 6 8 . 1 » 61.31 Dec 1.90 1.93 1.901.93 1.89 kets. Cash and Due from Banks and Bankers $ 9,651,094.58
was too m u c h for thorn. J a n . . . . , 1.88 1.90 1.87 1.90 1.86 Despite u p t u r n s of hog values Loans and Other Secured Advances 12,868,734.88
S p t l n , jvN't* ( 1 » 0 3 ) 13.75 1.1.76
• • • March., 1.86 1.88 1.R6 1.88 1.86 and of grains, provisions were easy United States Government Obligations (Direct and Fully Guaranteed).».....
8ire<J«n, Vron* (36.8) . . . . . . 3 5 . 4 5
B . M. T , w a s seen m a k i n g a good K o n r * y , fartnw ( 3 * 8 ) . . . . . 3 4 M
35.43
July..., 1.94 1.96 1.94 1.96 1.90 in t h e absence of Any aggressive
17,389,214.26
point « t the BEG h e a r i n g s in W a s h - D e n m i r k , krott* (94.ft)*.-.,.33.05 33.01 8 c p t - . . . , 1.97 li>9 157
24.78
1.99 1.94 new buying.
Other Bonds, Mortgages and Securities . . . « . - . « . 13,738,526.19
i n g t o n -when ft denied r i g h t of t h a t Stock in Federal Reserve Bank •»«*, . - • . •» «M» w . • « . *M» M t m^k «M» « . * * # * M M M M 1 600,000.00
M1»*r K«ro?**A Rxttuutf* COCOA
body t o injure it* credit by object- AurtrlA, MhlUlnf I H W | „ » M IO.M
GRAIN AND PROVISIONS Bank Premises. . — . . - . « • * • « » - ~ • « - •«"• « ~ . « « — »-» • * . . - — . m— aw> >•» . * . . . . 4,925,365.70
i n g t o decision of Its b a n k e n n o t Ow<*o«l6Y»kl*., kor ( 2 . 9 0 ) , , -4.S4 * . 3 l O e c . . . . . . 4.44 4.44 4.38 4 3 5 4.46 Wheat Other Assets. . « • . * « . AM M a 2,424,626.51
t o register. B u t i t W a tost case a n d TitiUni, m » t k k » (2.41) . . . . J.31 3.31 Jun 4.47 4.49 4.41 4.41 4.51 rr»T
t h e h a r m done is problematical. Mftrch... 463 4.63 4.56 4.56 4.?xl Hl*h. 1 » * . Olonlnt. i Ot ft I . , , , , . . , . , , , , , , ,
t , . 4 „ , , * » « i 0m+ » • « « « « • • • j 61,597,562.12
• « •
O r » « « , dtftchnu (1.30) 0 4 ,94
July 4.89 459 4 5 3 4.83 493 Deo. ,. &',4 97'4 84 M H 95
Hting-urr, p+nfo (1.74*) . , , , 3 0 . 0 4
Professor Moley, once quite a b a t t JiiffltUTU, rtln«r ( 1 . 7 6 ) . . , . 3 3 4 5 3 4 BSpWrrrf
30,04 fi.03 5.04 4.97 4.97 5.06 May. ~-97- ~ 97 Vi 94 H 67'4 96'.«
July
for criticism, seems t o be welcomed ..en* 92H Corn
80 92'i 9 0 %
LIABILITIES
1*\ck with open a r m s . T h e r e have
Polund, tlotjf (18,9) 19.05 1906 mnF.s
been TugweM. fcwVlel a n d some
rot(M«»1. tKttdo ( 4 . 4 2 ) . , , . . 4.44 4 49 Dec 7.60 7.51 7.50 7.51 6.35 Dec. ..74U 74 \ 7 2 S 74 H 72 V* Capital. , . ..-.......,........-.-•«». . . , > . . . . $10,000,000.00
other* in t h e "meantime. Hum»nl». 1MI (0.9J) 1.025 1.028 M a r c h . . , 7.71 7.71 7.71 7.71 6.50 May ..7fl'i 77 75 78 S 76 U Surplus • S i » * 10,000,000.00
July ..76 77 '4 75 77 76 V, • • > • • • • • ( • • • ) * * « •
g « « l h AtriMtfUH f.irbtnf
RUBBER Oats Undivided Profits * • * • • • • I • M M « 2,762,679.71
»U*nt>« AtfM. p'so ( 4 2 . 4 5 ) . . 2 6 . 4 0 26.00 *
Re#erve»-
Public Utility Stocks U m k , lOl (28.00)
Mont/Yldfo. pMO ( 8 1 . 0 3 4 ) . . 8
22.68
1 . 3 3 8 1
32.64
3 8
Deo
JAI1
14.15 14.35 14.03 14.10 14.04 Dec. ..47«4 48 46
14,33 14 34 14.30 14.30 14 17 May ..46'4 47H 45VS 46% 46
47H 47
Deposit*. . ......
******* * * » * • • •*••••!,
M l I I I M < I t t t •« •H I I M « I I •I M I 1 I 1 I t 1 M I i M « I I I I i • i
. . » » . # • . 246,444.83
38,588,437.58
• <5ti«t*<i h» th« N#w Verk"««i»rU]r D«m»ri M a r c h . . . 14.60 14.71 14.42 14.50 14.42 July ,.42 4 2 \ 41 42 «4 4 1 H
M A . A*k
ASSOtfufft* Rio, m'llrtU (11,95) 8 2ft 8,20
May 14.85 14.95 14.65 14,69 14.61 Rye
Total • »»••* • « $61,597,562.12
M * I M M 74V. ?«'/< V».p»r*l*o, ptxo ( 1 2 . 1 7 ) . . . ; i 0 281 10,287 July 1500 15.15 14.85 14,91 14.88 Dec. ..69% 71H 68 70 69 Vt t.iimfriniiMMiiHn J »
dr*i.pf...i * i JW t{fiut1%pt d« 3 3 r » f r«>t»-n r*ffc»nr»
74% 71M 73*4 72 H
/
M Ofc*. n 81 ftonvktf, May .73
OrrnF-p^* * * **
O h i o l B t M M>4
r«p*» ( 3 8 . 4 4 ) , . , . . 3 7 . 1 8 37.18 SILK BARLBY United States Oovcmmcnt Obligations and other sec^iritiM carried at i.7,56«,13..0i in the fore-
jBtofeKti., J«4'V . . . .
I A N UVt . . r # n Ft. pf, SS 87 Honf-kong, doIlM . . . . - « . , . + 0 . 3 0 40.00 O c t . , 1.11 1.11 1.11 1.11 1.10H Dec.., 74 % 73 »4 74 V4 73 Vt going stMemcnt are deposited to seosre trust deposits and for other purposes required by l*.w,
I O lUVt . . , , AhttnfhM, <inn»c . . . . . . . . . . 3 « 5 . 4 0 34.lt Deo., l . l l t f 1.13 l . U t t l . 1 3 M i t t May 7iy« 7iy<. 71V4
r*« M ei n W M O O . > * M 4 0 %
r e f r o h n o v s y*ft ( 4 9 . 8 5 ) , , , . 2 8 . 8 1 3 8 . W
COM n v , n y , $<rttt VtfiA J a n . . 1.13 1.13 M S 1.13 M 3 LARD
48 >A 81 j 0»n*4Iftn Kt*tt*af* M a r . , M3V4 l.UVi M 3 H M3«4 1.14 Oct, 8,75 8.70 8.75 8.80 sens irrs-: .... "V"! ;.-»i.'H'-
340 "liriiif'iiMirln'fii TH'tr-iinnrnnTin-— i - r r i-ir< i *i I'PIWUMHH
Maj^MS M*._l,U-.W4-fcHjy.9M»t>.^fi)lW M». M# •*» U
Untitled Document
,,—,„,_...,_,......,..,..
1,86 B«W8B.I'..l!l'.!MII.'.l'l.»J| f .||| W , l n | W |

!'':.-:, , • :: : ! • ; j !'. i • : 1 :t-8»lMlSHHHrM i i t Thomas M. Tryniski


309 South 4th Street
Fulton New York
13069
i -...,
J I n
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