Evening Star Newspaper, December 31, 1934, Page 17

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FINANCIAL. CURB LIST RULES STEADY T0 FIRM Some Inactive Specialties - Register Substantial Improvement. BY G. A. PHILLIPS, Associated Press Financial Writer. NEW YORK, December 31.—A! steady to firm tone prevailed in most | sections of the curb market today. A number of inactive specialties mndel substantial gains and moderate im- provement occurred in utilities, oils and industrials, Trading was fairly active. Commonwealth & Edison, and Con- solidated Gas of Baltimore, each gained around 2 points and higher prices were paid for Electric Band & Share, American Gas and Cmes Serv- ice. Singer Manufacturing made an ex- treme advance of 62 points and gains of around 1 were made by Pitts- burgh Plate Glass, Lynch Corp., In- surance Co. of North America, Gulf 0il and Aluminum Co. Hiram Walker and Newmont Mining were around Y2 point higher, BONDS ON THE CURB MARKET. DOMESTIC BONDS. High. Low. Noon. Alabam Pw 415 167.. 80% 604 66k Alabama Pow 58 z Aluminum Co 5 1063 106% 106% Aluminum Ltd 79 97 4 32 2 4912 4812 2 9215 9210 80" R0 35 65 a8 Chi Pneu T 51 Chi Ry 5s ctfs Cities Service 5s ° Cit Srv G 65 40% 40 6 6 510 113 1005 i 10000 ia. Bet o Briap Elec P&L bs Federal Wt 5':: Firestone CM Florida P&L ')s Gary E & G Gatineat Pw 35 4 Hous L&P 31,5 D) Hyerade rd 03 A i L Gs A Hirw&ES 2 Indiana_Ser 105 103 10113 101% 104 " 104 101% 101% 100, 100 Stand P & L 65 Bup of TIL 4145 ' Tenn EI Vara Fak s * Wash Gas L 58 York B e Cen Bk Co 6s B Europ Mtz 7s C_ 67+ Itel Su Pow 65 A Terni So_6'as A Un Ind C HE 63 ¢ ww—With Wwarrants. xw—Without warrants. = n—New. Wwi—When issued. st (stp)—Stamped. sNegotiability . impaired by _maturity. tCompanies reported in receivership. STEEL QUOTATIONS NEW YORK. December 31 ().—Steel piices per 100" pounds.” fob. Fittsburgh: Blue annealed sheets. hot-rolled. 2.00: Ealvanized sheets 310 black Sheets. ‘hot- rolied. 2.45; steel blrs MONTREAL SILVER. MONTREAL. December 31 (P (12:30 p.m. closing).—Silver futures closed st High. Low. 55.05 i 7 contracts. Close. 55.05b 56.00b Radio Sales Soar 35 Per Cent Above Volume for 1933 Set, tube and part sales this Fall are topping last year’s rec- ord by approximately 35 per cent in dollar volume, according to telegraphic reports received from radio men ail over the country “It is estimated that sales for the first half of 1935 will exceed even this amazing comeback. “Approximately 4,700,000 radio receivers of all types will have been sold during 1934 thus es- tablishing an all-time record for unit sales. “Radio’s comeback shows a percentage gain far ahead of many other industries. No busi- ness appears to have a brighter future.” Received by Private Wire" Direct to The Evening Star. Stock a; Sales— Ditvidend Rlu Aad 00 llll. Afga Ansco. Afr Investors Alum’n Co of Am. 4508 50 Aluminum Co of Am pf (4%). 1008 73% Am Capital pf (1;2"/;‘). o' B Am City (A) (3).... 258 31 Am Cities Pwr & Lt (B) (k10c).. 4 1% 24 16% Am & For Pw war.100s 2% Am Gas&EI(11.20) 22 20% Am Gas&E] pf(6). 50s 84 Am Investm’t Ine. 1 3% Am Laundry 40c.. 50s 15% AmLt&Trac12Q 4 9% Am Maracaibo.... AmPotash&Chm. . Am Superpower Anchor Post Fen. . Ark Nat Gas (A).. Arvk Nat Gas cu pf. Armstrong C k25¢. Art Met W (t45c). Ass0 Gas&El (A). Asso Tel Utilities, Atl Coast Fisher Atlas Corp. Atlas Corp Auto Vot Mch § Cymamid (B) (k25¢).. . 9 508 25 - O 2 900 00 Babcock& Wil 40c. 1258 Baldwin Lo bd rt Baumann (L) pf. Bickfords pf(2% Blue Ridge Corp Blue Ridge pf( Blumenthal (S Bourjouis(k25c) . Bower Roll B (1) .. Brazil Trac Lt&P.. Bridgeport Mach.. Brit-Am Tob cou B (k94 4-5¢) Brown Forma Buckeye P L (3 Buft NAEPD! 1. Cable Radio vte. .. Cables&Wire(B).. Canadian Marconi. Carib Syndicate... Carnation Co (1).3 Carrier COrp.....e Catlin Corp'n..... 13 ) Celanese 1st pf(7) 175l104‘a 103% 104% 2 13 Ceilulold Corp. Cent & S W Util Cent States Hlec. . Centrifugal P 40c. Chesebrough t11 ‘,,150! 145 ChiR & M k87%c. 14% Childs Co pf. 31 Cities Servi Citles Service pf.. Cities Sve pf BB.. 10s Cleveland Tractor. 1 Club Aluminum... 1 Cohn & Rosenbgr. Colon Of1. 4% 1% 11% 11% 5% % 8 % 24% Eleccv pf(5)... 758 65% Colum O &G vtc.. 2 % Comwlth Ed (4)... 2 Comwlth&So war. 28 Community Water Service.. 2 Compo Shoe(50¢) . Cons Aircraft C AMCo ctfs Cons Gas of Balto (3.60).. 1 52% Consol M &S (13). 408137 Cooper Bessemer. 11 5 Cooper Besspf A.. % 20 4 Court” ldE(kZl%c)‘ Crane. Crane Co pt Creole Petrol'm Crocker Wheeler. . Crown Cent Petm Crn Ck Int A m75c Croft Brewing. Cusi-Mexicana M. 173 .100s Davenp’'t Hos(2).. 1 Derby Oil & Ref. . 6 Distillers Crp- 177 Dohler Die Cast... 3 DominS&C (B).. 1 Dow Chemical (2) 16 Duval Tex Sulph.., 2 East’'n G&F pf(6). 50, 50 | East'n States Pwr (B)..... 1008 Etsler Elec Corp 1 Blec Bond&Share.. 44 Elec BA&S Df(6).. 3 Elec Bd&S pf (6).. 3 Elec Pw Asso 40c., 1 Elec Sharehold’g.. 1 Emp G&E 6% pf.. 50s Emp G&E 6% % pf 255 Emp G&F 8% pf.. 50s Emp Pw part(kl). Equity Corp'n. . ... Europ Elec Ltd (A)(80c)... European Elec Ltddebrts. .. Ex-Gell-O A&Tool. Fairchild Avia Fidelio Brewery.. Fisk Rubber. Flintkote Co (A).- Ford Motor Can (A) (k1%). Ford Mot Can (B) (k1%). Ford Motor Ltd... Garlock Pack’g(1) Gen Alloys. .. Gen Fireproof Gen [nvest Corp. . Gen Rayon Ltd A. Gen Tire & Rub. .. Georgla Pwr $6 f Glen Alden C t1%. Gold Seal Elec. . ... Gorham vic ex k¥ Grand Rapids Varnish (50¢). Gray Tel PayS(1). Greyhound (Del). Gulf Oil of Pa. Hartman Tobacco. Hecla Min (40c) Hollinger G t1.3. Hudson Bay M&S Humble Oil (1)... Huylers of De Hygrade Food Imp Oil Ltd coupon (180c).. Ind Pipe L(t35¢c). Indian Territory I1lum Oil (A).. Insurance Co of North Am (2).. Intl Hydro Elec System cv pf.. 1258 Int Mining (k15¢) 3 Int Petrolm ($2).. 10 Jones&Laugh Stl. 90s Kirby Pet (k10¢).. Koppers Gas & Coke pf (6).. . Kreuger (G)Brew. —_— Lefcourt R pf(1). Lehigh C&N (50¢) . Libby McNeill&L. Lone Star Gas. . Long Island Lt. Louisiana L&Ex. . Lynch Corp (2)... McCord Rad (B).. Maryl'd Casualty. Massey-Harris. .o Mavis Bot A (F).. Mem Nat G(k10¢). Mercantile St (1). Mercantile St pf 7. 50 Merritt Chap & S. Merrit Ch&C pf A. 100s 'm Mid West Ut (r) 6 Mid W UtevpfA. Mock JudVoe(kl). 4 @ HERENL ARNAORE =S & 112 Nat Rubber Mach. Neisner Bros pf(7 125; 92 Newmont M (k1). 1 38 % | Premier Gold 12¢. . 13 % 4w 14214 145 14% 31 1% 113% 11% 5% Baise— Add 00. High. 5 12% 4 3% 5 6 11 Stock and Dividend Rate Y Shipbldg 40c.. Niag Hudson Pwr. Niag Hud P A war Niles-Bem-Pond. . Northern States Power (A)...200s Novadel Agne(2). 2 Ohio Ofl cu pf(6). 100s Outboard Mot(A). Pacific Eastern. ... Pac G&EDf 1.37% . Pan-Am Afr(k50c) 12 3% 12% 3% 9% 2% 90% aw 23, 19% 40% 2 Pennroad Corp. . Penn Mex F k(75¢ Penn W & P (3) Phoenix Secur. Plon’r GM Ltd . Pitney Bo P(20¢c). Pitts Forgings Co. Pitts Plate G 1.60.150s 56% Pratt & Lamb (1). 1 30 4 1% _fl....,_.}mm.n 3 Prod Royalty 2%e¢ Powdrell & Alex Prudential Inv Puget Sound P&Lt 850t Pure Oil of.... Pyrene Mfg Co Railroad Shai Railway & Lt Sec. 50s 6% Raym’d Con pf(3). 250s 21 Reliable Stores 5% Reyburn Co. Reynolds Inv Rice Stix DG (2) Richfield Oil Cal Df (F).oas Root Refining..... St Anthony Gold.. St Regis Paper... St Regis Paper pf. 10 Salt Creek Consol.. Salt Creek P(80¢c). Seaboard Util. Secur Corp Gen Seton Leather. Selected Indus alot ctfs (3%)..100s Shawinigan Wat& Pw(50c). 2 19% Sherwin Will(3)..555s 87% 85% 86l Sherwin-W p£(6).. 40s108 108 108 Singer Mfg t14% . 10s 238% 238% 238% Smith (A0)..... 1008 29%29 29% Sonotone Corp.... 2 1% 1% 1% So AmG&P(k30c). 7 4 3% 4 South Penn01.20. 2 23% 28 234 Southn Calif Edis pf A (1%). 2008 20% 20% 20% Southn Calif BApfB(1%)... 2 1T% 1T% 1T% Southl'd Royt25c. 1 4%as 4% 4% Spleg-M-S pf(6%)100s 93% 9315 931 Stand O1l Ky t1%. 10 18% 18 184 Stand Silver & Ld.. 7 * Starrett Corp pf.., 1 i 20 % 1% 13% % 4 121 19 35 19% 19% 758 11% Sullivan Machine. 25s 1314 Sunray Ofl. « T 1% Sun Invi esung 4 Sunshine M VSlc. Swift & Co (175¢). Swift Intl (2)..... 12y 35 Tampa Elec(2.24) . ‘Tastyeast Inc(A). Teck Hughes(40c) Technicolor, Inc. . Texon O&L t75¢. . ‘Tob Prod Ex(10e). ‘Trans Air & Tran. Trans-Lux DLPS (20¢)., 1 Tri-Conlt Cp war. Tubize Chatil..... PO RN 5w Union Am Invest. 1008 Unit Gas Corp'n. .. Unit Gas Corp pf.. Union Gas of Can. Union Tobacco. Unit Lt&Pwr(A).. Unit Lt&Pwr pf... Unit Shoe M 1414 . 2! U S Elec Pwr ww.. U S Finishing (r). U S Foil (B)160c). Unit Verde Ex 40c - EI Ty 13% 133 8% 3% bt 1% o =ad Utah Pwr & Lt pf (m16 2-3)......1258 15's Utility & Induspf. 1 1% Utilities Pwr&Lt. 2z k) 1% 6 25% 2 16% 258 99 1% » 1% 25% 163 99 Venezuela MexO. ~ 1 ——— Walker (H)...... Walker (H)pf(1).. Westvaco C pf(7). Woolworth (FW) Ltd (k74c). 1 2815 28y Wright Har(t60c) 13 9 8% Dividend rates in ased ast auartedly or' seomi-anigal paye ki xtra. 3Plus 4% ds paid um !en n Plus p Paid last year—no res- I Gompanies reported re- eing reornnm EMPLOYMENT IN STEEL INDUSTRY ON UPGRADE By the Associated Press. NEW YORK, December 31.—Employ- ment and pay rolls in the steel in- *| dustry in November showed increases over the month before, according to the American Iron & Steel Institute, which reported that the industry em- ployed 381,663 persons in that month compared with 381431 in October. November pay rolls totaled $32,937,099, compared with $32,723,909 in October. T dividen: el stock. ular rate. ceivership of | GENERAL BAKING CO o | TO REDEEM DEBENTURES By the Associated Press. NEW YORK, December 31.—Direc- tors of the General Baking Co. have authorized the redemption on Feb- ruary 1, 1935, of all the outstanding $3,916,000 principal amount of 10 year 5, per cent sinking fund deb- entures,u:vmch will be paid for partly out of the Lrensurys cash and by bank loans. LY U. S. TREASURY NOTES. (Reported b RaiBevgrted by ihn D; Barney & So 5 I ERERRRneRE 100 28-32 DIVIDENDS ANNOUNCED NEW YORK. December 31 (#).—Divi- dends declared: Stk. of “ Rate. g, ery Regular. Eureka Pipe Line. -1 General Mills Inc -1 METAL MARKET. NEW YORK. December 31 (). areCopper let: eleqirosstio (Dot and future. Blue .00. Tin steady: spot and nnrb! lnd !Illllre 50.75. Iron qu tt No. f b. Bystern | Punolvanis. 1 Pay- able. 19/00-281 Antimony. 3.72. Alumi oot 1300, " Gicksiiver: 75,5035 50. MONEY MARKET. NEW YORK. December 31 (M.—Call [ioney steady; L per cent ail day, °Time loans steady; 60 dnyl fl months, Prime commercial paper. % l-.nl T 30 : 4 months, q‘ ‘Rediscount rate. ATUTO mon’rs JUMP. Automotive ‘imports into Sweden have jumped nearly 150 per cent yithm a year. ==| FORPRIME BONDS *| James Nolan Cites Pressure of Idle Funds and Federal Policies. James Parker Nolan, president of the Bond Club of Washington and partner in the investment banking firm of Folger, Nolan & Co., considers | Jo the outlook for bonds in 1935 as favorable, al- thuulh he added some reserva- tions. After as- serting that it was exceptionally difficult to say very much re- garding bond prospects, Mr. Nolan said: “In an ex- tremely foggy picture, the out- look is none the less favorable to & continued strong market for high- grade bonds in the foreseeable future. This is so by reason of, first, the in- creasing pressure of institutional money seeking safe investment and, second, the clear intention of the Roosevelt administration to use Gov- ernment powers as a leverage on in- terest rates. “The effects of Government action are difficult to forecast until the nature of the actions is known. At the year end, for example, investors are confronted with major uncertainties as to the budget and the kind of bank- ing legislation which the administra- tion will sponsor. The probabilities are that the President will try to pursue a middle-of-the-road budget policy, meaning broad discretion as to expenditures with an expressed in- tent to use them only to the extent necessary to meet urgent socia! and political problems. As to legislation, the probabilities favor broader Government powers, operat- ing through the Federal Reserve Board, to initfate credit policies such as those governing open-market opera- tions and rediscount rates. “If the first assumption, as to the budget, is correct, the President should be able to prevent an early develop- ment of a fear-inflation psychology of a magnitude that would seriously undermine the bond market. If the second assumption is justified, it means that the Government would be preparing the ground for a flotation, at the earliest ‘possible moment, of long-term bonds at interest rates sub- stantially under those now obtaining. “Of course, the foregoing analysis can at any time be temporarily upset by threatened congressional action and can be almost permanently modified if it appears that the Gov- ernment’s expenditure program has got out of control.” By the Associated Press. CHICAGO, December 31.—Year-end rallies lifted grain values just before the finish of dealings today, but top James P. Nolan . figures were not well maintained. Wheat went up to $1 a bushel for May contracts, and corn rose to 90 cents for May. Reports of severe dust & | Storms in parts of Kansas and Okla- homa had some late stimulating effect. ‘Wheat closed irregular 33 off to % up, compared with Saturday's finish, May, 991,a%; corn, %ald advanced; May, 89%a7; oats, Y4a2% higher, and provisions showing 15 to 35 cents Open. Hah low. 3 $1,005,000,000 Fourth Liberty 4% per cent bonds. | Wheat, No. 2 hard, 1.06%; corn, new, No. 2 yeliow, 93!2a95; No. 2 white, 1.02%; oats, No.” 3 white, 55a56; No rye; barley, 75a1.22; no buckwheat; soy beans, No 2 yellow, 1.17, net track country station; timo- thy seed, 16.50a17.65 hundredweight; clover seed, 15.50a22.75. Liverpool Grain Prices. LIVERPOOL, December 31 (#).—Wheat (1 p.m. close) futures closed barely lleld! High. Low. December ... ...« New York Cotton By the Associated Press. NEW YORK, December 31.—Cot- ton futures opened steady, unchanged to 5 higher on trade and foreign buy- ing. January, 12.59; March, 12.71; May, 1280; July, 1284; October, 12.69; December, 12.76. January was held back by some liquidation brought ‘out by the issu- ance of a few additional notices, while later deliveries were generally®2 to 5 points higher at the start. Liverpool, the continent and Bom- bay were reported among the early buyers, but the advance which carried May and July contracts to the highest prices since last September met con- siderable realizing. There was also some selling of October, believed to. be against operations in pool cotton. This was sufficient to supply the initial de- mand, and business tapered off slightly after the call, with prices reacting a few points from the best. March, after selling up to 12.72, re- acted to 12.69, while October eased off from 12.69 to 12.64, with active months ruling net unchanged to 2 points higher at the end of the first half hour. Cottonseed Oil. Noon closing: Bleachable cottonseed ol futures closed steady; spot, un- quoted; January, 10.90B; 10.70B; March, 10.78-79; April, 10,80B May, 10.89; June, 10.90B; July, 10.94B; sales 117 contracts, includ- ing 14 switches. B-Bid. of ihe | budget by 742 MUNICIPAL BONDS ending June 30, 1934) and contemplates new financing of 1 dollars—six billion new borrowing and four billion refunding. January 8—The United States Supreme Court upholds the constitutionality of the Minnesota mortgage moratorium law, in a five-to-four de- cision. Alexander Troyanovsky, first Soviet Am- bassador to the United States presents his creden- tials to President Roosevelt. January 9—The of the new session of the French Chamber of Deputies is the oc- mllr for street rioting protesting the Stavisky January 11—The new silver-purchase plan takes effect. Under its provisions the Government will pay 64% cents an ounce for newly-mined domestic silver. The open market price for other silver, not eligible under these terms, is 44 cents an ounce. January 15—In a special message to Congress President Roosevelt asks power to revalue the dollar at between 50 and 60 per cent of its former parity and, if necessary, subsequently to revalue iit within those limits. The increase in value of the 3.6 billion held by the Federal Reserve Sys- tem shall accrue to the Treasury and 2 billions of it shall be employed as an exchange equalization fund. January 24—$1,000,000,000 new financing by the Treasury is oversubscribed nearly five times. January 28—The Ohautemps ministry resigns. Former Premier Daladier forms a new cabinet January 28 January 30—The President signs the gold re- serve act. Its essential provisions give the Treas- ury title to all gold held by the Federal Reserve System against corresponding credits, require the melting down of gold coin ad use of bars only for export, and remove gold clauses from currency reserve and redemption requivements. January 31—By establishing a buying price of $35 an ounce President Roosevelt revalues the dol- lar at 59.06 per cent of its old parity. February. February 1—The Federal Reserve Bank of New York reduces its rediscount rate from 2 per cent to 1) per cent. The stock market is up sharply with a volume of 4,713,000 shares. The bond market is also strong in the largest day's turnover since 1930. February 2—Dollar goes to 6.6 per cent pre- mium, sterling 4.87, franc 6.20. An unprecedented gold flow from Europe sets in; the shipments are limited only by shipping capacity. February 4—The New York taxi strike is set- tled after a period of widespread disorders. February 7—Premier Daladier resigns follow- ing a night of rioting approaching civil war in intensity. Former President Doumergue is called to form a coalition cabinet. February 8—The Federal Reserve Bank of Boston reduces rediscount rate from 22 per cent to 2 per cent. The Bank of France raises its re- discount rate from 2%; per cent to 3 per cent in consequence of the heavy outflows of gold since the revaluation of the dollar. February 8—Postmaster General Farley can- cels all airmail contracts, announces the United States Army will fly the mail temporarily. February 13—Austria is in a state of virtual civil war. The government and Heimwehr forces take strong surprise action against Democrats. February 15—The situation in Austria quiets down. February 16—$100,000,000 gold arrives in New York, the largest amount ever received in a single day. The German standstill agreement is extended for another year. February 27—Gen. Johnson proposes a 12-point revision of the N. R. A. after a “field day” for criticism. February 28—Imports of gold have practically ceased, due to the dollar being so close to the gold-point as to remove most of the possibility for profit, as well as to pressure by European govern- ments. Gold imports at New York during Feb- ruary amounted to $382,613,000. March. March 1—Henry Pu Yi is enthroned Emperor of Manchoukuo. March 2—President Roosevelt asks Congress for authority to negotiate tariff treaties and to raise or lower existing tariffs up to 50 per cent. March 5—8Supreme Court upholds the legality of the State of New York's fixing milk prices. The President, in an address before the code authorities in Washington, asks industry to increase wages, shorten hours and employ more workers. March 13—The Ford Motor Co. restores the $5-a-day minimum wage, effective for 47,000 of its workers. March 20—The President succeeds in postponing the eutbreak of the threatened auto strike. March 25—Automobile strike definitely avoided by compromise. R. F. C. reduces the interest rate on its“capital notes and preferred stocks to 4 per cent, effective for five years. March 28—The Senate passes over the Presi- dent’s veto the independent offices appropriation bill. By restoring Federal pay cuts and increas- ing payments to veterans this bill increases the $228,000,000. March 31—The British government closes its fiscal year with a surplus of £31,148,000. April. April 1—A Soviet merchant ship, the Kim, enters New York harbor for the first time in history. April 3—Treasury calls for redemption April 15, Three and one-quarter Treasury bonds are offered in exchange for the Fourth 414s and also for $244,234,000 3 per cent Treasury notes due May 2. State of New York borrows $50,000,000 by a long- term bond issue at an average cosi of 2.887 per cent, the lowest rate in its history. April 4—General Motors raises prices on all its llnes' April ¥9—N. R. A. settles a strike of 5800 employes of the Motor Products Corp., Detroit, who receive a 10 per cent increase. April 13—Senate passes tax bill to raise ad- ditional $481,000,000. April 15—President Roosevelt expresses him- STAGE COMEBACK Steel Conditions Regarded as Best In Recent Years FINANCIAL. Shadows of Great Chang es Cast in 1934 STRIKES AT HOME AND REVOLTS ABROAD mGl-l WITH HIGHER PROFITS. self against any silver inflation, wishes ‘to appropriate $1,500,000,000 for continuation of the relief program and adjowrn by May 15. April 22—A railroad strike is threatened over continuing the 10 per cent wage reduction until January, \1985. April 26—The pay cut is restored to railroad labor in three steps, 2% per cent July 1, 21, per cent January 1 and 5 per cent April 1. Incrcase, affecting approximately 1,000,000 workers, will ultimately mean an increase of about $12,- 000,000 a month. April 27—New York State creates a commis- slon to revise the charter of New York City. April 28—King Victor Emmanuel, at the open- ing of Parliament, expresses the intention of building up armed forces; of remaining on the gold standard, and of balancing the budget, April 30—An international five-year plan for regulation of rubber exports and production is signed at The Hague by representatives of nearly every country concerned. Unlike the former Ste- venson plan, there is no attempt at price-fixing. Steel ingot production has risen to 56 per cent of capacity the past week, a rise of seven points in two weeks. The two-billion-dollar stabilization fund, arising from the profits of gold revaluation, is entered on the books of the Treasury. The Austrian Parliament votes to dissolve for- ever, after passing, as an emergency decree, the Austrian Constitution, making Dollfuss virtually & dictator. May. May 1—The Philippine Legislature votes to ac- cept the Tydings-McDuffie act, which will give independence to the Philippines in 10 years. ‘The House defeats a proposed 10 per cent super- tax, which would have added 10 per cent to the amount of each income tax return. May 2—Canada will tax profits accruing from the premium on gold 25 per cent. May 5—Attorney General Cummings holds that Great Britain, Latvia, Italy, Czechoslovakia, Lith- uania and Finland have not defaulted within the meaning of the Johnson act. Russia is held to be a defaulter on account of Kerensky bonds. May 5—Ten issues of United States bonds make new highs in strong upward movement. May 7—Great Britain imposes quota cutting import of textiles from Japan 57 per cent. May 10—Announced that token debt payments will not avert default. Department of Agriculture forecasts Winter wheat crop about 70.9 per cent of normal; rye, about 67.8 per cent of normal. May 19—A Fascist coup takes control in Bulgaria, aided by the king; troops are occupying strategic points and Socialist leaders have been seized. May 20—The Darrow report is made public. Criticizes tendency toward monopoly and stifling | small businessses. May 23—The administrafion silver bill is sub- mitted to Congress—it calls for increasing the amount of silver in the money base up to ulti- mately 25 per cent, for buying silver in the open market at a price not exceeding 50 cents an ounce, lmdfl 'r:r 2 50 per cent tax on speculative silver profits. June. June 1—Henry 1. Hopkins, relief administrator, makes initial drought-relief allocation of $5,500,000. June 2—Gen. Johnson averts a threatened tex- tile strike. The Toledo strike is definitely settled. The volume of trading on the New York Stock Exchange for the week ending June 2 is the smallest in 11 years. June 4—The British government, while denying repudiation, announces it will “suspend” war debt installment payments. The installment due June 15 will not be paid. June 5—New margin requirements are made known, to become effective October 1. June 6—Treasury $800,000,000 financing sub- scribed more than euht times. June 7—The N. R. A. announces a new policy against price-flxing. June 13—Belgian, French and Czechoslovakian nowz received in Washington, advising non-pay- men " June 14—Dr. Schacht announces a complete transfer moratorium on all foreign obligations, beginning July 1; also announces his intention of keeping the mark stable. June 18—Congress adjourns sine die after pass- ing national housing bill. June 19—The President signs the silver purchase act of 1934, which provides for buying silver at not | more than 50 cents an ounce until one-fourth the value of the monetary stocks shall be in silver, and provides a 50 per cent tax on profits from specu- lation in silver. Bank deposits continue to rise | at the rate of 20 to 25 per cent per year. June 29—Kuhn, Loeb & Co. announce $50,000,- 000 Pennsylvania Railroad 4%;s, due 1984, at 975, the first offering of this magnitude since the secu.ri- ties act of 1933. President signs Frazier-Lemke bill. June 30—President Roosevelt, before leaving for a month’s cruise on the Houston, named Joseph P. Kennedy, chairman, and the other members of the Securities and Exchange Commission; named the Communications Commission, and created the Labor Relations Board, which will be an independ- ent body for settling labor disputes instead of the N. R. A, July. July 4—The German government agrees to meet interest requirements for the next six months on Dawes and Young loans held in England. July 5—National Guard troops take control of the San Francisco water front after a hundred are injured and two killed in fierce rioting. July 11—Gen. Johnson issues basic code for previously uncoded industries. July 16—General strike becomes effective in San Francisco. July 19—San Francisco general strike called off. July 21—The President appoints National Medi- ation Board to arbitrate railroad labor controversies. July 22—Treasury announces an offering of | $100,000,000 Federal Farm Mortgage Corp. bonds, 3 per cent, due 1949. July 24—Tubize Chatillon announces that its Hopewell, Va., plant, closed since June 29 on ac- cclmm of 'labor troubles, will remain permanently closed. July 25—Austrian Nazis kill Dollfuss in attempt to seize power. July 27—After two' days of savage fighting throughout Austria, Schnussnigg is made Chancel- lor, Starhemberg vice chancellor; they are in sym- p-chywlmmapnhduotbo!lm Von Papen is sent to Vienna as special en JWII—WMMMM August. August 2—Reichs President von Hindenburg dies. Hitler consolidates the office of President with the chancellorship and does away with the title. Presidential proclamation decrees that all silver bullion be turned into the mints within 90 days— the Treasury will pay 50.01 cents an ounce for such silver. This applies only to silver situated within the United States on August 9. Secretary Morgen- thau implies that the Treasury is prepared to sell silver, if necessary, to prevent speculative activity. August 9—President, in Green River speech, says New Deal is here to stay, emphasizes need for in- dividual to conform to regulations and social re- form measures. A general textile strike is threatened to start August 13, growing out of the Alabama strike. August 13—Securities and Exchange Commission publish the regulations for the registration of securities. The P. W. A. is now furnishing direct employ- ment to 675,000 and disbursing $39,000,000 a week. August 24—United States and Cuba sign recipro- cal trade treaty, the first to be signed under ihe new bargaining policy. August 22—Contracts are awarded for the con- struction of 24 warships; the Navy Department will also recommend building 14 destroyers and 5 submarines. August 31—Lewis Douglas resigns as director of the budget, succeeded by Daniel W. Bell. September. September 2—Donald Richberg predicts that 20,000,000 people will be receiving Federal relief by Midwinter. September 7—The Treasury is reported to have stopped buying silver abroad temporarily because of the effect on the dollar. September 19—The New York Tobacco Exchange, constituting an organized market for tobacco fu- tures, opens for trading. September 18—Soviet Russia is admitted to the League of Nations. September 25—Gen. Johnson resigns as national recovery administrator. It is planned to reorganize the N. R. A. September 25—Attorney General Cummings rules that H. O. L. C. and F. F. M. C. bonds are unconditional obligations of the Government. There has previously been several points spread between these bonds and Government bonds. September 27—The Federal Reserve Board issues margin regulations to go into effect October 1. September 28—The Chinese Minister protests that the silver policy has raised the value of Chinese currency and injured their foreign trade. October. October 1—Gen. Johnson leaves office. October 3—Transportation Co-ordinator East- man recommends to the railroads a common pool of all freight cars. October 6—A revolutionary general strike against the Lerroux government results in serious disorder. Catalonia secedes from the Spanish Republic, government proclaims martial law. October 7—The revolt in Spain has been sup- pressed after 500 are killed and 5,000 insurrection= ists are jailed. Barcelona yields. October 9—Alexander I, King of Yugoslavia, is assassinated in Marseille while on an official visit to France. Louis Barthou, French foreign minis- ter, also killed. October 13—Doumergue cabinet survives crisis following assassinations at Marseille. October 15—New margin rules of the Federal Reserve Board go into effect; in general, require- ments are more liberal than those formerly opera- tive. Silver reaches price of 55% cents an ounce, highest in five years, because of new Chinese ex- port tax. October 21—F. D. I. C. figures reveal deposits in 769 New York State licensed banks are up $1,300,000,000. October 27—As a result of strike violence, A. & P. closes their 428 stores in Greater Cleveland. October 30—International Institute of Agricul- ture predicts 1935 wheat crop of exporting coun- tries will be smallest in 10 years. November. November 2—President extends automobile code until February 1. November 3—A. & P. labor dispute in Cleveland settled. Three hundred stores will open there next week. November 6—Elections result in Democratic sweep. In next Congress, 322 seats in House and 69 seats in Senate will be held by Democrats. November 8—Doumergue cabinet resigns; Pierre Flandin new French premier. November 12—Secretary Morgenthau removes all foreign exchange restrictions except on gold. November 13—Belgian cabinet resigns because of monetary crisis; action causes disquiet to “gold bloc.” Exports of serap metal during first nine months of 1934 two and a half times those of 1933 period. November 15—Communications Commission or- ders investigation of American Telephone & Tele- graph. December. | Great Britain and United States protest Jap- | anese oil monopoly in Manchoukuo. | Nine hundred million dollars Government se- curities sold in single day; offering heavily over= subscribed. France and Great Britain inform State Depart- | ment that they will not make debt payment due \December 15. Belgium and Italy also will default. As usual Finland will make the payment called for Telephone service initiated between Tokio and New York. The dispute between Yugoslavia and Hungary is adjusted by the League of Nations. Retail trade makes notable Christmas gain. President and Congress set for impending leg- islative session with Byrns of Tennessee chosen | Speaker of the House. EXPECTS BUSINESS |Activity Mounts TO BE MORE EVEN| Further at Steel Plants in Week February, | of Prices of Many Issues Swing From Lowest to Highest Levels in History. No branch of the securities business has experienced greater changes with- in the last year ‘than the municipal bond field, says Frank H. Morse of Lehman Brothers. “The financial recovery of cities throughout the country has been ac- companied by a swing in the prices of many municipal bonds from the lowest to the highest levels in their history,” he declares. “In the early months of the year only municipal securities of the high- est grade were salable at any price and there was literally no market for second or third grade municipals.” In the latter part of 193¢ some of the high-grade municipals were selling above United States Government se- curities, while certain second and third grade bonds had recovered from 50 cents on the dollar to around par. Municipalities with unimpaired credit standing were able to borrow at record low interest rates. “The causes underlying this rise hueheenbuednatonlyonmim~ provement in the h:l-'rl'lc of the securities, money and the scarcity of m new issues nn-n‘:‘!:l pelm improvement in the of municipalities throughout the GROCERY LULL ENDED. NEW YORK, December 31 (#)- mflutmmsrkfivm finluraumn(h-m Great Eritain Is planning %0 spend more money on civil & By the Associated Press. CLEVELAND, December 31.—As 1935 approaches, conditions in the steel industry end in general busi- ness appear more favorable for a measure of recovery than in any re- cent year, Tom M. Girdler, chairman and president, Republic Steel Co., clared in a year-end statement. “How far this recovery will go,” Girdler declared, “will depend largely on the extent to which returning confidence stimulates long-term in- vestment and increasing activity in the capital goods industries.” “A hopeful sign,” he said, “has al- appeared in the expansion of orders for machine tools and various kinds of equipment, evidence that manufacturers are planning increased activities. It is my opinion that such plans are well justified.” LT R REO EXECUTIVE POINTS TO PRODUCTION GAINS “Reo Motor Car Co.'s production gains in 1934, and its strong financial position, stand out impressively when compared with the progress made by the industry as a whole during the year,” says George L. Brown, secre- treasurer. "‘l’mflmqyiato{pmenmmlnd speedwagons during the year just showed a gain of 66 per cent ‘| over 1933 and 137 per cent over 1932. “Reo is in a splendid position to take advantage of an enlarged mar- ket. Current ratio of assets to lia- bilities continues to remain one of the highest in the industry.” IMPORT ORDERS HEAVY. NEW YORK. December 31 (P)— made porters Dr. Lionel Edie Believes Changes Will Be Less Pronounced During Next Year. BY the Associated Press. NEW YORK, December 31.—Busi- ness should ride on a more even keel " |in 1935, Dr. Lionel Edie, well known Wall Street economist, said in sur- veying the outlook for the New Year. Pointing out that 1934 saw sharp swings up and down in the economic field primarily because of the drovght and the bunching of steel orders in the second quarter to avoid a price in- crease, Dr. Edie felt that with such factors out of the way, the 1935 Spring peak in business should be less pro- nounced and the Summer slump less exaggerated. A collapse in the gold bloc cur- rencies some time in the new year is seen by this business observer as a major possibility. “How equilibrium can be brought about without devalua~ tion of the franc, it is difficult to see,” hz‘_Rled. o general expectation of indus- trialists is for a fairly good the the capital goods industries. RUG TRADE DEPRESSED. Declining demand in the United shunmrhlfl:moflemalnm has dustry in Persia. ed the rug in- By the Associated Press. CLEVELAND, Ohio.,, December 31. The Magazine Steel, in its weekly sur- vey of conditions in the steel industry, declares operations in the last week were up to 39 per cent, an increase of 1 points from the preceding week. This brings the national average for the year to approximately 37 per cent, compared with 34 per cent in 1935 and 19.7 per cent in 1932, Production of steel ingots and cast- ings in the year, with December esti- mated at 25,953,000 gross tons, was 11.7 per cent above 1933, while coke pig iron 16,032,000 tons, increased 20.4 per cent, the survey states. Estimates Still Higher. NEW YORK, December 31 (#).— Steel production during the current week is estimated by the American Iron and Steel Institute at 39.2 per cent of capaeity, compared with 35.2 per cent a week ago and 28.8 per cent a month ago. The increase of 4 points over the preceding week rep- resentu-pucenmnmollupex cent. At this time last year operations were at the rate of 29.3 per cent of capacity. COTTON GO0ODS DEPLETED. NEW YORK, December 31 (P)— The delivery. rituation on a number of cotton textile it will oecome scute by next month.. In addition to a thor- ough depletion of mill manufacturers are reported sold four to six weeks in advance. FERTILIZER IN DEMAND. tion of the six-day week, thus abolish ing the compulsory onc-day-a-week holiday in force for some tima.

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