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The
0111inettiat
Volume 136
financial
•
1
oroittri,
t
New York, Saturday, April I 1933.
Number 3536
The Financial Situation
TN THE general welter of legislation that is now
cies of the Government, meaning the Labor Bureau,
"the facts relating to the cost of living in the United
1 emanating from Congress, at the instance of the
President, some of it of a highly constructive nature r States during the six-month period ended June 30
and others of problematical value, there has come 1928 to be known as the base period, and upon the
the present week one development of promise for basis of such facts and the application thereto of
the future which should not escape notice. It is such principles as he may find proper, determine an
well known that one of the biggest obstacles in the index figure of the cost of living during such period.
way of trade recovery is the attitude of union labor The President is further authorized to make a simiin resisting wage adjustments to lower levels in lar investigation and determination of an index
accord with the decline in the cost of living. figure of the cost of living during the six-month
William Green of the American Federation of Labor period ended Dec. 31 1932 and each six-month
has this as his only stock in trade, the declaration period thereafter."
which he is forever proclaiming being that there
The Economy Act further provides that the Presimust be no lowering of wage scales. In this he dent shall announce by executive order the index
furnishes unconscious self-testimony to the fact that figure for the base period and for each subsequent
he is a back number, wholly ignorant of the effect of period determined, and the percentage by which the
what is going on in the economic world. Yet Con- cost of living index for any six-month period is
gress is disposed to listen to his utterances, and lower than the index for the base period, is to be the
most of the time is inclined to be governed by his percentage of reduction applicable in determining
wishes in all matters relating to labor. The Presi- the compensation to be paid Government employees,
dent, too, has been inclined to yield to the demands with the limitation, however,that the reduction shall
of labor and to listen to the appeals of union labor, not exceed 15%. The Department of Labor found
and especially the appeal that in fixing wages there that with 171.0 as the base period for the six months
must be no reduction in the American standard of ending June 30 1928, the index figure for the six
living.
months ending Dec. 31 1932 was 133.9%,indicating
The present week the developments have indicated a reduction in the cost of living during the four
a growing disposition on the part of the President and a half years of 21.7%. The President accordto recognize that under new economic conditions ingly ordered a reduction to the full 15% permitted
labor cannot escape adjustment to the declining to him under the law.
level of commodity prices, any more than anything
Both are significant facts, namely, that it has
else. In two separate instances Mr. Roosevelt has been officially established that in this period of four
made it plain that in determining wage scales he and a half years the cost of living has declined
means to be governed by considerations relating to 21.7%, and secondly that the President has not
the cost of living, a decline in such cost furnishing hesitated to order the full 15% reduction which he
warrant for adjusting wages to the decline, this rule is permitted to make under the law. Labor unions
applying both in the case of the compensation of all over the country, which are fighting so strenuGovernment employees and in the case of the rate of ously any reduction at all in wage payments, should
pay in schemes where the Government undertakes to take notice of this reduction of 21.7% and should
find employment for the large army of idle persons. be governed accordingly in determining their relaThe first case arose in determining the reduction tion thereto. The President's order gave only the
in the Government payroll as part of the scheme for general figures referred to, but Associated Press
balancing the budget of the Federal Government, dispatches from Washington tell us that the Labor
which is one of the great essential requirements of Department's compilation was based upon statistics
the day. On Tuesday (March 28) the President which it has been compiling monthly for a long
issued an executive order making a salary cut of period of time. The compilation showed a reduction
15% in the case of virtually all employees of the in the cost of living between 1928 and December 1932
Federal Government, effective April 1. The order of 23% for the country at large, and of 21.7% in
was issued under the authority granted the Presi- Washington, where many of the Federal employees
dent in the Economy Act passed by Congress at live. The Labor Department also specified the folhis request and approved by him on March 20 and lowing reductions in different items of costs: Foods
is calculated to effect an annual saving of $125,- 37%, clothing 25%, rent 24%,fuel and lights 13%,
000,000 to $130,000,000. The Act authorizes the house furnishings 26%, miscellaneous (including
President to investigate through established a gen- doctors, medicines, street car fares, moving pictures.
2106
Financial Chronicle
newspapers, telephones, laundry, toilet articles and
tobacco) four-tenths of 1%.
The second instance in which the rate of pay has
come up was in the case of President Roosevelt's
bill for unemployment relief through reforestation.
This bill authorizes the President to employ men for
work in reforestation, flood control, prevention of
soil erosion, plant pest and disease control and fire
prevention, and similar work in the public domain,
National or State, "furnishing them with such subsistence, clothing, medical attention and hospitalization and cash allowance as may be necessary during
the period they are so employed." It is estimated
that work for at least 250,000 idle men can thus
be found. The House of Representatives passed
the bill in the form desired by the President, but in
the Senate the Education and Labor Committee
struck from the bill a stipulation that these men be
paid one dollar a day (in addition to board), substituting instead a "cash allowance authorization."
This was done to meet objections from organized
labor that to designate a fixed wage would be to set
a standard wage for common labor. The President
then notified Congressional leaders that he accepted
the Senate amendments. It was stated in Washington news dispatches that the elimination of the
specification of one dollar a day would place upon
the President the responsibility of fixing the rate
at that figure, and this responsibility, it was stated,
he was prepared to assume.
Because of this and other Senate amendments the
measure had to go back to the House of Representatives, and it was there that an exhibition was furnished of the overwhelming sentiment behind all the
measures desired by President Roosevelt. Labor
leaders made strenuous efforts to defeat the bill, or
at least to amend it so as to provide a higher rate
of pay, but all these moves failed. As indicating
the strenuous opposition of the labor unions, the
Washington correspondent of the New York "Herald
Tribune" indicated as one of the distinctive incidents of a six-hour debate in the House "the measured declaration of Representative William P. Connery Jr., Democrat, of Massachusetts, Chairman of
the Labor Committee, of 'his authorization to state'
that 'organized labor in its entirety, from Mr. William Green down, is against this bill.'" But, notwithstanding this opposition by organized labor, the
House passed the bill by an overwhelming vote. Mr.
Connery offered a substitute bill providing a minimum wage of $50 a month in the case of single men
and of $80 in the case of married men, but this substitute was voted down by the decisive vote of
290 to 90.
We lay stress upon these various developments
regarding wages because they show a firm resolution
on the part of the President to be governed by economic conditions in the matter of rates of pay, and
because this indicates a trend in the right direction
in the face of the determined opposition of organized
labor. In striving to bring back trade activity the
two things which are an absolute prerequisite are
avoidance of currency or credit inflation and efforts
to get the labor unions to see that they are standing
in their own light when they resist adjustment to
the economic situation in the matter of wage scales.
It stands to reason that old labor costs cannot be
maintained when prices of everything else have
dropped to inordinately low figures. Means ought
to be taken everywhere to bring home to the mis-
April 1 1933
guided individuals who by their mistaken attitude in
that respect are doing so much to retard the revival
of trade, thereby to give employment to the vast
army of the idle.
And it seems to us it would be well to make a
beginning with organized labor on the railroads.
The President and his advisers are said to be actively
at work on plans to rehabilitate the railroads, now
in such dire distress. The railroad brotherhoods
grudgingly agreed to a six months' extension of the
10% reduction in wages which was put into effect
early in 1932, and their leaders are still talking of
a six-hour day and a five-day week, but a 10% reduction is not sufficient to meet present requirements,
and the great drop in living costs furnishes full warrant for a much larger reduction. Raising transportation rates as the alternative is obviously out
of the question. With agricultural products ruling
at such abnormally low figures, the agricultural
classes are in no condition to pay higher rates for
transporting their products to market, and the
same may be said of the products of manufacture
and of the mines, all commanding extremely low
prices. The President's plans are said to include
provision for new economies through the elimination, by pooling and other means, of unneeded and
duplicated train service, and efforts in that direction
cannot be too vigorously prosecuted. But when all
is said and done, the fact remains that labor costs
constitute the main item in the total cost of the railroad service, and railroad labor must contribute its
part to the general reduction in expenses, especially
when there is full warrant for reduction in pay
schedules because of the great lowering of the cost
of living.
The plans under consideration at Washington for
the rehabilitation of the railroads are said to involve
some changes also in the form of Government control. If advices from Washington are to be believed,
the plans under consideration involve even dispensing with the services of the Inter-State Commerce
Commission and putting the railroads under charge
of some department head. We are not certain
whether this would be wise or would be practicable.
Something, however, should be done to deprive the
Commission of its great powers for mischief. It certainly cannot be denied that the railroads at the
hands of the Commerce Commission and under its
control, have suffered infinite injury. Their helpless condition to-day is in no small part attributable
to the mistaken policy pursued by the Commission
during almost the whole of its existence. But if the
Commission is to be abolished, nothing obviously
would be gained by selecting as head of the department which is to exercise supervisory control over
the carriers, one of the present members of that
commission. The whole Commission has lost caste
in the eyes of the community, and confidence in its
future work could not be restored by picking out
some one of the present members of the Board and
placing him in undisputed control of the entire railroad system of the country.
If there is to be some new method of control,some
man ought to be chosen from the outside who could
pass impartially upon the action and work of the
Commission, not someone who has had part in that
work and has shared in the blunders of the Commission.
But whatever change is made, and whatever is
done, care should be taken to guard against a repeti.
Volume 136
Financial Chronicle
tion of the unfortunate experiences which the roads
have suffered at the hands of the Commission,
especially since it has been called upon to aid the
Reconstruction Finance Corporation in making
loans to the roads. We have in mind, more particularly, the action of the Commission in May of
last year in peremptorily ordering the St. Louis-San
Francisco Railway to reduce its fixed charges on the
ground that the railroad was over-capitalized, and
that the proportion of bonds to stock was excessive.
As pointed out by us on many occasions since then,
the Commission then declared its attitude as follows: "We do not believe that this carrier can operate successfully in the future without a reduction
of its fixed charges. Therefore, in connection with
the approval of a further loan herein, we shall impose the condition that the applicant agree to submit for our approval prior to July 1 1932, a plan
which will result in such a reduction." Yet only
four years before the Commission,despite the alleged
defects in capitalization, had authorized a bond
issue of $110,000,000 and an issue of preferred stock
for $49,000,000.
This was in 1928, and the Commission not only
approved and authorized the issuance of $102,000,000 of consolidated mortgage 41 2 gold bonds,
/%
series A, but required that they "be sold at not less
than 941 2 and interest." The sale then was con/
sumated with great success—on this approval of the
Commission. Not alone that, but at the same time
the Commerce Commission authorized the company
"to issue $49,157,400 of 6% preferred stock, said
stock to be offered for subscription at par and dividend to the holders of common stock of record
March 16 1928 at the rate of three-fourths of a share
of the new stock for each share of common stock
held." This sale also was consummated with great
success.
The Commission itself is authority for the statement that the income available for interest after
provision for all other charges, for the 11 years ending with 1931, but eliminating 1922 because "the
traffic and earnings of 1922 were adversely affected
by the coal strike and shopmen's strike of that year,
and eliminating also the years 1930 and 1931 because
of the present financial and industrial depression"—
eliminating these years and confining the calculation to the remaining years of the 11-year period referred to, the Commission went on to say: "We find
that the average annual income available for interest
amounted to $21,756,469, equivalent to about 1.47
times the average annual payments of $14,840,231
over the same period for interest on the funded and
unfunded debt."
With such a record behind them, and the approval
of the Commission, the new bonds took rank,for one
thing,as legal investments,as defined by the banking
department of the State of New York, and they
passed into the hands of savings banks and insurance companies, who felt fully justified in regarding
them as safe investments. These same bonds now
sell in the market at less than 10, and the preferred
stock, which the Commission required should be sold
at par, has now dropped to a price of next to
nothing. Yet only four years afterwards the Commission charges the railroad as being over-capitalized and unable to "operate successfully in the future
without a reduction of its fixed charges."
Such things ought to be made impossible for the
future, no matter what form of control is now to be
2107
provided for the railroads. It may be thought that
the continued shrinkage in the revenues of the road
in the 10-month period since the Commission issued
its edict requiring a reduction in the company's
fixed charges, furnish warrant for the declaration
that the company would not be able to earn its full
fixed charges for the future. But even if such a
plea could be advanced it would still leave the Commission without an excuse for having failed to discover the alleged defects in capitalization when
passing upon the new security issues. The truth is,
however, that the shrinkage in revenues and income
has been common to all the railroads of the country,
virtually all of which have now been reduced to
penury and want. The shrinkage has not been a
special weakness of the St. Louis San-Francisco
itself. It has been due to the unparalleled depression through which the country is passing, and not
in the remotest way the outgrowth of overcapitalization on the part of the property itself. In order to
show that this railroad property has suffered from a
diminution in earnings in no greater degree than
some of the strongest railroad properties in the
same section of the country, we have prepared the
following statement covering the results for January
and February of the present year (the figures having just become available) in comparison with the
corresponding results in each of the four years preceding for the St. Louis-San Francisco Railway,
along with similar comparative figures for a number
of other leading railroads of the country:
FIGURES FROM JAN. 1 TO FEB. 28.
1933.
1932.
1931.
1929.
1930
Atchison Topeka & Santa Fe—
813,255.297 217,522,267 $23.589,095 228,827,845 232,043,008
Gross revenues
oss582,800
953,838
2,967,892 4,424,853 7.078,329
Net after rents
Chicago Burlington ck Quinctl—
10,269,191 13,870,032 19,216,802 22,675,763 25,705,385
Gross revenues
1,631,742
Net after rents
•
301,957
3,926,304 4,969,034 6,647,588
St. Louts-San Francisco—
Gross revenues
5,714,083 6,681.642 9,142,685 11,978,805 12,457,028
145,321
Net after rents
loss41,951
1,499,167 2,652.048 2.845.339
Chicago-North Western—
Gross revenues
9,500,815 11,989,222 16,319,008 20,369,235 21,798,905
Net after rents
1oss898,604 loss92,096
1,809,687
890,563
1.488,057
G'real Northern—
Gross revenues
6,709,791
7.590,976 11,175,400 12,961,656 14,827,897
Net after rents_ __ _loss1,156,908loss1,275,958
262,476
716.841
31,970
It will be observed that such a superb railroad
system as the Atchison fell $582,800 short of meeting its expenses and equipment rents in this period
of two months the present year owing to the fact
that its gross revenues in the interval between 1929
and 1933 fell from $32,043,008 to $13,255,297, that
the Burlington & Quincy had net of only $301,957
in the two months of 1933 against $6,647,588 in 1929,
owing to the drop in the gross revenue from $25,705,385, in 1929 to $10,269,191 in 1933; that the
Chicago & North Western fell $898,604 short of meeting expenses and rentals in 1933 because of the drop
in its gross revenues from $21,798,905 to $9,500,815,
and that the Great Northern fell $1,156,908 short of
expenses and rentals in 1933 owing to the drop in
its gross revenues from $14,827,891 in 1929 to
$6,709,791 in 1933. In the St. Louis-San Francisco
case the gross revenues have fallen away from $12,457,028 in 1929 to $5,714,083 in 1933, and the
system was operated at a loss of $41,951, for the
two months of 1933 as against net above expenses
and rents in 1929 of $1,809,687. None of these figures allow for interest and other fixed charges, these
not yet being available, but if they did the deficits
for 1933 would be yet larger and would extend to
all the roads given, and these include such strong
railroad systems as those mentioned.
The long and short of the matter is that the St.
Louis-San Francisco has suffered no worse than
any of the other railroad systems, and hence there
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Financial Chronicle
was no reason for singling it out for special condemnation or special penalties, making it the one
scapegoat. We repeat, therefore, that whatever is
now done such a thing ought to be impossible for the
future. As for the pecuniary losses sustained by the
savings banks and insurance companies who were
induced to purchase the bonds in 1928, due to the
approval given the same by the Commerce Commission in fixing a minimum price at which the company
could dispose of the same, that is the saddest reflection of all, and for which no redress we suppose
can be found.
RESIDENT ROOSEVELT on Wednesday sent
I • another one of his special messages to Congress, this time suggesting legislation for Federal
supervision of dealings in investment securities in
inter-State flotations. And as the purpose is to
provide for greater publicity in such flotations, unqualified approval must be given to his suggestions
and recommendations. There can never be too much
light thrown -upon new security issues and new flotations. Obviously those who are asked to buy securities thus offered are entitled to the fullest knowledge
which it is possible to give. We are sure, too, that
no leading house engaged in public offerings of this
kind will be inclined to take exception to any of
the President's recommendations. We imagine, indeed, that they will want to encourage legislation of
the kind proposed, for the effect must be to eliminate the disreputable concerns from the field, since
they must perish under the full light of publicity.
The truth is, the staunchest houses in the country
have been pursuing the very practice which it is
now sought to put under legal compulsion. In their
offering circulars and their public advertisements
they may not have been giving all the details which
it is now intended to require, but the information
could always be obtained on application to those engaged in the flotations. We know, of course, that a
contrary impression has been created by the testimony given at the stock market investigation recently made by a committee of the United States
Senate, but while some of the testimony did reveal
irregular practices and the prevalence of very loose
and questionable methods, these must be regarded
as having applied only in isolated instances and are
not to be accepted as indicative of a general or common situation. In view of such disclosures, however, the Government must be considered as fully
justified in compelling by law what good practice
had already made the rule in the large majority
of cases.
The President's message is brief and to the point,
as have been all his other messages. He may be
going too far when he says that "In spite of many
State statutes the public in the past has sustained
severe losses through practices neither ethical nor
honest on the part of many persons and corporations selling securities." There is no denying the
fact that severe losses have been sustained, but for
ourselves we should be inclined to believe that in
only limited cases have these losses been due to dishonest practices. Except in some of the cases
brought to light by the Senate investigation, the
losses have been due to mistakes of judgment on the
part of the promoters, and there has been no deliberate intention to swindle the public. In other
words, there has been no design to float worthless
securities upon an unsuspecting public.
P
April 1 1933
The President is correct in saying that "the Federal Government cannot and should not take any
action which might be construed as approving or
guaranteeing that newly issued securities are sound
in the sense that their value will be maintained, or
that the properties which they represent will earn
profit." He is also correct in going further and
asserting that"There is, however,an obligation upon
us to insist that every issue of new securities to be
sold in inter-State commerce shall be accompanied
by full publicity and information, and that no essentionally important element attending the issue shall
be concealed from the buying public." He is happy
in his phraseology when he says that his proposal
"adds to the ancient rule of caveat emptor the further doctrine "Let the seller also beware." And he
indicates his benign intention when he asserts that
the purpose of the legislation he suggests "is to protect the public with the least possible interference to
honest business." He intimates that there should
be legislation likewise for "the better supervision of
the purchase and sale of all property dealt in on
exchanges," but this can be judged when its scope
and nature are disclosed.
HOSE who have been entertaining fears of grave
inflation as a result of recent legislation for
the extension of new credit facilities and note issues
for overcoming the crisis in the banking world, may
evidently possess their souls in peace. The current
statements of the Federal Reserve banks may be
taken as an indication of what is really taking place.
During the acute period of the crisis inflation did
take place, and on a prodigious scale, such as has
never before been witnessed in the country's history,
but this was simply dealing with the crisis in accordance with its own magnitude. Now that the acute
stage has been successfully surmounted, contraction
on an equally large scale is taking place, and that,
after all, is the true test as to the soundness of the
entire operation. Last week the contraction was on
a huge scale, and it has continued the present week.
The improvement runs through every item of the
condition statements of the Federal Reserve banks
this week,just as was the case last week. There has
been a further increase of considerable amount in
the gold holdings of the 12 Reserve institutions, a
further reduction in the amount of Federal Reserve
notes outstanding, a further reduction in member
bank borrowing, a further reduction, likewise, in
the volume of Reserve credit outstanding, with only
a relatively small addition to the volume of Federal
Reserve bank notes in circulation, the new device for
the relief of certain embarrassed banks. The increase in gold holdings began back two weeks ago,
and in the week ending March 15 these gold holdings
increased from $2,683,539,000 to $3,010,777,000; in
the week ending March 22 there was a further increase to $3,192,322,000, and now for the week ending March 29 there is still another increase to
$3,236,766,000, making an addition for the three
weeks in amount of no less than $553,227,000.
The amount of Federal Reserve notes in circulation reached its maximum March 15, when the
amount was $4,292,702,000; from this there was a
reduction to $3.916,342,000 March 22, and now for
March 29 a further reduction to $3,747,626,000, indicating a contraction for the two weeks of $455,076,000. Meanwhile, Federal Reserve bank notes in
circulation foot up only $14,228,000 March 29, which
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Volume 136
Financial Chronicle
compares with $9,269,000 March 22 and $3,301,000
March 15. The volume of Reserve credit outstanding
as measured by the bill and security holdings is down
to $2,699,117,000 March 29, which compares with
$2,892,965,000 March 22; $3,540,310,000 March 15,
and $3,717,850,000 March 8, showing a contraction
during the three weeks in the sum of no less than
$1,018,733,000.
In these same three weeks the discount holdings
of the 12 Reserve institutions, reflecting direct borrowing by the member banks, have been reduced in
amount of $868,826,000, the total of these discounts
now being down to $545,110,000 as against $670,869,000 March 22; $1,232,316,000 March 15, and
$1,413,936,000 March 8. The amount of acceptances
purchased in the open market has also been gradually declining, and for March 29 stands at $310,235,000 as against $352,315,000 March 22; $403,316,000 March 15, and $417,289,000 March 8. Holdings of United States Government securities are also
being reduced, though only in a moderate kind of
way,the total for March 29 being reported at $1,838,370,000 as against $1,864,387,000 March 22, and
$1,899,034,000 March 15.
With the reduction in note liabilities and the increase in gold holdings the ratio of reserves to deposit and Federal Reserve note liabilities combined
is rapidly rising, and now'stands at 57.8% against
'55.5% March 22; 49.1% March 15, and only 45.6%
March 8. Deposit liabilities have also been rising,
except for which the increase in reserve ratio would
have been yet larger than it is shown to be. In part,
this increase in deposits follows from the special
deposits made by member and non-member banks,
which have now reached a total of $63,445,000 in one
case and $15,254,000 in the other case. The amount
of Government securities held as part collateral for
Federal Reserve notes outstanding has diminished
during the week from $1,000,700,000 to $868,700,000.
Foreign banks are again adding to their holdings
of acceptances in this market, and the amount for
March 29 is reported at $46,549,000 as against $42,505,000 March 22 and $27,478,000 March 15.
HE reaction in the New York stock market noted
last week has continued the present week, and
prices have sagged steadily downward, and on a
very limited volume of business. No special reason
can be assigned for the further decline except that
no buying orders of consequence have appeared, and
that disappointment has been felt at the absence of
any signs of improvement in business, and that uncerfainty as to the course of some important legislation in Congress has been acting as a damper on
business activity and stock speculation alike. There
was somewhat of a feeble rally in the market on
Tuesday, influenced to some extent by the declaration of the regular dividends by the Allied Chemical
Co. and the American Can Co. A temporary rise in
wheat prices on that day to the best figures ruling
since March 17 also served to strengthen stocks for
the time being. The rise in wheat, however, which
was due to unfavorable accounts regarding the growing winter wheat crop, was not maintained. Bond
prices have shared in the sagging tendency and some
selling of the better class of securities was attributed
to selling on the part of banks in process of liquidation by conservators. United States Government
issues displayed considerable strength in the case of
the short-term issues of recent flotation, these being
T
2109
in demand as ease in the money market developed.
On Thursday some adverse influence was exerted
in both the wheat market and the cotton market by
the announcement that the Farm Board had ordered
the liquidation of the commodity loans aggregating
$157,000,000 made out of its revolving fund to cooperative marketing associations. Reports stated
that the Board has hired H. E. Babcock, of Ithaca,
New York,for a period of from eight to ten weeks to
set up machinery to provide for the liquidation. The
price of May wheat in Chicago closed yesterday at
53
/ against 52c. on Friday of last week;and spot
3
4c.
cotton on the New York Cotton Exchange was
quoted yesterday at 6.30c. against 6.50c. on Friday
of last week. American Tel. & Tel. has been a weak
feature all through the week, and shows a net decline of 5% points as compared with Friday of last
week. This has followed in part from the fact that
another one of the subsidiary corporations has been
obliged to reduce its dividend, the Southern New
England Tel. Co. having cut its quarterly rate from
$2 a share to $1.50. The "Iron Age" reported the
steel mills of the country employed to 15% of capacity as against 14% last week, but said that the
expansion did not reflect any broad improvement in
business, but rather was due to special circumstances. It also remarked that the failure of the
steel business to recover the ground lost as a result
of the bank crisis might be attributed in large part
to the fact that in many sections of the country
financial conditions are still unfavorable for business enterprise.
There were further reductions in corporate dividend declarations. The Aluminum Co. of America
reduced the quarterly dividend on its 6% cumul.
pref. stock from 75c. a share to 37 c. a share; the
/
1
2
Firestone Tire & Rubber Co. reduced the quarterly
dividend on common from 25c. a share to 10c. a
share. The Northern Indiana Public Service Co.
/
declared a dividend of 8712c. a share on the 7%
cumul. pref. stock, 75c. a share on the 6% cumul.
/
1
2
pref. stock, and 68%c. a share on the 5 % cumul.
pref. stock; in preceding quarters regular payments
of $1.75 a share on the 7% pref., $1.50 a share on the
/
1
2
/
1
2
6% pref., and $1.37 a share on the 5 % pref.
stock were made. New Jersey Bell Telephone Co., a
subsidiary of the American Telephone & Telegraph
Co., reduced the quarterly dividend on its capital
stock from $1.75 a share to $1.50 a share. Adams
Express Co. omitted the quarterly dividend of $1.25
a share due March 31 on the 5% cumul. pref. stock.
Nevada-California Electric Corp. decreased the quarterly dividend on the 7% cumul. pref. stock from
$1.75 a share to $1 a share. The Link-Belt Co. reduced the quarterly dividend on common from 20c. a
share to 10c. a share, and the Hershey Chocolate
Corp. reduced the quarterly dividend on common
from $1.25 a share to 75c. a share. Of the stocks
sold on the New York Stock Exchange 143 dropped
to new low levels for the year the present week and
20 stocks attained new high levels. On the New York
Curb Exchange 391 stocks dipped to new low levels
for the year and 31 stocks touched new high figures.
Call loans on the New York Stock Exchange were
maintained at 3%, though outside the Exchange
much lower terms could be obtained.
Trading has been on a very small scale. On the
York Stock Exchange the sales at the half-day session
on Saturday last were 376,400 shares; on Monday
they were 500,590 shares; on Tuesday 600,690 shares;
2110
Financial Chronicle
on Wednesday 639,669 shares; on Thursday 624,150
shares, and on Friday 880,845 shares. On the New
York Curb Exchange the sales on Saturday were
42,410 shares; on Monday 84,375 shares; on Tuesday
105,880 shares; on Wednesday 94,195 shares; on
Thursday 67,807 shares, and on Friday 125,650 shares.
As compared with Friday of last week, prices are
again quite generally lower, with a few quite conspicuous declines as in the case of American Tel. &
Tel. General Electric closed yesterday at 123
against 13% on Friday of last week; Brooklyn Union
Gas at 67 against 68 bid; North American at 165
%
against 18%; Standard Gas & Electric at 53% against
7% bid; Consolidated Gas of N. Y. at 40% against
43 8; Pacific Gas & Electric at 20'% ex-div. against
24; Columbia Gas & Electric at 93' against 10%;
Electric Power & Light at 3% against 43.; Public
Service of New Jersey at 34 against 373'; International Harvester at 21% against 22%; J. I. Case
Threshing Machine at 433 against 463/2; Sears,
4
Roebuck & Co. at 163' against 17%; Montgomery
Ward & Co. at 123 against 133%; Woolworth at
%
2 / against 29; Safeway Stores at 315 against 33;
%
73i
Western Union Telegraph at 183/i against 203 ;
A
American Tel. & Tel. at 883' against 93%; International Tel. & Tel. at 5% against 63/8; American Can
%
at 545 against 56%;United States Industrial Alcohol
at 203% against 203'; Commercial Solvents at 12%
against 123'; Shattuck & Co. at 73 against 73,
and Corn Products at 54 against 543'.
Allied Chemical & Dye closed yesterday at 753
against 789' on Friday of last week; Associated Dry
Goods at 43% against 4 bid; E. I. duPont de Nemours
at 34 against 38; National Cash Register A at 73
4
against 73/8; International Nickel at 8 against 83 ;
%
Timken Roller Bearing at 15 against 165 bid; Johns%
Manville at 153' against 163'; Gillette Safety Razor
at 139/i against 143/; National Dairy Products at
2
123 against 13%; Texas Gulf Sulphur at 17 against
4
17%; American & Foreign Power at 43' against 53';
Freeporf-Texas at 21 against 213'; United Gas Improvement at 143 against 15 8; National Biscuit at
35 against 38; Coca-Cola at 823 against 84; Continental Can at 41 against 43; Eastman Kodak at
523 against 563'; Gold Dust Corp. at 13 against 15;
Standard Brands at 163' against 16%; Paramount
Publix Corp. ctfs. at % asked against %; Westinghouse Elec. & Mfg. at 23% against 253; Drug, Inc.
at 29% against 34; Columbian Carbon at 263 against
303/2; Reynolds Tobacco class B at 293 against 303;
4
Lorillard at 123% against 12%; Liggett & Myers class
B at 56% against 58, and Yellow Truck & Coach at
23 against 3 bid.
4
The steel shares show narrow changes as a rule.
United States Steel closed yesterday at 273 against
%
28% on Friday of last week; United States Steel pref.
at 593 against 60%; Bethlehem Steel at 13 against
133', and Vanadium at 103 against 11 bid. In the
auto group, Auburn Auto closed yesterday at 323
against 33% on Friday of last week; General Motors
5
at 113 against 12; Chrysler at 83' gainst 9%; Nash
Motors at 12% against 133'; Packard Motors at 1%
against 13 ; Hupp Motors at 1% bid against 2, and
4
Hudson Motor Car at 33 against 33'. In the rubber
group Goodyear Tire & Rubber closed yesterday at
13% against 143'; on Friday of last week; B. F.
Goodrich at 43 against 4%, and United States
Rubber at 33 against 33' bid.
The railroad shares have also moved lower. Pennsylvania RR. closed yesterday at 16% against 18 on
April 1 1933
Friday of last week; Atchison Topeka & Santa Fe at
393 against 43%; Atlantic Coast Line at 193
against 223'; Chicago Rock Island & Pacific at 23
against 3% bid; New York Central at 16% against
20; Baltimore & Ohio at 9% against 113;New Haven
at 12% against 153'; Union Pacific at 673 against
72%; Missouri Pacific at 13 against 2% bid; Soutern Pacific at 14 against 163'; Missouri-KansasTexas at 73 against 8; Southern Ry. at 6 against 6%;
Chesapeake & Ohio at 273% against 28%; Northern
Pacific at 123' against 153, and Great Northern at
73 against 83 .
4
The oil shares likewise register general declines.
Standard Oil of N. J. closed yesterday at 25%
against 263' on Friday of last week; Standard Oil of
Calif. at 213'6 against 233; Atlantic Refining at 14%
against 153', and Texas Corp. at 12 against 129.
In the copper group Anaconda Copper closed yesterday at 63' against 73 on Friday of last week;
Kennecott Copper at 8% against 93; American
Smelting & Refining at 143 against 14%; PhelpsDodge at 6 against 63j; Cerro de Pasco Copper at 83.,
against 83', and Calumet & Hecla at 2 against 23
bid. ,
RICE trends were irregular this week in the
leading securities markets of Europe, with the
main tendency toward somewhat lower levels. The
uncertain international situation, and especially
the activities of the German Fascists, caused unsettlement at London, Paris and Berlin. Trading on
all markets was light, as there was a tendency everywhere to await developments. Reports from New
York were considered disappointing, and the brief
flurry of optimism occasioned by the rapid recovery
from the banking crisis quickly disappeared. Attention was redirected to the many discouraging aspects
of the depression, which have, if anything, become
accentuated during the past month. Trade and industrial reports from the foremost industrial countries of Europe do not indicate any noteworthy improvement. Budgetary difficulties, moreover, remain pronounced in all countries. Even the British
national finances reflected a substantial deficit at
the end of the fiscal year, without taking account of
the debt payment of last December, for which no
provision was made in the budget. The strictly
financial situation, on the other hand, is considered
very satisfactory in London and Paris,and good also
in Berlin, as money rates are low and no banking
troubles have developed of late.
The London Stock Exchange was quiet and uncertain in the initial session of this week. British
funds were strong, as distrust of speculative issues
is driving many investors toward the Treasury
securities. Industrial stocks were mixed, with most
issues showing small losses for the day. AngloAmerican trading favorites moved a little lower on
a very modest trading volume. No great change
occurred in the trading Tuesday, most departments
showing results quite similar to those of the preceding session. British funds remained in demand,and
there was also good inquiry for South African gold
mining stocks. Industrial shares reflected further
unsettlement, while international securities were
again soft. Slight recessions were general in
Wednesday's dealings. British funds eased" on
profit-taking, and industrial stocks also tended
lower, with the exception of sugar shares. The
international group displayed modest irregularity.
P
Volume 1.16
Financial Chronicle
The tone was dull on Thursday. British funds
receded during most of the session, but part of the
losses were regained in a final rally. The industrial
section was quiet, with most movements against
holders, and the international group also was heavy.
The London market was dull yesterday, with movements small and irregular.
The Paris Bourse was depressed at the opening,
Monday,and prices remained heavy until just before
the close, when a rally wiped out most of the losses
and left the quotations substantially unchanged as
compared with previous levels. Observers were
unable to account either for the initial weakness or
the late strength, as there were no unusual developments. Transactions were on a very small scale,
Tuesday, and the tendency continued downward.
French rentes proved an exception to the general
.
trend, these issues being maintained on assurances
by the Government that no further loans would be
floated in the immediate future. Activity again was
restricted, Wednesday, but the market had a firmer
tone. Small gains were general in all sections except the German bond list, which declined as a result
of the anti-Semitic campaign in the Reich. Sharp
recessions were registered Thursday, on the Bourse,
the decline being attributed mainly to reports of
similar tendencies in other leading markets. All
groups of issues suffered in the decline. Prices again
declined rather sharply in a further quiet session on
the Bourse yesterday.
The Berlin Boerse was quiet and irregular in the
first session of the week. Some speculative activity
appeared in a few issues which, it was assumed,
would benefit from railway electrification plans,
but most stocks closed about at previous levels. Decided weakness appeared in Tuesday's session on the
Boerse. The downward movement was general,some
active issues losing as much as 10 points. The recession was ascribed mainly to the campaign of racial
intolerance and the fears in responsible quarters
that unfortunate international repercussions will
develop. The trend at the opening, Wednesday, was
again lower, and most prominent securities lost
ground. Toward the close a rally set in and part
of the losses were regained. In a few instances the
late recovery carried levels above the previous close.
In Thursday's dealings the market again turned very
weak, with nervousness general regarding the
threatened boycott of Jews. The recessions were
precipitate and amounted to as much as 12 points
in some issues. Intervention by the banks was reported, and this kept the movement from proceeding
even further. Closing prices, however, were the
lowest of the day. The Boerse was very quiet yesterday, traders preferring to await the outcome of the
boycott. Price changes were unimportant.
RELIMINARY discussion of the intergovernmental debts problem has been resumed in
earnest in Washington and London, American
officials finding more time for these negotiations
now that the banking crisis in the United States has
been surmounted. Conferences on this matter were
held by British and American officials in both capitals this week, and there was also a discussion in
Washington, Monday, between President Roosevelt
and the French Ambassador, Paul Claudel. In all
of the conversations, it is understood, the problem
of debts was discussed concurrently with plans for
the long-projected World Monetary and Economic
2111
Conference. No details of any arrangements on
debts to be discussed in the formal reviews requested
by all the debtor countries have so far been disclosed.
Some London reports state, however, that President
Roosevelt is believed to favor a debt arrangement
under which all interest would be canceled, while
the debtors would continue to pay the United States
instalments on principal. The capital payments,
moreover, would be subjected to a long moratorium
under this plan, the reports indicate.
Secretary of State Cordell Hull started discussions of debts and the general economic questions to
be debated at the World Economic parley late last
week, with Sir Ronald Lindsay, the British Ambassador. It was announced after the discussion
that no debt offer had been made by Sir Ronald and
that no decisions of any kind had been reached. The
conversation was described as merely exploratory.
Secretary Hull was questioned by newspapermen,
Saturday, regarding the possibility of formal conversations on debts with the countries that defaulted
on their December instalments. He authorized the
publication of this statement: "As to the Governments that are in default or have deferred their payments on the intergovernmental debts, I cannot say
at the present time that we would sit in with tkose
governments in future discussions of their debts."
There was some conjecture as to whether the Secretary meant that there would be no discussions with
the defaulting States, or whether the question was
still undecided, but Mr. Hull refused to amplify the
statement. Although President Roosevelt received
Ambassador Claudel at the White House, Monday,
the impression prevailed in Washington that consideration of the French debt review would be delayed until after the arrival of M. Claudel's successor, M. Andre Lefevre de Laboulaye.
Secretary Hull and Ambassador Lindsay conferred again on Monday, but it was indicated after
the meeting that the question of the debts had been
put aside for the time being and general economic
problems explored. A joint communication of the
two officials stated: "We have continued our preliminary and tentative discussions of the world economic situation, confining our attention to those
topics contained in the agenda recently prepared by•
the preliminary committee in Geneva. We feel
gratified at the value of these talks in clarifying
the views of the officials of the two countries. We
expect to continue these discussions." There were
intimations in Washington, Wednesday, that payment of the French instalment of $19,261,000 due
Dec. 15 last, may be made "within a reasonable
time." According to White House officials, a dispatch to the New York "Times" said, the President
has been informed in a definite way that France
will make the delayed payment before the proposed
World Economic Conference opens. In diplomatic
circles the impression is growing, the dispatch
added, that M.de Leboulaye will be instructed soon
after his arrival here on April 12 to inform the
United States Government that France is making
the payment forthwith. Of interest at this juncture
is a Paris report of Tuesday, which quotes the
French General, Emile Adolphe Taufflieb, as saying on his return from the United States that France
already has lost $160,000,000 in trade by failing to
pay her December instalment.
The discussions on debts and economic problems
was carried on in London by Norman H. Davis,
2112
Financial Chronicle
April 1 1933
special representative of the United States in on the plea by Premier Daladier that the matter is
Europe, and Prime Minister Ramsay MacDonald. too delicate at present for open discussion. The
Mr. Davis arrived in London Wednesday, and he French Cabinet was said to have considered the fourhad several long talks with Mr. MacDonald the Power proposal Wednesday, reaching a decision for
following day. The view was expressed by Mr. a rather vague acceptance "in principle," with a proDavis thereafter that the World Economic Confer- vision for further study. The British public conence may be held late in May. There is much pre- tinued to regard the whole matter with rather negaliminary work to be done, he said, and those con- tive interest, a London dispatch to the New York
cerned with doing it are going about their tasks "Herald Tribune"said. "The birth of so many peace
earnestly. The impression was given that six weeks' and disarmament plans has been announced with
advance notification for the gathering is now con- so many flourishes of trumpets during the last few
sidered sufficient, as against the three months' years that the British public no longer gets very
period fixed by •the preliminary conference of ex- excited about them," the report commented.
perts in Geneva. Mr. Davis was aided in his London
After a further week of listless discussions of disconversations by Hugh S. Gibson, United States Am- armament plans, adjournment of the General Disbassador to Belgium, who informed the special armament Conference was announced at Geneva,
representative of the latest developments on the Wednesday. Plans had been made for adjournment
Continent.
last week until after Easter, but they miscarried
when M.Titulescu of Rumania moved for immediate
THER than expressions of public skepticism, discussion of the British disarmament proposals.
little was heard this week about the Anglo- M. Benes of Czechoslovakia reluctantly laid an adItalian project for a four-Power European peace journment resolution before the gathering, Monday,
accord as outlined in broad terms by Prime Minister explaining as he did so that he was not responsible
Ramsay MacDonald and Premier Benito Mussolini for it was merely complying with the wishes of
at the conclusion of their Rome conversations nearly other delegations. The resolution was adopted and
two weeks ago. The only definite result of the am- adjournment was reached two days later. The meetbitious pronouncements of the two leaders, so far, ing is now scheduled to resume on April 25. It has
is a distinct movement for a closer accord between been in progress since Feb. 2 1932, and the accomPoland and the three nations of the Little Entente. plishments so far have been, to say the least, disThe permanent council of the Little Entente coun- appointing.
tries of Czechoslovakia, Rumania and Yugoslavia
gathered at Geneva, last Saturday, for one of its
ERMANY settled down this week to stockperiodic meetings. Foreign Minister Edouard
taking, after the peaceful revolution which
Benes, of Czechoslovakia, acted as spokesman for resulted in a transition by due legislative process
the group, and informed representatives of the press from the republicanism of the last 14 years to a
that the Little Entente nations did not believe inter- Fascist dictatorship. Passage by the Reichstag on
national relations would be improved by "agree- March 23 of the enabling act, conferring extraments aiming to dispose of the rights of third par- constitutional prerogatives upon the Hitler Cabinet,
• ties," whether by concrete decisions or by united gives the new Government both unprecedented
pressure of outsiders. Reports of last Sunday from power and full responsibility. Chancellor Hitler
Prague, the capital of Czechoslovakia, indicated and his associates of the National-Socialist (Fasthat the Polish Foreign Minister, Colonel Joseph cist) and Nationalist parties now will have an opporBeck, would arrive in that city soon to discuss terms tunity to make good their promises to restore Gerof a close rapprochement between Poland and the man prosperity and to acquire for the Reich full
Little Entente. Colonel Beck also intends to visit equality with other Powers. The dictatorial powers
Belgrade, in Yugoslavia, it is said. Nicolas Titu- granted Chancellor Hitler are limited only by the
lescu,Foreign Minister of Rumania,arrived in Paris powers still conceded to the President, which have
on Wednesday, and this visit also is believed to be been heavily curtailed. The rule of the Reich by
related to the reported plan for a closer accord emergency decrees issued by the President under
among all the European allies of France.
Article 48 of the Weimar Constitution thus comes
The French reaction to the MacDonald-Mussolini to an end, and the Constitution itself is virtually
plan for a four-Power understanding is perhaps best discarded. Technically, however, the President reillustrated by the swift move for cementing the rela- tains the right to dismiss the Chancellor, and it is
tions of Poland and the Little Entente. Foreign also well understood that the Chancellor cannot
Minister Joseph Paul-Boncour made cautious refer- abolish the Reichstag and Reichsrat as institutions.
ence to the project in an address delivered at Paris, Many of the provisions of the enabling act require
last Sunday. "Let us welcome the hope," he said, clarification, Berlin dispatches point out, and de"that a new element of preparation for future prob- velopments will be awaited with keen interest.
lems may result from the exchange of views that
Excesses of various kinds undoubtedly were perhas been taking place in Rome and Paris and the petrated in Germany during the tumultuous days
proposals that have followed them. Closer and more of change from the republican form to that of
a
continuous co-operation among the four principal dictatorship with monarchical leanings. It is reWestern Powers who are permanent members of the marked in a dispatch to the New York "Times,"
Council within the framework and in the spirit of however, that as revolutions go, the Teutonic upthe League of Nations, and applied to the questions heaval was about as bloodless as the average Latinthat concern them, cannot do other than enormously American upset. "But the comparison must end
aid the settlement of these questions within the regu- there," it is added. "A Germany boldly translar organization of the League." Debate on the for- figured politically presents itself to Western eyes,
eign policy of France was postponed, Tuesday, when and out of the ashes of the Weimar democracy there
the question was raised in the Chamber of Deputies, has emerged overnight something that more nearly
G
Volume 136
Financial Chronicle
approximates a unified people than that which the
feeble republic of Weimar ever succeeded in gathering'around its flickering fireside." As in every successful coup d'etat, some dissention already has
appeared among the new rulers, but the differences
have been adjusted speedily. An order was issued,
Monday, in the State of Brunswick by Dietrich
Blagges, the Nazi Minister of the Interior, for dissolution of the Stahlhelm league of monarchist war
veterans, an organization which provides the main
support for the Nationalist members of the new
Cabinet. The order was rescinded Tuesday, at the
instance of the Berlin Government. The Hitler
.regime is expected to devote its first efforts to minimizing the evil effects of unemployment by enrolling
youths throughout the Reich for compulsory labor
service in fields and forests. State and municipal
legislatures are to be brought under Nazi control,
and new elections dispensed with. Control of the
trade unions is to be wrested from the Socialists,
and the entire labor movement in the Reich brought
under Federal control.
An exceedingly unfortunate aspect of the German
revolution has been the widespread mistreatment of
persons of the Jewish faith, and of all political
opponents of Fascism. These incidents have given
rise to atrocity stories and to consequent protest
meetings in the United States, the latter organized
solely in relation to the persecution of Jews. A
stupid censorship on news from Germany has been
imposed by Chancellor Hitler, and in these circumstances it is natural that the popular reaction in
other countries should be adverse to Hitler and all
his works. At the request of Secretary of State Cordell Hull, inquiries were made regarding the treatment of Jews in Germany by our Embassy in Berlin
and by Consular officials in all important cities.
Secretary Hull made known the results of the survey
last Sunday. Although there was for a time considerable physical mistreatment of Jews, this phase
may be considered virtually terminated, Secretary
Hull said.
Despite such assurances and numerous official
statements by members of the German Cabinet that
law-abiding Jews in Germany were safe, huge demonstrations were staged in New York early this
week. Such movements added fuel to the flames,
as they were viewed in Germany as indications that
the denials of American and German officials were
not credited. The excitable officials of the Fascist
Government in the Reich appear to have reached the
absurd conclusion that Jews are carrying on a worldwide anti-German propaganda. In answer to the
demonstrations the National-Socialist party announced, Tuesday, that it would sponsor a boycott
of the 600,000 German Jews, to begin to-day. Chancellor Hitler, whose anti-Jewish views are well
known, gave the movement his support, Wednesday,
when he declared that Jews of the world must recognize that "the Jewish war against Germany sharply
affects Jews within Germany." His Nazi followers,
unschooled in government and insufficiently aware
of the need for restraint, quickly started to make
the boycott effective, and the result of the whole
affair is that the position of Jews in Germany promises to become truly lamentable. Jewish shops in
many parts of Germany were picketed or closed this
week, and many individuals were discharged from
their positions. Wiser counsel apparently prevaviled yesterday in regard to the boycott, as it was
2113
announced at Berlin that this demonstration will
be for one day only, and will then be called off until
next Wednesday.
All of the more reliable correspondents of American newspapers in Germany have minimized the
atrocity stories and have urged the cessation of unfounded reports. The capable Berlin representative
of the New York "Herald Tribune," John Elliott,
remarked late last week that the position of Jews in
Germany is an unhappy one, but it is not improved
by the exaggerated and often unfounded reports of
atrocities that have been disseminated abroad.
"There has been nothing here resembling a pogrom,
or organized massacre, even in the first flush of the
National-Socialist victory," he stated. "During the
week that followed the Reichstag election on March
5 many individual acts of violence took place in
various parts of the Reich. But these individual
acts, serious as they are, cannot be taken as an
accurate picture of the position of German Jewry
under Hitler's rule, as the Frankfurter "Zeitung,"
itself a Liberal newspaper and owned by Jews,
points out. This correspondent, for instance, is
acquainted with members of old Jewish families in
Berlin who were so undisturbed by the political
change in Germany that they never even heard of
these deeds of violence against their co-religionists.
It must be remembered that a large part of the
political persecution of individual Jews has been
carried on against them,not as Jews, but as political
opponents of the present regime."
The Berlin correspondent of the Baltimore "Sun,"
Miles Bouton, declared in an address over the radio
from the German capital last Sunday that he had
just talked with several persons reported killed by
the Hitlerites, and he denied that there had been any
atrocities against Jews. The imprisoned political
opponents of Chancellor Hitler also are treated with
at least the decency accorded ordinary convicts, and
are not subjected to injuries, an Associated Press
dispatch of last Sunday indicated. The correspondent interviewed a number of the political
prisoners and reported that "they showed no evidence of having been hurt, nor did they make any
serious complaints."
USTRIA has been torn by internal dissension
and the conflicting influences of all the countries around her since the German Fascists achieved
their victory at the polls on March 5. The Government of Chancellor Engelbert Dollfuss found it
necessary soon after the German elections to discard
the parliamentary machinery of Austria, to limit
freedom of expression in the press, and forbid all
political meetings and processions. These actions
constituted a counter move to a sudden resurgence
of the wave of Fascist sentiment, and to statements
by the Fascist leaders in Vienna that Austria, too,
must become National-Socialist and join with Germany as "One Folk, One Reich." Notwithstanding
the interdict of the Government, great crowds a
Austrian "Nazis" assembled in Vienna on several
occasions in the last two weeks, and the fear of a
Nazi "putsch" is intense. The DolHuss Cabinet,
representing a coalition of the Christian Social,
Peasant and Heimwehr parties, called out the Austrian reservists to block the Fascist movement and
is attempting to conciliate the Nazis by forcing coilcessions from the powerful Socialist groups of the
country. The Socialists made common cause with
A
2114
Financial Chronicle
the Nazis in order to block such moves, even though
they fear the advent of Hitlerism in Austria even
more than does the Dollfuss Government. "The
Austrian situation," a dispatch to the New York
"Times" remarks, "is as complicated as it could
possibly be." It is assumed in Vienna, the report
states, that the Nazi movement is financed and
directed from Germany. Rome, however, is believed
to be backing the counter-movement, as "Italy does
not want a united Austro-Germany on her borders,
however much she may love Hitlerism in Germany."
In Budapest,also, it is contended that an AustroGerman "Anschluss" would be a deadly danger to
Hungary, while the French satellite States of
Czechoslovakia and Yugoslavia are viewing the de'
velopments with equal concern.
ITHDRAWAL of Japan from the League of
Nations was announced in Tokio and Geneva,
Monday, more than a month after adoption by the
League Assembly of a report condemning Japanese
aggression in Manchuria and calling for the maintenance of Chinese sovereignty in that area. The
decision of the Japanese Government to quit the
League has been regarded as inevitable since Yosuke
Matsuoka, the Japanese representative, walked out
of the Assembly meeting on Feb. 24 and announced
that "we are not coming back." In a brief note
addressed to the League, Foreign Minister Yasuya
Uchida repeated the familiar Japanese contention
that the sole aim of the Tokio Government is to
insure the peace of the Orient. As China is not an
organized State, the note adds, instruments governing the relations between ordinary countries must be
modified in her case. Japan's aims are seriously
misapprehended in the report adopted by the Assembly Feb. 24, which, the note contends, also contains gross errors of fact and the false deduction
that the Japanese seizure of Mukden in September
1931 was not defensive. The recommendations in
the report, it is added, can never be of service in
fostering enduring peace in Manchuria.
"Because of the profound differences of opinion
existing between Japan and the majority of the
League in their interpretation of the Covenant and
of other treaties," the note states, "the Japanese
Government have been led to realize the existence of
an irreconcilable divergence of views, dividing
Japan and the League on policies of peace, and
especially as regards the fundamental principles to
be followed in the establishment of a durable peace
in the Far East. The Japanese Government, believing that in these circumstances there remains no
further room for co-operation, hereby give notice,
in accordance with the provisions of Article 1,Paragraph 3, of the Covenant, of the intention of Japan
to withdraw from the League of Nations."
In a formal statement issued at Tokio, the Japanese Government made it plain that the League
resignation does not mean that Japan "will stand
aloof in the Far East nor isolate itself from the
fraternity of nations." The statement repeated once
again the Japanese determination to maintain the
State of Manchukuo and "encourage its healthy development in order that sources of evil in the Far
East may be eradicated and enduring peace thereby
established." Sir Eric'Drummond, Secretary-General of the League, announced at Geneva, Monday,
that the Japanese resignation had been received.
He acknowledged the withdrawal and in reply
W
April 1 1933
merely cited the text of Article 1,Paragraph 3,which
calls for the fulfillment of all obligations of a member State, and two years' notification, before withdrawal can be effective. The'Manchurian Advisory
Committee discussed the new situation in a meeting, Tuesday, but decided to avoid further controversy with Japan.
Mr. Matsuoka, now a special representative of
Japan, arrived in New York last Saturday, en route
to his own country. He stated on his arrival that
Japan is not obliged to appeal to any nation, as
"Japan is not a vassal State of America or any other
country." At a dinner of the Japanese Chamber of
Commerce in New York, Wednesday, he stated that.
Japan has no plans for the conquest of China, and
remarked that the fundamental cause of the trouble
in the Far East is the anarchy in China. The withdrawal of Japan from the League has precipitated
.
a debate regarding the propriety of further Japanese
control of the mandated islands in the Pacific which
formerly belonged to Germany. It is the contention
of the League that the mandate lapses with formal
withdrawal, but Japan maintains that the islands
belong to her under the notorious secret agreements
made by the Allies during the World War.
COMPREHENSIVE moratorium on the national debt of Colombia is foreshadowed by
a decree, signed by President Enrique Olaya Herrera, Wednesday, under which interest and sinking
fund requirements may be suspended. The degree
is made necessary, according to Bogota dispatches,
by the need for financing the unofficial war with
Peru regarding the Leticia area on the upper Amazon River, which Peruvian nationals occupied last
September. The Government is authorized to suspend, temporarily, service on all public debts of the
nation, internal as well as external, to the degree
that may be necessary for the national defense.
Authorization also is granted for negotiations with
the Government's creditors for modification of terms
on the national debt. In a United Press report from
the Colombian capital it is stated that conversations
are in progress with foreign bankers regarding the
terms of the proposed moratorium on foreign obligations. "The cost of purchasing a small navy and 100
military airplanes, and sending an army of several
thousand men into the Amazon River basin, constituted a heavy drain on the national treasury,"
the dispatch adds. The unofficial war is continuing,
meanwhile, despite the utmost endeavors of the
League of Nations and the group of American republics to conciliate the conflict. Colombian troops
captured the small Peruvian town of Guepi, on the
Putumayo River, early this week, and several airplane clashes also have been reported.
A
HERE have been no changes the present week
in the discount rates of any of the foreign
central banks. Present rates at the leading centers
are shown in the following table:
DISCOUNT RATES OF FOREIGN CENTRAL BANES.
T
Country.
Rate in
Date
Mar31
Wed Established.
Austria...5
Beigium_ 334
Bulgaria-- 834
Chlle
434
Colombia— 5
Czech oidovamp__ 334
Danzig_ __ 4
Denmark— 334
England—. 2
Estonla__-_ 534
Flniand---_ 6
France
254
Germany._ 4
Greece
9
Mar. 23 1933
Jan. 13 1932
May 17 1932
Aug. 23 1932
Sept.19 1932
Jan. 25 1933
July 12 1932
Oct. 12 1932
June 30 1932
Jan. 29 1932
Jan. 31 1933
Oct. 9 1931
Sept.21 1932
Dec. 3 1932
Preaims
Rate.
6
234
934
534
6
Country.
Rate in
Erna
Date
Mar31 Established.
Flolland_ - Hungary-India
Ireland
Italy
Japan
434 Lithuania
5
Norway__.
4
Poland _ _ _
.
234 Portugal_ —
634 Rumania.. 7
South Africa
2
Spain
5
Sweden.—
10
SwItserland
234 Apr. 18 1932
434 Oct. 17 1932
334 Feb 16 1933
3
June 30 1932
4
Jan. 9 1833
4.38 Aug. 18 1932
7
May 5 1932
4
Sept. 11032
6
Oct. 20 1932
6% Apr. 4 1932
7
Mar. 3 1932
4
Feb. 21 1933
6
Oct. 22 1932
334 Sept. 11932
2
Jan. 22 logs
PreHow
Rate.
3
5
4
334
5
6.11
714
434
734
7
3
8
am
4
R.
• In London open market discounts for short bills On
Friday were /%, as against M% on Friday of last
week, and /@11-16% for three months' bills, as
against M% on Friday of last week. Money on
A
call in London on Friday was 1 %. At Paris the
advanced on March 25 from
open market rate was
1% to DA% but in Switzerland the rate remains
A
at 11 %.
HE Bank of England statement for the week
ended March 29 shows a further gain in gold
holdings amounting this week to £2,313,252, which
brings the total held up to £172,688,160, the largest
amount of gold held since Sept. 26 1933 when the
• figure was £173,204,657. At March 30 1932 gold
held by the Bank amounted to £121,431,791. However since the gain in gold was more than counterbalanced by an expansion of £2,781,000 in circulation,
reserves fell off £468,000. Public deposits decreased
£7,782,000 and other deposits rose £8,641,672. Of
the latter amount £7,893,258 was to bankers' accounts and £748,414 to other accounts. Loans on
Government securities increased £2,020,000 and
those on other securities fell off £684,702: The
latter consists of discounts and advances and securities which decreased £16,372 and £668,330 respectively. Proportion of reserve to liability is now
54.05% in comparison with 54.68% a week ago and
30.90% a year ago. The discount rate is unchanged at 2%. Below we show a comparison of
the different items for five years:
-
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
March 29
1933.
March 30
1932.
April 3
1931.
April 2
1930.
April 3
1929..
£
£
£
£
£
a 367.111,000 360,529,134 357,056,936 357,265,456 363.319,286
Circulation
Public deposits
21,244,000 27,230,726 17.242,743 18,422.477 17,796,531
Other deposits
127,804.053 88,947,089 93,481.658 100,192,023 104.576,090
Bankers' accounts_ 92,838,083 54,565,819 58,788,220 62,833.897 67,268,161
Other accounts_
34,965,970 34,381,270 34,693,438 37,358,126 37,307,929
Govt.securities
57,738,258 35,695,906 30,349,684 54,021,909 59,956.855
Other securities
28,981,223 62,812,256 50,314,011 23,015,858 29,579,333
Diset. & advances- 11,770,312 11,725,366 24,628,884 10,309,949 13,221,208
Securities
17,210,911 51,086,890 25,685,127 12,705.909 16,358,125
Reserve notes & coin 80,576,000 35,902,657 48,330,2.51 59,860,036 51.147,969
Coin and builio
172,688,160 121,431,791 145,387,187 157,125,492 154,467,255
Proportion of reserve
50.46%
41.79%
43.64%
to liabilities
30.90%
54.05%
2S.4%
2%
21.[C7
no
Bank rain
a On Nov. 29 1928 the fiduciary currency was amalgamated with Bank of England
note issues, adding at that time £234,199,000 to the amount of Bank of England
notes outstanding.
in its statement for the
HE Bank of France,
week ended March 24 shows a decline in gold
holdings of 164,361,016 francs. Total gold holdings
are now at 80,623,436,491 francs, as compared with
76,831,523,050 francs last year and 56,116,439,790
francs the previous year. French commercial bills
discounted, bills bought abroad and creditor current
accounts record increases of 467,000,000 francs,
58,000,000 francs and 850,000,000 francs respectively. Notes in circulation decreased 584,000,000
francs, the total of which is now down to 84,233,643,380 francs. Total circulation a year ago was
81,782,044,235 francs and two years ago 77,863,567,895 francs. A decrease is also shown in credit
balances abroad of 46,000,000 francs and in advances
against securities of 82,000,000 francs. The proportion of gold on hand to sight liabilities is now at
76.50% in comparison with 69.67% a year ago.
Below we furnish a comparison of the various items
for three years:
T
BANK OF FRANCE'S COMPARATIVE STATEMENT,
Changes
for Week.
Gold holdings
Credit bale. abroad_
&French commercial
bills discounted-b13111s bought abroad
Adv. against securs_
Note circulation
Credit current accts.
Proportion of gold
on hand to sight
Ilabilltina
2115
Financial Chronicle
Volume 136
Mar,241933. Mar.25 1932. Mar. 271931.
Francs.
Francs.
Francs.
Francs.
—164,381,016 80,623.436,491 76.831,523.050 56,116,439,790
—46,000,000 2,405,006,332 3,848,63.5,589 6,939,034,074
+467,000,000 4,225,152,223 4,820.333,859 7,083,927,588
+58,000,000 1,980,035,241 8,783,615,054 19,367,558,886
—82,000,000 2,634,533,153 2,715,643,446 2,858,324,770
—584,000,000 84,233,643,380 81,782,044,235 77,863,567,895
+850,000,000 21,157,954,426 28,488,627,552 24,350,305,785
54.90%
69.67%
76.50%
—0.35%
a Includes bills purchased In France. b Includes bills discounted abroad.
its statement for
in
THE Bank of Germany, in marks. a declinethe
third quarter of March shows
Total bullion
gold
11,627,000
and bullion of
stands now at 727,356,000 marks, in comparison with
877,088,000 marks last year and 2,286,123,000 marks
the previous year. Reserve in foreign currency
records a gain of 8,621,000 marks, silver and other
coin of 33,048,000 marks, notes on other German
banks of 3,721,000 marks, advances of 1,321,000
marks and other daily maturing obligations of 7,343,000 marks. Notes in circulation contracted 69,608,000 marks, reducing the total of the item to
3,196,798,000 marks. The total of circulation last
year was 4,005,896,000 marks and in 1931 it was
3,765,604,000 marks. Bills of exchange and checks,
investments, other assets and other liabilities register
decreases of 38,230,000 marks, 60,000 marks, 62,381,000 marks and 3,322,000 marks respectively.
The proportion of gold and foreign currencyto note
circulation stands at 26.6%, which compares with
25.4% a year ago and 66.6% two years ago. Below
we furnish a comparison of the various items for three
years:
REICHSBANK'S COMPARATIVE STATEMENT.
Chows
for Week.
Assets—
Gold and bullion
Of which depos. abroad
Reserve in foreign curr_
Bills of exch. A- checks_
Silver and other coin_
Notes on other Ger. him
Advances
Investments
Other assets
Liabilities—
Notes In circulation
Other daily matur.oblig
Other liabilities
Propor.of gold & foreign
curr. to note cireurn_
Mar.231933. Mar.23 1932. Var.231931.
Reichsmarks. Retchsmarks. Retchsmarks. Retchsmarks.
—11.627,000 727,356,000 877,088,000 2,286,123,000
76,623,000 207,638.000
57,660,000
No change
+8,621.000 121,948,000 142,188,000 222,592,000
—38.230,000 2,470,614,000 3.219.323.000 1,474,029.000
+33.048,000 288,921,000 208,696,000 194.992,000
20.797.000
7,813,000
14,531,000
+3,721,000
86,690.000
83,637,000 134,869,000
+1,231,000
—60,000 401,071,000 361,753,000 102,262.000
—62,381,000 619,229,000 832,454,000 555,653,000
IN
—69,608,0003,196,798.0004.005.286.000 3,765.684.000
+7.343.000 362,357,000 491,453,000 342,845,000
—3,322,000 600,826,000 711,409,000 340,682.000
+0.5%
26.6%
25.4%
66.6%
soft
rates
MONEY week,in the New York market werebeing
a plethora of funds again
this
available in all the regular departments of the market.
Call loans on the New York Stock Exchange were
3% for all transactions, whether renewals or new
loans. In the outside, or street market, rates
declined steadily. Trades in the unofficial market
were reported at VA% Monday and Tuesday,
2% Wednesday and Thursday, and some deals at
4
13 % were reported yesterday. Time loan rates
also showed a distinctly easier tendency. An issue
of $100,000,000 in 91-day Treasury discount bills
was awarded Monday at an average discount of
1.72%, against 1.83% paid on a similar issue a week
earlier. Brokers loans against stock and bond
collateral decreased $27,000,000 in the week to
Wednesday night, according to the statement of the
Federal Reserve Bank of New York. The statement
on international gold movements for the same period
disclosed a net gain of $4,436,000 in the gold stocks
of the country.
call loan rates on the
in detail
DEALINGExchangeallwithday tothe week has been
day, 3%
from
Stock
for both
through
ruling
the
quotation
new loans and renewals. The time money market
is unchanged this week. No loans have been reported and no interest has been manifest in this class
of accommodation. Rates are quoted nominally:at
2% for 30 to 90 days and at 2(4)2% for four to six
months. The market for commercial paper continued quiet this week. The demand has been below
normal and the supply of paper has been extremely
small. Rates are nominally quoted at 3% for all
classes of paper.
2116
Financial Chronicle
April 1 1933
HE market for prime bankers' acceptances has It is believed the total foreign gold earmarked in New
shown very little activity this week. There York at the present time is between $375,000,000 and
has been an extremely short demand and an equally $400,000,000, probably nearer the lower figure.
short supply of paper. The quotations of the
Another reason for the firmness in the dollar is the
American Acceptance Council for bills up to and large European short interest, chiefly in Paris and
including three-months' bills are 23/8% bid and 2% generally estimated as around $200,000,000. The
asked; for four months, 238 bid and 23% asked; longer short positions are expected to hang over the
%
/
for five and six months, 2%% bid and 23/2% asked. market until May. So long as this bear covering
The bill buying rate of the New York Reserve Bank lasts, the dollar should be firm regardless of other
is 2% for bills running from 1 to 90 days. No rates factors. However, in the absence of other unfavorare quoted for bills of longer maturities. The able developments, the United States creditor posiFederal Reserve banks' holdings of acceptances have tion should in itself contribute to dollar firmness.
dropped during the week from $352,315,000 to Sentiment favoring sterling is at present aided by the
$310,235,000. Their holdings of acceptances for steady reduction in the British floating debt which
foreign correspondents, however, increased during has taken place each successive week thus far this
the week from $42,505,000 to 6,549,000. Open year. The floating debt now outstanding amounts to
market rates for acceptances are as follows:
£815,050,000, which represents a net reduction of
SPOT DELIVERY.
£165,010,000 from the first of the year. The British
—180 Days— —150 Days— —120 Days—
fiscal year ends on March 31 and much of the reBid. Asked.
Bid. Asked.
Bid. Asked.
Prime eligible bills
234
234
234
234
2%
234
duction in the floating debt is seasonal, resulting
—90 Days— —60 Days— *30 Days—
from the heavy tax receipts which always fall in the
Bid. Asled.
Bid. Asked.
Bid. Asked.
Prime eligible bills
234
2
234
2
236
2
final quarter of the fiscal year. The "Wall Street
FOR DELIVERY WITHIN THIRTY DAYS.
Journal's" London correspondent in discussing,this
Eligible member banks
234% bid
Eligible non-member banks
334% bid
feature stated: "The fact that the floating debt has
been allowed to run off so sharply in the past three
HERE have been no changes this week in the months is silencing reports which were current last
rediscount rates of the Federal Reserve banks. fall that England was headed for some sort of inflaThe following is the schedule of rates now in effect tion through the increase in the floating debt.
This
for the various classes of paper at the different seasonal influence will come to an end this month
Reserve banks:
but to take its place is the new program of the British
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
Treasury in offering a certain amount of 23% ConAND MATURITIES OF ELIGIBLE PAPER.
version bonds with the weekly offering of Treasury
Rate in
bills. This program is still in the experimental stage,
Federal Reserve Bank.
Effect on
Date
Previous
March 31
Established.
Rafe.
but the Exchequer evidently hopes to make material
Boston
Oct. 17 1931
234
334
New York
progress during the coming weeks in reducing the
334
Mar. 3 1933
234
Philadelphia
314
Oct. 22 1931
3
Cleveland
3;4
Oct. 24 1931
huge mass of floating debt to a more conservative
3
Richmond
314
Jan. 25 1932
4
Atlanta
314
Nov. 14 1931
3
basis through conversion into long-term bonds."
Chicturo
3;4
Mar. 4 1933
234
St. Louie
334
Oct. 22 1931
234
Foreign funds have been flowing into London for
Minneapolis
Sept. 12 1930
334
Kansas City
Oct. 23 1931
3
334
so long now that the market is veritably glutted with
Dallas
334
Jan. 28 1932
4
San Francisco
314
Oct. 21 1931
2)4
money which cannot be profitably employed. Open
market discount rates are at such a low level that
TERLING exchange fluctuated within narrower the market is working upon wholly uneconomic lines.
limits this week and is on average easier with Very few new industrial issues or issues of any kind
respect to the dollar, but this must not be understood are being brought out in London except for reto mean that the undertone is other than firm, for financing and owing to the depressed state of trade
the pound is in demand in all centers and there ap- business borrowing is limited. Call money against
pears to be an entire re-establishment of confidence bills is in supply in Lombard Street at IA of 1%,
in the British position and in the future of sterling. two-months' bills at 7-16% to %, three-months'
The range this week has been between 3.41 5-16 and bills at 3,%, four-months' bills at IA% to 4%,six5
3.433 for bankers' sight bills, compared with a range months' bills at 11-16% to 4%. Recent acquisitions
3
of 3.413j and 3.461/ last week. The range for of gold have so greatly strengthened the position of
4
8
cable transfers has been between 3.413/ and 3.43%, the Bank of England, that many bankers believe
compared with a range of between 3.413' and 3.463' that Great Britain will soon be forced to return to
a week ago. Practically the entire interest of the gold, but the Government frankly declares the abforeign exchange market is centered in the firmness sence of any intention for the present of restoring
in dollar exchange, and dollars are in demand in all the gold standard. Its policy seems to be that its
the leading centers. As stated here last week, one position will have to be guided by what happens at
reason for the sharp upturn of the dollar with respect the forthcoming world economic conference. On
to the pound and the chief Continental currencies Saturday the Bank of England bought 050,000 in
was the withdrawal by the Bank of Italy of $8,507,500 gold bars, on Monday £49,644, on Tuesday 057,445,
of gold from New York on Saturday, March 18. and on Thursday £1,157,345, and yesterday L692,This week the Federal Reserve Bank reports a further 400. These purchases were made from the Exchange
withdrawal of $8,547,000 of gold by the Bank of Equalization Account. This week the Bank of
Italy from its earmarked stock here. These with- England shows an increase in gold holdings of L2,drawals in effect serve notice to the financial world 313,252, the total standing at £172,688,160
on
outside the United States that our restrictions on March 29, which compares with £121,431,791
gold and foreign exchange operations would in no on March 30 1932 and with the minimum of L150,wis% hamper the free movement of gold which had 000,000 recommended by the Cunliffe committee.
already been earmarked by foreign central banks prior The increase in gold holdings since the first of the
to President Roosevelt's embargo action of March 4. year amounts to £52,152,000. The Bank of Eng-
T
T
S
Volume 136
Financial Chronicle
2117
States dollar. In comments here last week it was
pointed out that the Bank of Italy withdrew $8,507,500 of gold from its earmarked stock in New York and•
it was shown that this was an important factor in
giving confidence to European markets in the essential soundness of the American situation. This week
the Federal Reserve Bank of New York reported a
further export of $8,547,000 in gold to Italy. French
francs, while still ruling fractionally above dollar
parity, are much easier with respect to the dollar.
Great confidence is expressed in Paris as to the essential soundness of the American position. There is
still a very heavy short dollar interest in Paris and
while these shorts are covering, the dollar should
remain firm with respect to the franc. Again, the
Franco-American trade balance, as frequently pointed
out here, is in favor of the United States. From
about the middle of January until toward the end of
August seasonal factors generally favor the European
con23—MAR. 29, INCL. exchanges, as they arise from purely commercial
GOLD MOVEMENT AT NEW YORK, MAR.
reduced
siderations. At present owing to the greatly
Exports.
Imports.
$8,547,000 to Italy
$1,993,000 from Canada
volume of international trade, these seasonal factors
Portugal
602,000 to
306,000 from India
254,000 from China
are less operative. Seasonal tourist traffic in the
115,000 from Latin-American
summer months is also helpful to the European rates
countries
and especially to exchange on Paris, but this influence
$9,149,000 total
$2,668,000 total
has been less important in the past few years than
Net Change in Gold Earmarked for Foreign Account.
it was prior to the New York Stock Exchange colDecrease: $10,700,000.
The above figures are for the week ended Wednes- lapse in 1929 and the coming season is not likely
day evening. On Thursday $56,300 of gold was re- to prove much more helpful to the franc or to other
ceived from China. There were no exports of the European units. This week the Bank of France
metal on that day or change in gold held earmarked showed a further decrease in gold holdings of 164,for foreign account. Yesterday $2,685,100 was im- 361,016 francs, the total standing as of March 24 at
ported from Canada. There were no exports or 80,623,436,491 francs, which compares with 76,831,change in gold held earmarked for foreign account. 523,050 a year ago and with 28,935,000,000 francs
For the week ended Wednesday evening approxi- in June 1928, following stabilization of the franc.
mately $217,000 of gold was received at San Fran- The Bank's ratio stood at 76.50% on March 24,
cisco from China. There were no further reports on compared with 76.85% on March 17; with 69.67%
Thursday or Friday of gold having been received at a year ago, and with legal requirement of 35%.
German marks have receded from the extremely
Pacific ports.
Canadian exchange continues at a severe discount. firm quotations of last week and are ruling much
On Saturday last Montreal funds were at a discount closer to dollar parity, having moved once or twice
of 167 %, on Monday at 16%%, on Tuesday at during the week to fractionally under par. As pointed
4
4
17%,on Wednesday at 17%, on Thursday at 167 %, out here last week, the German financial position is
lacking in clarity since the accession of Hitler to
and on Friday at 17%.
Referring to day-to-day rates, sterling exchange on power. The Reichsbank statement as of March 23
Saturday last was dull and easy in undertone. shows a somewhat weakened position. The total re%
3.423 , cable transfers, serves of the Reichsbank in gold and devisen amounted
Bankers' sight was 3.423
2
3.423/ ® 3.42 8. On Monday the dollar continued to rm. 849,300,000, a net decline of rm. 3,000,000
to gain over sterling in a quiet market. The range from the previous week. In face of the large shrink%
was 3.413/ ® 3.42 for bankers' sight and 3.415 ® age in the visible export surplus, the slight changes
3.423/ for cable transfers. On Tuesday sterling was in the Reichsbank reserves are encouraging, but on
still easier. Bankers' sight was 3.413 ® 3.41%; the other hand, foreign exchange circles state that
%
2
cable transfers, 3.413/ ® 3.42. On Wednesday since Dec. 31 the Reichsbank has lost rm. 70,700,000
in its net holdings of gold and foreign exchange.
sterling was steady. The range was 3.41 5-16
3.41% for bankers' sight and 3.413/ ® 3.42 for cable Payment for exports is generally made on a 90-day
transfers. On Thursday sterling turned sharply up- basis, so that the full effect of the decline in the export
2
ward. Bankers' sight was 3.423/ @ 3.433; cable balance thus far this year has not yet been felt by
transfers, 3.42% @ 3.43%. On Friday sterling was the Reichsbank. In December the visible export
%
easier again; the range was 3.413 ® 3.423/i for surplus of Germany amounted to rm. 68,000,000,
3.41% @ 3.43 for cable transfers. compared with rm. 82,000,000 in November and rm.
bankers' sight and
Closing quotations on Friday were 3.423/i for demand 84,000,000 in October. In the first two months of
and 3.423. for cable transfers. Commercial sight this year the surplus averaged only rm. 25,000,000 a
g
%
bills finished at 3.413 ;60-day bills at 3.413/; 90-day month. It is believed that Dr. Schacht, the newly
bills at 3.4038; documents for payment (60 days) at appointed President of the Reichsbank, will oppose
2
3.413, and seven-day grain.bills at 3.413/. Cotton measures which may endanger the currency.
The London check rate on Paris closed on Friday
and grain for payment closed at 3.413.
at 87.02, against 87.25 on Friday of last week. In
on
XCHANGE on the Continental countries con- New York sight bills on the French centre finsihed
%
tinues the easier trend which developed a few on Friday at 3.929, against 3.935 on Friday of
weeks ago on the return of confidence in the United last week; cable transfers at 3.93, against 3.93%.
land's statement is issued as of the close of business
on Wednesday and if Thursday's and Friday's purchases are included, the increase amounts to
£54,001,000, bringing the total present holdings up
to approximately £174,537,000, which compares
with the record gold holdings of the Bank of L176,584,326, recorded on Sept. 12 1928.
At the Port of New York the gold movement for
the week ended March 29, as reported by the Federal
Reserve Bank of New York, consisted of imports of
$2,668,000, of which $1,993,000 came from Canada,
$306,000 from India, $254,000 from China, and
$115,000 chiefly from Latin-American countries.
Gold exports totaled $9,149,000, of which $8,547,000
was shipped to Italy and $602,000 to Portugal. The
Reserve Bank reported a decrease of $10,700,000 in
gold earmarked for foreign account. In tabular form
the gold movement at the Port of New York for the
week ended March 29 was as follows:
E
2118
Financial Chronicle
and commercial sight bills ae3.9232, agains-M.933/2/
Antwerp belgas finished at 13.96 for bankers' sight
bills and at 13.963/ for cable transfers, against
13.963/i and 13.97. Final quotations for Berlin marks
were 23.853' for bankers' sight bills and 23.86 for
cable transfers, in comparison with 23.933/ and
23.94. Italian lire closed at 5.12% for bankers'
sight bills and at 5.133' for cable transfers, against
5.13Y and 5.14. Austrian schillings closed at 14.103'
1
against 14.11; exchange on Czechslovakia at 2.973,
against 2.9831;on Bucharest at 0.60%, against 0.6131
on Poland at 11.24, against 11.243/, and on Finland
2
at 1.53, against 1.533/ Greek exchange closed at
2
.
0.563/ for bankers' sight bills and at 0.565 for cable
4
transfers, against 0.563/ and 0.56%.
XCHANGE on the countries neutral during the
war presents no new features of importance.
As during last week,following the return of confidence
of European banking interests in the situation here,
the neutral exchanges have at times shown weakness
compared with the firmness displayed prior to March 3.
Swiss francs at one time ruled under parity around
19.28, whereas they closed on Friday of last week at
19.33 for cable transfers and at a high of 19.70 on
March 3, later in the week there was firmness again.
Holland guilders are much firmer than they were on
Friday a week .ago, when cable transfers closed at
40.33, against 40.42 the previous Friday, and 40.65
during the period of the dollar crisis early in March.
As soon as conditions here are more fully restored to
normal and business, especially in the security markets, shows a more decidedly upward trend, it is
expected that Dutch funds will flow rather freely to
this market, which of course should have the tendency
to give softness to the guilder. The Scandinavian
currencies have ruled this week fractionally lower,
owing to the generally easier situation of the pound,
to which they are attached. Spanish pesetas have
been exceptionally steady for some time. The Spanish unit moves in harmony with the French franc.
Bankers' sight on Amsterdam finished on Friday
at 40.353/ against 40.32 on Friday of last week;
2
,
cable transfers at 40.36, against 40.33, and commercial sight bills at 40.30, against 40.27. Swiss
francs closed at 19.313/b for checks and at 19.32 for
cable transfers, against 19.323/ and 19.33. Copenhagen checks finished at 15.293/2 and cable transfers
at 15.30, against 15.343/i and 15.35. Checks on
Sweden closed at 18.143/ and cable transfers at
18.15, against 18.213/i and 18.22; while checks on
Norway finished at 17.543 and cable transfers at
17.55, against 17.613/ and 17.62. Spanish pesetas
closed at 8.45 for bankers' sight bills and at 8.453/i
for cable transfers, against 8.46 and 8.463/2.
E
XCHANGE on the South American countries
presents no features of importance and shows
no material change from the past year. Of course
these units are all only nominally quoted and there
is no free foreign exchange or foreign trade market,
as these matters are all under the control of governmental restrictions.
Argentine paper pesos closed on Friday nominally
at 259 for bankers' sight bills, against 25% on Friday
of last week; cable transfers at 25.80, against 25.80.
Brazilian milreis are nominally quoted 7.45 for bankers' sight bills and 7.50 for cable transfers, against
7.45 and 7.50. Chilean exchange is nominally quoted
63', against 63/8. Peru is nominal at 17.00.
E
April 1 1933
XCHANGE on the Far Eastern countries is relatively steady. While yen quotations change
from week to week, they remain largely nominal
as ever since the abandonment of the gold standard
by Japan in January 1932, exchange and foreign
trade operations have come more and more under
restrictions imposed by the Japanese Diet. The
Chinese units show practically no change from last
week and are of course largely influenced by the
price of silver. On Saturday last silver was quoted
in New York at 27% cents per fine ounce. It dipped
to 273 cents on Monday, and moved up to 27%
cents on Tuesday and to 27% cents on Wednesday.
Buying and selling exchange on China is equivalent
to a transaction in silver. As silver prices move up
or down, other factors being equal, exchange on
Hong Kong or Shanghai move in the same direction.
Closing quotations for yen checks yesterday were
21%, against 21 7-16 on Friday of last week. Hong
Kong closed at 223 @ 22 15-16, against 22% and
4
23 1-16; Shanghai at 2931, against 293/b and 29%;
Manila at 50; against 49%;Singapore at 39%,against
39%; Bombay at 25%, against 25 8, and Calcutta
at 25%, against 25 8
.
E
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL
RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
MARCH 25 1933 TO MARCH 31 1933, INCLUSIVE.
Country and Monetary
_
Noon Buono Rate for Cable Transfers in New
York.
Value In United States Money.
Mar.25. Mar.27. Mar. 28. Mar.29. • at,30. Mar.
31.
EUROPES
$
$
ii
$
8
Austria,schillIng
.140120 .139960 .140380 .140200 .140200
Belgium. belga
139415 .139357 .139342 .139303 .139392 .140280
Bulgaria. ley
.007200 .007200 .007233 .007200 .007200 .139488
Csechosiovakia, kron .029744 .029741 .029736 .029723 .029719 .007233
Denmark. krone
.152838 .152589 .152542 .152369 .153038 .029719
.153008
England. pound
3.425041 3.415000 3.415708 3.413791 3.429166
sterling
3.420208
Finland, markka
.015116 .015141 .015125 .015141 .015125
France,(rano
039300 .039276 .039290 .039272 .039283 .015175
Germany, relclusmark .238325 .238442 .238478 .238300 .238214 .039287
Greece, drachma
.005687 .005684 .005672 .005688 .005686 .238439
Holland, guilder
402964 .402782 .402858 .402767 .402928 .005679
Hungary. pengo
174250 .174250 .174500 .174250 .174250 .403225
051325 .051311 .051317 .051290 .051311 .174500
Italy, lira
Norway. krone
175184 .175100 .174988 .174869 .175400 .051295
Poland, zloty
111710 .111810 .111810 .111810 311810 .175307
Portugal. escudo
.031340 .031300 .031320 .031300 .031320 .111810
Rumania,len
005979 .005979 .005975 .005975 .005975 .031340
Spain, peseta
.084560 .084571 .084503 .084453 .084489 .005975
Sweden, krona
.181184 .180973 .180980 .180811 .181400 .084475
Switzerland. franc
.192996 .192835 .192887 .192803 .192926 .181390
Yugoslavia, dinar- .013700 .013787 .013762 .013750 .013787 .193121
.013775
ASIAChinaChefoo tael
301875 .300416 .299186 .300833 .301666 .299583
Hankow tael
.298958 .298333 .297500 .299166 .300000
.297916
Shanghai tadl
.291093 .290000 .289375 .290937 .291250 .280082
Tientsin tael
308125 .307083 .307083 .307916 .308333
Hong Kong dollar__ .227500 .226250 .228406. .226875 .226875 .306666
.225408
Mexican dollar_
.207500 .206562 .206250 .210000 .207500 .206250
Tientsin or Pe17--116 12
dollar
207083 .205833 .205000 .209583 .207500 .205833
Yuan dollar
207500 .206250 .205416 .210000 .207916
India. rupee
.257595 .257025 .257125 .256700 .257800 .206250
Japan. yen
.213250 .213200 .211750 .212000 .213000 .257680
Singapore (13.8.) dollar .398250 .394062 .394375 .394375 .395000 .213000
.395000
NORTH AMER.Canada. dollar
.831354 .831354 .830156 .827083 .830729
Cuba. peso
1.000195 1.000195 1.000195 1.000195 1.000195 .829887
.999765
Mexico, peso (silver). .282818 .282180 .280930 .280687
Newfoundland. dollar .828875 .828625 .827250 .824625 .279960 .278686
.827875 .827125
SOUTH AMER.Argentina, peso (gold) .582049 .582188 .582186 .582186 .582186
.582188
Brazil. milrels
.076300 .076300 .076300 .076300 .076300 .076300
Chile, peso
060250 .080250 .060250 .060250 .060250
Uruguay, peso
.473333 .473333 .473333 .473333 .473333 .060250
Colombia. peso
.862100 .882100 .862100 .862100 .862100 .473333
.862100
OTHER
Australia. pound
2.718750 2.715418 2.712083 2.711250 2.723750
New Zealand. pound_ 2.726250 2.722916 2 719583 2.718750 2.731250 2.717916
South Africa. pound-3.392187 3.384375 3.383750 3.381250 3.394687 2.725416
3.391250
HE following table indicates the amount of gold
bullion in the principal European banks as of
Mar. 30 1933, together with comparisons as of the
corresponding dates in the previous four years:
T
Banks of-
1933.
England
France a___
Germany b
Spain
Italy
Netherlands
Nat. 13e1g'm
Switzerland.
Sweden..._
Denmark. _
Norway _ _ _
Z
172,688,160
644.987,492
33,484,800
90,360,000
68,780,000
79,081,000
76,203,000
88,805,000
12,129,000
7,399,000
8,075,000
1932.
Z
121,431,791
614,652,184
40,624,050
89,971,000
70,975,000
72,972,000
71,745,000
65,435,000
11,440,000
8,032,000
6,559,000
1931.
Z
145,387,187
448,931,518
105,788,400
96,722,000
57,385,000
37,167,000
40,981,000
25,717,000
13,340,000
9,547,000
8,134,000
1930.
Z
157,125,492
340,406,829
117,307,150
98,729,000
56,131,000
35,981,000
33,733,000
22,439,000
13,543,000
9,574,000
8,145,000
1929.
Z
154,467.235
273,491,631
129,853,800
1 ,383.000
02
54,711,000
30.827,000
25,934 MO
10,251,000
13,072.000
0, 03.000
5
8.158,000
Total week_ 1,279,972,452 1.173,837,035 989,100,105 893,114.471
Prey. week_ 1.275.970_788 1.174.487.546 986.034.865 892.197.404 821,541,686
818 4ea 2012
a These are the gold holdings of the Bank of France as reported In
the new form
of ertatemen . b Gold holdings of the Bank of Germany are exclusive
of gold held
abroad, the amount of which the present year is £2,883,000.
Volume 136
Financial Chronicle
Discrimination, Protest and Retaliation—
The German Situation.
There is no need to rehearse, or even to summarize, the exciting items of news about Germany
which have filled the newspapers during the past
week in order to realize the extraordinary character
of the situation that has developed. Alike from a
domestic and an international point of view the
position of Germany and the German Government
has been seriously compromised. The drastic discriminations against the German Jews, culminating
for the moment in an organized and nation-wide
boycott which the Government tolerates; the organized protests, particularly in this country, in
which representatives of other races and religions
as well as Jews have joined, and the extraordinary
announcement that the policy of discrimination and
repression will continue until foreign protests are
suptiressed, have combined to create an atmosphere
in which not only the unhappy state of the Jewish
population of Germany, but the integrity and standing of the German Government have been surrounded
with a bewildering volume of allegation, denial,
protest, recrimination and threat through which any
one who seeks to discover the exact facts of the
situation has extreme difficulty in making his
way.
Until the official announcement of the nation-wide
boycott on Tuesday, conflicting testimony regarding conditions in Germany made it the part of
wisdom for outsiders to reserve judgment. On
Saturday, March 25, for example, the Prussian
Minister of the Interior, Captain Hermann Goering,
assured a meeting of more than a hundred foreign
press correspondents that while foreign protests
were deeply resented and might lead to further reprisals by an irritated populace, the excesses committed during the first days of the revolution were
to be attributed to provocateurs among the Brown
Shirts (Nazis), that there had been no atrocities,
and that "Jewish business men can continue unhindered." He expressed himself strongly, however, regarding what were characterized as "lying
reports" disseminated abroad. On Sunday the Berlin
correspondent of the New York "Times" reported
that the Nazi storm troops were being cleared of
undesirables, and that "for three days there has not
come to light a single fresh case of physical persecution of persons of the Jewish faith." On the same
day Secretary of State Hull telegraphed to Rabbi
Wise and other Jewish leaders in New York that,
according to a report received from the American
Embassy at Berlin, the physical mistreatment of
Jews which for a time had prevailed "may be considered virtually terminated," and that "the authority of the regular police has been reinforced."
Similar denials, together with vigorous protests
against the anti-German agitation here, have come
from a number of representative Jewish organizations in Germany.
American correspondents in Germany, on the
other hand, have continued to report increasing
hostility to Jews, the closing of Jewish shops, the
ousting of Jews from professions and the universities, and a general condition of terrorism. As foreign
correspondents have been warned against sending
exaggerated or inflammatory dispatches and all
news dispatches are said to be censored, it seems
reasonable to infer that these circumstantial reports of lawlessness and oppression accord with the
2119
facts, and that the German Government is not averse
to having the facts known.
What had been, perhaps, merely lawless and unauthorized conduct hitherto has become an authorized and semi-official program with the publication, on Tuesday, of an eleven-point plan of campaign prepared by the central committee of the National Socialist party. According to this plan (we
quote the English version prepared for the New York
"Herald Tribune"), "committees of action" were to
be appointed throughout the Reich to "organize and
enforce the boycotting of Jewish shops, goods,
physicians and lawyers," such committees, however,
to be "responsible for the defense of all foreigners
without regard to religion, ancestry or race." The
committees are to popularize the principle "No German buys from a Jew," they are to watch the newspapers to see that none which act "lukewarmly" in
what is described as "a purely defensive measure
against German Jewry" are taken by Germans or
publish German advertisements, and they are to call
"tens of thousands of mass meetings, even down to
the smallest villages, to promote the campaign for
restriction of the number of Jews engaged in any
profession to their percentage of the total population," or about one per cent. This latter activity
is to be confined at first to limiting the number of
Jewish students admitted to the universities and
preparatory schools, and to fixing quotas for Jewish
doctors and lawyers. No Jews, however, are to be
subjected to personal violence. The boycott was at
first announced to begin Saturday morning (to,
day) and continue until called off by the party
leaders, but late reports yesterday stated that the
boycott would be first imposed for one day (Saturday), and then suspended until Wednesday.
Although this extraordinary program does not
emanate directly from the Hitler Government,it has
the apparent moral support of the Government, and
its enforcement began before the date set for its
inauguration. The United Press reported on Thursday that in thirteen cities the drive had already
started. For the Jews whom it affects, the movement spells wholesale suffering and economic calamity. The widespread closing of Jewish shops and
business houses, the ousting of physicians and
nurses from hospitals and judges and lawyers from
the courts, and deprivation of employment for
workers of all classes are the fate which the boycott holds in store. Serious impediments, it is reported, have already been put in the way of unfortunate Jews who sought to collect debts, withdraw deposits from banks or leave the country.
Save for the prohibition of personal violence, which
it is to be hoped may be effective, the plan does
not differ much in its potential severity from the
pograms which from time to time have driven thousands of Jews in Eastern Europe from their occupations and homes and scattered them,often penniless,
among other countries willing to receive them.
The insistance of the German Government that
the policy of reprisal would continue until foreign
Governments suppress the protests of their own
Jewish nationals or others, joined to tolerance of a
boycott flamboyantly defended as a measure of national defense, does no credit to German psychology
or intelligence. The Hitler Government must know
that it is not within the power of the American Government to interfere with the expression of opinion
in this country without violating the constitutional
2120
Financial Chronicle.
guarantees of free assembly, petition and speech,
and that no European Government is likely to repress expressions of public opinion out of regard to
the feelings or prejudices of Chancellor Hitler and
his supporters. On the other hand, with the best
intentions and the utmost zeal the Jewish leaders
of Germany could not hope to control, let alone
suppress, the expression of sympathy in other
countries. However inflammatory the organized
expressions of opinion in the United States or elsewhere may seem to be, the surest means of neutralizing and stopping them is to put an end to the racial
persecution which inspires them. The boycott, too,
may well turn out to be, not a measure of national
defense but an invitation to national disaster.
Neither German finances nor German trade are in
a condition to suffer the losses which the boycott
may entail, nor are foreign creditors likely to be
lenient with a nation whose Government connives
at ruthless interference with important industrial,
commercial and financial interests. A trade boycott, moreover, invites retaliation in kind, and already there are reports of attempts, apparently unorganized as yet, to boycott German goods or German merchants or salesmen in this country,England
and France.
The silence of President von Hindenburg while
the repressive program has been developing occasions some surprise, especially since the President
has never shown in the past any sympathy for
fomenters of racial or religious strife. The passage
by the Reichstag, on March 23, of an act conferring
upon Chancellor Hitler dictatorial powers was accompanied by a statement from the Chancellor that
the constitutional position of the President was not
in any way affected, and the composition of the
Cabinet, unless the political affiliations of its members have changed, gives the President control of
Hitler's policies. It is possible that the Field Marshal, realizing the intensity of the revolution which
has taken place in German public opinion, has felt
that the excesses which have been committed were
attributable to the popular enthusiasm engendered
by the success of the new regime, and that it was
necessary to let them run their course. It is possible, also, that he may have been influenced by the
threatened rift with the Hugenberg Nationalists
caused by the recent arrests of large numbers of
Hugenberg's Steel Helmets on allegations of planning a counter-revolution, and although most of
those arrested have been released, there are indications that these war veterans are still regarded with
suspicion by the Government. Neither of these conjectures, however, explains President von Hindenburg's apparent inaction in face of a program which
jeopardizes Germany's internal prosperity and international repute. It will be gratifying if the
solemn appeal made to him on Wednesday by a
representative body of Jews, pleading their loyalty
to the Reich and their right to live, shall bring the
desired and much needed intervention.
Politically, the international effects of the tragic
convulsion in Germany have already been widespread and profound. The publication on Thursday
of what purports to be the terms of the agreement
made by Premier Mussolini and Prime Minister
Ramsay MacDonald in their recent conference at
Rome adds nothing specific to what was already
surmised regarding territorial changes in Europe,
but it would be idle now to suggest any changes
April 1 1933
whatever that would work to the advantage of
Germany. Premier Daladier of France has been
quoted as sympathetic with the Rome proposals,
but the Cabinet is split and Parliamentary opinion
is hostile, and the executive organization of the
Little Entente has come out openly in opposition
to any changes not effected through the agency
of the League. The Disarmament Conference, after
a futile attempt to resume c.onsideration of its
agenda, voted on Wednesday to adjourn until
April 25. With the German Nazis campaigning
ruthlessly against the Jews and bitterly resenting
the foreign protests which their course has aroused,
and with Fascism threatening to overrun Austria
as completely as it has overrun Germany, Europe
waits anxiously for the next step, and •the momentous incident of the Japanese notice of withdrawal from the League passes with little more
than formal notice. London and Washington are
still discussing the program for an economic conference, but only an invincible optimist can find
comfort in that direction. The German outburst,
in short, has thrown a dark cloud over everything,
and until the cloud is lifted the political future will
be viewed with anxiety. It is earnestly to be hoped
that the reported interruption of the boycott from
Saturday to Wednesday may turn out to mean
that the Hitler Government, realizing the irreparable injury that will be done to the German people,
German industry and social life, and the German
good name, is preparing to change its course.
Farm Relief Legislation and the Present
Emergency.
The Senate Agriculture Committee has been holding hearings the present week on the Administration's Farm Relief Bill, which has already passed
the House. This is one of the so-called emergency'
measures sponsored by President Roosevelt, but has
met with strong opposition by trade interests in
various sections of the country. The bill was rushed
through the lower branch of Congress, despite the
rising tide of adverse criticism, as many Representatives waived opposition in order to carry out
the Congressional plan of backing up the Administration in every way. In the Senate, however, Senator Smith, of South Carolina, and others, took the
view that the bill was of such far-reaching character
and conferred such dictatorial powers upon the Secretary of Agriculture that its provisions should be
carefully studied and some objectionable features
eliminated.
Senator Smith, Chairman of the Senate Agriculture Committee, even went so far as to propose a
substitute bill, which would deprive the Secretary
of Agriculture of the authority to employ the allotment plan and would limit his power to use the
processing tax. Appearing before the Senate Committee to combat an incipient revolt against the
Farm Relief Bill, as passed by the House, Secretary
of Agriculture Wallace contended that Congress
must grant "broad ad flexible" powers to the Administration if the farm problem is to be solved.
The Administration, he said, accepts as a fundamental principle the view that the restoration of
the Farmers' buying power is an essential part of
the program to relieve the present economic emergency,"not only for agriculture, but for all industry
and a large part of our national credit structure."
Volume 136
Financial Chronicle
He added that Congress must trust for a solution
of the present emergency to the exercise of sound
discretion by the Chief Executive and those who
carry out his program. Secretary Wallace likened
the need.of executive farm relief power to that conferred on the President in the Emergency Banking Law.
However, some of the Senators are evidently of
the opinion that it is one thing to clothe the President of the United States with dictatorial powers
to meet a financial crisis that calls for prompt action
and quite another matter to confer such powers on
some subordinate official. Opposition to the Farm
Relief Bill as presented by the Administration is
not confined to trade interests alone. John A. Simpson, President of the Farmers' Union, when called
before the Senate Agriculture Committee, bitterly
criticized the plan embodied in the House bill. Mr.
Simpson predicted that an administrative force of
200,000 persons would be required to carry out the
provisions of the bill, and that the administrative
cost would be $600,000,000 annually. On the other
hand, the total revenue from the allotment plan by
means of a processing tax would be, as estimated by
the Secretary of Agriculture himself, $860,000,000
annually, which would be taken out of the pockets
'of American consumers of farm products. This
would be such an enormous burden of taxation that
the masses of the American people might revolt
against it, especially as this tax would bear heavily
on those least able to pay it, namely, the poorer
working classes. This taxation would be primarily
for the benefit, and only the problematical benefit,
of one single class, the farmers of the country. At
the same time there is always the possibility that
consumption of the farm products on which the processing tax was placed would be reduced to such an
extent that a burdensome supply of wheat, cotton
and other commodities included in the bill would
again pile up.
It is problematical, therefore, whether the plan
worked out by Secretary of Agriculture Wallace and
his chief economist, Dr. Mordecai Ezekiel, would be
of any real benefit to agriculture as a whole. Members of the cotton trade, in particular, contend that
the Wallace Farm Relief Plan as originally passed
by the House would, if enacted into law, cut the
consumption of cotton, destroy the contract market,
and prevent hedging operations. Anderson, Clayton & Co., of Houston, Tex., in a recent circular,
point out the harmful effects this bill would have
on the cotton industry in this country. They contend that it is not really an emergency measure;
that the only immediate farm emergency is provision
for meeting farm mortgages, which is covered by
other proposed legislation. The Houston firm
argues convincingly that any marked reduction in
cotton production in this country would invite a
larger production at profitable prices in foreign
countries; that the processing tax would promote
textile unemployment in this country,and would impoverish the city dwellers for the benefit of the farming element. Answering the question of what good
the proposed farm relief legislation can do the cotton farmer, the Anderson, Clayton & Co. circular
says:
"It cannot do him any good at all, and hidden in
its effects are two fatal injuries to him. First, to
the more guileless minds among the farmers (and
we hope by now they are few), it revives the vain
2121
notion that farmers may place reliance on anything
other than their own rugged working and saving;
that there are 'farm leaders and politicians who can
pull rabbits out of hats and make water run uphill.'
And another disillusionment here will not be
pleasant."
Plea of the Railroads Well Based—Injustice of
Recapturing Earnings of the Carriers
There is hope among railroad managers and the
great army of railroad security owners that President Roosevelt, Senators and Representatives, who
have shown a disposition to be helpful to other American interests in so many respects, will soon adopt
a similar attitude towards the nation's carriers.
Some of the railroads have been aided by loans obtained through the Reconstruction Finance Corporation, but opportunity exists for aiding the carriers
in another direction by a simple repeal act.
Thirteen years ago the Transportation Act was
made law, embracing what has come to be known
as the "recapture clause," providing that a railroad
in any year which earns over 6% of the value of its
railroad property must pay to the Government onehalf of the excess so earned.
It is estimated that in 10 years the excess earnings aggregated over $361,000,000, but only about
3% of this large sum has been paid over to the Government. The railroads have claimed much higher
valuations than those fixed by the Commerce Commission, and in most of the cases where income has
been large enough to lay the basis for an apparent
claim to excess earnings, the right of the Government to the money remains in dispute.
The purpose of the Act was to force the more prosperous railroads to help those which were less fortunate, the Government acting as an agent to receive the stipulated portions of excess earnings and
employing them for the benefit of the more needy
carriers.
The fundamental principle of that portion of the
Act is wrong for the reason that it creates a premium
upon inefficiency. Instead of encouraging economy
in operation and great diligence in obtaining traffic
and rendering the best service, the law's provisions
tend to diminish an incentive for railroad executives to do their very best, as they know that if the
earnings which their properties make in any year
exceed 6% of the value of the railway's property
one-half of such excess must be graciously handed
over to the Government for the benefit possibly of
some competitive road.
Railroad executives surely during the past few
years have had enough disheartening experiences
from natural causes without being subjected to unnatural handicaps created by a Government which
should foster enterprise along proper lines rather
than discourage those who have mighty responsibilities resting upon their shoulders.
In the conduct of nearly all lines of business the
principle is generally recognized that when a corporation experiences a year of unusual prosperity, a
liberal portion of the profits should be set aside as
a surplus to help to carry the business during a
period when there may be deficits instead of profits
above normal requirements. The Federal Act applying to railroads disregards this well-established and
sound custom.
Investors in shares also look for an increase in the
dividend following a year of unusual earnings, feel.
2122.
Financial Chronicle
ing that they are entitled to a share of this prosperity for the reason that they always take the risk
of having dividends cut or possibly passed altogether
in unfavorable years. Under the law of averages
shareholders must take the bitter, and they are
reconciled to this by the expectation that in later
years their income will be "sweetened" by increased
business and correspondingly enlarged profits.
The theory upon which the recapture clause was
based has been entirely upset by the depression in
business which has spread over the land since 1929.
Ethics of the case, however, are everlasting, and
under existing circumstances they have added
weight which it will be well for Congress to consider.
No harm can come from relief which is based upon
justice and common sense.
Beer Sales Area—Dates for Start Vary.
The State legislation of 3.2% beer, authorized by
Congress on and after April 7, has spread throughout a territory comprising 21 States, with the New
York Legislature still haggling with Governor Lehman as to the nature of the restrictions to impose
upon retail sales. Vermont approved the beverage,
but its sale will not be allowed until May 1. The
Minnesota Legislature legalized 3.2% beer, effective
April 7, and Governor Floyd B. Olson signed the
. measure last Monday. Vermont's measure brought
to 22 the total of States in which the way now appears open for beer sale, including some States in
which the State measures will not be effective until
after the national law becomes operative.
These are Arizona, California, Connecticut, Delaware, Illinois, Indiana, Kentucky, Louisiana, Maryland, Mississippi, Montana, Nevada, New Jersey,
North Dakota, Oregon, Pennsylvania, Vermont,
Washington, West Virginia, Wisconsin and
Wyoming.
In Maryland the sale of beer will be legal only in
Baltimore and two counties; in Delaware, only in
Wilmington. Besides Vermont, four States have
set a specified time for beginning its sale, other than
April 7 set by Congress; Louisiana, April 13; North
Dakota, July 1; West Virginia, June 9, and Wyoming, May 18.
Notwithstanding that some of the States have
repealed their dry laws, they will not allow the sale
of beer until control plans have been drafted. In
others, beer will be legal for sale, although Legislatures are considering control measures.
In Idaho, Governor C. Ben Ross announced his
intention to determine the legal status of beer. The
statute forbids any "intoxicating liquors." The
Supreme Court in 1915 ruled that any malt, vinous
or fermented liquor was forbidden in Idaho.
Vermont, ever a sticker for local option, provided
for referenda in towns and cities on beer selling, but
specifically set forth, however, that a hotel of 20
rooms or more, in any town or city, could sell beer
regardless of local option.
A tabulation of the "wet" and "dry" status of
States before the United States entered the World
War and contrasting the situation then with the
"beer moves" of to-day, is shown in the following:
State—
Alabama
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Action to
Permit
(or Tax)
Beer.
Pending
Passed
Died in Committee
Pending
Pending
None
None
Can Beer
Be Sold?
No
Yes
No
le es
No
Yes_a
h
Status Before
United States
Entered
World
War.
Dry 1915)
Dry 1912)
Dry 1915)
Wet
Dry (1915)
Wet
Divided
April 1 1933
Status Before
United States
Entered
Can Beer
World
Stale—
Be Sold?
War.
None
Florida
No
Wet
None
Georgia
No
Dry
Defeated
Idaho
No
Dry (1915)
Pending
Illinois
Yes
Wet
Passed
Indiana
Yes
Wet
Pending
Iowa
No
Dry (1916)
None
Kansas
No _b
Dry (1880)
None
Kentucky
Yes_c
Local Option
Passed
Louisiana
Yes_i
Wet
Pending
Maine
No
Dry (1846)
Pending
Maryland
'd
Wet
Pending
Massachusetts
No
Wet
Pending
Michigan
No
Wet
Minnesota
Wet
None
Mississippi
No
Wet
Passed
Missouri
Yes
Wet
Passed
Montana
Yes
Wet
Pending
Nebraska
No
Wet
Passed
Nevada
Yes
Wet
Pending
No
Wet
New Hampshire
Pending
Yes
New Jersey
Wet
Pending
No
New Mexico
Wet
Pending
New York
Yes
Wet
Pending
No
North Carolina
Dry (1909)
Passed
Dry
North Dakota
Yes_j
Pending
No
Wet
Ohio
Pending
Oklahoma
No
Dry
None
Yes_f
Dry (1916)
Oregon
Pending
Pennsylvania
Yes
Wet
Pending
No
Wet
Rhode Island
Pending
No
South Carolina
Dry (1916)
Subject to Referendum
No
Wet
South Dakota
Pending
Divided_g Dry (1916)
Tennessee
Pending
No
Wet (local)
Texas
Defeated
No
Wet
Utah
Passed
Yes_ k
Wet
Vermont
None
No
Dry 1916)
Virginia
Defeated
Yes
Dry 1916)
Washington
Passed
Yes..1
Dry 1914)
West Virginia
Pending
Yes
Wet
Wisconsin
Passed
Yes_m
Wet
Wyoming
a Officials say beer sale automatically legal April 7. since State en
forcement act prohibits only beverages held intoxicating by Congress.
b Law prohibits intoxicating liquor. Attorney-General says its up to jury
to decide whether 3.2% beer is intoxicating. Will prohibit. Immediate
test planned. c Attorney-General ruled 3.2% beer legal for sale. d Can
be sold in Baltimore and two counties. e Legislation passed March 24
legalizing beer sale April 7. Governor signed on March 26. f Recent
Legislature refused to regulate beer. Inasmuch as 3.2% beer defined as
non-intoxicating, no regulations to prohibit sale. g State dry law does
not define intoxicating liquor. Attorney-General says "possible" 3.2%
beer legal. Wets planning test law. h In Wilmington. i April 13.
July 1. k May 1. 1 June 9. m May 18.
Action to
Permit
(or Tax)
Beer.
The Course of the Bond Market.
Bond prices declined every day this week in an inactive
market. Declines were greatest in utility issues, all grades
considered. News in the business world such as might have
any great influence on prices was lacking and the market
continued to drift lower. Money rates eased off fractionally.
Moody's price index of 120 bonds closed the week at 75.09
compared with 77.88 a week ago and 79.11 two weeks ago.
These averages have not quite reached the low of 74.67,
made on March 3, the last day before trading was suspended
on account of the nation-wide closing of banks.
pi United States Government bonds sold within fairly narrow
ranges, with a slightly upward trend toward the end of the
week. The Treasury Department announced a new offering of $100,000,000 of 91-day Treasury bills, thus continuing,
at least for the time being, the policy of the last administration in short term financing for Government funds. The
average price of eight long term Treasury issues closed the
week at 101.40, comparing with 101.03 a week ago and 102.40
two weeks ago.
Railroad bonds were weak throughout the list, high grade
as well as low grade issues losing ground. Atchison gen. 4s,
1995, dropped 23% points this week, from 913' to 893% and
%
'.
Union Pacific 4s, 2008, lost 23/i points, from 825 to 803
,
Among the more speculative issues Southern Pacific 4s195
lost 23' points, from 693/i to 67, and Missouri Pacific 5s,
1980, dropped 6% points, from 263' to 20. An extreme
case was that of Kansas City Fort Scott & Memphis 4s,
1936, which lost 133% points in Thursday's trading but
gained 43" points on Friday. The price average of 41)
railroad bonds closed at 72.06 on Friday, which compares
with 73.65 a week ago and 74.57 two weeks ago.
Pressure against utility issues continued during the week,
with the result that the list was generally lower. High grades
were moderately weak, while medium and speculative issues
in many cases registered substantial losses. While railroad
and industrial bond averages have not reached the lows made
early this month, utility bonds have gone considerably below
those levels, and are selling about where they were in the
latter part of July, 1932. Uncertainty as to the possible
course of governmental regulation of utilities in the future
has been a factor in this decline, as well as agitation for lower
utility rates. This week American Tel. & Tel. 5s, 1965,
lost 13% points, from 1003% to 98%, while Consolidated Gas
of N. Y. 532s, 1945, lost % point, from 1033% to 102%.
3
Indianapolis Power & Light 5s, 1957, remained stationary
after losing 83% points last week, going from 823% to 81.
Florida Power & Light 5s, 1954, lost an additional 7 points
this week, going from 55 to 48. The price average of 40
Financial Chronicle
Volume 136
utility bonds closed the week at 73.35 on Friday, which compares with 78.10 a week ago and 80.49 two weeks ago.
Irregular movements with a generally downward trend in
all but the highest type obligations again characterized the
industrial bond market this week. Medium grade and speculative steels were soft on continued slack industry operations.
New price arrangements in the tire industry were reflected
in irregular movements in rubber issues. Merchandising
issues were erratic, wide fluctuations characterizing light
trading in the medium-priced bonds. Small volume and a
day or two between trades in all but the largest and most
active industrial issues has been increasingly noticeable.
United Drug 5s, 1953, were sold liberally and lost some 133
points from 58 to 4534. National Dairy Products 5%s,
1948, an actively-traded issue, has shown firmer tendencies
lately, though losing fractionally on the week. The volume
has been substantial in U. S. Rubber 5s, 1947, in the lower
thirties. The price average of industrial issues closed the
week at 80.37, comparing with 82.14 a week ago and 82.74
two weeks ago.
MOODY'S BOND PRICES..
(Based on Average Yields).
MOODY'S BOND YIELD AVERAGES."
(Based on Individual Closing Prices.)
All
120
Domes
ttc.
Aura yes.
Mar. 31
30
29
28
27
25
24
23
22
21
20
18
17
16
15
4-14
a
2
1
Weekly
Feb. 24
17
10
3
Jan. 27
20
13
6
nigh 1933
Low 1933
High 1932
Lew 1)32
Year Ago
Slat% 31 1932
Two Years Ago
Apr. 1 1931
Aaa.
Au.
A.
Baa.
RR.
75.09
75.82
76.35
76.67
77.00
77.66
77.88
77.88
77.66
78.10
78.88
79.34
79.11
78.77
77.22
1933
Daily
99.52
100.33
100.65
100.98
101.31
101.31
101.64
101.64
101.81
101.97
102.14
102.47
102.30
101.97
100.81
73.55
74.15
74.77
74.77
75 29
75.71
75.82
76.03
75.92
76.35
77.44
77.66
77.33
76.78
74.88
Etch:
72.06
72 85
74.15
53.88
54.67
55.29
55.86
55.99
56.97
57.29
57.37
56.84
57.43
58.04
58.66
58.52
58.38
56.71
nge ('to
54.18
59.49
55.61
72.06
72.45
72.85
72.95
73.05
73.45
73.65
73.85
73.25
73.95
74.57
74.77
74.57
74 25
72.75
seri
69.59
69.96
71.00
73.35
74.57
75.50
76.25
77.00
77.88
78.10
78.44
78.55
79.11
79.91
80.60
80.49
80.03
78.21
80.37
80.72
81.18
81.18
81.59
8E96
82.14
81.96
81.66
81.66
82.56
82.74
82.74
82 5(
81.01
74.67 99.04
75.19 99.36
76.35 100.65
86.12
86.38
86.91
86.64
87.43
87.69
87.83
87.69
87.69
87.96
88.63
89.04
89.17
88.77
87.69
Stock
85.48
85.87
86.64
76.35
77.11
78.44
78.4
,
78.8/3
80.1,
1
78.77
81 30
83.23
82 38
83.11
82.99
83.85
81.66
83.97
74.67
82.62
57.57
89.31
90.83
92.68
92.53
92.39
91 81
92.25
90.69
92.97
85.48
89.72
71.38
76.25
79.45
81.54
80.49
81.18
81 07
81.90
79.34
81.90
72.06
78.55
54.43
57.98
60.60
62.98
61.34
62.95
63.11
69.31
61.56
64.55
53,8
67.86
37.94
73.15
75.50
77.77
76.25
76.25
75.09
75.71
71.96
77.99
69.59
78.99
47.58
80.60
83.85
85.99
85.99
87.56
88.23
89.17
88 23
89 31
73.35
87.69
65.71
83.1.
84.W
86.2:
85.41
86.31
86.6,
87.5)
863
876
78.4.
85.6
62.0
120 Domestics
by Groups.
120 Domestics by Rat ngs.
102.98
104.51
105.89
105.37
105 54
105.03
105.54
104.85
106.07
99.04
103.99
85.61
2123
Pronounced weakness in all classes of German bonds occurred this week. Colombian bonds Lroke sharply as a
result of the reported declaration of a moratorium by the
Government. Argentine bonds reacted somewhat from
recent advances. Chilean, Cuban and Czechoslovakian
issues also declined. Bonds of Norway and Denmark
showed strength. The average yield on 40 foreign issues
stood at 10.99% on Friday, which compares with 10.76% a
week ago and 10.73 two weeks ago.
Trading in municipal bonds continued on an orderly basis,
with markets nominal even on many of the generally active
issues. Transactions were few but at lower levels. New
York City long term 4 Vis were bid 77 compared with 81 last
week. Continued inability to obtain funds for coupon payments carried Louisiana issues to a nominal market of 52-60.
Arkansas bonds were inactive at a 39-44 quote following the
signing of the Ellis Bill by Governor Futrell, an action considered to be repudiation.
Moody's computed bond prices and bond yield averages
are shown in the tables below:
P. U. Indus.
.411
1933
120
Dotty
Domes
Averages
tic.
120 Domestics by Ratings.
Weekly
Feb. 24_.
17__
10_.
Jan. 27__
20_.
13_.
A a.
A.
6.66
6.59
6.59
6.51
6.48
6.42
6.40
6.40
6.42
6.38
6.31
6.27
6.29
6 32
6.46
4.78
4.73
4.71
4.69
4.67
4.67
4.65
4.65
4.64
4.63
4.62
4.60
4.61
4.63
4.70
5.71
5.69
5.65
5.67
5.61
5.59
5.58
5.59
5.59
5.57
5.52
5.49
6.48
5.51
5.59
6.70
6.65
6.54
Mar.31 _ _
30..
, 29._
t 28_
27_ _
k 25_ _
24__
23._
22__
21__
20..
18._
17__
16_
15._
4-14__
Aaa.
4.81
4.79
4.71
5.76
5.73
5.67
6.81
6.75
6.69
6.69
6.64
6.60
6.59
6.57
6.58
6.54
6.44
6.42
6.45
6.50
6.68
Stock
6.96
6.88
6.75
6.32
6.10
5.94
6.81
5.95
5 96
5.89
6 07
5.88
6.70
5.99
8.74
4.57
448
4.40
4 43
4.42
445
4 42
4.46
4 39
4.81
4.51
5.75
5.47
5.36
5 23
5.24
5.25
5.29
5.26
5.37
5.21
5.76
5.44
7.03
6.55
6 26
6.08
6.17
6.11
6.12
6.05
6.27
6 05
6 96
6 34
9.23
Ban.
120 Domestics
by Groups.
RR.
40
ForP. U. Duna. eturtt.
9.32
6.96
6.83
9.19
6.92
6.71
9.09
6.88
6.62
9.00
6.87
6.55
8.98
6.86
6.48
8.83
6.82
6.40
8.79
6.80
6.38
8.77
6.78
6.35
8.85
6.84
6.34
8.76
6.77
6.29
8.67
6.71
6.22
8.58
6.69
6.16
8.60
6.71
6.17
8.62
6.74
6.21
8 87
6.89
6.37
Excha age Cl. sed
9 27
7.22
6 54
9.22
647
7.18
9.09
6.35
7.07
6.16
6.15
6.11
6.11
6.06
6.05
6.03
6.05
6.07
6.07
6.00
5.98
5.1)8
6 00
6.12
10.99
10.90
10.83
10.76
10.74
10.77
10.76
10.70
10.67
10.62
10.62
10.74
10 73
10.79
10.98
8.35
6.31
6.20
11.19
11.18
11.14
8.68
8.31
806
8.21
8.00
7.96
7.83
8.18
7.80
9.32
7.41
12.96
5.95
5.80
5.70
5.76
5.69
5.67
5.60
5.69
5.59
6 35
5.75
8.11
11 05
10.40
10 05
10 20
9.88
9 85
9 62
9.98
960
11.19
9 88
15.83
6.85
6.62
6 41
6.55
6.55
6.66
6.611
6.97
6.39
7.22
6 30
10.49
6.16
5 89
5 72
5.72
5 60
5 55
5 48
5.55
5 47
6 83
5.51)
7.66
Low 1933
High 1933
Low 1932
High 1932
Yr. Ago 72.45 95.33 82.87 71.77 51.79 65.79 78.44 73.9
Mar.31•32 6.92
5.05
5.97
6.99
7.65
9.68
6.77 12.77
6.35
2 Yrs.Ago
92.10 105.89 100.49 90.27 76.14 91.25 96.70 88.6
Apr. 1 '31
4.40
5.27
4.72
5.40
6.56
4.96
5.33
6.64
5.52
*Nots.-Thav prices are computed from average yield on the basis of one -Ideal" bond 441% coupon, maturing In 31 years)
do not
the average level or the average movement of actual price quotations. ThLy merely serve to Illustrate in a more comprehensive way and relative purport to show elthee
levels and the relative
the
movenient of yleld averages, the latter being the truer picture of the bond market.
x The last complete list of bonds used in computing these indexes was published In the "Chronicle" on Jan. 14
1933, page 222. For Moody's index of bond prices
by months back to 1928, refer to the "Chronicle- of Feb. 6 1932. page 907.
•
Text of Bill Enacted into Law with Approval of President Roosevelt
Legalizing 3.2% Beer and Wines-Tax of $5 a Barrel Provided.
In our issue of a week ago (page 1994) we noted the
signing by President Franklin D. Roosevelt, on March 22,
of the Cullen Bill legalizing the manufacture and sale of
3.2% beer and wines. Under the provisions of the newlyenacted measure a tax of $5 a barrel containing more than
31 gallons is imposed. The sale of beer, in States where
such sale is not barred, will be permitted under the terms
of the new law after midnight, April 6. The text of the
measure as enacted into law follows:
[Purazo-No. 3-73D CONGRESS]
[1.1. R. 3341]
AN ACT
To provide revenue by the taxation of certain nonintoxicating liquor,
and
for other purpose.
Ile it enacted by the Senate and House of Representatives of the United
etnati(u tn Congress assembled, That (a) there shall be levied
I n ill beer, lager beer, ale, porter, wine, similar fermented
malt or vinous liquor, and fruit juice, containing % of I% or more of
alcohol by colume, and not more than 3.2% of alcohol by weight, brewed
or manufactured and, on or after the effective date of this Act, sold, or
removed for consumption or sale, within the United States, by whatever
name such liquors or fruit juices may be called, a tax of $5 for every
barrel containing not more than 31 gallons, and at a like rate for any
other quantity or for the fractional parts of a barrel authorized and defined
by law, to be collected under the provisions of existing law. The tax
Imposed by this section upon any beverage shall, if any tax is now
imposed thereon by law, be in lieu of such tax from the time the tax
imposed by this section takes effect. Nothing in this section shall in any
manner affect the internal revenue tax on beer, lager beer, ale, porter,
wine, similar fermented malt or vinous liquor, or fruit juice, containing
more than 3.2% of alcohol by weight, or less than % of 1% of
alcohol
by volume. As used In this section the term "United States"
includes
only the States, the Territories of Alaska and Hawaii, and the District
of Columbia.
(b) Paragraph "First" of Section 3244 of the Revised Statutes (U. S. 0.,
Title 26, Sec. 202) is amended to read as follows:
"First. Brewers shall pay 81,000 in respect of each brewery. Every
person who manufactures fermented liquors of any name or description for
sale, from malt, wholly or in part, or from any substitute therefor,
containing IA of 1% or more of alcohol by volume, shall be deemed a
;
brewer."
(c) Nothing in this Act shall be construed as repealing any special tax
or administrative provision of the internal revenue laws applicable in
respect of any of the following containing % of I% or more of alcohol
by volume and not more than 3.2% of alcohol by weight: Beer, ale,
porter, wine, similar fermented malt or vinous liquor, or fruit juice.
Sec. 2. The second, third, and fourth paragraphs of Section 37 of
Title It of the National Prohibition Act, as amended and supplemented
(U. S. C., Title 27, Secs. 58, 59 and 60), are hereby repealed.
Sec. 3. (a) Nothing in the National Prohibition Act, as amended and
supplemented, shall apply to any of the following, or to any act or
failure to act in respect of any of the following, containing not more
than 3.2% of alcohol by weight: Beer, ale, porter, wine, similar fermented
malt or vinous liquor, or fruit juice ; but the National Prohibition Act, as
amended and supplemented, shall apply to any of the
foregoing, or to any
act or failure to act in respect of any of the foregoing,
contained in bottles,
casks, barrels, kegs, or other containers, not labeled
and sealed as may be
prescribed by regulations.
(b) The following Acts and parts of Acts shall
be subject to a like
limitation as to their application:
(1) The Act entitled "An Act to prohibit the
sale, manufacture, and
importation of intoxicating liquors in the Territory
of Hawaii during the
period of the war, except as hereinafter
provided," approved May 23 1918
(U. S. C., Title 48, Sec. 520);
(2) Section 2 of the Act entitled "An
Act to provide a civil government
for Porto Rico, and for other purpose,"
approved Starch 2 1917 ;
(3) The Act entitled "An Act to
prohibit the manufacture or sale of
alcoholic liquors in the Territory of
Alaska, and for other purposes,"
approved Feb. 14 1917 (U. S. C., Title
48, Secs. 261 to 291, both
inclusive).
2124
Financial Chronicle
making appro(c) Nothing in Section 5 of the Act entitled "An Act
fiscal year
priations for the service of the Post Office Department for the
March 3 1917,
ending June 30 1918, and for other purposes," approved
341; Supp. VI,
as amended and supplemented (U. S. C., Title 18, Sec.
by the mails
Title 18, Sec. 341), shall prohibit the deposit in or carriage
letter carrier,
of the United States, or the delivery by any postmaster or
any solicitation
of any mail matter containing any advertisement of, or
not more than
of an order or orders for, any of the following containing
fermented
3.2% of alcohol by weight: Beer, ale, porter, wine, similar
malt or vinous liquor, or fruit juice.
wine, similar
Sec. 4. (a) The manufacturer for sale of beer, ale, porter,
of
2
1
fermented malt or vinous liquor, or fruit juice, containing / of 1%
shall,
alcohol by volume and not more than 3.2% of alcohol by weight,
engage
before engaging in business, secure a permit authorizing him to
manner
in such manufacture, which permit shall be obtained in the same
amended and suppleas a permit under the National Prohibition Act, as
mented, to manufacture intoxicating liquor, and be subject to all the
provisions of law relating to such a permit. Such permit may be issued
liquor
to a manufacturer for gale of any such fermented malt or vinous
of 1% of alcohol by volume, if he
-or fruit juice, containing less than
Subsecdesires to take advantage of the provisions of Paragraph (2) of
tion (b) of this section. No permit shall be issued under this section for
the manufacture of fermented malt or vinous liquor or fruit juice in any
State, Territory, or the District of Columbia, or political subdivision of
any State or Territory, if such manufacture is prohibited by the law
thereof.
(b) (1) Such permit shall specify a maximum alcoholic content permissible for such fermented malt or vinous liquor or fruit juice at the
time of withdrawal from the factory or other disposition, which shall not
be greater than 3.2% of alcohol by weight, nor greater than the maximum
alcoholic content permissible under the law of the State, Territory, or the
District of Columbia, or the political subdivision of a State or Territory,
in which such liquor or fruit juice is manufactured.
(2) In such permit may be included permission to develop in the manufacture of such fermented malt or vinous liquor or fruit juice by the usual
methods of fermentation and fortification or otherwise a liquor such as
beer, ale, porter, wine, or fruit juice, of an alcoholic content in excess of
the maximum specified in the permit; but before any such liquid is
withdrawn from the factory or otherwise disposed of the alcoholic content
shall, if in excess of the maximum specified in the permit, be reduced,
under such regulations as may be prescribed, to or below suds maximum;
but such liquid may be removed and transported, under bond and under
such regulations as may be prescribed, from one bonded plant or warehouse
to another for the purpose of having the percentage of alcohol reduced to
the maximum specified in the permit by dilution or extraction. Such
liquids may be developed, under permit under the National Prohibition Act,
as amended and supplemented, by persons other than manufacturers of
beverages containing not more than 3.2% of alcohol by weight, and sold
to such manufacturers for conversion into such beverages. The alcohol
removed from such liquid, if evaporated, and not condensed and saved,
shall not be subject to tax; if saved, it shall be subject to the same law
as other alcoholic liquors. Credit shall be allowed on the tax due on any
alcohol so saved to the amount of any tax paid upon distilled spirits or
brandy used in the fortification of the liquor from which the same is saved.
(3) When fortified wines are made and used for the production of nonbeverage alcohol, and dealcoholized wines containing not more than 3.2%
of alcohol by weight, no tax shall be assessed or paid on the spirits used
in such fortification, and such dealcoholized wines produced under the
provisions of this section, whether carbonated or not, shall be subject to
the tax imposed by Section 1.
(4) In any case where the manufacturer is charged with manufacturing
or selling for beverage purposes any beer, ale, porter, wine, similar fermented malt or vinous liquor, or fruit juice, containing more than 3.2%
of alcohol by weight, the burden of proof shall be on such manufacturer
to show that the liquid so manufactured or sold contained no more than
3.2% of alcohol by weight. In any case where a manufacturer, who has
been permitted to develop a liquid such as beer, ale, porter, wine, or fruit
juice, containing more than the maximum alcoholic content specified in
the permit, is charged with failure to reduce the alcoholic content to or
below such maximum before such liquid was withdrawn front the factory
or otherwise disposed of, then the burden of proof shall be on such manu-
April I 1933
facturer to show that the alcoholic content of such liquid so manufactured,
sold, withdrawn, or otherwise disposed of did not exceed the maximum
specified in the permit. In any suit or proceeding involving the alcoholic
content of any beverage, the reasonable expense of analysis of such
beverage shall be taxed as costs in the case.
(c) Whoever engages in the manufacture for sale of beer, ale, porter,
wine, similar fermented malt or vinous liquor, or fruit juice, without
such permit if such permit is required, or violates any permit issued to
him, shall be subject to the penalties and proceedings provided by law
in the case of similar violations of the National Prohibition Act, as
amended and supplemented.
(d) This section shall have the same geographical application as the
National Prohibition Act, as amended and supplemented.
Sec. 5. Except to the extent provided in Section 4 (b) (2), nothing in
Sections 1 or 4 of this Act shall be construed as in any manner authorizing
or making lawful the manufacture of any beer, ale, porter, wine, similar
fermented malt or vinous liquor, or fruit juice, which at the time of sale
or removal for consumption or sale contains more than 3.2% of alcohol
by weight.
Sec. 6. In order that beer, ale, porter, wine, similar fermented malt or
vinous liquor, and fruit juice, containing 3.2% or less of alcohol by
weight, may be divested of their inter-State character in certain cases,
the shipment or transportation thereof in any manner or by any means
whatsoever, from one State, Territory, or District of the United States,
or place noncontiguous to but subject to the jurisdiction thereof, or from
any foreign country, into any State, Territory, or District of the United
States, or place noncontiguous to but subject to the jurisdiction thereof,
which fermented malt or vinous liquor or fruit juice, is intended, by any
person interested therein, to be received, possessed, sold, or in any manner
used, either in the original package or otherwise, in violation of any law
of such State, Territory, or District of the United States, or place noncontiguous to but subject to the jurisdiction thereof, is hereby prohibited.
Nothing in this Section shall be construed as making lawful the shipment
or transportation of liquor or fruit juice the shipment or transportation
of which is prohibited by the Act of March 1 1913, entitled "An Act
divesting intoxicating liquors of their inter-State character in certain cases"
(U. S. C., Supp. VI, Title 27, Sec. 122).
Sec. 7. Whoever orders, purchases, or causes beer, ale, porter, wine,
similar fermented malt or vinous liquor, or fruit juice, containing 3.2%
or less of alcohol by weight, to be transported in inter-State commerce,
except for scientific, sacramental, medicinal, or mechanical purposes, into
any State, Territory, or the District of Columbia, the laws of which State,
Territory, or District prohibit the manufacture or sale therein of such
fermented malt of vinous liquor or fruit juice for beverage purposes, shall
be fined not more than $1,000 or imprisoned not more than six months,
or both; and for any subsequent offense shall be imprisoned for not
more than one year. If any person is convicted under this Section any
permit issued to him shall be revoked. Nothing in this section shall be
construed as making lawful the shipment or transportation of any liquor
or fruit juice the shipment or transportation of which is prohibited by
Section 5 of the Act entitled "An Act making appropriations for the
service of the Post Office Department for the fiscal year ending June 30
1918, and for other purposes," approved March 3 1917, as amended and
supplemented (U. S. C., Supp. VI, Title 27, Sec. 123).
Sec. 8. Any offense committed, or any right accrued, or any penalty
or obligation incurred, or any seizure of forfeiture made, prior to the
effective date of this Act, under the provisions of the National Prohibition
Act, as amended and supplemented, or under any permit or regulation
Issued thereunder, may be prosecuted or enforced in the same manner and
with the same effect as if this Act had not been enacted.
Sec. 9. This Act shall take effect on the expiration of 15 days after
the date of its enactment, except that permits referred to under Section 4
may be issued at any time after the date of enactment, and except that
liquor taxable under Section 1 may be removed prior to the effective date
of this Act for bottling and storage on the permit premises until such
date and when so removed shall be subject to tax at the rate provided
by Section 1.
Sec. 10. If any provision of this Act, or the application thereof to
any person or circumstances, is held invalid, the remainder of the Act,
and the application of such provision to other persons or circumstances,
shall not be affected thereby.
Approved March 22 1933.
Indications of Business Activity
THE STATEIOF TRADE—COMMERCIAL EPITOME,
Friday Night, March 31 1933.
Few months in our country's history have been as epochmaking as March 1933, and probably never since our transition from an agricultural to an industrial state has such a
gamut been run from paralyzing fear to renewed hope and
encouragement. In commenting on the state of trade as
the month closes the most impressive fact is the change in
business psychology apparent to-day compared to that prevailing during the chaotic period of a month ago. Trade is
still far from normal, at least judged by the standard of
recent years, but impressive steps forward have been made
and it is once more possible to plan intelligently, to attempt
to forecast future developments in industry with some degree
of confidence and to renew belief in the institutions which
have been our safeguard in past years. Optimism as to the
future is still in advance of actual performance, but even
so encouraging factors are numerous. Security markets
have been decidedly reactionary during the past week, but
much of their weakness can be attributed to belated liquidation attendant upon the readjustment of the banking situation and to uncertainty regarding the proposed legislation
for the regulation of stock exchanges and investment bankers.
While some changes in the present procedure are recognized
as necessary and salutary, the feeling that some good features
may also be done away with tends to restrict legitimate
speculation until the outlook clarifies.
Banking difficulties are gradually being cleared away.
It is estimated that 80% of our banks are functioning normally. Restrictions on the remainder, however, have tied
up several billion dollars of deposits and business still suffers
from that handicap. Retail trade has gained ground, partly
from the seasonal demand and partly from the pent-up necessity for replacement of various kinds of goods. Wholesale
business has also made a marked advance. Stocks in retailers hands are low and buyers show a tendency to purchase
more freely than for some time past. The automotive industry is beginning to benefit by the more seasonable spring
weather and the prospect is more encouraging as warmer
weather sets in. The demand for low-priced cars is a decided
feature. Steel operations continue at a low point, but the
near future is expected to show decided gains particularly
through the demand from breweries and their related activities. Railroad buying of steel, it is felt, must be resumed
shortly. Cotton goods have been somewhat less active although mills have been operating on a moderate schedule.
Textiles have not made a particularly good showing, having
been held back largely by uncertainty as to the ramifications
Volume 136
Financial Chronicle
2125
to the farm relief bill before Congress. Car loadings have Car loadings from the'previous week showed an increase of
latterly improved and commercial failures have declined about 10%. There was a sharp rise in power output, comin marked degree. There is persistent talk of an increase in modity markets were generally strong and there was a slight
cigarette prices by the large manufacturers because of the increase in steel operations. Bond sales totaled $10,000,000.
small margin of profit in those prevailing at present. Shoe U.S. Government's were strong but the tone of the remainder
manufacturers have suffered from strikes and hides have been of the market was mixed with a declining tendency.
reactionary. Wool has been quieter. The lumber outlook
On the 30th inst. prices fell off noticeably, although the
has been more encouraging.
volume of trading continued small. Total sales were 627,000
In the New York district trade has been somewhat better shares. The street was somewhat puzzled and sentiment
with full banking facilities helping industrial operations. was decidedly mixed as regards the Washington proposals
Shoe manufacturing has been well up towards capacity and for regulation of the securities markets. Some features of the
the demand for drygoods has improved but taking trade as a program were approved while the character of others were
whole, there is no sign yet of a definite revival. In Cleve- closely scrutinized to ascertain their exact meaning and
land steel production rose to 29% but Pittsburgh and Youngs- ramifications. Meantime speculation languished and interest
town remained dull at 13%. The coming revival of the was nominal. There was some opposition to the Administrabeer industry caused increased activity in the manufacture tion railroad rehabilitation program on the part of the railway
of bottles among glass makers and mechanical equipment. labor executives, National farm organizations and the NaIn Chicago retail trade was more active. Automobile sales tional Highway Users Conference. Bond sales were $10,of cheaper makes were larger and the coming legalized sale 570,000. U. S. Governments were again firm but other
of beer is expected to have a stimulating effect on some lines issues were generally reactionary. German bonds in particuof business. The manufacture of beer containers and bar lar showed marked weakness.
equipment increased and the first of the licensed breweries
To-day the volume of trading increased somewhat, total
began operating on two shifts. Wholesalers reported a better sales being 880,000 shares. Prices backed and filled for a
business wherever banks had reopened though the dollar time until the news came that the Missouri Pacific Railroad
volume was smaller than that of last year. San Francisco had filed a petition for reorganization to prevent a receiverreported trade in general small. The most stimulating ship under the new Federal bankruptcy law. Railroad stocks
feature was the activity among breweries and lines affected thereupon turned decidedly weaker, utilities followed and
by the return of beer. In Minneapolis, flour was quiet. soon all market groups yielded ground. Closing prices for
Prices of hogs and cattle were steady. It is estimated that the leaders were 1 to 4 points lower. The stock market was
in the next two months in the Minneapolis district there will a law unto itself and disregarded the strength in commodities,
be spent by brewers some $1,200,000 on building and reno- trade gains, increased car loadings, a stronger banking posivations causing increased employment. In St. Louis, retail tion and other news which ordinarily would have made for
trade was better and the shoe industry improved. Whole- better prices all around. The fact that the Rock Island was
sale houses have had a much better trade with the rural obliged to borrow its current interest requirements from the
districts. Boston reported definite, if moderate improve- Reconstruction Finance Corporation served to emphasize
ment in New England and there were scattered reports of the Mo.Pac.action. Wall Street, while approving in principle
increased manufacturing. At most shoe manufacturing the projected Federal security laws and continued banking
centers there is a fair amount of activity. Wool is reported probe is sensitive to Washington's attitude and its implicabetter and 5 to 10% higher. Automobiles were in slightly tions. Speculative interest will in all probability be at a
better demand.
standstill until light is more clearly discernible. Bonds gave
In Philadelphia men's clothing has been in better demand way with stocks. United States governments were generally
than women's or children's. Hosiery mills have been active firm but practically all classes of domestic issues receded.
but at low prices. Low-priced shoes sell readily. Cold Foreign bonds were swayed largely by the weakness in Gerweather this month too helped the anthracite coal trade. man obligations which lost from 2 to 8 points, much of the
The dullness of steel is the chief drawback. Baldwin Loco- selling coming from London. There has been a general rush
motive shipments in two months have,it is stated,decreased to dispose of these issues since the arbitrary attitude of the
37%. Commodities with few exceptions have been stronger. Hitler Government has been emphasized. Total sales of
Wheat has advanced on bad crop news. Corn has experi- bonds were $11,540,000.
ienced a marked cash demand which extended to the other
Leaders in the textile industry in Philadelphia say that
coarse grains. Rye prices firmed up but barley showed a the enactment into law of President Roosevelt's plan for
net decline for the week. Cotton also sold off partly because creation of civilian conservation corps to be recruited from
of poorer demand from textile manufacturers and partly the ranks of the unemployed to work in the nation's forests,
because of uncertainty as to pending farm relief legislation. giving employment to 250,000 men, will be a development
Coffee has been weaker but sugar has maintained its price of major importance to textile manufacturers making goods
level and futures have at times advanced on the proposed of the type purchased by the Army Quartermaster Corps.
segregation plan. All told, an optimistic spirit pervades
New Bedford, Mass., stated that textile payrolls showed
general business and if the present gains can be held for a an upward trend in February as compared with January.
time a stable groundwork will be laid for a permanent The Brunswick Woolen Co.,recent purchaser of the
American
advance.
Woolen Co.'s Glens Falls mills in Moosup, Conn., plans to
On the Stock Exchange on the 25th stocks were dull and begin production at the plant by July. Machinery
purlower, mostly by a fraction, but some fell as much as 2 chased from the Central Worsted Co. is being installed and
points with sales of 376,400 shares. Bonds were quiet and Brunswick officials believe that the low prices paid
for the
generally steady. German bonds were firmer. Total sales plant and equipment will enable them to compete with
were $5,000,000. On the 27th stocks and bonds were dull other manufacturers on a price basis.
Austin, Tex., reand lower. Stocks fell 2 to 3 points on talk of possible ported that February was a good month
for Texas cotton.
passing of dividends, including that on American Telephone, Although production and shipments
were characterized by
about which nothing, as a matter of fact, will be known for declines not nearly so great as
normally occur from January
a fortnight or more. But the Street was in a rather somber to February, and although
the totals in each case were
mood with trading dull. The sales of stocks were some higher than in February a year
ago, the outstanding feature
500,000 shares and of bonds $9,203,000.
of the report was the increase in unfilled orders. For four
On the 28th inst. stocks were stronger as a rule although consecutive months now unfilled
orders at Texas mills
trading was quiet. Sales were only some 600,000 shares. have been going up.
The strength was clearly attributable to technical reasons as
As to the weather, on the 25th it was 29 to 45 here with a
public interest was almost non-existent. The Allied Chemical downfall of snow and rain.
Heavy snowfalls reported in
Co. and the American Can Co. declared their regular divi- the West and South caused officials of
the Newark airport
dends, trade reports were more hopeful and gold stocks to cancel all scheduled flights of passenger
planes after 5
continued to increase. Commodities were strong and some p. m. except the American Airways plane for Boston which
short covering in stocks was noticeable. Bond sales totaled took off at 6 o'clock. Points along the Allegheny
range in
$10,100,000. Prices in that market were weak at the Pennsylvania and to the south of Baltimore reported bad
opening but steadied later and closed irregularly higher. visibility from rain and snow as early as noon. New York
U. S. Government issues advanced fractionally. On the had snow and rain with temperatures of 32 to 45
degrees
29th inst. dullness continued due to the waiting attitude of on Sunday. Commenting on the prolonged warm weather
traders. The U.S. securities bill met with a bearish response. the Associated Press says the winter of 1931-1932 was the
Business news on the whole, however, had a better tone. warmest in 100 years in that part of the U.S. lying east of
2126
Financial Chronicle
the Rocky Mountains. The winter of 1932-1933 was not
quite so warm. For fall, winter and spring it says the average
temperature for the last 20 years are from 2M to nearly
4 degrees higher than similar average up to 60 or 70 years
ago. The same trend has been found in some other countries
of the Northern Hemisphere.
On the 28th it was 34 to 45 degrees here. Boston had
36 to 52, Buffalo 30 to 32, Chicago 32 to 40, Cincinnati 30
to 52,Cleveland 30 to 34, Denver 44 to 70, Detroit 30 to 42,
Galveston 64 to 68, Helena 36 to 60, Indianapolis 30 to 50,
Kansas City 38 to 64, Los Angeles 50 to 60, Miami 58 to 76,
Milwaukee 30 to 38, St. Paul 32 to 50, Montreal 26 to 36,
New Orleans 60 to 76, Omaha 34 to 62, Philadelphia 36 to
52, St. Louis 38 to 58, San Francisco 52 to 60, Winnipeg
18 to 38.
/.1111
New York enjoyed fair and springlike weather on the 30th
inst, with temperatures ranging from 35 to 53. Practically
the entire territory east of the Mississippi had the same cessation of winter weather although there were rains in portions
of the Great Lake region and in the Central Valleys. Light
snow or rain was reported in parts of the Rocky Mountain
district. Baltimore had from 36 to 62, Boston 34 to 50,
Buffalo 26 to 50, Chicago 40 to 56,Cleveland 32 to 38, Detroit
34 to 50, Philadelphia 36 to 58, St. Louis 54 to 66, Washington 32 to 60, San Francisco 50 to 82, Los Angeles 50 to 70
and Denver 32 to 54. Abilene and San Antonio, Texas, had
a high of 86 while of the larger centers Buffalo had the lowest
temperature, i.e. 26.
To-day it was 40 to 46 degrees here and rainy. Overnight
Boston had 36 to 50, Philadelphia 44 to 58,Pittsburgh 50 to
60, Portland, Me., 34 to 58, Chicago 56 to 58, Cincinnati 54
to 60, Cieveland 46 to 58, Detroit 42 to 50, Milwaukee 38
to 50, Kansas City 48 to 78, St. Louis 50 to 66, Portland,
Ore.,40 to 54,Los Angeles 52 to 70, Seattle 40 to 48,Montreal 28 to 44 and Winnipeg 28 to 38.
Guaranty Trust Co. of New York Says Transition from
Panic to Renewed Hope Has Probably no Parallel
in History-Measure of Recovery Achieved Has
Gone Far Toward Creating Considerable Degree
of Reassurance-New Currency Not Regarded as
Inflationary.
Within the space of six weeks the country has passed
through a major financial crisis and achieved a measure
of recovery that not only has gone far toward restoring
normal banking conditions but seems to have created a considerable degree of reassurance on the part of business men
and the public generally, states the Guaranty Trust Co. of
New York in current issue of "The Guaranty Survey," its
monthly review of business and financial conditions in the
United States and abroad, published March 27. "A large
share of the credit for this truly notable record must go
to the Federal Administration, Which met the emergency
with a calmness and vigor that inspired the people with the
confidence essential to the success of its program," says
"The Survey," which continues:
Due recognition must also be given to Congress and to the general public
for rallying to the support of the Government in the spirit of loyalty and
co-operation that a national emergency has never failed to bring forth.
Reports that have been received from all parts of the country since the
banks began to reopen indicate that the delicate process of resuming
normal operations has been carried out with general success. Deposits
have exceeded withdrawals by a wide margin, with the result that only a
negligible amount of the new currency provided by the Emergency Banking
Act has .been put in use. Gold previously withdrawn for hoarding has
been returned to the banks in large quantities. Business men who, a few
weeks ago, regarded the future with vague foreboding are now discussing
the prospects for business recovery with a new feeling of confidence in
the essential soundness of the nation's financial structure. Prices of commodities and securities are almost uniformly higher than last month, and
the exchange value of the dollar in terms of foreign currencies has been
well maintained.
Causes for Renewed Confidence.
Such an abrupt transition from panic to renewed hope probably has
no parallel in financial history. While it is still much too early to view
the swift succession of events in a broad and detached way, it is possible
to distinguish several elements in the situation that combined to produce
the favorable effects on public psychology that have followed the shock
of the crisis.
In the first place, the situation brought home to every thinking citizen
the essential fact that the modern financial system is a credit system and
that it cannot function unless individuals consent to observe the rules
under which it must operate. No banking system, however, sound, can
withstand the impact of a concerted demand for cash by all depositors
at once. When depositors fail to recognize this fact, financial paralysis
is the only possible result.
Moreover, the prompt and decisive action at Washington that was
necessitated by the crisis provided a sharp contrast to the inaction that
had characterized the period of interregnum since the election of last
November. It had, been recognized that governmental action was required
to remove some of the obstacles to industrial and financial recovery, and
such action had become temporarily impossible. The swift series of
steps taken by the new Administration and the new Congress brought
the assurance that the national Government was again in a position to
function effectively.
The very shock of the crisis seemed to bring a feeling akin to relief
by removing the suspense and the vague dread that had existetd for
April 1 1933
so many months. Realities that had been avoided had forced themselves
into a position where there was no alternative but to face them.
An indispensible feature of the program of restoration was the provision
of an adequate supply of currency for emergency needs. The fact that
only an insignificant amount of the new currency has been used merely
proves the efficacy of the knowledge that it is available if requird. It
is an elementary principle of banking that cash is demanded in abnormal
amounts only when there is doubt as to whether it can be had.
Federal Economy an Essential Feature.
Equally indispensible was the economy bill placed before Congress as
an integral part of the emergency program of the Administration. The
persistent failure of Congress to come to grips with the budget problem
had created in the public mind the fear of involuntary currency inflation,
a fear infinitely more disturbing than that arising from the advocacy of
limited currency expansion in certain political and business circles.
It has often been pointed out that budgetary deficits in times of economic
depression are theoretically justifiable, inasmuch as increases in the
public debt may tend to counteract deflationary influences and the debt
can be reduced with comparative ease after prosperous conditions have
been restored. This contention is true only as long as no doubt arises
concerning the ability of the Government to bring the deficit under control.
The situation in this country had passed that point. More than a year
ago, both the Administration and Congress publicly recognized that the
budget should be balanced; and a new revenue law was passed with that
purpose in view. Subsequent events have shown that the taxes imposed
were greatly inadequate. With almost three-quarters of the fiscal year
past, the current deficit is only slightly smaller than that a year ago.
An uncontrollable deficit leaves the Government no alternative but to
meet its obligations by issuing new currency. Consequently, the assurance
that the Administration was determined to reduce its expenditures and
to increase its revenue sufficiently to bring the budget into balance without currency inflation was an essential part of the general program of
financial rehabilitation.
Effects of New Currency.
There has been a good deal of discussion regarding the possible inflationary effects of the new currency provided by the emergency banking
law. For the most part, the controversy amounts to little more than a
difference in interpretation of definitions. If inflation means merely an
increase in the amount of money in circulation, there is no doubt that
the emergency law makes such an increase possible. However, the
amount of actual money in circulation is not such a decisive factor in the
monetary situation as it is commonly supposed to be. Most business
payments are made by means of checks drawn against bank balances;
therefore, the amount of bank deposits outstanding is much more important
than the amount of money in circulation as a determinant of purchasing
power, demand and, consequently, the price level. Even more important
is the velocity of circulation both of money and deposits, which depends
on a wide variety of conditions that combine to influence individuals and
corporations to spend, or not to spend, the funds at their command.
In so far as an increased supply of money is able to influence the
general level of prices, its probable effects depend, first, on whether it
is issued in such a way as to place additional purchasing power at the
disposal of some individuals and groups without reducing the purchasing
power of others by an equivalent amount; and, second, on whether it
is capable of widening the base for the extension of bank credit. Measured
by either of these standards, the new currency is not inflationary; that
is, it cannot directly influence the general price level.
Thus, the new currency will presumably be used only to the extent
necessary to offset a shrinkage in bank deposits and will be retired from
circulation as soon as the need for it disappears. There is nothing
directly inflationary in such a process. The possible indirect effects of
its use are not subject to measurement or forecast. To the extent that
it relieves the banking situation and contributes to the restoration of
confidence, it may lead to an increase in buying, an expansion in bank
credit, and the other changes associated with a general business revival,
including an advance in prices. In so far as such changes occur, they
may be regarded as indirect effects of the new currency or, equally
appropriately, as natural results of the already strong reserve position
of the banking system as a whole, with its expansive forces released by
a favorable change in public psychology.
of Railroad Revenue Freight Somewhat
Larger, but Still Small.
Loading of revenue freight for the week ended on March 18
totaled 449,712 cars, the car service division of the American
Railway Association announced on March 25. This was an
increase of 11,899 cars above the Preceding week, but a
reduction of 135,047 cars under the same week in 1932 and
291,541 cars under the same week in 1931. Details follow:
Loading
Miscellaneous freight loading for the week of March 18 totaled 149.382
cars, an increase of 9,945 cars above the preceding week, but 40.846 cars
und.r the corresponding week in 1932 and 133.759 cars under the same week
In 1931.
PIK Loading of merchandise less than carload lot freight totaled 152.825 cars,
a decrease of 1,598 cars under the preceding week. 34,367 cars below the
corresponding week last year and 69,402 cars under the same week two years
ago.
Grain and grain products loading for the week totaled 28,884 cars, 8.537
cars above the preceding week, but 3,226 cars below the corresponding
week last year and 11,960 cars below the game week in 1931. In the
Western districts alone, grain and grain products loading for the week ended
on March 18 totaled 16,544 cars, a decrease of 2,228 cars below the same
week last year.
Forest products loading totaled 14.377 cars, 1.075 cars above the preceding week, but 5,970 cars under the same week in 1932 and 19,613 cars
below the corresponding week In 1931.
Ore loading amounted to 2.480 cars. an increase of 690 cars above the
week before, but 787 cars below the corresponding week in 1932 and 3.436
cars below the same week in 1931.
Coal loading amounted to 87.463 cars, a decrease of 7.858 cars below the
preceding week. 43.810 cars below the corresponding week in 1932. and
40,508 cars below the same week In 1931.
Coke loading amounted to 4.294 cars, 378 cars below the preceding week.
2.545 cars below the same week last year, 3.701 cars below the same week
two years ago.
Live stoc% loading amounted to 12.287 cars, an increase of 1.486 cars•
above the preceding week, but 3,896 Jars below the same week last year
and 9,162 cars below the same week two years ago. In the Western districts
2127
Financial Chronicle
Volume 136
alone, loading of live stock for the week ended on March 18 totaled 9,571
cars, a decrease of 2,992 cars compared with the same week last year.
All districts reported reductions in the total loading of all commodities
compared with the same week in both 1932 and 1931.
Loading of revenue freight in 1933 compared with the two previous years
follows:
1931.
1933.
1932.
1,910,496
1,957,981
477,827
437,813
449,712
2,266,771
2,243,221
559,479
575,481
584,759
2,873,211
2,834,119
723,215
733,580
741,253
5,233,829
6,229,711
7,905,378
Four weeks in January
Four weeks in February
Week ended March 4
Week ended March 11
Week ended March 18
Total
The foregoing, as noted, covers total loadings by the railroads of the United States for the week ended March 18.
In the table below we undertake to show also the loadings
for the separate roads and systems. It should be understood, however, that in this case the figures are a week
behind those of the general totals-that is, are for the week
ended March 11. During the latter period a total of nine
roads showed increases over the corresponding week last
year, the most important of which were the Lehigh Valley
RR. and the International-Great Northern RR.
-WEEK ENDED MARCH 11.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
Railroads.
Total Loads Received
from Connections.
Total Revenue
Freight Loaded.
1933.
Total
Group B:
Delaware & Hudson
Delaware Lackawanna & West_
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western
Pittsburgh & Shawmut
Pitts.Shawmut& Northern-
1933.
1931.
1,598
2,530
6,452
522
2,145
8,886
466
2,057
3,398
7,762
646
2.479
11,092
564
2,333
3,525
9.859
822
3,066
13,429
636
211
3,786
7,792
2.344
1,918
9,385
773
336
4,393
9,632
1,988
2,510
11,242
962
22,599
27,998
33,670
26,209
31,063
4,536
7.336
9,267
117
1,423
7,704
1,522
15,154
1,954
349
239
5,641
9,962
11,740
157
1,641
6,683
2,173
17.836
2,050
437
343
7,275
9,441
13,508
199
1,586
9,431
2,575
26,614
1.771
513
484
5,163
4.657
10,457
1,395
858
6,138
25
18,450
1,679
30
194
6,263
5.350
12.506
1,611
791
5,579
21
25,110
1,887
20
214
68.663
73,397
48.046
59,352
378
1,072
5,985
13
165
167
1,069
2,115
3.780
2,921
2,619
3.132
2,387
851
3.873
2,201
574
1,591
9,248
40
197
181
1,261
2,518
6,349
4,007
4,385
4,151
3,366
1,327
5,434
2,984
601
1,944
10,217
64
249
226
2,176
4,108
7,939
5,018
5.149
5.421
5,259
1.480
6,477
3,473
813
1,128
7,580
42
65
1,752
617
4,669
6,198
124
5,905
3,022
3,108
467
5,827
1,233
882
1,897
11,236
104
88
2,119
1.206
5,828
8.016
165
8,023
3,970
4,435
636
6,833
1.825
32,728
47.613
59,801
42,550
57,263
104,928
134,274
166,868
116,805
147,678
19,910
538
124
4,271
213
173
854
44,910
9,518
2,628
42
2,334
26,494
878
141
7,227
26
391
212
1,158
55,775
11,726
6,406
62
2,757
34,817
1,189
204
8,392
8
394
164
1,377
73,443
15,896
8,751
47
3,436
9,715
562
6
8,762
33
19
6
2,581
24,841
11,985
584
1
3,058
12,541
823
4
9,738
42
11
1
3,460
33,482
14,674
998
1
3,782
85,515
112,253
148,118
62,153
79,557
16,089
11,462
727
2,538
20,645
16,300
721
3,662
22,930
17,566
1,238
3,527
4,284
2,731
915
413
5,700
3.242
1,061
277
30,816
41,328
45,261
8,343
10,280
7,280
776
321
154
37
1,224
434
283
5,779
16,425
126
8,496
992
363
139
57
1,422
490
346
6,775
19,983
174
14,125
1,380
579
168
84
1,895
547
494
10,205
25,542
199
3,337
1,111
816
299
68
860
671
2,844
2,773
8,743
542
4,003
1,184
796
371
88
954
800
3,299
3,087
9,758
774
32.839
39,237
55,218
22,064
25,114
Total
Group C:
Ann Arbor
Chicago Ind. & Louisville
Cleve. CM. Chic. & Si. Louis..
CentralIndiana
Detroit & Mackinac
Detroit & Toledo Shore Line-Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louis_
Pere Marquette
Pittsburgh 4, Lake Erie
Pittsburgh & West Virginia__
Wabash
Wheeling & Lake Erie
Total
Grand total Eastern District__
Allegheny District
Baltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek & Gauley
Central RR.of New Jersey-Cornwall
Cumberland Jr Pennsylvania_ -Ligonier Valley
Long Island
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
Pocahontas District
Chesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern District
Group A:
Atlantic Coast Line
Clinchfield
Charleston & Western Carolina_
Durham & Southern
Gainesville & Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick. & Potom.
Seaboard Air Line
Southern System
Winston-Salem Southbound
Total
Total Loads Received
from Connections.
1933.
1932.
1932.
49,601
Eastern District
Group A:
Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
New York N. H. & Hartford__
Rutland
Total Revenue
Freight Loaded •
Railroads.
Group B:
Alabama Tenn.& Northern__..
Atlanta Birmingham & Coast_
All.& W.P.
-West.RR.of Al
Central of Georgia
Columbus Jr Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin 4, Savannah....
Mississippi Central
Mobile & Ohio
Nashville Chatt & St. Louis__ _
New Orleans-Great Northern__
Tennessee Central
1932.
1931.
106
571
454
2,825
.169
945
740
198
540
13,929
12,664
168
106
1,374
2,341
381
238
237
626
599
3,437
203
987
694
311
724
20,290
18,827
128
131
1,840
2,601
532
558
223
935
828
5,427
335
1.073
1.183
537
941
23,137
23,028
186
228
2,504
3,597
767
644
1933.
149
454
819
1.666
114
480
1,147
340
534
6,097
2.573
265
165
967
1,624
225
559
1932.
178
793
940
2,006
232
399
1,115
331
656
7,827
3,361
323
222
1,162
1,987
303
634
37.749
52.725
65,573
18,178
22,469
Grand total Southern District..
70,588
91,962
120.791
40.242
47.583
NorthwesternDistrictBelt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chic, Milw. St. Paul & Pacific..
Chic. St. Paul Minn.& Omaha_
Duluth Missabe & Northern...
DuluthSouth Shore & Atlantic.
ElginJoliet & Eastern
Ft. Dodge Des M.& Southern..
Great Northern
Green Bay & Western
Minneapolis & St. Louis
Minn. St. Paul & 5.8. Marie_ _
Northern Pacific
Spokane Portland & Seattle....
508
10,169
1,650
12,171
2,309
312
338
2,385
243
5,990
422
1,114
3,189
5,692
625
1,069
13,312
2,331
17.726
3,294
423
428
3,684
257
7,216
560
1,484
4,372
7,500
956
1,301
18.440
2.898
21,806
4,588
745
838
6,037
376
9,079
599
2.341
5,446
9.968
1,240
978
5,488
1,566
4.353
1.775
48
275
2,775
120
1,075
257
1,057
1,504
1,440
691
1,143
7.482
2,379
5.737
2,389
65
354
3,915
173
1,601
305
1.286
1,681
1.796
805
47,117
64,612
85,700
23,402
31.111
14,449
2,515
206
10,504
7.982
1,889
675
1,553
139
848
302
85
9,931
163
171
8,624
335
924
18,127
3,105
160
16,310
11.461
2,970
1,132
1,934
660
936
452
115
13,382
206
275
11.868
464
1,210
23,727
3,690
222
19,870
15,161
3,012
1,277
2,694
321
1,078
735
125
16,870
287
248
14,292
505
1,246
3,065
1,188
39
4.181
4,399
1,437
714
1,262
8
684
197
28
2,378
158
606
3,986
9
967
3,698
1,939
23
5,202
6,326
2,028
735
1,612
10
638
224
42
3.577
174
682
5,324
8
1,114
61,295
84,767
105,360
25,306
33,356
Total
Total
Central Western DistrictAtch. Top.& Santa Fe System_
Alton
Bingham & Garfield
Chicago Burlington & Quincy
Chicago Rock Island Jr Pacific_
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western_
Denver & Salt Lake
Fort Worth & Denver City....
Northwestern Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island__
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern District
Alton & Southern
Burlington Rock Island
Fort Smith & Western
Gulf Coast Lines
Houston & Brazos Valley
International-Great Northern_
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Litchfield & Madison
Midland Valley
Missouri & North Arkansas _ _ _
Missouri-Kansas
-Texas Lines. •
•
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
San Antonio Uvalde & Gulf..,
Southern Pacific in Texas & La
•
Texas & Pacific
Terminal RR.Assn. of St. Lout
Weatherford Min. Wells & N.
115
118
131
1,174
171
3,046
85
1,257
860
239
414
40
3,637
9,931
41
109
5,559
1,506
592
4,357
2,664
1,497
11
168
139
192
1,545
137
1,430
163
1,838
1,127
481
659
71
4,435
14,136
49
74
7,459
2,025
677
4,765
3,110
1,588
17
199
214
243
2,143
186
4,184
306
2,109
1,328
335
841
116
5,003
18,043
50
120
9,599
2,425
761
6,546
4,671
2,010
30
1,995
228
146
696
26
1,389
500
1,022
658
410
155
268
1,794
5,148
7
85
2,331
1,183
176
2,011
2,523
1,623
28
3,119
396
94
926
54
1,864
670
1,313
1,024
370
187
308
2,122
6,938
2(
82
2,85(
1,231
22(
2,641
3,241
2,67J
3:
•
37,554
46,285
61,482
24,402
32,39;
Total
•Figures of preceding week.
Federal Reserve Board's Summary of Business Conditions in the United States-Business in Latter
Part of February and Early Part of March Influenced by Banking Crisis-Production Which
Declined During That Period Later Showed Some
Increase.
•
The fact that business during the latter part of February
and the first half of March was largely influenced by the
development of the banking crisis, is indicated by the
Federal Reserve Board in its monthly summary of business
conditions in the United States, made available March 27.
The Board says that production and distribution of com-
modities declined by a substantial amount during this
period up to the Presidential proclamation for a bank
holiday March 6, but showed some increase after banking
operations were resumed in the middle of March. The Board
also says:
Production and Employment.
Volume of output at factories and mines, which usually increases at
this season, showed little change from January to February, and declined
considerably in the first half of March. In the steel and automobile Industries output decreased between the middle of February and the middle of
March subsequently some of the automobile plants which had been closed
resumed operations while activity at steel mills showed little change. In
February output at cotton and woolen mills continued at the level prevailing in January, while at silk mills activity declined. Shoe production
Increased by more than toe usual seasonal amount. Reports from important
2128
Financial Chronicle
Industrial States indicate that factory employment increased between the
middle of February, as is usual at this season.
Construction contracts awarded up to March 15 indicate that for the
first quarter of the year the total value of contracts will show a considerable
decline from the fourth quarter of 1932.
Distribution.
Freight traffic, which usually increases at this season, showed little
change from January to February on a daily average basis, and declined
considerably in the first two weeks of March. Department store sales in
the country as a whole were at about the same rate in February as in
January, but were substantially smaller in areas affected by suspension
of banking operations. Early in March sales were sharply reduced, but
with the reopening of banks showed some increase.
Wholesale Prices.
Wholesale commodity prices declined somewhat further in February.
In the early part of March the commodity exchanges were closed; when
they reopened on March IS and 16 prices of grains, cotton, silk, nonferrous metals, hides and sugar were substantially above those prevailing
at the beginning of the month; subsequently prices of many of these commodities declined somewhat.
Bank Credit.
During February member banks In leading cities were subjected to
withdrawals of deposits on a large scale, reflecting in part withdrawals of
balances by interior banks from their city correspondents and in part
withdrawals of currency by the public. As a consequence, net demand
deposits of these banks declined by $1,306,000,000 during the months
and their time deposits by 1360.000.000.
In order to meet these withdrawals the banks reduced their loans by
$539,000,000. partly through the sale of acceptances to the Reserve banks,
and their investments by $363,000,000. They also increased considerably
their borrowings at the Reserve banks. March figures for member banks
are Incomplete.
At the Federal Reserve Banks the banking crisis manifested itself between
Feb. 1 and March 4 in a domestic demand for $1,833,000,000 of currency,
Including about $300,000,000 of gold and gold certificates, and in a foreign
demand for about $300,000,000 of gold. As a consequence the reserve ratio
of the Federal Reserve Banks declined from 65.6% to 45.0%. This reflected
a lass of $65.5.000.000 in reserves and an increase of $1.436 000.000 in
Federal Reserve note circulation, offset in part by a decrease of $486,000,000
in deposit liabilities.
Between March 4 and March 22 there was a return flow to the Reserve
Banks of $558,000,000 of gold coin and gold certificates and of $319,000,000
of other currency, and the reserve ratio advanced to 55.5%. Discounts for
member banks, which had increased to $1.432,000,000 by March 4, declined
to $671,000,000 on March 22.
Money rates in the open market advanced during the banking crisis
and, on the resumption of business after the banking holiday, rates were
at considerably higher levels than those prevailing on March 3. Subsequently
rates declined as more funds became available to the market.
On March 3 the discount rate of the Federal Reserve Bank of New York
was raised from 236 to 336%, and on March 4 there was a similar increase
at the Federal Reserve Bank of Chicago.
The New York Reserve Bank's buying rate on bills was raised by successive steps from one-half of 1% on Feb. 26, for bills of the shorter maturities, to 3% on March 3. On March 13 the rate for these maturities was
raised to 3.14 i%. Subsequently the rate was reduced and on March 22 was
;
2%.
Decline of 23% Reported in Sales of Wholesale Firms
During February as Compared with Year Ago by
Federal Reserve Bank of New York.
February sales of the reporting wholesale firms in the
Second District(New York) averaged 23% below a year ago,
a somewhat larger decline than in January, but slightly
less than in December, according to the New York Federal
Reserve Bank. The Bank,in its April 1 "Monthly Review,"
adds:
The February reductions were larger than those of January in sales of
shoes, cotton goods, men's clothing, jewelry, and machine tools. Smaller
decreases in sales this month than last month were shown by stationery
and diamond firms, while about the same declines occurred in sales of
hardware, groceries, and paper. Aggregate sales of reporting drug firms
continued substantially larger than a year ago, although the February
increase was not as great as that reported in January. Yardage sales of
silk goods, moreover, increased by about the same proportion in February
as in January.
Stocks of merchandise on hand at the end of February continued to be
substantially below a year previous. The ratio of collections to accounts
outstanding averaged about the same this February as in 1932.
Percentage
Change
February 1933.
Compared with
January 1933.
•
Percentage
Change
February 1933
Compared with
February 1932
In February, total dollar sales of the reporting chain store systems
were 15% below a year ago. After allowing for one less business day this
year, the decline in February appears to have been the smallest since July.
On an average daily basis, the sales of grocery, ten cent, and shoe chains
decreased less from a year ago in February than in January, and sales of
variety and candy chains showed about the same decline as that reported
last month. Sales of drug chains, however, showed a larger decline than
in the two preceding months.
Shoe concerns continued to show a sizable reduction in the number of
stores operated during the past year, so that the decline in their sales per
store was considerably less than in their total sales. Candy chains, conversely, again reported an increase in the number of units operated and a
larger decline in sales per store than in total sales. There was little change
In the aggregate number of stores operated by all the reporting chains, however, and average sales per store for all types combined showed about the
same decline as total sales.
Type of Store.
toroceries
Men s clothing
ouods
P41k goods
Shoes
linen
Hardware
M edible tools_x
Stationery
Paper
Manumit..
Jewelry
Cotten
Stock
End of
Month.
--4.6
-9.2
+75.7
___
+9.7 +10.6
-12.6* +2.7*
+13.3
_ __
-15.5
+1.1
-8.0
+8.0
-51.9
-14.4
____
-9.0
_
-3.5
-2.1
-27.1
-3.5
Net
Sales.
Stock
End of
Month.
Total
Sales
Per
Store.
Grocery
Ten cent
Drug
Shoe
Variety
Candy
-1.9
+0.9
-1.4
-10.9
+3.0
+5.6
-16.3
-14.4
-25.9
-30.4
-10.2
-4.1
-14.7
-15.2
-22.8
-21.9
-12.8
-8.1
Total
-0.5
-14.8
-14.4
Department Store Sales in New York Federal Reserve
District During February-Reserve Bank Reports
Decrease of 23% from February 1932.
"The dollar volume of sales of reporting department stores
in the New York Federal Reserve District in February was
23% below a year ago," states the New York Federal
Reserve Bank, "but after adjustment for one less selling
day than last year, it appears that sales showed the smallest
decline compared with a year previous since last September."
Continuing, the Bank further noted in its April 1 "Monthly
Review":
Comparisons of average daily sales with a year ago showed improvement
over recent months especially in the New York City, Bridgeport, and
Westchester department stores. In Buffalo, Newark, Syracuse, Southern
New York State, and Capital district department stores also, average eally
sales showed somewhat smaller declines than in January. On the other
hand, the declines in average daily sales of department stores in a few
localities and of the leading apparel stores were slightly larger in February
than in the previous month.
For the first half of March, department store sales in the Metropolitan
area of New York averaged 24% below the corresponding period a year ego,
a larger decline than in February, but one of about the same proportions
as in the immediately preceding months.
Department and apparel store stocks of merchandise on hand
Feb. 28.
at retail valuation, continued to show about the same substantial declines
from a year ago as were shown in January. Collections during February
of accounts outstanding at the end of January were slightly slower in 1933
than in 1932, both in department and apparel stores.
Percentage Changefrom a Year Ago. P. C. of Account*
Outstanding
Net Sales.
Stock
Jan. 31 Collared
on Hand
in February.
January
End of
February. o February Month.
1932.
1933.
New York
22.1
-25.3
40.0
39.8
Buffalo
-30.5
-29.3
-3I.2
38.3
37.3
Rochester
-37.2
33.9
-28.2
43.2
41.1
Syracuse
21.1
-20.4
-27.9
25.3
23.5
Newark
-27.9
-28.0
-20.8
40.7
37.6
Bridgeport
-26.9
18.8
-14.9
31.9
26.6
Elsewhere
-25.2
-25.7
-16.3
31.8
31.4
Northern New York State
-37.6
SouthernNew York State_ -22.9
HudsonRiver Valley Dist- -26.9
Capita. District
-29.6
Westchester
-18.0
All department stores
-22.6
-72Yri
38.8
37.6
Apparel stores
-23.0
-19.2
-31.1
39.5
38.4
February sales and stocks in the principal departments are
compared
with those of a year previous in the following table:
Locality.'
P. C. of Account*
Outstanding
January 31
Collected in
February.
1932..
1933.
-25.6
72.8
34.2
28.1
50.7
31.1
20.5
34.8
____
____
-33.2
-29.7
45.9
115.8
j
74.2
33.5
27.8
56.0
28.1
22.4
38.1
-51.8
37.7
16.5
-14.1
-9.0
-31.0
_ __
-32.8 -41.9
+8.3* -18.0*
-47.0
+26.9 -25.1
-29.9
-59.6
-24.9
-30.3
-37.9
-60.7
6- :6
6
Wel-hted average
____ -22.6
45.2
____
+7.6
• quantity not value. Reported by Silk Association of America.
s Reported by the National Machine Tool Builders Association.
45.3
Chain Store Sales in New York Federal Reserve District
During February 15% Below Year Ago.
The Federal Reserve Bank of New York in its April 1
"Monthly Review" of credit and business conditions in the
Second District, reported as follows regarding chain store
trade:
Percentage Change February 1933
Compared with February 1932.
Number
of
Stores.
Net Sales
Percentage Change
February 1933
Compared with
February 1932.
i'orimodUy.
Na
Sales.
April 1 1933
Woolen goods
Men's furnishings
Shoes
Linens and handkerchiefs
Cotton goods
Toilet articles and drugs
Men's and boys' wear
Women's ready-to-wear accessories
Books and stationery
Toys and spotting goods
Home furnishings
Silks and velvets
Silverware and Jewelry
Hosiery
Luggage and other leather goods
Women's and misses' ready-to-wear
Furniture
Musical instruments and radio
MLscenaneous
Stock on Hand
Percentage Change
Feb. 28 1933
Compared with
Feb. 29 1932.
-6.0
-8.2
-11.7
--12.6
-12.8
-14.8
--14.9
-16.7
-17.1
-17.1
-19.0
-21.3
-21.6
-21.9
-22.6
-23.2
-31.1
-40.4
-19.5
-21.8
-17.8
-- 17.1
--21.9
--19.5
-14.2
-25.3
--25.4
--25.7
11.4
-20.7
-28.4
25.7
-37.3
-33.0
-32.2
-28.2
-31.6
-30.1
February Chain Store Sales Index Lower.
Chain store sales in February failed to show the rate of
seasonal expansion which normally gets under way in
that
month, reports the "Chain Store Age." As a result, the
state of trade in the field, as measured by the "Chain Store
Age" index, which makes allowance for the number of
Volume 136
Financial Chronicle -
business days, lost ground as compared to the relative showing made in January. The "Age" goes on to say:
The index of February 1933 shows that the average daily sales of 20
leading chains was approximately 76.0 on the basis of the average for the
corresponding month of 1929-1931 as 100. The total average daily business
done by these companies in February this year amounted to approximately
36,148,000, as compared to an average of 88,080,900 in February 1929-1931.
In January this year the sales index stood at 80.4 Total average daily sales
for that month were $6,036,500, as compared to an average of $7,506,500
for the same month of 1929 1931.
The index for independent department stores in February, figured on
the same basis as chain store sales, declined to 55.8, as compared with
56.4 in January.
The February sales index for the group of six grocery chains covered by
the "Chain Store Age" survey was 72.4 of the 1929-1931 average, as against
75.8 in January. The index of six companies comprising the five-and-ten
and department. store group declined to 85.6 from a January figure of 92.7
The index of total average daily sales, partly estimated, of four apparel
chains for February stood at 68.0 as compared with 74.6 in January. Two
drug chains had a February sales index of 87.3 as compared with 95.8 in
January, while the index of sales of two shoe chains declined to 71.1 from
81.2 in January.
With the reopening of banks throughout the country business picked up
In a very gratifying manner in March, and chain store executives are hopeful that the whole situation will sufficiently adjust itself soon so as not to
affect the normally heavy and profitable Easter business.
Monthly Indexes of Federal Reserve BoardDecrease
Reported in Industrial Production from January
to February.
Under date of March 28 the Federal Reserve Board issued
as follows its monthly indexes of industrial production,
factory employment, &c.:
BUSINESS INDEXES.
(Index numbers of the Federal Reserve Board 1923-25=100)a
Adjusted for
Seasonal Variation.
1933.
Feb.
Industrial production, total
Manufactures
Minerals
Building contracts, value b-Total
Residential
Al! other
Factory employment
Factory payrolls
Freight-car loadings
Department store sales
p64
p62
p77
p18
p8
P26
54
P61
1932.
Jan.
Feb.
Without
Seasonal Adjustment.
65
64
73
22
8
33
59.4
69
68
78
27
17
35
67.7
62
78
Jan.
p65
P63
p74
015
P7
p22
56
60
51
p50
71
64
.70
63
71
75
23
18
15
7
30
27
58.1 67.3
39.2 53.5
59
51
64
49
Mining.
Manufactures.
1933.
1932.
Feb. Jan. Feb.
Industry.
1933.
1932.
Feb. Jan. Feb.
Iron and steel
31
29
41 Bituminous coal
63
57
p63
Textiles
p8.4
p64
87
53
86 Anthracite coal
58
Food products
p89
p106 107 109
89
90 Petroleum
Paper and printing
40
44
46
P85 P86
98 ZI90
Lumber cut
20
26
31
36
22 Silver
30
Automobiles
40
45
35 Lead
48
,
54
1 33
Leather and shoes_ _ - p90 p85
89
Cement
40
38
56
Petroleum yenning_ _ _ ___ 132 141
Rubber tires
59
85
Tobacco manufac's
115 113 114
a Indexes of production, car loadings and department store sales based on daily
averages. b Based on 3-month moving averages, centered at second month. c Indexes of factory employment and payrolls for February not yet available. p Preliminary.
Weekly Wholesale Price Index of National Fertilizer
Association for Week Ended March 25-Commodities Slightly Lower During Week, but Higher
Than Three Weeks Ago.
Although wholesale commodity prices declined during
the latest week they are still much higher than they were
three weeks ago, according to the index of the National
Fertilizer Association. During the very latest week this
index declined three points eliminating the gain for the
preceding week. It will be remembered that two weeks
ago the index showed an advance of nine points, the largest
gain in many months. The latest index number, week
ended March 25, is 56.7. A week ago it was 57.0, and
a month ago, 56.0. At this time last year the index stood
at 62.1. (The three-year average 1926-1928 equals 100.)
Further reporting, the Association said as follows under
date of March 27:
Of the 14 major groups in the index, three advanced and five declined
during the latest week. The advancing groups were building materials,
fertilizer materials, and miscellaneous commodities. None of the gains were
very large. The declining groups were foods, grains, feeds and livestock.
textiles, metals and fats and oils. Excepting a very small loss in the index
number for foods the declines approximated about 10 points in each of the
four remaining groups.
During the latest week 34 commodities showed price losses and 23 showed
price gains. During the preceding week there were 39 price advances and
29 price declines. Two weeks ago 49 commodities showed price gains and
only four showed price losses. Important commodities that advanced during
the latest week Included refined sugar, corn, lambs, heavy melting steel,
hides, calf skins, leather, barley, corn meal, dried fruits and cottonseed
meal. Declines were noted for hogs, cotton, lard, butter, wheat, cattle,
copper, lead, silver, rubber, burlap, flour, silk and most vegetable oils.
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
Latest
Week
PreMar. 2.5 ceding
1933.
Week.
Group.
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 fertilizer
Agricultural implements
moll
All ornuna rnmhinati
Month
Ago.
Year
Ago.
56.5
31.8
40.0
42.6
58.8
84.9
71.4
67.5
76.0
41.4
87.4
61.3
62.5
90.2
56.6
51.8
41.3
43.8
58.3
84.9
71.3
68.3
76.0
42.2
87.4
61.1
62.5
90.2
54.6
52.8
37.3
41.7
59.1
85.3
71.4
66.9
76.6
40.2
87.3
60.6
6.5.1
91.7
63.8
58.3
46.0
43.5
61.3
89.2
73.4
71.2
81.2
46.2
88.6
69.2
74.8
92.3
AR 7
.67.0
sfin
62.1
Wholesale Prices Increased Slightly During Week
Ended March 25, According to United States
Department of Labor.
The Bureau of Labor Statistics of the United States Department of Labor announces that its index number of
wholesale prices for the week ended March 25 stands • at
60.5 as compared with 60.4 for the week ended March 18,
showing an increase of approximately 0.2% of 1%. Continuing the Bureau also noted:
These index numbers are derived from price quotations of 784 commodities, weighted according to the importance of each commodity and
based on average prices for the year 1925 as 100.0.
The accompanying statement shows the index numbers of groups of
commodities for the weeks ended Feb. 25 and March 4, 11, 18 and 25 1933:'
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF FEB. 25
AND MARCH 4, 11, 18 AND 2.5 1933.
(192100.0.)
Week Ending
-
Feb.
INDUSTRIAL PRODUCTION-INDEXES BY GROUPS AND INDUSTEUES.a
(Adjusted for seasonal variation.)
Group and
industry.
Per Cent
.Each Group
Bears to the
Total Index,
1932.
1933.
Feb.
2129
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100).
Feb. 25. Mar. 4. Mar.11. Mar. 18. Mar. 25.
All commodities
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting
Metals and metal products
Building and materials
Chemicals and drugs
lioneeturniming goods
Miscellaneous
59.7
40.8
53.7
67.6
50.7
64.3
77.4
69.9
71.3
72.7
59.6
59.6
40.6
53.4
67.6
50.6
64.4
77.4
70.1
71.3
72.7
59.6
60.2
42.7
55.0
67.5
50.7
63.9
77.2
70.0
71.4
72.3
59.2
60.4
43.4
54.8
68.1
51.1
63.7
77.5
70.1
71.5
72.3
50.3
60.5
43.6
55.4
68.8
51.1
63.6
77.4
70.2
71.7
72.3
59.3
Moody's Daily Index of Staple Commodity Prices
Relatively Steady.
During the week in review Moody's Daily Index of Staple
Commodity Prices held remarkably steady considering the
constant pressure on security prices. The net change was
from 86.5 to 86.3. Wheat, corn, scrap steel, wool and
coffee were up for the week, especially the first three, which
offset fair declines in hogs and cotton, and smaller ones in
hides, sugar, copper, silk, cocoa, rubber and silver, while
lead was unchanged.
The movement of the Index for each day of the past week,
with comparisons, is shown below:
Mar. 25
Sat.
Mon. Mar. 26
Tues. Mar. 28
Wed. Mar. 29
Thurs. Mar. 30
Mar. 31
Fri.
85.9 Week ago Fri. Mar. 24
85.312 wks. ago Fri. Mar. 17
85.91Year ago
_Apr. 2
1932-33
e.
g,R:81 Low
Feb. 4 193a
86.3 High
Sept. 6 1932
88.5
88.3
91.8
78.7
103.11
Farm Price Index of United States Department
Agriculture Up One Point from Feb. 15 to March
of
15
1933.
The index of farm prices of agricultural products moved
up one point from Feb. 15 to March 15 and on the latter
date stood at 50 as compared -with a pre-war average of
100, reports the Bureau of Agricultural Economics, U. S.
Department of Agriculture. Under date of March 30 the
Bureau also noted:
Twenty-one farm products, led by cotton, hogs, and wheat, shared in
the improvement in prices during the period; there were seasonal declines in prices of dairy and poultry products and minor price recessions
in hay and calves.
Prices of chickens, eggs, butter, milk and hay declined during the
month to the lowest levels reported during the 23 years covered by this
Bureau's records. Cotton and cottonseed were up 4 points in the index;
meat animals up 3 points; fruits and vegetables up 3 points; grain up
2 points.
Hogs on March 15 were bringing to farmers an average of $3.22 per
100 pounds, or the highest local market price since last October; but
hogs are considerably lower in price than a year ago, due to the relatively
unfavorable foreign demand. The hog-corn ratio for the United State.
increased from 15.2 on Feb. 16 to 15.6 in mid-March-the
highest March
ratio since 1927. A year ago, the ratio was 12.1.
Wheat prices at 34.5 cents a bushel on farms were up 7% from
Feb
15, reflecting "the cumulative depletion of stocks of wheat
in milling
centers during the bank and primary market holidays and
reports of
further deterioration of the winter wheat crop."
The farm price of cotton averaged 6.1 cents a pound
on March 15,
compared with 6.6 cents in mid-February. the advance being
"accompanied
Financial Chronicle
2130
by a price upturn in foreign markets and reports of fairly satisfactory
sales of cotton goods in domestic markets during the banking holiday."
The Bureau adds:
Reports of an increase in world cotton consumption during the present
crop marketing season over that of the corresponding period of the last
three years, and indications of a reduction of mill stocks of American
cotton, have aroused a spirit of hopefulness in the industry and favored
an increase in the price paid to farmers.
According to the Bureau eggs were bringing farmers 10.1
-the lowest price in twenty-three
cents a dozen on March 15
years of records. The Bureau makes a preliminary estimate that the purchasing power of farm products in terms
of things that farmers buy moved up 2 points during the
month to 49% of pre-war.
April 1 1933
Arranged in tabular form, the output in kilowatt hours of
the light and power companies for recent weeks and by
months since and including January 1930 is as follows:
Week of-
Week of-
1933.
1,495,116,000 Jan. 16
1,484,089,000 Jan. 23
1,469,636,000 Jan. 30
Feb. 4 1,454,913,000 Feb. 6
Feb. 11 1,482,509,000 Feb. 13
Feb. 18 1,469,732,000 Feb. 20
Feb. 25 1,425,511,000 Feb. 27
Mar. 4 1,422,8,5.000 Mar. 5
Mar. 11 1,390,607,000 Mar. 12
Mar. 18 1,375,207,000 Mar. 19
Mar. 25 1,409,655,000 Mar.26
An,'. 1
Ant. 2
Jan. 14
Jan. 21
Jan. 28
1932.
Week of-
1,602,482,000 Jan. 17
1,598.201,000 Jan. 24
1,588,967,000 Jan. 31
1,588,853.000 Feb. 7
1,578,817,000 Feb. 14
1,545,459,000 Feb. 21
1,512,158,000 Feb. 28
1,519,679,000 Mar. 7
1,538,452,000 Mar. 14
1.537,747,000 Mar. 21
1,514,553,000 Mar. 28
1.480.208.000 Ant. 4
1931.
1933
Under
1932.
1,716,822,000 -6.7%
1,712,786,000 -7.1%
1,687,160,000 -7.5%
1,679,016,000 -8.4%
1,683,712,000 -6.1%
1,680,029.000 -4.9%
1,633,353,000 -5.7%
1,684,125,000 -6.4%
1,676,422,000 -9.6%
1,682,437,000 -10.6%
1,689,407,000 -6.9%
1.679.764.000
DATA FOR RECENT MONTHS.
"Annalist" Weekly and Monthly Indexes of Wholesale
Commodity Prices-Weekly Index Lower During
Week of March 28.
A decline of 0.7 point carried the "Annalist" weekly index
of wholesale commodity prices down to 82.1 on March 28
from 82.8 (revised) the week previous and 82.8 on March
16, the first day complete quotations were available after
the banks reopened. Regarding its weekly and monthly
Indexes, the "Annalist" further says:
An advance to 82.0 was recorded by the monthly average for March
from 80.5 in February, reflecting the rise in prices over the banking holiday
caused by the prospect of inflation.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES.
Unadjusted for Seasonal Variation. (1913-100)
6.
Mar. 28 1933. Mar. 211933. Mar. 29 1932.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
65.7
87.5
x67.0
101.9
94.0
106.6
95.2
67.6
66.1
89.0
*67.5
101.9
94.4
106.6
95.2
69.0
cl•ke!
,4.ritZkorZt:ed.14
F- 0
C..Cq 00 00
All commodities
82.1
*82.8
90.3
• Revised.
x Provisional.
THE "ANNALIST" MONTHLY INDEX OF WHOLESALE COMMODITY
PRICES.
Monthly Averages of Weekly Figures: Unadjusted for Seasonal Variation.
(1913-100)
March 1933.
•
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
March 1932.
62.2
85.9
*64.9
104.7
93.8
106.6
95.2
68.5
74.0
94.4
77.9
123.3
96.0
108.0
96.1
84.1
82.0
All commodities
x Provisional.
February 1933,
65.3
87.3
:67.0
102.9
94.3
106.6
95.2
68.4
80.5
91.1
• Revised.
The failure of the weekly index to advance last week, followed by the
present decline, marked the passing of inflation hopes and fears in most
quarters. Prior to the banking holiday, the index had fallen to a post war
low of 79.8 on Feb. 28. During the three following days the increasing
uncertainty throughout the country drew outside funds into the commodity
markets in search of a refuge in tangible goods. The increased buying
that resulted from this movement, and from the ensuing short covering,
sent the index up to 80.5 on March 3, a gain of 0.7 point in only three days.
Further advances during the "holiday" caused an additional rise of the
Index to 82.8 thirteen days later, March 18, the first day all the markets
were again open. Altogether, a gain of 3.0 points or 3.8% in 16 days
marked the reaction of the commodities to the combined threat of inflation
and of a breakdown in our banking system.
The vigorous policy of the President, reassuring the country that the
banking crisis would be met, resulted in a withdrawal of much of the outside support of the markets,and prices have declined accordingly. Whether
they will fall back completely to "pre-holiday" levels depends largely on
the permanence of the improved sentiment throughout the country that
has followed the change in administration and the ending of the pre-inaugu_
ration governmental paralysis, as well as on the outcome of the Government's less auspicious program of farm relief, with its granting of practically unlimited power to the Secretary of Agriculture.
Electric Output Higher.
According to the Edison Electric Institute, the production
of electricity by the electric light and power industry of the
United States during the week ended March 25 1933 was
1,409,655,000 kwh., compared with 1,375,207,000 kwh. in
the preceding week and 1,514,553,000 kwh. in the corresponding period last year. The percentage decline as compared with a year ago was 6.9%, as against 10.6% for the
previous week. The Institute's statement follows:
Month of-
1933.
1932.
1931.
1930,
January._ __ 6,480,897,000 7,011,736,000 7,435,782,000 8,021,749,000
6,494,091,000 6,678,915.000 7,066,788,000
February
6,771,684.000 7,370,687,000 7,580,335,000
March
6,294,302,000 7,184,514,000 7,416,191,000
April
6,219,554,000 7,180,210,000 7,494.807,000
May
6,130,077,000 7,070,729,000 7,239,697,000
June
6.112,175,000 7,286.576,000 7,363,730,000
July
6,310,667,000 7,166,086,000 7,391,196.000
August
6,317,733,000 7,099,421,000 7,337,106,000
September _ _
6,633,865,000 7,331,380,000 7,718,787,000
October
6,507,804,000 6,971,644,000 7,270,112,000
November
6,638,424,000 7,288,025,000 7,566.601,000
December_
1933
Under
1932.
7.6%
_____ ___ _ ____--____
77.442.112.000 86,063,969,000 89,467,099,000
Total
-The monthly figures shown above are based on reports covering approxiNote.
mately 92% of the electric light and power industry and the weekly figures are
based on about 70%.
Beer Starts Business Boom-Revival in Brewing
Industry Brings Flood of Orders to Many Firms.
From the New York "Sun" of March 28 we take the
following, copyrighted by the United Press:
America is fighting for a business revival-and getting results.
The economic pickup was reflected to-day in a nation-wide survey by
the United Press, showing that:
1. Millions of dollars are pouring into new enterprises.
2. Thousands of new Jobs are being filled and many thousands more
are opening up in the new beer industry.
3. The speed and energy of the new Administration at Washington
Is being echoed by the whir of factory wheels in many cities.
Preparations for sale of legal beer are playing a major role in new business
and industrial activity. But the reopening of banks on a sound basis
after a national holiday, the launching of public works on a largo scale,
and the optimism inspired by developments at Washington have given
business a surge far in advance of the usual spring activity.
Some Bright Spots.
The big brewing centers provided perhaps the most striking signs of
new business. Here are a few substantial bright spots from that field:
The New York Ice Machine Corp. of New York received orders for
$100,000 worth of refrigerating equipment. The Mengel Co. received
orders for 100,000 beer cases for Anheuser-Busch Co., which firm in all
has ordered 400,000 cases and 400,000 gross of bottles.
A new 188110 Of 177,000 shares of common stock of the Falstaff Brewing
Corp. of St. Louis was offered at $7 a share. The magazine "Steel" said
beer requirements developed inquiries from Milwaukee for 2,000 tanks;
an Ohio manufacturer has taken prices on 50,000 tons of plates and a
Milwaukee brewery has ordered 1.000 tons of structural shapes.
In St. Louis, Federal legalization of beer resulted in direct or indirect
employment of about 10,000 men drawing a weekly payroll of $250,000.
The Illinois Glass Co. rehired 100 men; cooperage industries reported a
50% business increase and more than 400 former bartenders are renewing
licenses.
New Orleans and Milwaukee.
In New Orleans, four breweries are working on beer and one is installing
new machinery, employing hundreds of men directly or indirectly.
In Milwaukee, about 1,000 men received jobs by brewers last week.
while about 700 others have new jobs in nearby breweries. Pabst spent
$2.000,000 for supplies and equipment. George J. Meyer Manufacturing
Co. announces $2,000,000 in orders for bottling machinery and has added
235 workers.
In Chicago seven operating breweries and 19 new plants are spending
$10,000,000 on equipment and supplies.
At Natchez, Miss., the National Box Co. employed 300 men to work
day and night shifts. In the northwest Arkansas Ozarks about $12,000
a day is going into the work of making staves for beer kegs. The stave
mills also are booming in Mississippi. plants near Clarksdale and Greenville needing about 200 more men. The price of cottonwood went up 25%.
dillion Beer Glasses Ordered.
At Charleston, W. Va., the Owens Illinois Glass Co. reopened a large
bottle plant employing about 1,000.
At Waterloo, Iowa, the Hinson Manufacturing Co. received orders for
tire covers-advertising a Milwaukee brew-to keep 75 new employees
working full time for two months.
The Herghoff Brewery, Fort Wayne, lnd.. is adding 100 men April 5.
and ordered 30,000,000 bottle caps and 7,000,000 labels.
More than 200 men were employed by lumber mills in southeastern
Oklahoma to meet the demand for beer barrels.
The Marienville, Pa., Glass Co. will start production of beer bottles
about April 1, employing 110 men. The Macbeth Evans Glass Co.,
Charleroi, Pa., received orders for a million beer glasses.
PER CENT. CHANGES.
Major Geographic Regions.
Atlantic Seaboard
New England (alone)
Central Industrial
PacifiC Coast
Total United States
Week Ended Week Ended Week Ended
Mar.25 1933 Mar. 18 1933 Mar. 11 1933
-4.3
-7.6
-10.9
-4.1
-8.2
-9.5
-14.8
-6.9
-8.0
-10.4
-14.4
-5.8
-6.9
-10.6
-9.6
-Law on Labeling
Home Brew Illegal After April 7
and Sealing Cited.
Though beer will flow from the nation's breweries with the
sanction of the law on April 7, its manufacture in the home,
even if it does not exceed the allowed alcoholic content of
3.2%, will still be illegal, in the opinion of Federal Attorney
Financial Chronicle
Volume 136
Medalie's prohibition division. The New York "Times" of
March 25, from which we take the foregoing, added:
The reason for this belief, it was said yesterday, is a sentence in Section 3
of the beer bill, which makes the national prohibition Act apply to beer
contained in barrels, casks, bottles or kegs, which have not been labeled
and sealed "as may be prescribed by regulation."
When Congress passed the beer bill, hundreds of dealers in malt and
hops and other beer-making materials and paraphernalia believed that the
sale of their commodities, even for the frankly expressed purpose of making
beer, would be legal.
Prior to the passage of the beer bill spasmodic raids had been made on
malt and hops shops, based on a decision of the United States Supreme
Court, which held that any materials sold for the purpose of violating the
prohibition law were outlawed and could be seized.
A dealer in such commodities called recently at the Federal Building to
seek advice from Mr. Medalie's prohibition division OD the subject. He
was informed of the existence of Section 3 of the new beer bill, which
reads in part:
"But the national prohibition act, as amended and supplemented, shall
apply to any of the foregoing (beer, ale, porter or other similar fermented
liquor), or to any act or failure to act in respect to any of the foregoing,
contained in bottles, casks, barrels, kegs or other containers, not labeled
and sealed as may be prescribed by regulation."
An assistant to Mr. MedaIle informed the inquirer that the section
made the manufacture of beer in the home illegal and that in his opinion
It would not be possible for him legally to advertise his products.
Decreases Reported in Most Lines of Wholesale Trade
in Chicago Federal Reserve District During February-Retail Trade Declined 4%.
The Chicago Federal Reserve Bank in its "Business Conditions Report" of March 31 states that "wholesale trade
conditions in the Seventh (Chicago) District were in general
less favorable during February than in January." Continuing, the bank said:
With the exception of groceries, which showed little change in sales volume
from a month previous, as against a 4% decline in the ten-year average for
February, and hardware, where the 4% gain recorded was somewhat greater
of trade either showed heavier than usual
declines during the period or decreased contrary to trend. The drop of
17% from January in the dry goods trade was in contrast to an increase of
4% in the average and that of 9% in shoes to a seasonal gain of 21%. The
recessions of 16 and 7% in the drug and electrical supply trades,respectively,
compared with declines of only 5 and 4% in the February average. All
groups except groceries recorded larger decreases in the year-ago comparison
than in January. Ratios of accounts outstanding on Feb. 28 to net sales
during the month were higher in most groups than either a month previous
or a year ago.
WHOLESALE TRADE IN FEBRUARY 1933.
than seasonal, reporting lines
Commodity.
Stocks.
Accts. Outstanding.
Cease-
Ratio of
ACCU. Outstanding to
Na Sates.
145.4
--21.2
Groceries
-14.6
--22.1
--2.0
421.6
--31.7
Hardware
--21.4
-32.3
--15.8
355.2
--28.1
Dry goods
-36.6
--24.5
--28.8
277.3
--37.6
--9.1
--27.4
Drugs
-30.3
339.3
--37.6
Shoes
--56.9
-33.1
--28.5
283.1
-38.5
--19.7
Electrical supplies
--24.5
-37.2
The decline of 4% from the preceding month in February department
store trade of the Seventh District compared with a recession of only
in the 1923-32 average for the period. Trends varied considerably as
among the larger cities of the district, sales by Chicago stores gaining 1%
in the aggregate over January, and those by Milwaukee firms declining
may 1%, while business in Detroit fell off 20% from a month previous and
in Indianapolis 12%, trade in the two last named cities being considerably
affected by banking disturbances during the latter part of the month.
February sales of stores in other cities of the district totaled 2 % smaller
smaller than in January. Comparisons with a year ago to a great extent
reflected these conditions, as may be noted in the table. Daily average
sales for February were almost equal to those of January and were only
22% below last February as against a decline of 253 % shown in aggregate
sales, there having been one more trading day In the month last year. An
increase of 4% took place in stocks on hand at the end of February over a
month previous, which expansion is in line with that recorded in recent
years.
DEPARTMENT STORE TRADE IN FEBRUARY 1933.
Lomita/.
Per Cent Change
February 1933
from
February 1932.
% Change
2 Months
1933from
SamePeriod
1932.
Ratio of February
Collections
to Accounts
Outstanding
Jan. 31.
Net
Sales.
Chicago
Detroit
Indianapolis
Milwaukee
Other cities
Stocks End
of Month.
Net
Sales.
1933.
1932.
-18.7
-42.7
-24.4
-23.8
-27.0
-16.3
-24.8
-20.8
-23.9
-28.1
-19.2
-34.3
-20.6
-27.3
-24.6
21.9
25.9
37.3
29.2
30.9
23.3
35.0
38.8
31.1
27.9
-23.9
29.9
-20.6
27.7
Seventh District
-25.5
The retail shoe trade experienced a smaller than seasonal recession in
February, sales of reporting dealers and department stores declining only
654% from the preceding month, whereas the 1926-32 average for the month
shows a decrease of 9%. As compared with last February, however, sales
totaled 32% smaller, as against a decline of 28% in the year-ago comparison
for January. Stocks were increased moderately during the period.
Sales of furniture and house furnishings by dealers and department
stores failed to expand as much as usual in February, the gain over the preceding month amounting to but 5%,as against an increase of 17%% in the
1927-32 average for February. Furthermore, a decline of 37% from last'
February compared with one of only 32% in the year-ago comparison for
January. An Increase of 2%% took place in stocks during the month.
With the exception of grocery and five-and-ten-Cent store chains, reporting chains in the district experienced a falling off in sales during February. The dollar volume sold by 14 chains operating 2,570 stores totaled
1% less for the month than In January and was 12% under that of February
1932. Drug, shoe, cigar, men's clothing, and musical Instrument chains
shared in the declines shown from the preceding month.
In the fiscal year now closing there was a deficit on Ordinary Account of $53,000,000, and of a like amount in connection with the
Canadian National Railways. These, together with expenditures on special
account, chiefly for unemployment relief and wheat bonus, of $38,000,000,
and a capital expenditure of $11,000,000, result in a total addition to
the national debt of $156,000,000. Notwithstanding drastic economies, it
is estimated that shrinkage in revenue would involve, on present rates
and yield, a deficit on Ordinary Account of $68,000,000 in the year beginning April 1st. To measurably meet this situation and move to a
balanced Budget, new taxation, estimated to produce at least $70,000,000
on the basis of present business conditions, is being imposed, so arranged
as to avoid, as far as possible, impediments to trade. Income taxes on
corporation profits have been raised to 12%%, exemptions to incomes of
individuals have been reduced and rates of taxation increased. Coupons
of bearer bonds, when cashed, are to have ownership certificates attached
for purpose of checking returns of income, and a tax of 5% is imposed
on interest and dividends paid to persons resident abroad. A tax of 5%
Is also to be imposed on interest and dividends received by Canadian residents when such interest or dividend is payable by a Canadian debtor
in a foreign currency which is at a premium over par of Canadian funds.
The sales tax of 6% is unchanged, but the list of exemptions is narrowed,
and special excise taxes are levied on a small list of articles Including
cosmetics. The exemption from stamp tax of cheques, money orders,
et cetera, of $5 and under is withdrawn, except in the case of cheques
paid by cheese and butter factories to milk producers. A number of
changes in Customs duties are made but none of prime importance, except
In the case of refined sugar, upon which an excise tax of 2 cents per
pound is levied upon both the imported and domestic article. Two other
proposals of consequence are the lowering of the pound sterling from
$4.40 to $4.25 in determining the application of dumping duty, and the
creation of a stabilization fend, to compensate measurably producers of
named farm and fish commodities when the pound sterling falls below
$4.60 in Canadian currency. The former of these proposals will advantage
importers and the latter farmers and fishermen who have suffered from
the depreciation of sterling below the dollar. Both tariff and taxation
proposals have yet to pass the Committee stage of the House of Commons,
and modifications may be made at that time.
Gas Utility Revenues Decline in January.
Per cent Change
From Same Month Last Year.
Net
Sales.
2131
Bank of Montreal Finds Note of Confidence in Financial
Stability of Canada in Budget Speech of Minister
of Finance.
In its Business Summary dated March 24 the Bank of
Montreal states that "the Minister of Finance in his Budget
Speech delivered on March 21st sounded a note of confidence
in the financial stability of Canada despite unfavorable
world conditions and their adverse reaction on domestic
trade, industry and business activities." The bank continues:
Revenues of the manufactured and natural gas industry
aggregated $69,997,600 for January 1933, as compared with
$74,094,100 for January 1932, a decline of 5.5%, it was
announced on March 25 by the American Gas Association,
which further reported as follows:
The manufactured gas industry reported revenues of $34,288,400 for the
month, a drop of 8.8% from a year ago, while revenues of the natural gas
industry totaled $35,709,200, or 2.2% less than for January 1932.
Sales of manufactured gas reported for January totaled 32,323,900,000
cubic feet, a decline of 6.9%, while natural gas sales for the month were
90,047,200,000 cubic feet, a drop of 1.1%.
As of Jan. 31 1933, total customers of the industry aggregated 15,376,500,
as compared with 15,985,200 on the corresponding date of the preceding
year, an indicated loss of more than 609,000 customers during the 12-month
interval.
The relatively smaller decline in sales and revenues reported by the
natural gas industry resulted from a gain of 2.4% in sales to domestic
users and an increase of 5% in commercial sales. This was more than
offset, however, by declines in sales of natural gas for industrial purposes.
The only gain reported by the manufactured gas industry was in the
sale of gas for house heating, which increased nearly 6% for the month.
Manufactured gas sales for other domestic uses, such as cooking, water
heating and refrigeration, showed a loss of 7.4%, while sales for industrial.
commercial purposes declined nearly 11%.
Improvement Noted in Business Sentiment in Kansas
City Federal Reserve District in Middle of March
Some Strengthening Reported in Commodity
Prices-Retail Trade Shows Increase from January
to February.
"Business and Tenth (KansasiCity) District commodity
prices continued to mark time in February with sentiment
improving and prices strengthening somewhat the middle of
March, following the banking holiday," according to the
April 1 "Monthly Review" of the Federal Reserve Bank of
Kansas City. "The outstanding favorable improvement
during February was a decided reduction in business mortality." The "Review" further notes:
The February volume of retail trade as reflected in the dollar sales of 32
department stores in leading cities of the District increased 0.9% as compared to January, but was 23.2% less than in February 1932. Combined
sales of all reporting wholesale firms declined 7.7% for the month and 17.1%
as compared to February last year. Life insurance sales were slightly
smaller than in January and 16.5% less than a year ago. Retail lumber
sales were less than a month ago but larger than in February 1932. Building
operations were the lightest for any month in recent years.
Daily average production of crude oil was slightly larger, than one month
or one year earlier, but gross production was, due to the shorter month,
slightly smaller. Output of bituminous coal increased and production of
cement declined for the month, with the former showing a slight decrease
and the latter a 4.8% increase as compared to February 1932. Flour
2132
Financial Chronicle
mills were less active than one month or one year earlier. 1\4arketings of
all classes of grain and all species of livestock were comparatively light.
Operations at meat packing establishments reflected the light receipts of
meat animals at public markets.
Prices of beef, poultry, eggs, oats, barley, flour, hay, cotton, zinc ore,
lead ore, and crude oil closed the month nominally unchanged. Wheat,
mill feed, pork and butterfat prices were somewhat higher and corn, rye,
kafir, and mutton were slightly lower. The Department of Agriculture's
index of farm prices declined 2 points between Jan. 15 and Feb. 15 to establish a new low of 49% of the 1909-1914 average on the latter date. Prices
paid by farmers for commodities purchased declined 1 point to 104% of
prewar and the ratio of prices paid to prices received declined 2 points to
47% of prewar, also a new low.
We quote from the "Review" the following regarding
wholesale and retail trade conditions in the Kansas City
Reserve District:
Retail.
Making no allowance for one less trading day this year than last, dollar
sales of merchandise at 32 reporting department stores in the District declined 23.2% in February as compared to the like month last year. Sales,
as usual approximated the January volume, showing an increase of 0.9%
Cumulative sales for the first two months of the new year ran 21.5% behind
the sales reported for the first two months of 1932.
The seasonal increase in inventories during the month was somewhat less
than usual, with stocks on hand Feb. 28 but 6.3% larger than four weeks
earlier, whereas,the normal increase is about 12%. For the fifth successive
year inventories have been reduced with the reduction between Feb. 29
1932.and Feb.281933,of22.6% being the heaviest, resulting in the District
index, as of the latter date, standing at 63.2% of the 1925 average.
Collections on 30
-day accounts during February amounted to 32.1% of
the amounts outstanding at the close of January as against 33.6% last year.
The January ratio of collections to receivables was 34.6%.
Wholesale.
Normally, Tenth District wholesalers' sales of dry goods, hardware, and
furniture increase, whereas, those of groceries and drugs decline during
February. This year sales of dry goods declined 9.2% as compared to an
increase of 6.4% last year, sales of hardware and furniture showed less than
the normal increase, and sales of groceries and drugs more than the normal
decrease. All five lines reported their February dollar volume of sales as
somewhat smaller than a year ago. Sales of dry goods declined
27.5%:
groceries, 6.7%; hardware, 17.1%; furniture, 21.5%, and drugs, 18.3%.
Wholesalers' stocks, with the exception of slight decreases reported for
dry goods and drugs, increased seasonally during February although the
increase was not as large as usual. Inventivies as of Feb. 28 this year
compared to Feb. 29 1932, showed the following reductions: dry goods
6.7; groceries, 20.8; hardware, 14: furniture, 22.4; and drugs, 16.7%
*
Stocks of dry goods and groceries have registered five, hardware and drugs
four, and furniture three consecutive declines on an annual basis of comparison.
Collections, groceries, excluded, were somewhat slower in February than
in January or in February last year.
Over 96% of Banking Resources Functioning in San
Francisco Federal Reserve District.
Approximately 96.4% of the banking resources of the
Twelfth (San Francisco) Federal Reserve District, estimated from the latest banking figures at well above $4,000,000,000, have been freed, since the moratorium, to function
in the business of the far west, according to the Bank of
America, N. T. and S. A. in a survey of western banking.
The survey issued March 30, adds:
More than 96.6% of the deposits and 96.4% of the capital, surplus and
undivided profits of the banks in the area have been liberated. A number
of the institutions operating under a conservator, it is stated. e(pact to
lift their restrictions at an early date. A high percentage of the "closed"
banks are capitalized at relatively small amounts.
A decrease of approximately $75,000,000 of money in circulation is also
reported by the Federal Reserve of San Francisco—the largest return of
currency to the banks for any period in history. None of the new Federal
Reserve notes, it is stated, was released in the District. These records are
declared to Indicate clearly a return of confidence in the west.
Possessing approximately 80% of the banking assets of the seven western
states, California cleared the moratorium with less than 2% of its assets
under post-moratorium restrictions. Since a substantial portion of California banking flows through branch systems, proponents naturally attribute the favorable California record to its branch banking systems, which
are functioning "as usual".
Employment, payrolls and earnings of 1183 industrial plants in California showed a moderate increase since the end of January.
Business or Financial Situation in San Francisco Federal Reserve District Showed no Outstanding
Changes During First Six Weeks of 1933—Reserve
Bank Reviews Banking Situation in District.
"Banking developments in the Twelfth (San Francisco)
District, as in the United States generally, were of dominant
importance during late February and the first half of March,"
states Isaac B. Newton, Chairman of the Board and Federal
Reserve Agent of the Federal Reserve Bank of San Francisco, in reviewing business conditions in the Twelfth District. Mr. Newton adds that "no outstanding changes in
the general business or financial situation had been apparent
during the first six weeks of the year, although the failure
of two rather large and several smaller banks in January
had been followed by withdrawals of deposits from other
banks." Under date of March 24 Mr. Newton also said:
About the time that the force of this adverse influence appeared to be
coming to an end, however, widespread publicity given to the Michigan
banking moratorium and to other unfavorable banking situations began
to have an effect in the Twelfth District, and immediately following announc.enwnt of banking holidays or restrictions in other eastern states on
Feb. 25 a substantial run on California banks developed. This relatively
April 1 1933
heavy run lasted for three days—Feb. 27, Feb. 28 and March 1—when it
was brought to an end by a proclamation of the Governor of California
closing all banks in that State for a three-day period. This action in
California was followed by runs on banks in other far western states and by
March 3 emergency banking restrictions had been placed in effect in all
Twelfth District states. Withdrawal of currency during the week ending
March 1, while at a record rate, was so short-lived that its effect upon
District bank deposits was relatively small. Currency payments by banks
to depositors were about $30,000,000 during the week ending March 1,
compared with deposits in those banks of considerably more than three
billion dollars at the beginning of this year. Banks met the unusual demand
for currency by borrowing from the Federal Reserve Bank of San Francisco
and by drawing upon their reserve balances, which had been built up during
the first half of February through transfers of funds from other parts of
the United States.
Reopening of banks under licenses issued by the Secretary of the Treasury
and by State authorities commenced on March 13 and proceeded rapidly
after that date. By March 20 most Twelfth District banks had resumed
customary operations, although a good many were either in the hands of
conservators or had been closed for liquidation. Currency which had
been withdrawn prior to the closing of banks on March 2 was redeposited
in large amounts between March 13 and March 20 and considerably more
gold coin was turned in to the Federal Reserve Bank of San Francisco than
had been withdrawn from Jan. 1 to March 4 1933. Redeposited currency
was sent in to the Reserve Bank to repay borrowings and to increase reserve balances.
Volume of production was slightly smaller in February than in January.
Department store sales and intercoastal traffic through the Panama Canal
increased, but the number of cars of freight loaded on District railroads
during the month decreased. Other trade measures changed little. Petroleum production during February approximated that of the preceding
month. The cut of lumber declined contrary to the seasonal movement
and the volume of engineering construction decreased sharply. Employment conditions remained about the same in February as in January.
Commodity prices declined slightly during February, but advanced considerably during and immediately following the banking holiday in March.
Non-statistical reports indicate that the banking restrictions during the
first half of March reduced business activity, particularly retail sales
volume.
Employment and Payrolls in California Show Increase
During February as Compared with January—
Building Activity Up 46% as Compared with
Year Ago.
Employment in California registered an Increase of 8%
In February compared with January, based upon reports of
1,183 reporting plants employing 60% of the industrial
wage earners in the State, the Bank of America N. T. &
S. A. (California) states in its current report on business
conditions on the Pacific Coast. Payrolls in February increased 2.5%, and average weekly earnings increased 1.7%.
The Bank also announced as follows:
Building activity as reported by the 61 largest cities in eight Western
States totaled $20,597,245 for January and February, representing an
increase of 46% as compared with the corresponding months of 1932.
Admitted assets of 13 life insurance companies having home offices in
the 11 Far Western States increased $5,130,432, or 1.5% in 1932, to $355,216,259, as compared with 1931. The four largest of these life companies,
Pacific Mutual, California Western States, Occidental and West Coast, it is
added, show an increase in new insurance written on a paid for basis of
$8,123,250 in 1932 over 1931, bringing the total for the four companies
to $146,400,646.
New insurance written by the 13 companies in 1932, on a paid for basis,
as shown in the report now being filed with the insurance commission of
California, declined $11,087,903 to $193,721,441, and the insurance in
force declined from $1,728,471,593 in 1931 to $1,632,667,540 in 1932.
Net surplus of the 13 companies declined from $14,871,566 in 1931
to
$14,173,175 in 1932.
Lumber Orders Greater Than for Any Week of 1933 or
1932 Except for Two Weeks Last September.
Lumber orders booked by the mills during the week ended
March 25 1933, were greater than for any previous week of
1933 and for any of 1932, except for two weeks last September, and production was the heaviest reported for any week
of 1933, according to telegraphic reports to the National
Lumber Manufacturers Association from regional associations covering the operations of 673 leading hardwood and
softwood mills. This new business totalled 180,147,000
feet, which was 79% above production. Production
amounted to 100,538,000 feet. The Association further
reports as follows:"
54
All regions reported substantial excess of orders over production.
The
West Coast mills reported new business of 179 mills as larger
than any
week this year or last, even though the reports were from an
average of
217 mills In 1932. Southern pine mills reported orders received
by 107
mills nearly as large as last week's big volume of 108 mills. Orders
booked
by Soutnern pine, Western pine, Nortnern nardwood and Northern
neinlock were In eacn case, tne largest since last September.
Softwood orders for tne week were 21% above tense of
corresponding
week of 1932, compared win 17% above the previous week.
Hardwood
orders were 19% above those of last year compared with 15%
below in
similar comparison the week before.
New business at the Southern pine mills was 51% of capacity, the
same
as the previous week; at the Western pine mills orders were 30% of
capacity
•compared with 22% the week before; at Southern hardwood
mills, 28%
of capacity; at Northern hemlock mills, they were 15% of capacity
and at
Northern hardwood mills, 34%, compared with 10 and 25%,
respectively,
the previous week.
Forest products carloadings during the week ended March 18
were
14,337 cars, an increase of 1,075 cars over the previous week and a
decline
of 5,970 cars from the same week of 1932.
Lumber orders reported for the week ended March 25 1933.
by 424
softwood mills totaled 164,483,000 feet, or 81% above the
production of
Volume
Financial Chronicle
1.16
the same mills. Shipments as reported for the same week were 119,160.000
feet, or 31% above production. Production was 91,066,000 feet.
Reports from 266 hardwood mills give new business as 11,664,000 feet,
or 65% above production. Shipments as reported for the same week were
11.858,000 feet, or 25% above production. Production was 9,472,000 feet.
Per Cent Change From
Production for the week was 59,483,000 feet.
Southern Pine.
The Southern Pine Association reported from New Orleans that for 107
mills reporting, shipments were 31% above production, and orders 51%
above production and 16% above shipments. New business taken during
the week amounted to 31,612,000 feet, (previous week 32,360,000 at 108
mills); shipments 27,364,000 feet, (previous week 20,893,000); and production 20,901,000 feet, (previous week 19,436,000). Production was
34% and orders 51% of capacity, compared with 31% and 51% for the
previous week. Orders on hand at the end of the week at 107 mills were
70,983,000 feet. The 107 identical mills reported a decrease in production
of 3%, and in new business an increase of 19%, as compared with the
same week a year ago.
Western Pine.
The Western Pine Association reported from Portland. Ore., that for
114 mills reporting, shipments were 166% above production, and orders
276% above production and 42% above shipments. New business taken
during the week amounted to 38,781,000 feet, (previous week 27,921,000
at 116 mills); shipments 27,358,000 feet, (previous week 19,615,000); and
production 10,302,000 feet, (previous week 7,713,000). Production was
8% and orders 30% of capacity, compared with 6% and 22% for the
previous week. Orders on hand at the end of the week at 114 mills were
116,8221)00 feet. The 112 identical mills reported's decrease in production
of 43%, and in new business an increase of 8%,as compared with the same
week a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis, Minn., reported no
production from 7 mills,shipments 1,404,000 feet and new business 1,580,000
feet. Toe same mills reported new business 23% less than for the same week
last year.
Northern Hemlock.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh. Wis., reported production from 17 mills as 380,000 feet, shipments 1,039,000 and orders 1,248,000 feet. Orders were 15% of capacity
compared with 10% the previous week. Tne 16 identical mills reported a
loss of 18% in production and a gain of 160% in new business, compared
with the same week a year ago.
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis. Tenn., reported
production from 249 mills as 8,782,000 feet, shipments 10.724,000 and
new business 13,623,000. Production was 18% and orders 28% of capacity,
compared with 14% and 25% the previous week. The 176 identical mills
reported production 28% less and new business 11% greater than for the
same week last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh. Wis., reported production from 17 mills as 690,000 feet, shipments 1,134,000 and orders 2,041,000 feet. Orders were 34% of capacity.
compared with 25% the previous week. The 16 identical mills reported
a gain of 3% In production and a gain of 90% in orders, compared with the
same week last year.
Distribution of Automobiles in Mid-West Declined
During February, as Compared with Previous
Month, According to Federal Reserve Bank of
Chicago-Little Change Noted in Orders Booked
by Furniture Manufacturers.
"Distribution of automobiles in the Seventh (Chicago)
Federal Reserve District showed a decrease in February from
a month previous, contrary to seasonal trend," states the
Federal Reserve Bank of Chicago,"and totaled considerably
under the corresponding month last year." In its March 31
"Business Conditions Report" the bank adds:
Sales of representative distributors reporting to this bank aggregated
25% smaller in number in the monthly comparison and were only half those
of a year ago. Although the volume of cars sold by retail dealers totaled
13% below January and 38% under last year, a number of dealers sold more
cars than either a month or a year previous. Similarly, used car sales declined
in both the monthly and yearly comparisons, but almost half the dealers
had heavier sales in the former comparison and about one-third in the latter.
Stocks of new cars on hand at the end of February were somewhat lighter
than at the close of January, doubtless a reflection of curtailed production,
and remained much smaller than average. The ratio of deferred payment
sales to total sales of Identical dealers reporting the item showed a slight
Increase over January, but was smaller than a year ago.
Companies Included
January
1933
Unfilled Orders.
Reports from 375 softwood mills give unfilled orders of 423,401.000 feet,
on March 25 1933, or tne equivalent of 15 days' production. The 547
identical mills (hardwood and softwood) report unfilled orders as 494,776,000 feet on March 25 1933, or the equivalent of 16 days' average
production, as compared with 562,619,000 feet, or the equivalent of 18
days' average production on similar date a year ago.
Last week's production of 414 identical softwood mills was 88,766,000
feet, and a year ago it was 96,286,000 feet; shipments were respectively
117,921,000 feet and 130,906,000; and orders received 159,518,000 feet
and 131,553.000. In the case of hardwoods, 192 identical mills reported
production last week and a year ago 7,668,000 feet and 10.345,000; shipments 9,982,000 feet and 13,170,000; and orders 13,705,000 feet and
11.544,000.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the
following new business, shipments and unfilled orders for 179 mills reporting
for tne week ended Marcn 25:
NEW BUSINESS.
UNSHIPPED ORDERS.
SHIPMENTS.
Feet.
Feet.
Feet.
Domestic cargo
Domestic cargo
Coastwise and
delivery-- 33,858.000 delivery _ _ _ _110,224,000 Intercoastal_ 20,277,000
Export
24,250,000 Foreign
17,541,000
97,921,000 Export
Rail
27,951,000 Rail
18,974,000
63,078,000 Rail
Local
5,203,000
5,203,000
Local
•
Total
91,262,000 Total
61,995.000
271,223,000 Total
2133
MIDWEST DISTRIBUTION OF AUTOMOBILES
Changes in February 1933 from Previous Months.
New Cars
Wholesale-Number sold
Value
Retail-Number sold
Value
On hand Feb. 28-Number
Value
Used Cars
Number sold
Salable on hand-Number
Value
February
1932
January
1933
February
1932
--25.4
--26.1
-12.9
--10.2
- 9.0
-13.1
-49.5
--80.0
-38.0
--52.7
-45.4
--51.8
20
20
59
59
59
59
13
13
36
36
36
36
- 8.1
+ 2.5
+ 3.8
--33.0
--36.8
--58.5
59
59
59
36
36
36
The following was reported by the bank regarding orders
booked by furniture manufacturers:
Furniture.
February orders booked by furniture manufacturers reporting to this
bank registered in the aggregate but little change from a month previous
and totaled 19% below the volume of a year ago. Shipments were 15%
in excess of those of January-about half the increase shown in the six-year
February average-following upon the January gain in orders booked,
which also was about half as great as usual. Unfilled orders outstanding
at the close of February amounted to 76% of current orders booked, or
approximately five points under the ratio obtaining a month previous.
Operations averaged 20% of capacity, as compared with 22% in January.
and 32% in February a year ago.
Wage Payments in Chicago Federal Reserve District
During February Lower, Although Industrial
Employment Increased.
Seventh (Chicago) District industrial employment, as of
the middle of February, increased from a month earlier in
about the same degree as at the same time last year, but
total wage payments of reporting establishments recorded
the first February decline in recent years, and reached a level
only fractionally above the low point of last September.
The Chicago Federal Reserve Bank in its March 31 "Business Conditions Report," in noting the foregoing added:
Manufacturing industry gained nearly 2% in employment, which Is
slightly greater than the usual seasonal increase, while payrolls declined
6S4%, representing the first February recession in our records of the past
nine years, which show an average expansion of 4% %. This trend in
payrolls was again determined largely by the vehicles group, which, due to
the predominance of the automobile industry in this district, is able to
offset contrary trends in a majority of smaller industries. Although employment remained constant in the vehicles group, payrolls reversed the
upward trend of the previous four months with a 20% contraction, which
contrasts with significant gains for February of each previous year in our
records. Gains in both employment and payrolls were reported by six
manufacturing groups. With the exception of metal products, these increases were among the smaller groups, namely, rubber, textiles, wood.
loather and chemicals. The increases corresponded roughly to the seasonal
trend in all these industries except rubber products, which has shown wide
variation in the trend for February of previous years. The food products
and paper and printing groups made small but contrary to seasonal gains
In number employed, accompanied by moderate losses in payrolls. The
stone-clay-glass group continued the downward trend of the preceding
three months in employment but made no change in payrolls.
Non-manufacturing totals were somewhat lower than a month earlier.
Contributing to the downward trend were construction, which continued
the sharp contraction in evidence for several months, and merchandising
which showed moderate losses in both number employed and wage pay
ments. The utilities made no significant change. and coal mining gained
considerably in payrolls, recovering the loss reported in January, while ern
ployment in this latter group was only moderately higher.
EMPLOYMENT AND EARNINGS
-SEVENTH FEDERAL RESERVE
DISTRICT.
It eat Ended Feb. 15.
Per Cent Changes
from Jan. 15.
Industrial Group.
No. of Number
of
ReportWage
tag
Firms. Earners,
Metals and products_x
Vehicles
Textiles and products
Food and products
Stone, clay and glass
Wood products
Chemical products
Leather products
Rubber products_y
Paper and printing
Total mfg., 10 groups
Merchandising_ z
Public utilities
Coal Mining
Construction
Total non-m/g., 4 groups._ _ _
Earnings.
EarnWage
Earners. ingo.
+3.1
-0.0
+4.9
+1.2
-1.4
+4.9
+2.4
+3.6
+11.1
+0.8
+6.4
-20.2
+14.7
-2.4
+0.0
+12.2
+2.1
+10.3
+4.3
-3.2
701
135
141
333
129
254
109
75
8
291
104,888
156,537
28,277
52,603
4,492
17,479
11,944
16,239
5,041
36,520
$1,641,000
2,582,000
409,000
991,000
76,000
182,000
225,000
228,000
86,000
756,000
2,176
434,020
57,206,000
+1.8
-6.5
207
76
17
330
29,916
77,086
2,411
5,817
568,000
2,188,000
54,000
93,000
-2.1
+0.3
+1.8
-13.7
-3.3
-0.2
+8.3
-21.8
630
115,230
$2,883,000
--1.1
--1.8
Total, 14 groups
2,806 549,250 $10,089,000
-5.1
-I-1.1
x Other than vehicles. .y Michigan and Wisconsin. a Illinois and Wisconsin.
Japan's Purchase of Crude Rubber Said to Have Been
Factor in Preventing Rise in World Stocks.
Heavier imports of rubber into Japan during the first two
months of this year were important factors in preventing a
material increase in principal world stocks of crude rubber,
it was stated by the Commerce Department's Rubber Division on March 25. It was further said:
Japan's imports of crude rubber In January amounted to 7,611 long
tons, and 8.508 long tons in February. World stocks of rubber amounted
2134
Financial Chronicle
r
.
to 641,361 long tons on Dec. 31 1932. 635,061Itons on Jan. 31 1933 and
637.880 tons on Feb. 28 1933.
The Rubber Division pointed out that Japan is consuming rubber at a
rapid rate, ranking immediately after the United States, which leads all
nations in the consumption of rubber. In January, the United States
consumed 21,732 long tons and in February, 20,529 long tons of rubber.
It is believed that Japan entered the new year with a low stock of rubber
on hand. Rubber is consumed in Japan not onlyf or domestic use, but
In goods exported, to a large extent rubber footwear, in which that country
furnished two-thirds of the total shipped in international trade: n 1932.
French Indo-China Only Important Rubber Producing
Territory to Make Gain During 1932.
Increased production of rubber was reported by French
Indo-China in 1932, the only important producing center to
record a gain during the year, it is indicated in advices re-.
ceived in the Commerce Department's Rubber Division.
Stating this on March 17 the Department added:
Exports of crude rubber from that territory amounted to 14,376 long
tons in 1932 compared with 11,713 long tons in the previous year. an increase of 23%.
World rubber production decreased from 795,000 tons in 1931 to 705,000
tons in 1932. a decline of 11%•
Rubber production in French Indo-China in a time of world-wide business depression has increased principally as the result of a special tax on
imports of crude rubber into France, the proceeds of which are drawn upon
to make loans to planters for maintenance of non-bearing areas and by
means of a compensation fund to insure a larger return in times of low
market prices, it was pointed out.
At present, French imports of rubber average about four times the production in French Indo-China. Rubber production of Indo-China is
expected to approach 60,000 tons within eight or nine years.
Exports of crude rubber by French Indo-China during recent years have
been as follows: 1924, 6,476 long tons; 1925. 7,881; 1926, 8,203; 1927.
8.645:1928. 9.616; 1929, 10,147; 1930, 10.289; 1931, 11,713; 1932, 14,376
long tons.
MOP
Tire Companies Eliminate Certain Lines—Some
Manufacturers Reduce Prices.
The United States Rubber Co., the B. F. Goodrich Co.,
and the Goodyear Tire & Rubber Co. have announced that
they will eliminate certain lines of tires which they produce.
The two latter companies also announced reductions in
prices on the remaining lines. The announcement by the
Goodrich Co., the first to take action, issued by J. D. Tew,
President, follows:
The B. F. Goodrich Co. is announcing to-day what is believed to be a
fundamental move to eventually correct the chaotic conditions prevailing
in the distribution of tires. Briefly, we are announcing a policy under
which we shall market only two lines of tires carrying the Goodrich name—
the Goodrich Silvertown and the Goodrich Cavalier. We are eliminating
all other lines and types of Goodrich tires.
Obviously this new program materially simplifies the problems facing
the manufacturer and the dealer by the elimination of duplicated manufacturing and distributing procedures. This policy reduces by approximately
35% the sizes and types of tires required under present conditions, with a
corresponding reduction in inventory investments by the manufscturer as
well as the dealer. It also permits the dealer to carry a complete stock
in two lines, instead of four or more, to adequately meet the demands.
It is our opinion that the tire using public has been greatly confused by
the multiplicity of qualities and prices, and that this plan will not only
clarify and simplify our problem and that of our dealers, but also will
place more clearly in the mind of the buying public the relative merits
of tires.
By the elimination of all but two lines, factory and distributing costs
will be materially reduced, which eventually should benefit the employee,
the securitiy holder, the dealer, and the general public. We feel that if
this policy is followed throughout the industry, reasonable profits should
be realized in the not too distant future.
Prices Lowered.
With the announcement of two lines of Goodrich tires, due to prices
now prevailing, it is necessary for us to price these two lines lower than
our present corresponding lists. We firmly believe, however, that the
principle of two lines is sound; that the manufacturing and distributing
costs obviously will be lower, and that the results from the adoption of
such a policy will be beneficial to all concerned. We are notifying our
field organization as well as our dealers in detail of our plan, which is to
be effective as of March 21.
April 1 1933
It is believed that the new policy will permit a safer, simpler and more
orderly selection of known quality.
Through simplification, Unitied States tire dealers will be able to
maintain more complete and fresher stocks with lower capital investment
and with better turnover, which will not only lower their operating cost
but will increase their scope of service.
While recognizing the extremely radical departurp from current practice,
the company officials believe this to be a definite step toward the solution
of many of the current problems, which will happily benefit the manufacturer, consumer and retailer alike.
The following statement was issued March 22 by P. W.
Litchfield, President of the Goodyear Tire & Rubber Co.:
The Goodyear Tire & Rubber Co. is announcing to its dealers to-day
that the company's third and fourth lines of tires are being discontinued
and that a new schedule of prices becomes immediately effective.
Goodyear will produce only two lines of tires—All Weather and Pathfinder. The first is designed for the quality market, while the Pathfinder
line fits into what is known as the competitive price market.
In adopting this new merchandising policy and price schedule, we hope
for a new harmony in the automobile tire industry which has, quite
frankly, been fraught with discord.
During the past two months there has been considerable discussion of the
ailments of the tire industry. Thinking appears to have crystalized to a
point where there is a seeming accord in principle as to cause and remedy.
During the past several months list prices have not represented the prices
at which tires were actually sold in practically all the markets. Consequently, while the new lists we are sending out to-day represent a decline
of 20% from the old lists, the real selling price of tires is not reduced by
anything near such a percentage.
This new plan represents in principle what we believe is the best judgment of most of the leading factors in the tire industry. It represents a
sincere effort to restore stability. It conforms to an announcement made
yesterday by one of our largest competitors. Whether it will find complete
acceptance throughout the industry remains to be seen. But if the plan
is accepted we may assume that the future will see it serving as a basis
for considerable improvement in the lot of the tire dealer, the worker
and the shareholder.
Tire dealers will benefit by having only two lines on their shelves. Heretofore they have been compelled to carry four lines with correspondingly
high investment in inventory. They may now carry complete sizes with a
considerable reduction in such investments. From the viewpoint of the
manufacturer it is quite apparent that greater economy of operation is
possible through the elimination of two of the four lines.
Salary Reductions Restored by B. F. Goodrich Co.—
Rubber Manufacturers Foresee Increased Business.
In announcing that salary reductions will be restored to
rates effective prior to March 6, J. D. Tew, President of the
B. F. Goodrich Co., rubber manufacturers, issued the following statement on March 27:
The Administration at Washington is aggressively putting into effeet
constructive legislation which in our opinion will soon result in greater
business activities. The measures enacted are most helpful in restoring
confidence and opening up avenues of trade.
In the hope that the actions taken in Washington will be productive of
increased business, and in order to support every move for the restoration
of normal business, all salaried employees of the parent and domestic subsidiary companies were restored on March 20 to rates effective prior to
the recent national financial emergency.
Moderate Decline in Shipments of Crude Rubber
from Dutch East Indies Noted by New York
Rubber Exchange.
Shipments of crude rubber by the Dutch East Indies
during February showed a moderate decline from the pre-
vious month as well as from February 1932, according to
a cable to the Rubber Exchange of New York. Only Java
and Madoera, where European-owned estates are located,
the Exchange said on March 27, exported a slightly larger
total. The figures follow:
Java and Madoera
East Coast Sumatra
Rest of Sumtra
Borneo
Celebes
Totals-
Feb. 1933. Jan. 1933. Feb.1932.
Tons_ 4,974
4,843
4,891
5,201
5,720
6.107
3,679
3,986
3,591
"
2,167
2,831
2,810
28
20
26
Tons_ 15,949
17,400
17,425
It is noted that the reduction in price by the Goodrich Co.
is about 20% from the list prevailing last September. The
United States Rubber Co.'s announcement, issued shortly
after the Goodrich Co.'s statement, made no reference regarding prices. The statement, as noted in the New York
"Times" of March 22, follows:
Wheat Curb Plan Pressed by Secretary of State Hull Will Ask Countries That Grow Surpluses to Discuss
Control at World Parley.
The State Department will ask wheat surplus producing
countries, such as Canada, Australia and Argentina, whether
they will agree to a discussion at the impending World
Effective immediately, the company will distribute through its dealers
two high-quality passenger car tires, United States Royal and United States
Peerless, and one quality truck tire, United States Royal heavy service.
It has been the common practice for many years in the tire industry
to build a multiplicity of tire lines of various grades and prices. The new
policy of the United States Rubber Co. means the elimination of all overlapping and duplicating of grades and prices.
The company holds the view that the downward trend of prices has
eliminated the necessity of more than two grades of passenger car tires
and feels that the production and distribution of the multiple line are confusing, wasteful and economically unsound, and have added unnecessarily
to the cost ultimately paid by the consumer.
The new policy presumes benefits for all concerned, as it will provide
the highest quality of product at an otherwise impossible low price and
at the same time a low price tire of an otherwise impossible high quality.
The company further recognizes the confusion that has existed in the
consumer's mind in selecting from a long line of miscellaneous brands.
Economic Conference of a program for international control of wheat production. A Washington dispatch to the
New York "Times" from which we quote states that this
decision, confirming previous reports, was made March 24
after a conference between Secretary of Agriculture Wallace,
Assistant Secretary Tugwell, Herbert Fels, economic adviser of the State Department, and several farm economists.
The dispatch went on to say:
qt1
The Department is expected also to ask the Governments of those
countries how far they would be able to go in control of production.
The plan developed from President Roosevelt's recent statement that
he hoped to have international wheat control discussed at the
conference,
which brought from the League of Nations a query as to how the
United
States proposed to proceed and what the next step would be,
Volume 136
U. S. Carriers' Share of Canada's Grain Drops from
Half in 1929 to One-Fifth in 1932.
United States carriers moved only 19% of Canada's export
grain shipments in 1932 compared with 49% in 1929, it is
made known in a recent statement by Robert McKee, past
chairman of the Vancouver, British Columbia, Grain Exchange, forwarded to the Commerce Department at Washington by Trade Commissioner John Embry, Vancouver.
The Department also had the following to say, under date
of March 24:
This information was contained in in address by Mr. McKee in which
he pointed out influential factors which he stated are making the British
Columbia port an important grain shipping center: He stated that the
share of Vancouver in moving Canada's grain in 1929 was only 31% of
the total, while in 1932 it had increased to 44% of the entire movement.
Among factors listed by Mr. McKee in Vancouver's development were
the following:
The tendency of Canada's wheat production to move westward, increased
efficiency in the new ocean tonnage, lower loading costs at Vancouver,
grain available for shipment every day in the year at Vancouver because
of the increased storage facilities and improved cable and telegraph facilities to all parts of the world.
Canada Proposes Bounty on Certain Farm and Fishery
Products Through Agricultural Stabilization
Fund.
Incident to the annual budget proposals introduced into
the Canadian Parliament by the Minister of Finance on
March 21, the Government of Canada proposes the establishment of an Agricultural Stabilization Fund, from which
Canadian exporters of certain agricultural and fishery products to the British market are to be paid the difference
between the price actually received and the price at a value
for pound sterling of $4.60 Canadian currency, according
to a telegram to the Commerce Department's division of
foreign tariffs from Commercial Attache Lynn W. Meekins,
Ottawa. These payments, says the Department, are to apply
to the following commodities:
Animals, meats (including bacon and hams), poultry, fresh and canned
fish, tobacco, cheese, milk products, canned fruits and vegetables, maple
products, eggs and honey.
Yucca Flour Unpopular in Cuba.
Special correspondence from Havana (Cuba), March 22,
to the New York "Herald Tribune" said:
During the six months following passage of the law which compelled
bakers to use a minimum of 10% yucca flour in bread, Cuba has consumed
1,156,322 pounds of the product.
Since yucca is largely starch, consumers have complained bitterly against
the law. In some instances bakers purchase the required amount of yucca,
but do not mix it with the wheat flour.
Market Control Proposed to Aid British Farmer —
Drastic Production and Imports Curb Provided
in Bill Sent to Commons—Would Fix SupplyQuotas.
Associated Press accounts, as follows, from London,
March 25, are from the New York "Herald Tribune":
To render first aid to British farming, at present a weak and sad
patient, the Government proposes a drastic slystein of organized and controlled supply. Its policy is contained in a new measure, called the
agricultural marketing bill, presented in the House of Commons by Major
Walter Elliott, Minister of Agriculture.
The hill grants two main powers, regulation of imports to prevent a
glut of foreign produce and regulation of home production to prevent a
domestic oversupply. It seeks to correct one phase of the agricultural
marketing act of 1931, to which it would be wedded, by eliminating the
risk of foreign dumping through power to regulate imports.
The onus of the restoration of the fortunes of British farming, however,
is placed with the British farmers themselves in so far as powers in the
bill are conditional on home producers organizing production of their
particular product.
Then, where such regulation is imposed, orders may be issued regulating
sales of the same products which are produced at home by determining not
only the varieties and grades but also the quantities of such varieties and
grades that may be placed on the market. Supplies would be regulated by
the country's requirement, to determine which a new market supply committee would be set up with the function of making a continual and expert
study of supply problems.
Under the 1931 act a hop marketing schemes has been formed; pig and
bacon schemes are in process of being put into operation; a milk scheme is
being considered by both the Government and the industry; a commission
2135
Financial Chronicle
Other wheat-exporting countries, particularly Canada, have become concerned over the world market situation in the event of enactment of the
administration's farm relief bill, which provides an outright subsidy on
the production of wheat for domestic consumption. The Canadian wheat
pool, ever since its economic troubles culminated in virtual paralysis of
the organization in 1930, has sought some international agreement for
curtailing production. But it fears that American farmers, under a
Government subsidy, will be in a position to fight all the other exporting countries in the world market by underselling Canada, Australia
and Argentina.
Ordinarily the anti-dumping laws of European countries would operate
to prevent underselling, but the strides many countries have made in
getting on a self-sustaining basis have operated to make these laws ineffective.
Is now sitting to draft a meat scheme, and schemes for potatoes and eggs
and poultry are in varying stages of progress.
The new bill arms with drastic powers the "development boards" which
are to control the home production of the various products represented by
these schemes, formed or in formation.
-4111P-.
Soviet Russia Peasants Lose Food Dole—Group in
Caucasus Is Penalized for Failure to Start Planting.
From Rostov-On-Don, Russia, an Associated Press account, March 25, to the New York "Times" said:
A report from North Caucasian areas to-day told of the refusal of a
group of collective farmers to work in the fields because of complaints
of no food and their summary punishment as "saboteurs."
They are the members of the second brigade of a collective farm called
"The Way to Socialism," in the Krasnodar district. According to an
official version, they "pretended" there was no food and refund to start
spring planting. The three leaders of the brigade were arrested by the
Ogpu [political police], and the entire brigade, usually consisting of more
than 1,000 peasants, was deprived of the Government's food dole and
seed loan.
Nine other peasants were expelled from five collective farms in the
Tikhoretsky district, and six of them were exiled to the Far North for
failure to work. The cause in their cases was not stated.
The report added that bad "labor discipline" had been noted in several
villages which already had started sowing in the region.
The Soviet Government is encountering difficulties in enforcing its agricultural policies in the north Caucasus and only recently revealed that
It had been forced to feed large sections of the peasantry there because
of insufficient production.
•
France Bars Foreign Wheat.
Foreign wheat is barred from use in French flour under
a decree issued by the Ministry of Agriculture on March 25,
increasing the required content of domestic wheat from 99
to 100%. This was reported in Associated Press dispatches
from Paris, March 25, to the New York "Times."
Grain Planters Pledge Slash in Argentine Crop—
Government Bureau Says Farm Strike Move Has
Ended.
The following Associated Press advices from Buenos Aires
March 25 are from the New York "Herald Tribune":
Arrival of the wheat planting season in north and central Argentina finds
the Government watching for diminished acreage due to a strike to which
thousands of farmers are pledged In their fight for Federal relief. Reports
from Federal investigators say seeding is proceeding normally, but it will
be another month before It is known whether wheat acreage has fallen
seriously.
At scores of public meetings arranged by the Argentine Agrarian Federation in the northern and central provinces, where costs of production exceeded the returns farmers got for their 1932 wheat, corn and flax, groups
of 500 to 1,000 have pledged themselves to grow no more crops until they
obtain relief.
The farmers asked reduced rentals and freight rates, a minimum corn
price, 4% interest, a four-year moratorium and reappraisal of mortgaged
lands.
The Government has dubbed the Federation a screen for agitators. It
hasliberalized the National bank policy on loans and renewals,and President
Justo has appealed to the patriotism of the farmers. Some of the leaders
of the strike project have been arrested.
Argentina, more than any other nation, would be paralyzed by a farm
strike of general proportions, for the national economy depends upon the
exportation of grain. Last year the 17,000,000 tons of wheat, corn and
flax which Argentina sold abroad constituted 60% of its exports and meat
15%.
Even if the farmer is out of pocket by failure of his crops to return the
production cost, the Government must have the grain to export if it is to
maintain a favorable trade balance and meet its obligations abroad. Declining prices hurt both the nation and the individual farmer, but declining
volume hurts chiefly the nation. The country thus far has kept an even
keel by exporting greater quantities of grain to counterbalance a smaller
income a ton.
Under date of March 24 a cablegram from Bueons Aires
to the New York "Times" had the following to say:
The Bureau of Rural Statistics reports the complete disappearance of
the farm strike movement and says corn is being harvested normally, that
oats, rye and barley are being planted and that the ground is being prepared for wheat sowing next month. Farmers have not resumed their
labor in some isolated regions, the Bureau says, but adds that this is due
to their indecision as to what to plant rather than to a determination to
strike.
The Bureau ascribes the farmers' changed attitude to President Justo's
proclamation of several weeks ago threatening to use all the force at his
command to prevent paralysis of rural activities and calling upon farmers
to proceed with their usual work and trust to the National Government
to push through relief measures.
New corn is being subjected to a bear campaign, which forced the price
down to-day to 3.95 pesos a quintal, or 25 cents a bushel. The Minister
of Agriculture recently estimated the cost of production at 4.90 pesos a
quintal, and the Bank of the Nation is lending 4.50 pesos on a quintal.
According to a Buenos Aires cablegram Jan. 26 from
Buenos Aires to the New York "Times" delegates of the
Argentine Agrarian Union, meeting at La Rosa in Santa Fe
Province, voted on that day for a Nation-wide farmers'
strike beginning Feb. 1, including the suspending of all
work connected with plowing or harvesting until the National
and Provincial Governments accept the relief program
drawn up at the meeting. In part the cablegram also said:
The program is virtually the same as that adopted earlier in the week
by the farmers of Santa Fe Province, who have already quit work in advance
of their scheduled strike on Wednesday.
2136
Financial Chronicle
Ultimatum to
Governments.
An ultimatum sent by the La Rosa meeting to the national and all provincial governments demands a reduction in farm rents, a four-year moratorium
on all commercial, bank and rental debts, a reduction of interest on all
money used in agricultural or allied industries to 4%,abolition of customs
duties on imported articles necessary for national industries, the negotiation of reciprocal arrangements with foreign governments to provide markets for Argentine products and a reduction in freight rates. . . .
Warned of Wheat Increase.
The Agriculture Ministry to-day published figures prepared by the
International Agricultural Institute at Rome showing this year's world
wheat acreage was 5,474,400 acres in excess of last year's total and asserting that this world increase tended to prevent any improvement in the
present low prices. It is hoped in official quarters that the warning will
result in a decrease of the Argentine wheat area, which soon will be plowed,
but it also is expected further to increase the farmers' discouragement and
their insistence that something be done for their relief.
Advices Jan. 28 from Buenos Aires to the same paper
said in part:
The Minister of Agriculture gave out a statement to-day saying the
National Government would extend necessary relief to farmers in Entre
Rios and food sufficient to keep families alive until they can harvest their
crops.
It was estimated that $1,500.000 to $2,500,000 will be necessary to
provide seed for the next planting in northern Santa Fe Province and in
parts of Cordoba which were suffering from destruction of crops by locusts
and drouth.
As this is more than the Government can authorize by Cabinet decree,
President Justo suggested that the Banco Nacion distribute the funds
necessary through neighborhood committees. The President of the bank
and several executives have already gone to Entre Rios to investigate conditions and will then visit Santa Fe and Cordoba Provinces. When they
return a decision will be reached as to where and how relief will be extended.
In May Congress will be asked to appropriate funds to reimburse the bank
for whatever sums it cannot recollect from farmers to whom it will have
loaned.
On Feb. 19 Associated Press advices from Buenos Aires
stated:
The Argentine Minister of Public Works,after touring Cordoba Province,
said to-day that farmers generally are beginning their spring work, apparently not heeding agitation for a "farmers' strike" for certain legislative
relief measures.
He asserted that the Provincial Government would guarantee the safety
of workers and would protect farmers desiring to plant against any violence
or annoyance by the "strikers."
Certain areas of the country were affected by a strike that began nearly
three weeks ago in an effort to force the Legislature to enact a list of relief
demands.
Bulls in New York Sugar Market Used Proposal to
— Segregate 700,000 Tons of Sugarfrom Cuban Crop
. —
as Argument for Higher Prices.
- In its review of the sugar market for the week ending
March 24, the New York Coffee and Sugar Exchange said:
With profit-taking induced by the weakness in the stock market and
additional selling based on strong protests in Cuba against any additional
segregation of sugar there, the futures market on the New York Coffee &
Sugar Exchange declined 6 to 9 points during the first five days of the
week. Bulls in the sugar market had used the proposal to segregate
700,000 tons of sugar from the current Cuban crop as one of their aguments
for higher prices on the grounds that it would create a tight situation
for consumers in the United States market. Latest 'reports from Cuba
are that the small producers strongly protest the new segregation plans
and that they desire to sell their output when and as they please, and
they wish to continue a free Open market. Refiners paid 1.05c. a pound
for actual raws, the season's top price, early in the week. The
price
declined to .98 later in the week. The market continues to maintain
a
very steady undertone, however. Hedge selling from Cuba, which
appeared
at intervals, was well absorbed. The principal selling pressure
in the
actual market continued to be from Puerto Rico. Trading
volume on the
New York Coffee and Sugar Exchange was unusually heavy at
a rate about
three times the normal volume of the past few months.
Nine Cuban Sugar Mills Complete Production Quotas.
On March 24 Associated Press advices from
Havana,
Cuba, said:
Nine sugar mills of 132 grinding this season have
completed their production quotas, the Department of Agriculture
reported to-day. The
mills produced 871,903 sacks of sugar of 325
pounds each.
Extension of Sugar Pool Opposed by
Cuban Group—
Any Segregation of Their Crops to Raise
Prices
Brings Protest.
From Havana, March 23, a wireless message
to the New
York "Times" said:
The proposed extension to Jan. 1 1934 of the
700,000-ton sugar pool
scheduled to terminate on July 1, and an additional
proposal to include
In the pool sugar of the present crop, have
brought forth a storm of
protest from small producers.
The pool was formed on July 2 of last year and
included sugar of the
1931 and 1932 crops which was destined for
exportation to the United
States. The plan was to segregate the sugar for
six months, but the
period later was extended another six months.
It is said here that despite the provisions of the
Presidential decree for
the formation of the pool, which made contributions by
producers obligatory, only 435,000 tons have actually been segregated so far,
and it is now
proposed to complete the 700,000 tons with sugar of the
present crop.
The Producers' Association of Santa Clara has presented
a protest to
the Sugar Institute, which controls the industry in Cuba under
the Chadbourne restriction plan. The Association asserts any measure
forcing producers to contribute to pools is unconstitutional and that such
pools can
be formed only by voluntary contributions.
April 1 1933
Small producers of the is:and, who have consistently fought restrictions,
prefer to sell their sugar at present market prices rather than make any
attempt to force higher prices by segregation.
Figures of Suga- Production by Cuban Department of
Agriculture.
The following, from Havana, March 24, is from the New
York "World-Telegram":
Sugar production for the current season up to March 15 aggregated
1,096,949 tons, the Cuban Department of Agriculture declared to-day.
In the corresponding period last year output totaled 1,747,266 tons.
The Cuban Sugar Export Corp. stated that the damage caused by the
cyclone to sugar contracted for by the Corporation totaled 800,000 bags.
Beet Sugar Production in U. S. This Year Below That
of Last Year.
From Washington, March 25, Associated Press accounts
stated:
The United States Beet Sugar Association announced to-day that upon a
telegraphic survey of the industry it estimated beet sugar production in
the Unitied States at 100,000 tons less than last year.
The Association attributed the anticipated decrease to lack of water in
Western irrigation districts and to the long perioid of low prices. It
calculated a crop of slightly more than 1,250,000 short tons.
Canada Adds Two-Cent Tax to Refined Sugar—Tax
Seen as Exorbitant for Any One Industry to
Bear.
From Montreal advices, March 23, to the New York "Journal of Commerce," we take the following:
The new sugar tax, announced in the budget on Wednesday, of 2c, a
pound, imported into or refined in Canada, will add $2 per capita to the
cost of living. Strong Opinion prevails in sugar circles here to-day that
the new tax will place a heavy burden on the industry and on the consumer.
A total of 900,000,000 pounds was consumed in the Dominion last year;
a tax of Sc, a pound will, therefore, bring into the Government a revenue
of $18,000,000; this sum represents over one-third of last year's deficit,
which means that an extremely heavy tax is being placed on sugar.
It was further pointed out that sugar is already heavily taxed and that
the new impost on top of the retail price of 4%c. a pound will bring a
marked increase in the price to the consumer and one that is bound to be
widely felt.
Local leaders appeared to be of the opinion that this is an exorbitant tax
for one industry and one commodity to bear even in face of present
difficulties.
Canada Puts Heavy Tax on Malt Syrup.
An excise tax of 50e, per pound has been levied on malt
syrup or malt syrup powder extracts of malt fluid or any
other malt product intended for the brewing of beer, it was
revealed in the Canadian budget, said a Montreal dispatch,
March 22, to the New York "Journal of Commerce," which
added:
The effect of this new impost, it is pointed out by local brewers, will be
beneficial to the industry here, inasmuch as it Will reduce the amount of
home brewing. The majority of these products are imported from the
United States, the same sources indicated.
Sugar-Running Racket to Canada Is Foreseen.
The following (Canadian Press), from Windsor, Ont.,
March 25, is from the New York "Herald Tribune":
Danger of "sugar-running" from the United States as a new racket WU
visioned to-day by an executive of a large grocery concern as a result
of
the new Canadian 2, budget tax.
"Sugar sells in Detroit at 39c. for 10 pounds, and at 75c. here,"
he
pointed out. "There is a duty protection of $1.94 a 100, and the 2e,
tax
gives producers here almost 4c. protection against American
competition.
Customs officers are checking carefully, but the big difference of prices
may mean that large quantities will be smuggled in by rowboats and
small
craft crossing the river and lake."
Yugoslavia Admitted to International Sugar Council.
It was stated in the New York "Journal of Commerce" of
March 15 that Yugoslavia has been admitted as a member of
the International Sugar Council, advices from Paris, on
March 14, reported. The estimated output of Yugoslavia
for
1932-33 is 70,000 tons, it is stated, which compares
with
actual production of 90,092 tons in 1931-32 and 98,288
tons
in 1930-31.
Week's Holiday for Cotton Industry Urged at
Meeting
of International Cotton Committee at Brussels.
A wireless message from Brussels, March 21, to the
New
York "Times" stated:
A proposal for a week's holiday in the cotton goods
industry in all
countries was submitted at a meeting of the International
Cotton Committee, which closed here to-day. The proposal will be
discussed at the
Committee's next meeting in Prague in May.
A resolution was passed to request cotton growers in
the United States
to improve their packing of bales shipped to Europe, which
sometimes arrive
In defective condition.
Delegates attended from Great Britain, France,
Belgium, Holland,
Sweden, Czechoslovakia, Germany and Switzerland.
Volume 136
Financial Chronicle
Manchester Spinners Vote Against Week's Closing
of Mills.
Manchester (Eng.) advices (March 31) to the "Wall
Street Journal," said:
Balloting of Master Spinners Federation, on the question of stopping all
mills for one week beginning April 12,failed to obtain the necessary majority
of votes for acceptance of the recommendation. The vote was 66.88% in
favor, but 80% majority is needed. Notwithstanding the result, the federation is recommending that all mills close down for the week.
World Consumption of American Cotton at 1,095,000
Bales in February, Compared With 1,180,000 Bales
in January.
World consumption of American cotton during February
totaled approximately 1,095,000.bales as against 1,180,000
bales in January, 1,093,000 bales in February last year, and
898,000 bales in February two years ago, according to the
New York Cotton Exchange Service. The total for the seven
months of the season to Feb. 28 was 7,990,000 bales, compared with 7,219,000 bales in the corresponding period last
season and 6,275,000 bales two seasons ago. The Excrhange
Service on March 27 said:
The decline from January to February was 7.2%, which compares with
an average decline of 4.6% in the same months of the seven seasons from
1925-26 to 1931-32. Accordingly, the decrease from January to February
this season was larger in terms of percentage than the average January.
February decrease in the seven last seasons. A decrease from January to
February is normally to be expected because of the fewer working days in
February. It will be noted that total world consumption of American
cotton in the seven months of this season to Feb. 28 was 771,000 bales
larger than in the same period last season.
Petroleum and Its Products —Ames Calls for Adoption
of Plans Endorsed at Washington Conference—
Need of "Dictator" Denied—East Texas Crude Sold
Far Below Posted Price —Production Running Wild
Again.
With crude oil production "running wild" in East Texas
and other large fields, C. B. Ames,President of the American
Petroleum Institute has called for the adoption by the industry and various state governments of the recommendations made at this week's conference of Governors of oil
states and other representative interests held at Washington
under the direction of Secretary of the Interior Ickes.
Production in East Texas on one day this week, Monday,
is reported to have exceeded 900,000 barrels, as against the
field allowable of 400,000 barrels. On Tuesday it was reported that 20,000 barrels had been sold on a basis of 13c.
a barrel, as against the posted price at East Texas of 50e.
a barrel.
President Ames declared that the adoption of the recommendations will mobilize the agencies of government and the
Industry against so-called "hot oil" and gasoline tax evasion
rackets, and bring about a decided improvement in the
position of the industry. He emphasized that no request for
a "czar" or dictator for the industry had been made, but
that a favorable suggestion was that a personal representative
of President Roosevelt be appointed to co-operate in making
the program effective. He states that "if the movement in
interstate commerce of bootleg oil is made unlawful the
efforts of the states to prevent its production will be greatly
aided. It is now MON ing freely in interstate commerce under
the protection of the Commerce Clause of the Constitution.
Thus the Federal law is aiding the bootlegger to frustrate
the enforcement of the state law governing production."
A suggestion was made that pending a complete study of
the situation, temporary orders be issued restricting the
country's output to 2,000,000 barrels daily. Great stress
was put upon the necessity of establishing and maintaining a
"fair minimum price" for both crude oil and its derivatives.
The position of the states, under such Federal supervision,
would call for adequate laws under which conservation can
be enforced; issuance of valid orders under such conservation
statutes;strict adherence to orders issued;equitable allocation
of allowed production as between pools; limiting of crude oil
to consumer requirements for refined products or crude
petroleum as such; reaching agreement with each other on
total market demand for crude and a proper allocation of this
demand as between producing states; rigid enforcement of
gasoline tax laws and encouraging permissive unit operation
under voluntary agreement.
The industry, as the most vitally interested in the actions
of both the state boards and the Federal regulations, would
aid in the conversation move by actively supporting governmental agencies; refraining from producing oil unlawfully
and refusing to transport or purchase oil unlawfully produced;
marketing arrangements within limited areas conforming
2137
to the principle enunciated by the Supreme Court in the Appalachian Coals case; diligent efforts to promote permissive
unit operation under voluntary agreements; avoiding excessive withdrawals from storage; limiting drilling to absolute
minimum and by limiting imports to the average for the last
six months of 1932.
Secretary Ickes declared frankly at his conference that
"the nation's oil resources are being squandered at a riotous
rate." While the representatives of all oil-producing states
listened attentively, he stated that "the rapid exploitation
and depletion of new fields cannot be controlled, or even
checked, under existing conditions of private surface ownership, with the resulting insensate rivalry in acquiring title
to oil at the surface unless and until some competent superior
authority assumes actual and positive control and exercises
sane regulatory power commensurate with an intelligent public policy."
The situation in East Texas became so serious early this
week that messages were dispatched to Governor Miriam A.
Ferguson asking that she exercise executive power to avoid
rioting and bloodshed. Injunctions and counter injunctions; dissension in the legislature; lack of respect shown by
many producers for proration orders of the Railroad Commission, etc., have brought about a chaotic condition.
The proposed complete shut-down of all flush fields in
California, Kansas, Oklahoma, Texas and New Mexico for
a two-week period was agreed upon,and a recommendation to
this effect was passed on to President Roosevelt by Secretary
Ickes,in which the Chief Executive was urged to call upon the
Governors of the states mentioned to close these pools immediately.
The price situation in crude petroleum did not change officially during the past week, although posted prices were not
being adhered to in many fields. It is hoped by the industry
in general that restorative measures will have been adopted
before an official price change is necessary.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
Bradford, Pa
$1.47 Eldorado, Ark., 40
.52
Corning, Pa
.75 Rusk, Tex., 40 and over
.52
Illinois
.82 Salt Creek, Wyo., 40 and over___
.52
Western Kentucky
.60 Darst Creek
.40-.50
Mid-Continent, Okht., 40 and
Midland Dist., Mich
.70
above
.52 Sunburst, Mont
1.05
Hutchinson, Tex., 40 and over____ AO Santa Fe Springs, Calif.,40 & over .75
Spindletop, Tex., 40 and over
.52 Huntington, Calif., 26
.75
Winkler, Tex
.50 Petrol's, Canada
1.75
Smackover. Ark., 24 and over
.52
REFINED PRODUCTS—IMPROVING TONE IN BUNKER FUEL
OIL NOTED—GASOLINE DEMAND ERRATIC—PRICES UNCERTAIN DESPITE REGIONAL ADVANCES—KEROSENE
DULL—LUBRICANTS QUIET.
Gasoline prices have been advanced throughout New
England, in certain parts of Pennsylvania, and in Ohio, but
the general market structure shows no decided improvement
over the situation which has obtained for the past several
weeks. On Wednesday of this week Atlantic Refining Co.
posted advances of from 3.c. to lc. in Pennsylvania, and also
met advances posted in New England by Standard of New
York. The latter company had advanced tank wagon and
service station prices lc. a gallon in Massachusetts, Rhode
Island and Connecticut, and in the Buffalo-Niagara Falls
district. On the same day Standard of Ohio announced an
advance of lc. a gallon, effective Thursday, on all grades of
gasoline throughout the State. At the same time the
company inaugurated a policy of allowing a lo. discount Per
gallon on all cash sales of-gasoline.
On the other hand prices have been reduced on the West
Coast. On Tuesday, Standard of California posted a downward revision on all grades, and opinion was expressed by
market observers to the effect that the revision would become
general throughout the State. Standard cut prices on its
Ethyl and regular grades lc. a gallon, making the new prites
20c. for Ethyl and 17c. for standard. The third grade was
reduced 1Mc. to 13Mc. a gallon. These price changes were
effective in the northern part of the State. In the Southern
Territory, third grade was increased lc. to 11.9e. a gallon,
and Ethyl and standard were unchanged at 183/c. and 1534c.,
2
respectively.
The market situation is working toward a settlement, however, due to the spread of confidence which has been created
by the results of the Washington conference this week. It is
generally felt that a definite forward step has been taken to
bring order out of chaos. As an indication of the changing
sentiment, bunker fuel oil prices were considerably firmer
yesterday, and market reports indicated an early advance in
posted prices within the next week. The same improvement
has not been noted in Diesel, which is moving slowly against
contract at $1.65 a barrel.
Financial Chronicle
2138
The gasoline price war is still being waged in certain sections of New Jersey, but conditions have improved in Brooklyn and other affected areas.
Price changes during the week were:
-Standard Oil Co. of California posts reductions in northern
March 28.
part of State, new prices being 20c. for Ethyl and 17c. for Standard, each
reduced lc., and 13Sc. for third grade, a cut of 13c. In the southern
part of the State a third grade was advanced lc. a gallon to 11.9c., and prices
of Ethyl and Standard were unchanged at 183c. and 15Sc.,respectively.
March 29.
-Standard of New York advances service station and tank
wagon gasoline prices lc. a gallon in the Buffalo-Niagara Falls district.
March 29.
-Standard of Ohio, effective March 30, advances all grades of
gasoline lc. a gallon throughout State. Also inaugurates discount of lc.
per gallon on cash sales.
-Standard of New York advances tank wagon and service
March 29.
station prices lc. in Massachusetts, Rhode Island and Connecticut.
March 29.
-Atlantic Refining Co. meets Standard advance in New
England.
March 29.
-Atlantic Refining Co. advances tank wagon and service
station gasoline prices in Philadelphia, tank wagon advancing Mc. to 934c.,
and service station lc. to 10c.; in Pittsburgh tank wagon was raised Sc. to
93c., and service station Sc. to 103c.; in Wilmington, Del., tank wagon
advanced Sc.to 93c.and service station unchanged at 10c., all prices being
exchisive of taxes.
Gasoline, Service Station, Tax-Included.
8.15 New Orleans
8 128
$.135 Cleveland
New York
.18 Philadelphia
.12
19 Denver
Atlanta
135 San Francisco:
Baltimore
.13 Detroit
.139
Third grade
.17
.145 Houston
Boston
195
Above 65 octane__ .180
.145 Jacksonville
Buffalo
Premium
.214
.155
.14 Kansas City
Chicago
.147 St. Louis
.14
.15 Minneapolis
Cincinnati
Kerosene,41-43, Water White, Tank Car, F.O.B. Ltd, Refinery.
$.02)-.03% New Orleans,ex__ _$.0334
N.Y.(Bayonne)
-8.055,1 :Chicago
.0434-.03%
03
Los Ang.,ex__ .040-.06
Tulsa
North Texas
Fuel Oil, F.O.B. Refinery or Terminal.
Gulf Coast C
$.60
N. Y.(Bayonne)California 27 plus D
8.75
8.75-1.00 Chicago 18-22 D...4214-.50
Bunker C
.70
.60 Philadelphia C
Diesel 28-30 D
1.65 New Orleans C
Gas Oil, F.O.B. Refinery or Terminal.
I Tulsa
)1 0134
I ChicagoN Y.(Bayonne)0134
28 plus G 0-.4.03X-.041 32-36 GO
U. S. Gasoline, Motor (Above 65 Octane). Tank Car Lots, F.O.B. Refinery.
Chicago
8 04-.0434
N. Y.(Bayonne)
N. Y.(Bayonne)
Shell Eastern Pet_$.0534 New Orleans, ex. .05-.0534
Standard Oil, N. J.
.04.-043I
Arkansas
Motor, U. S.--3.043i New York
California
05-.07
Colonial-Beacon._ .05
Motor,standard .05
Los Angeles, ex_ .0434-.07
.07
Crew Levick
Stand. 011, N. Y.. .05
049 Gulf ports
z Texas
Tide Water 011 Co .05
05-.053.
Tulsa
.05
.05-.05%
Gulf
Richfield 011 (Cal) .069i
053 Pennsylvania
.05k
Republic 011
Warner
-Quin. Co_ .05k
z"Fire Chief," 8.05.
Further Gain Reported in Crude Oil Production.
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
March 25 1933 was 2,249,650 barrels, compared with
2,126,450 barrels per day during the previous week, a
daily average production for the four weeks ended March 25
of 2,159,950 barrels and an average daily output of 2,163,050
barrels for the week ended March 26 1932.
Stocks of motor fuel at all points showed a gain of 441,000
barrels during the week ended March 25 1933 as compared
with an increase of 84,000 barrels during the preceding week.
Reports received for the week ended March 25 1933
from refining companies controlling 91.6% of tlf 3,856,300
barrel estimated daily potentital refining capacity of the
United States, indicate that 2,085,000 barrels of crude
oil daily were run to the stills operated by those companies,
and that they had in storage at refineries at the end of the
week 40,719,000 barrels of gasoline and 123,005,000 barrels
of gas and fuel oil. Gasoline at bulk terminals amounted
to 12,466,000 barrels and 1,012,000 barrels were in waterborne transit in or between districts. Cracked gasoline
production by companies owning 95.4% of the potential
charging capacity of all cracking units, averaged 401,000
barrels daily during the week.
The report for the week ended March'25 1933 follows in
detail.
DAILY AVERAGE PRODUCTION OF CRUDE OIL.
(Figures in Barrels of 42 Gallons Each.)
Week
Ended
Mar. 25
1933.
Week
Ended
Mar. 18
1933.
Average
4 Weeks
Ended
Mar. 25
1933.
563,800
122,650
55,150
52,300
22,800
161,050
58,600
360,800
49,100
31,200
30,850
154,450
35,300
87,200
14,150
31,150
5,550
2,500
37,350
373,700
456,750
115,750
43,300
51,700
22,850
159,550
58,850
328,450
49,400
32,300
30,650
150,100
35,400
86,100
14,850
31,200
5,850
2,500
37.100
413,800
477,600
116,250
47,500
49,350
24,900
159,800
58,900
324,950
49,300
32,300
30,700
143,800
34,250
88,200
14,700
31,500
5,750
2,550
37,150
430,600
•
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern (not including Michigan)
Michigan
Wyoming
Montana
Colorado
New Mexico
California
Tntal
Week
Ended
Mar. 26
1932.
435,900
98,750
46,750
49,650
24,950
174,450
55,250
327,750
54,300
27,900
34,150
109,050
28,300
103,050
13,950
39,800
6,300
3,550
37,150
492,100
2.249.650 2.126.450 2,159.950 2.163,050
April 1 1933
CRUDE RUNS TO STILLS, MOTOR FUEL STOCKS, AND GAS AND FUEL
OIL STOCKS, WEEK ENDED MARCH 25 1933.
(Figures in barrels of 42 gallons each.)
Daily Refining Capacity
of Plants.
Crude Runs
to Stills.
District.
Reporting.
Potential
Rate.
East Coast
AppalachianInd., Ill. Ky..
Okla., K;n.,Mo.
Inland Texas.._
Texas Gulf
Louisiana Gulf
North La.
-Ark..
Rocky Mountain
California
Total.
%
%
Daily OperAverage. Wed.
644,700 638,700 99.1 472,000
144,700 135,000 95.0
83,000
434,900 424,000 97.5 298,000
459,300 390,000 84.9 218,000
84,000
315,300 177,700 56.4
555,000 542,000 97.7 382,000
146,000 142,000 97.3 114,000
89,300
79,000 88.5
36,000
152,000 138,000 90.8
25,000
915,100 866,100 94.6 373,000
a Motor
Fuel
Stocks.
Gas and
Fuel Oil
Stocks.
73.9 15,486,000 6,200,000
61.5 2,039,000
820,000
70.3 8,494,000 3,394,000
55.9 5,522,000 2,911,000
47.3 1,775,000 2,058,000
70.5 6,837,000 5,861,000
80.3 1,984,000 2,055,000
45.6
266,000
644,000
623,000
18.1 1,569,000
43.1 14,775,000 98,439,000
Totals week:
Mar. 25 1933_ 3,856,300 3,532,500 91.6 2,085,000 59.0 e58747000 123,005,000
Mar 15 1555
2 RSA 555 5 529 Filf1
51 R 1 ORR MA
AR 2 AR ROR 11115 122 411A OM
a Below are set out estimates of total motor fuel stocks on TJ. S. Bureau of Mines
basis for week of March 25 compared with certain March 1932 Bureau figures:
59,750,000 barrels
A. P. I. estimate of B. of M. basis, week March 25 1933_b
64,740,000 barrels
U.S. B. of M. motor fuel stocks, March 1 1932
66,803,000 barrels
U. S. B. of M. motor fuel stocks, March 31 1932
b Estimated to permit comparison with A. P. I. Economies report, which is on
Bureau of Mines basis.
c Includes 40,198,000 barrels at refineries, 12,598,000 at bulk terminals, 1,010,000
barrels In transit and 4,500,000 barrels of other motor fuel stocks.
Two-Hour Test Flow Order in East Texas Oil Field
Brings Conflicting Interpretations.
A two-hour test flow of the Sinclair Oil Co. wells in the
East Texas oil field on March 27 resulted from confusion as
to the interpretation of an order of the Texas Railroad Commission, state conservation agency. Complaints issued
against the producers brought the reply that the flow was in
strict accordance with official instructions.
An Associated Press correspondent at Kilgore on March 27
described the situation with regard to the East Texas wells
as follows:
An order issued Thursday by the commission provided for a two-hour
-down,
test run of all the 10,000 wells in the field and then a complete shut
pending issuance of new proration orders based upon potential production
Federal courts. The present allowable is 400,000 barto stand the tests of
rels daily.
Saturday Commissioner Lon A. Smith said he rescinded the order, but
Sunday his associates, C. V. Terrell and E. 0. Thompson, in Washington
to attend the oil conference, announced they constituted a majority of the
commission and that the order would stand, effective Thursday, however,
Instead of Monday, to give producers time to arrange for disposal of the oil,
estimated as high as 1,000,000 barrels, which would result from the wideopen flow.
Sinclair spokesmen contended the original order was valid because:a
majority of the commission never had signed any new instructions.
James V. Allred, Attorney General, ruled to-night that Mr. Smith, Chairman of the commission, could not enter a valid order requiring all wells
in the East Texas field to be opened wide Thursday. Mr. Allred told Mr.
Smith that the order would be invalid, due to the absence from the State
of the other commissioners.
Captain E. N. Stanley, in charge of the headquarters here of the railroad
commission, said violation of proration allowables by some companies continued, averaging "sixty to seventy a day."
Various operators and chambers of commerce have petitioned Harold
Ickes, Secretary of the Interior, to arrange for Federal control of the field.
-.-
and Zinc Decline in Dull Market
-Tin
and Silver Steady.
"Metal and Mineral Markets" in its issue of March 30,
notes that buying interest in major non-ferrous metals in
the last week was back to the low point that obtained before
the bank holiday set in. The flurry in prices that took place
recently was caused chiefly by what may now be termed
widespread fear of inflation. Inasmuch as deflation is
again under way operators in metals were inclined to permit
the markets to drift back to the pre-holiday basis. Copper
sold in a small way at Sc., Connecticut, with lead at 30.,
New York, and Prime Western zinc at 2.95c., St. Louis.
Tin sold at slightly higher levels on moderate offerings.
Silver was strong early in the week on speculative purchases
inspired by an optimistic interpretation of news from
Washington. Quicksilver presented a slightly easier tone
on reports that imported material was available at prices a
shade under the domestic basis. Antimony was dull. The
same publication adds:
Copper, Lead
Copper Settles at Sc.
Domestic copper sold at the outset of the week at 5c. per pound, Connecticut, a decline of 25 points from the price named on the last day of the
preceding seven-day period. In short, the price fell back to the point
that prevailed before the inflation scare struck the market. The metal
was available at that figure throughout the week, with sellers not inclined
to offer copper in quantity except for near-by delivery. Most of the
moderate tonnage sold was for May-June shipment.
Foreign buying of copper continues in fair volume in spite of the political
unrest on the Continent. Great Britain, France and Germany were
the principal buyers. Japan was not a factor last week. The European
market, reduced to a refinery basis, was virtually on an equal footing
with the domestic market. On March 24 the average on foreign sales
reported to "Metal and Mineral Markets" was 4.80c., f.o.b. refinery,
or slightly higher than the domestic quotation for the same day.
At least part of the foreign demand was described as speculative In
character. Announcement that Ferdinand Pisan, the Katanga official.
Financial Chronicle
Volume 136
will soon visit the United States led to the usual crop of rumors about
new conversations that might lead to a more orderly world market for
copper. Foreign producers are greatly concerned about the large American
stocks. Domestic producers, on the other hand, are still talking curtailment in production here. In any event, several producers will shut
down for the summer period. Output of domestic mines at present is
at the rate of about 20,000 tons monthly. Domestic consumption of virgin
metal is also holding around this level.
Imports of copper contained in ore, blister, and other forms into the
United States totaled 8,002 tons during February, against 6,547 tons in
January, according to official reports.
Exports of copper during February, excepting refined, amounted to
2.245 tons. There were no exports under this classification, which includes
blister, during January.
Exports of refined copper during February totaled 9,504 tons, against
9,719 tons in January. Exports of refined copper from the United States
for January and February, according to countries, in tons, follows:
Feb. 1933.
Jan.1933.
Refined1
Canada
196
532
Belgium
2,101
2.333
France
352
561
Germany
1,277
1,970
Great Britain
1,760
1,227
Italy
163
303
Netherlands
564
392
Sweden
370
180
China and Hong Kong
2,072
1.948
Japan
645
272
Other countries
2139
ployees in the form of a 10% increase in wages. According
to the Kansas City "Star" of March 20, J. A. Lehaney,
Vice-President of the company, said the general improvement of business conditions inspired the company's decision
to increase salaries and expand operations.
Steel Production Shows Slight Gain-Operations Now
at 15% of Capacity-Price of Steel Scrap Again
Advances.
Steel production has risen to 15% of the country's capacity
from 14% last week, reports the "Iron Age" of March 30.
The change is not indicative of any broad improvement in
business, but rather is due to special circumstances. For
example, the Wheeling district is operating at 30%, a rise
of five points, but this is mainly because of tin plate specifications, while at Cleveland a slight gain results from the
desire of one company to build up a stock of ingots, continues the "Age," which further adds:
In the Pittsburgh district the mills are barely holding at last week's rate
of 13%, while operations in the Valley and contiguous territory have declined. Chicago steel output has risen fractionally. In other districts
Totals
there has been no material change either for better or worse. The best
individual plant operation in the country is that of the Great Lakes Steel
Lead Steady at 3c.. New York.
Corporation, Detroit, which is 50%. The Cleveland mills are averaging
Reduction in the price of lead last Thursday to a 3c., New York, basis
32%.
result
revived a moderate and steady demand for the metal, with the
The failure of steel business to recover the ground lost as a result of the
as that
that the total business for the week was at about the same level
bank crisis may be attributed in large part to the fact that in many sections
for a fair
for the preceding seven-day period. Carload buying accounted
of the country financial conditions are still unfavorable for business enterwas
share of the business booked, in which instances prompt shipment
prise. This is particularly true in Michigan, where the opening of a new
amount of
almost invariably specified. With the exception of a small
Detroit bank has only partially relieved the situation, and in Ohio, where
May business, the remainder or bulk of the sales was for April shipment.
many small banks are affected by the delay in restoring unrestricted withsolder
Tin foil interests were the principal buyers, with corroders and
drawals from two large Cleveland banks.
scale. Yesmanufacturers also participating in the trading on a smaller
However, many industrial plants that were wholly or partially shut down
that
terday, although inquiry had diminished somewhat compared with
during the past two or three weeks are resuming operations, and a gradual
earlier in the week, the price structure was steady at 3c., New
prevailing
straightening out of the recent entanglements is now more confidently looked
York, the contract settling basis of the American Smelting & Refining Co..
for.
and 2.875c., St. Louis.
The Ford Motor Co. has made fairly rapid strides in the past week toin the
Sales for March shipment, according to statistics circulating
ward resumption of its former production schedule, having reached a total
total about 20,000 tons, which total is a decided improvement
industry,
of 1,200 to 1.400 assemblies a day. Other motor car companies are promonth. Busicompared with that of about 13,000 tons for the preceding
ceeding more slowly. Chevrolet operated its Detroit plants only three days
tons,
ness booked for April shipment has already reached about 18,000
last week, but will work four days this week. The Ford company is exindicating a continuation of the improvement in shipments.
pected to release new steel orders this week, but further Chevrolet buying
may not occur for two weeks.
Zinc Dull and Lower.
Railroad buying definitely waits upon the consummation of the Adfalling a
The trend of prices in zinc again was downward, the market
ministration's plan for railroad reorganization. If, as is predicted, the
offered Prime
little almost daily until Tuesday, when more than one seller
carriers are to operate under virtual Government dictatorship, the steel
Western at 2.95c- St. Louis. On the same day, however, a little metal
industry believes that orders for steel for maintenance and repairs will
brought 3c. Yesterday's market was quotable at 2.95c., with demand
follow, but no large purchases are believed to be in early prospect. There
very quiet.
are renewed intimations that some rail inquiries will appear within the
Tin Prices Higher.
•
next 30 days.
A fair amount of trading early this week, coupled with relatively uniform
Lettings of fabricated structural steel for building work, at 13,100 tons
sterling exchange rates, was apparently the chief factor in bringing about
during the week, are the largest since the beginning of this month.
a slight improvement in tin prices, which for Straits tin ranged from 24.20c.
Brewery business has not been of large proportions thus far, but the
purto 24.50c. Sales of the week, however, were chiefly in small lots
steel trade has received additional orders for plates for tanks and has sold
metal
chased by consumers, and, beginning with Monday, demand for the
some hoop steel for beer barrels. A prospective development is the introis relessened somewhat. A further reduction in Malayan production
duction of tin cans as a substitute for bottles, the leading can maker having
by the Cartel.
ported to be planned
already made some progress experimentally. Large purchases of motor
Chinese tin, 99%, is quoted as follows: March 23. 22.80c.; March 24,
trucks for beer delivery are expected.
23.25c.; March 25, 23.25c.; March 27, 23.125c.; March 28, 23c.; March 29.
Although current steel business Is restricted by a variety of adverse
23.20c.
circumstances, the nearby outlook is still regarded as fairly promising.
22.75c.; March 21, 22.65c.; March 22,
-March 20,
Revised Quotations.
The steel trade recognizes that insufficient time has elapsed since the
22.65c.
reopening of banks for the restoration of orderly business conditions, and
that, moreover, buying in some lines, notably building construction, the
railroads and the oil industry, is held back temporarily by the very fact
Monthly Statistics of Tin Exports Announced by
that the Government is undertaking recuperative measures, the exact
International Tin Committee.
outcome of which will not be known for some weeks, at least.
Price developments of most significance are in raw materials. A further
The monthly statistics of tin exports for February, supa ton in the average price of heavy melting steel scrap has
plied by the International Tin Committee, show that the rise of 25c. Pittsburgh, and advances of like amount have developed in
occurred at
Dutch East Indies exported 1,312 tons of tin compared with steel-making grades at Detroit. This is the third consecutive advance of
for scrap
its monthly quota of 1,282 tons; Nigeria, 317 tons, the same 25c. in three weeks, and brings the "Iron Age" composite price firm, but
to $7.08 a ton against 37 last week. Other scrap markets are
amount as its quota; Bolivia, 1,339 tons, compared with lack the stimulus of consumer buying to put prices up. At Pittsburgh a
quota of 1,224 tons; Malay Federated States, 2,219 tons, definite scarcity in good grades of steel scrap has developed.
Eastern Pennsylvania pig iron makers have announced an advance of
compared with their quota of 2,036 tons; and Siam, MO tons,
El a ton on foundry grades, which are now quoted at $13.50 a ton, furnace.
compared with its quota of 833 tons. The communique is- No sales have been reported at the higher figure. Pig iron buying has
sued by the New York office of the International Tin Re- continued to expand moderately, and fairly large tonnages are under
negotiation. Some buyers desire to cover through the last half of the
search and Development Council on March 24 follows:
year, but sellers are declining to quote beyond the second quarter. Steel
TIN COMMITTEE COMMUNIQUE.
INTERNATIONAL
companies also are limiting contract coverage to the second quarter, alInternational Tin Committee met at the Savoy Hotel, London, on Thursthough several large users have asked for protection through the third
The
to export are as follows:
day, March 23, 1933. The monthly statistics as
quarter. An advance of $2 a ton to 2.70c. a lb., Pittsburgh, on galvanized
for the Months September-Decentber:
sheets is a possibility, but contracts for second quarter are being accepted
Cabled information from Participating CountriesFebruary, 1933.
1932, and January and
at 2.60c.
THE "IRON AGE" COMPOSITE PRICES.
Monthly
Finished Steel.
Export.
Export
Mar. 28 1933, 1.923e. a Lb.
Based on steel bars, beams, tank plates.
Permissible Balance at
1 923c. wire rails black Dille and sheet&
One week ago
Sept.
front Sept. 1 Sept. 1
One month ago
1.923e. These products make 85% of the
Dec.
Jan.
1932.
Feb.
1932.
One year ago
1 970c. United States output.
Lon.
- 40
5,068
1,382
1,312
High.
1,282
Netherlands East Indies__
1.9230. Jan. 17
375
1933
1.185
1 9480, Jan, 3
317
- 26
317
Nigeria
1.926c, Feb. 2
1932
5.177
+1,172
1.057
1,339
1 977e. Oct. 4
1,224
Bolivia
1931
1.945c. Dec. 29
2,438
8,532
- 113
2,219
2 037e, Jan. 13
2,036
'days
mn
2.018c. Dec. 9
874
3.296
1930
523
535
2 273c, Jan. 7
2.2830. Oct. 29
1929
2 3170. Apr. 2
balance in
1928
2.217e. July 17
2 286e. Dec. 11
-A plus sign means excess over quota. A minus sign means
Note.
2.212c. Nov. 1
1927
24020. Jan, 4
hand on the quota allowance.
Pig Iron.
Mar. 28 1933,$13.56 a Gross Ton.
Based on average of basic Iron at Valley
Cement Workers Pay Increased as Price of Product is One week ago
$13.56 furnace foundry Irons at Chicago.
One month ago
13.561 Philadelphia, Buffalo, Valley and SirKansas Firm.
Advanced by
One year ago
14.43 mingham.
Low.
High.
In announcing an increase of 10 cents a barrel in the price 1933
$13.56 Jan. 3
$13.56 Jan, 3
13.56 Dec. 6
14.81 Jan. 5
of cement to dealers throughout the middle West, the Lone 1932
1931
15.79 Dec. 15
15.90 Jan. 6
15.90 Dee. 16
Star Cement Co. at Bonner Springs, Kan., largest cement 1930
18.21 Jan. 7
18.21 Dec. 17
on 1929
18.71 May 14
plant in the vicinity of Kansas City, also announced
1928
17.04 July 24
18.59 Nov.27
17.54 Nov.L1
19.71 Jan. 4
that the increase would be passed on to its em- 1927
March 20
9.719
9,504
2140
Financial Chronicle
Steel Scrap.
Mar. 28 1933, $7.08 a Gross Ton
(Based on No. 1 heavy melting steel
One week ago
$7.00 quotations at Pittsburgh, Philadelphia
One month ago
6.83 and Chicago.
One year ago
8.21
High.
Low.
1933
$7.08 Mar.28
$6.75 Jan. 3
1932
8.50 Jan. 12
6.42 July 5
1931
11.33 Jan. 6
7.62 Dec. 29
1930
15.00 Feb. 18
11.25 Dec. 9
1929
17.58 Jan. 29
14.08 Dec. 3
1928
16.50 Dec. 31
13.08 July 2
1927
15.25 Jan. 11
13.08 Nov. 22
"Steel" of Cleveland, March 27 in its summary of the
iron and steel markets, states:
April 1 1933
929,000 tons, respectively. This compares with a total
output of 5,518,000 tons of bituminous coal and 920,000
tons of anthracite during the preceding week and 7,738,000
tons of bituminous coal and 1,260,000 tons of anthracite
during the corresponding period last year.
During the month of February 1933, production was
estimated at 27,134,000 short tons of bituminous coal and
4,275,000 tons of anthracite as against 27,060,000 tons of
bituminous coal and 3,807,000 tons of anthracite in January
1933 and 28,013,000 tons of bituminous coal and 4,019,000
tons of anthracite in February 1932. The Bureau's statement
follows:
Progress in the iron and steel industry to-day is like that in the initial
stage in the erection of a skyscraper; the various steps taken at Washington
are generally believed to be laying the foundation for a strong industrial
structure, but the work in terms of actual steel demand is not yet visible.
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
Though business is getting established on a firm basis, and a note of
COKE (NET TONS).
confidence persists, so far this has not resulted in any pronounced increase
in consumption: in fact, steel ingot output last week eased off a point
Week Ended.
Coal Year to Dale.
to 14%.
Mar. 18 Mar. 11 Mar. 19
An improvement in operations at Cleveland and Buffalo has been more
1933.c
1933.d
1932.' 1932-1933. 1931-32.
1929-30.
than offset by reductions at Pittsburgh. Youngstown and eastern Pennsylvania, while at Chicago and Birmingham the rates are unchanged. In
Bitum. coal:a
Weekly total 5,160,000 5,518,000 7.738,000 285,633,000 350,945.000 504,519,000
the Ohio river district, operations have been impeded by floods.
Daily aver_ _ 860,000 920,000 1,290,000
966,000 1,185,000 1,702,000
Sentiment with regard to the immediate outlook for steel has become a
Pa. anthracite!)
little moresubdued since it has appeared that inflation is not in early
Weekly total 929,000 970,000 1.260,000 47,299,000 54,040,000 70,812,000
Daily aver_ _ 154,800 161,700 210,000
prospect. Though consumers have protected themselves on a larger ton161,700
184,800
248,100
Beehive coke:
age and farther ahead than at any previous time in more than a year, it
Weekly total
19,600
19,800
21,400
711,300
935,200 5,645,400
Is too early to gage their actual requirements. Currently, shipments are
3,267
Daily aver_ _
3,300
3,567
2,438
3.117
18,818
slightly lower than before the bank holidays.
a Includes lignite, coal made into coke, local sales, and colliery fuel b Includes
Activity is notable in pig iron. Purchases by Chicago district foundries
Sullivan County, washery and dredge coal, local sales, and colliery fuel. c Subject
are the heaviest in more than two years. Cleveland furnaces have booked
to revision. d Revised.
7,000 tons additional. In eastern Pennsylvania. orders have been placed
ESTIMATED WEEKLY AND MONTHLY PRODUCTION OF COAL BY
for delivery into the third quarter at advances of 50 cents to $1 a ton.
STATES (IN NET TONS) (000 OMITTED).
Producers at St. Louis are urging consumers to protect themselves.
Though demand for iron and steel scrap at Chicago has moderated
Week Ended.
MOnthly Production.
awl Year to Date.
slightly, important sales at Pittsburgh and other centers have carried up
State.
the general level of prices. Germany has purchased 6,000 tons of armor
Mar.11 Mar. 4 Feb.
Feb.
Jan.
1932- 1931- 19291933. 1933. 1933. 1933. 1932. 1933. 1932. 1930.
scrap, long in storage at Philadelphia. Japan also continues to take large
shipments from this country.
Alabama
664
137
144
740
666 7,175 9,871 16,813
Steelmakers are more hopfull of holding present official prices on heavy
Ark. & Okla_17
22
253
213
212 2,204 2,786 4,930
Colorado
finished steel than they are for obtaining advance in the near future.
81
83
594 4,831 5,957 8,876
553
614
Illinois
732
637 3,635 3,520 4,332 25,038 39,140 54,122
Strength is manifest in the withdrawal of lower figures, time limits placed
Indiana
242
1,230 1,192 1,245 10,778 12,315 16,434
209
on new contracts, and also limitations on tonnage consumers will be perIowa
65
58
362 2,948 3,056 3,869
292
312
mitted to specify.
Kansas & Mo....
97
97
577
556 5.051 5,259 6,205
513
Ky.-Eastern
325
376
2,184 2,126 2,008 24,247 27,235 42.378
Plates, shapes, bars and semifinished have been reaffirmed for second
Western
166
120
720
760
696 8.630 7,441 12,535
quarter at present levels. An advance of $2 a ton in galvanized sheets
Maryland
26
28
138
128
156 1,165 1,721 2,369
has been announced for April 5. More liberal discounts on cap and set
Michigan
7
8
40
43
42
302
273
780
screws result in a 10% price reduction.
Montana
34
. 37
206
239 1,888 2,206 3,094
195
20
New Mexico_ _
19
114
115
108 1,100 1,367 2,333
Some large steel requirements are emerging with preparations for beer
North Dakota.39
40
255
230
177
1,450 1,482 1,679
manufacture. Inquiries have developed from Milwaukee for 2,000 tanks:
430
315
Ohio
1,580 1,557 1,406 11,988 17,940 22,172
an Ohio fabricator has taken prices on 50,000 tons of plates and other
Penna.(bitum.)_
1,435 1,409 6,133 6,347 6,210 68,935 82,635 129,375
material. A Milwaukee brewery has placed 1.000 tons of structural
53
57
Tennessee
280
283
280 2,884 3,889 4,938
Texas
11
11
58
57
51
shapes for an annex.
577
654
974
Utah
43
43
327
305
364 2,501 3,152 4,562
Led by an award of 3,500 tons for a Pennsylvania railroad bridge, shape
Virginia
161
152
770
760
706
7,424 8,576 11,604
tonnage has improved moderately. Seattle is taking bids on 9.006 tons
Washington_ _ - 22
22
128
127
180 1.369 1,711 2,232
West. Virginia
of structurals for a sea wall and powerhouse. Municipal pipe projects
Southern a...... 1,019
1,059 5,366 5,460 5,105 59,049 68,019 93,576
are showing seasonal expansion, San Francisco purchasing 1,400 tons;
274 1,187 1,240 1.879 16.410 21,677 33,266
280
Northern b.__
Everett, Wash., 1,800 tons; 3,500 tons are active at New York. A Denver
64
Wyoming
55
320
320
424 3,598 4,547 6,089
water tunnel contract will require 2,600 tons of plates.
3
4
15
Other States-c _ _
25
15
164
173
205
Railroads remain out of the market except for miscellaneous requireTot, bit. coal_ 5,518 5,270 27.134 27,060 28,013 271,706 333.082 484,860
ments, the Pennsylvania taking bids on 10,000 tons for second quarter.
967 4,275 3,807 4,019 44,727 51,225 68,592
Penn. anth
970
Argentine state railroads will exchange corn in Spain for 17,000 tons of rails.
Total coal
6.488 6.237 31.409 30,867 32,032 316.433 384.307 553.4n2
For the second consecutive month, iron and atoll exports have increased
and imports fallen. February exports, 63.936 tons, were up 7,216 tons
a Includes operations on the N. ,t W.; C. & 0.* Virginian: K. & M., and B. C.
& G. b Rest of State Inc acting Panhandle. c This group is not str ctly comparable
over January: and imports. 19,748 tons, were down 2,144 tons.
in the several years.
"Steel's" price composites remain unchanged this week, except for an
-cent advance in scrap, to $6.54.
8
Steel ingot production for the week ended March 27 was
at a sliade'over 14% of capacity, according to the "Wall
Street Journal" of March 28. This compares with 143/2%
in the week before, and a little over 15% two weeks ago.
The "Journal" adds:
U. S. Steel is credited with a rate of a fraction over 14%, against 1434%
in the previous week and a shade under 15% two weeks ago. Independents
are running barely 14%. compared with 1434% in the preceding week and
1534% two weeks ago.
The following table gives the percentage of production for the corresponding week of the last five years, with the approximate changes from the
week immediately preceding:
IndsladeIndustry. U.S. Steel. pendents.
Industry. U.S. Steel. yendents.
1932.-24 -1 25-1 2214-134 1929___95 + 34 97
93 + 3t
,
1931_ 55 -2 5634 +1 54 -334 1928_85 +2 90 +13480 +2
1930..7534+234 83 +3 69 +3
Price of Galvanized Steel Sheets to Be Raised $2 a Ton
by Pittsburgh Producers.
Effective April 5, prices of galvanized sheets will be advanced $2 a ton by several leading producers at Pittsburgh,
we learn from the New York "Times" of March 25, which
adds:
This is in line with the policy of steel producers to eliminate price shading
and strengthen the price structure of steel products.
The manufacturers will give buyers of galvanized sheets an opportunity
to place orders for their requirements in the second quarter until April 5
at the current price, 2.60 cents a pound. Thereafter, they will ask 2.70
cents.
Bituminous Coal and Anthracite Output Lower
During Week Ended March 18 1933-February
Production Exceeds Preceding Month.
According to the United States Bureau of Mines, Department of Commerce, production of bituminous coal and
anthracite declined in the week ended March 18 1933,
amounting during that period to 5,160,000 short tons and
Foundry Operations in Philadelphia Federal Reserve
District During February, as Reported by University of Pennsylvania-'--Slight Increase Noted in
Production of Gray and Malleable Iron Castings
Over Previous Month, While Production of Steel
Castings Decreased.
The production of gray and malleable iron castings increased slightly during February, according to reports received by the Industrial Research Department of the University of Pennsylvania from 32 foundries located in the
Philadelphia Federal Reserve District. The production of
steel castings, however, was 30% less than in January.
In reporting this, the Research Department added:
Shipments of iron and steel castings also decreased during February,
The average price per pound for steel castings was higher than that
of a
month ago and a year ago altnough the price for iron castings was
lower
than tn January 1933 and February 1932. Unfilled orders for iron
castings
at the end of the month showed an increase over those on hand at
the
beginning of February, but the unfilled orders for steel castings was
lass.
All raw stocks on hand were less than those of a month ago and a year
ago.
IRON FOUNDRIES.
No. of
Firms
Reporting.
32
32
31
4
31
19
28
27
27
February
1933.
Capacity
short tons 12,572
Production
short tons
1,085
Gray Iron
short tons
983
short tons
Jobbing
818
For further manufacture_ _short tons
165
Malleable iron
short tons
102
Shipments
short tons
1,189
Value
8 128,018
Unfilled orders
short tons
420
Value
$ 64,259
Raw Stock-Pig Iron
short tons
1,706
Scrap
short tons
1,826
Coke
short tons
375
Per Cent
Per Cent
Change
Change
from
from
Jan. 1933. Feb. 1932.
0.0
+1.9
+1.3
+2.7
-4.9
+7.9
-2.1
-7.3
+3.8
-5.0
-10.9
-3.8
-12a
0.0
-41.9
-37.1
-35.5
-44.0
-66.6
-38.8
-39.9
-40.5
-35.2
-38.3
-17.8
-92 2
GRAY IRON FOUNDRIES.
The:output of gray iron castings in 31 foundries during
February was
1.3% more than in January. This increase in activity was not
general
2141
Financial Chronicle
Volume 136
or typical for the industry. Only one-fourth of the firms had an increase
in production; one-half experienced a decrease and the remaining fourth
did not operate in either month. The total production of the reporting
foundries located in Philadelphia increased 5%, but only three firms produced more in February than In January. Activity in the foundries located
outside of Philadelphia continued to decresae. The production of these
firms has declined every month since last September.
Previous experience does not indicate any clearly defined seasonal influence at this period of the year. Since 1926 the percentage of change
from January to February has ranged from an increase of 9% to a decrease
of 13%. In three of the years the increases were 5% or more, in three
other years tile percentages of decrease were in excess of 5%, and in the
remaining year the percentage of increase was M of 1%.
Shipments of iron castings decreased 2% in tonnage and 7% in value.
The average price per pound was less than a month ago and a year ago.
The decrease in price was also apparent in the unfilled orders on hand at
the end of February wnich were 4% more in tonnage but 5% less in value
than at the beginning of the month.
All raw stocks on hand were less than those of a month ago and a year ago.
MALLEABLE IRON FOUNDRIES..
The production of malleable iron castings in four foundries during February was 8% more than in January. This is the first increase since last
October.
Feb. 1932.
Jan. 1933.
Feb. 1933.
Average price per pound of shipments:
.0548
.0569
Iron castings
.0539
.0740
.0668
Steel castings
.0797
STEEL FOUNDRIES.
No. of
Firms
Report8
8
8
7
6
6
6
February
1933.
CapacIty
Production
Jobbing
For further manufacture__
Shipments
Value
Unfilled orders
Value
Raw Stock-Pig iron
Scrap
Coke
short tons
short tons
short tons
short tons
short tons
short tons
$
short tons
short tons
short tons
8,630
477
436
41
426
67,850
839
93,239
115
2,892
100
Per Cent
Per Cent
Change
Change
from
from
Jan. 1933. Feb. 1932.
0.0
-29.9
-27.5
-27.5
--37.1
-24.9
--4.2
-5.3
-21.3
-26.5
-12.7
0.0
-59.5
-59.3
-61.1
--66.8
-64.3
--64.6
-65.7
-48.0
-40.1
-50.0
The total production of steel castings in eight foundries in February
was less than 500 tons. This represents a decrease of 30% from the output
in January and is less than 10% of (or a decrease of more than 90% from)
the average monthly production in 1926. The decrease was widespread
with only three firms reporting any increased activity.
Shipments of steel castings were 37% less in tonnage and 25% less in
value than in January. The average price per pound in February, however, was higher than that of a month ago and a year ago.
Despite the decreases in production and deliveries, the volume of unfilled orders at the end of the month were 4% less than at the beginning
of February and their value was 5% less.
All raw stocks on hand were less than those of a month ago and a year ago
Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve bank credit
outstanding during the week ending March 29, as reported
by the Federal Reserve banks, was $2,787,000,000, a
decrease of $321,000,000 compared with the preceding week
and an increase of $188,000,000 compared with the corresponding week in 1932. After noting these facts, the Federal
Reserve Board proceeds as follows:
On March 29 total reserve bank credit amounted to $2,688,000.000. a
decrease of $199,000,000 for the week. This decrease corresponds with a
decrease of 8255,000,000 in money in circulation and increases of $8,000.000
in monetary gold stock and $18,000,000 in Treasury currency, adjusted,
offset in part by increases of 869,000.000 in member bank reserve balances
and $12,000,000 in unexpended capital funds, non-member deposits, &c.
Bills discounted decreased $78.000,000 at the Federal Reserve Bank of
New York, $21,000,000 at Philadelphia, 815,000.000 at Chicago and
$126,000,000 at all Federal Reserve banks. The System's holdings of bills
bought in open market declined $42,000,000 and of Treasury certificates
and bills $26,000,000.
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
Bank credit outstanding and certain'other items not included
in the condition statement, such as monetary gold stocks and
money in circulation. The Federal Reserve Board's explanation of the changes, together with the definition of the different items, was published in the May 31 1930 issue of the
"Chronicle" on page 3797.
The statement in full for the week ended March 29, in
comparison with the preceding week and with the corresponding date last year, will be found on a subsequent page,
namely, 2194.
Changes in the amount of reserve bank credit outstanding
and in related items during the week and the year ending
March 29 1933, were as follows:
Increase (-I-) or Decrease (-)
Since
Mar.29 1933. Mar.22 1933. Mar. 30 1932.
Bills discounted
Rills bought
U. S. Government securities
Other Reserve bank credit
545,000,000 -126,000,000
310,000,000 -42,000,000
1 838,000,000 -26,000,000
-6,000,000 -5,000,000
-88,000,000
+244,000,000
+966,000,000
-22,000,000
TOTAL RES'VE DANK CREDIT--2,688,000,000 -199,000,000 +1,101.000,000
4,272,000,000
+8,000,000 -116,000,000
Monetary gold stock
Treasury currency adjusted
1 859,000,000 +18,000,000
+79.000,000
Money in circulation
6,353,000,000 -255,000,000 +913,000,000
Member bank reserve balances
1,987,000.000 +69,000,000
+76,000,000
Unexpended capital funds, non-mem478,000,000 +12,000,000
ber deposits, &c
+73,000,000
Beginning with the Statement of March 15 1933, new
items were included, as follows:
1. "Federal Reserve Bank notes in actual circulation," representing the
amount of such notes issued under the provisions of paragraph 6 of Section
18 of the Federal Reserve Act as amended by the Act of March 9 1933.
2. "Redemption fund-Federal Reserve Bank notes," representing the
amount deposited with the Treasurer of the United States for the redemption of such notes.
-non-member
3. "Special deposits-member banks" and "special deposits
banks," representing the amount of segregated deposits received from
member and non-member banks.
A new section has also been added to the statement to show the amount
of Federal Reserve Bank notes outstanding, held by Federal Reserve banks
and in actual circulation, and the amount of collateral pledged against
outstanding Federal Reserve Bank notes.
Returns of Member Banks in New York City and
Chicago-Brokers' Loans.
Beginning with the returns for June 1927, the Federal
Reserve Board also commenced to give out the figures of
the member banks in New York City, as well as those in
Chicago, on Thursday, simultaneously with the figures for
the Reserve banks themselves, and for the same week, instead
of waiting until the following Monday, before which time the
statistics covering the entire body of reporting member banks
in the different cities included cannot be got ready.
Below is the statement for the New York City member
banks and that for the Chicago member banks, for the
current week, as thus 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, of
course, also includes the brokers' loans of reporting member
banks. The grand aggregate of brokers' loans the present
week shows a decrease of $27,000,000, the total of these
loans on March 29 1933 standing at $371,000,000 as compared with $331,000,000 on July 27 1932, the low record
for all time since these loans have been first compiled in
1917. Loans "for own account" decreased from $367,000,000
to $336,000,000 but loans "for, account of out-of-town
banks" increased from $26,000,000 to $31,000,000, while
loans "for account of others" decreased from $5,000,000 to
$4,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York,
Mar.29 1933, Mar.22 1933. Mar.30 1932'
Loans and investments-total
6,457,000,000 6,484,000,000 6,541,000,000
Loans-total
3 118,000,000 3,151,000,000 4,074.000,000
1 555,000,000 1,626,000,000 2,043,000,000
1 563,000,000 1,525,000,000 2,031,000,000
On securities
All other
Investments-total
U. S. Government securities
Other securities
3 339,000,000 3,333,000,000 2,467,000,000
2 185,000,000 2,210,000,000 1,610,000.000
1,154,000,000 1,123,000,000 857,000,000
Reserve with Federal Reserve Bank__ _ 739,000,000 609,000,000 689,000,000
43,000,000
50,000,000
56,000,000
Cash in vault
4,827,000,000 4,640,000,000 4,814,000,000
Net demand deposits
758,000,000
737,000,000 739,000,000
Time deposits
170,000,000 170,000,000 193,000,000
Government deposits
70,000,000
902,000,000
55,000,000
930,000,000
54,000,000
859,000,000
84,000,000
147,000,000
Loans on secur. to brokers & dealers:
For own account
336,000,000
For account of out-of-town banks_
31,000,000
For account of others
4,000,000
367,000,000
26,000,000
5,000,000
438,000,000
82,000,000
5,000,000
398,000,000
525,000,000
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_
Total
On demand
On time
Loans and investments-total
371,000,000
234,000,000 252,000,000 424,000,000
137,000,000 146,000,000 101,000,000
Chicago.
1,131,000,000 1,125,000,000 1,410,000,000
Loans-total
647,000,000 .645,000,000
960,000,000
On securities
All other
Investments-total
355,000,000 *357,000,000
292,000,000 .288,000,000
484,000,000 .480,000,000
554,000,000
406,000,000
450,000,000
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
Borrowings from Federal Reserve Bank-
246,000,000
238,000,000
175,000,000
59,000,000
805,000,000
360.000,000
16,000,000
129,000,000
194,000,000
237,000.000
213,000,000
133,000,000
14,000,000
878,000,000
383,000,000
24,000,000
142,000,000
260,000,000
2,000,000
* Revised.
239,000,000
24l.000,000
162,000,000
63,000,000
809,000,000
357,000,000
17,000,000
136,000,000
191,000,000
2142
Financial Chronicle
April 1 1933
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. It is important to note that,
beginning with the statement of Dec. 311927, several very
important changes have been made. They are as follows:
(1) The statement is dated for the end of the month instead
of for the first of the month;(2)gold held by Federal Reserve
banks under earmark for foreign account is now excluded,
and gold held abroad for Federal Reserve banks is now
included; and (3) minor coin (nickels and cents) has been
added. On this basis the figures this time, which are for
Feb. 28 1933, 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 $6,545,067,961, as against $5,644,618,924 on Jan. 31 1933 and Albert H. Wiggin Former Chairman of Chase
National
$5,603,542,630 on Feb.29 1932,and comparing with $5,698,Bank Returns from Abroad Following Mission to
214,612 on Oct. 31 1920. Just before the outbreak of the
Berlin on German "Standstill" Agreements.
World War, that is on June 30 1914, the total was only
Albert H. Wiggin, Chairman of the Foreign Creditors'
$3,459,434,174. The following is the full statement:
Standstill Committee, returned to New York on March 29
.
after completing arrangements for future payments of Ger§
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man short-term debts to the bankers of the United States
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Lloyd steamer Bremen. According to the New York
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he was "definitely through as a banker." From thf same
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His unexpected severance of banking ties was "due to 65 years of age,"
he remarked. He agreed that small boards of directors are more effective
than large boards and in respect to the hitherto unconfirmed reports that he
would quit the directorate of the Chase board, he said: "Yes. I may resign
from a lot of things, as I want to be free to travel. I don't know where or
when, but I shall travel all right." . . .
He recalled that the creditors' committee represented the banks of Belgium, Czechoslovakia, Denmark, France, Great Britain, Holland, Sweden,
Switzerland and the United States, and that the standstill agreement or
private moratorium had been prolonged for another year,so as to terminate
In Feb. 28 1934.
He was accompanied by Mrs. Wiggin, who will resume her sketching and
painting at her New York studio. Mr. Wiggin said that the ailment In his
right knee had Improved while he was abroad.
He concluded by observing that "President Roosevelt certainly has got
the whole world behind him."
Pound Sterling Valued at $4.13 for Canadian Tariff
Purposes.
An Ottawa dispatch to the "Evening Post," dated March
28, stated:
The average value of the pound sterling for special duty purposes has
been set at $4.13 by the Canadian Department of National
Revenue.
effective April 1 to April 15, inclusive.
The "dumping" duty, therefore will be 12 cents, the difference
between
$4.25, the fixed value of the pound. and $4.13, and is applied against imports of British goods.
New Canadian
comes and
Budget Includes Tax Advances on InMinor Tariff Rises—Finance Minister
E. N. Rhodes Estimates Changes Will Add
$70,Annual Revenue—Valuation of
Pound
Sterling for Duty Purposes Fixed at $4.26.
000,000
I
MONEY OUTSIDE OF THE TREASURY.
I
money deposited for the retirement of additional circulation (Act of May 30 1908)*
and $47,142,667 lawful money deposited as a reserve for postal savings deposits.
e Includes Money held by the Cuban agency of the Federal Reserve Begird
Atlanta.
f 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
tor their redemption: silver certificates are secured dollar for dollar by standard
silver dollars held In the Treasury for their redemption: United States notes are
secured by a gold reserve of $156,039,088 held In the Treasury. This reserve fund
may also be used for the redemption of Treasury notes of 1890, which 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 or of gold and such discounted or purchased paper as is eligible
under the terms of the Federal Reserve Act, or, until March 3 1934, 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 gold reserve of at least 40%,
Including the gold redemption fund which must be deposited with the United States
Treasurer. against Federal Reserve notes in actual circulation. Lawful money has
been deposited with the Treasurer of the United States for retirement of all outstanding Federal Reserve bank notes 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 also maintained In lawful
money with the Treasurer of the United States for the redemption of National
bank notes Seenred by Government bonds.
2, 8 28 c4
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4004dcid
Annual budget proposals introduced into the Canadian
Parliament by Edgar N. Rhodes, Minister of Finance, on
March 21 included increased income and excise taxes, as
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well as 57 tariff amendments described as "of a minor charseva§ gp32.iV4:2
2
acter." The U. S. Department of Commerce remarked that
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21 of these changes involve clarification of wording and that
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most of the others effect reduction in the present duties.
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Canadian Press advices from Ottawa March 21 stated
that the 1933-34 budget as presented by Mr. Rhodes showed
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a deficit on ordinary account of $53,608,000, with revenues
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" amounting to $310,817,000 and expenditures of $364,425,000.
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The Finance Minister estimated that the new measures
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recommended would produce at least $70,000,000.
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A Canadian Press dispatch dated March 21 quoted Mr.
•Revised figures.
Rhodes as paying a tribute to Canadian banks and remarking
bullion or foreign coin other than that held by the Treasa Does not include gold
ury. Federal Reserve banks, and Federal Reserve agents. Gold held by Federal
that "our banking system has fully maintained its enviable
Reserve banks under earmark for foreign account is excluded, and gold held abroad
reputation, meeting every demand upon it and retaining
for Federal Reserve banks Is included.
the fullest confidence of the public."
b These amounts are not Included in the total since the money held In trust
Against gold and silver certificates and Treasury notes of 1890 le included under
The valuation of the pound sterling for duty purposes was
gold coin and bullion and standard silver dollars, respectively.
fixed in the budget at $4.25 instead of $4.40. This lowering
c The amount of money held In trust against gold and silver certificates and
Treasury notes of 1890 should be deducted from this total before combining it with
in valuation is for the purpose of computing special or dumptotal money outside of the Treasury to arrive at the stock of money in the United
States.
ing duties on imports from the United Kingdom and the
Includes $73,804,191 gold deposited for the redemption of Federal
J This total
Irish Free State. In the ease of other countries it is proReserve notes ($1,067,360 in process of redemption), $37,048,475 lawful money
deposited for the redemption of National bank notes ($14,384,540 in process of
vided that the dumping duties will be the difference between
redemption, Including notes chargeable to the retirement fund), $1,350 lawful
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Financial Chronicle
Volume 136
the par value and the current change rate of the currency
of the country of origin.
Other features of the new fiscal program were descrigbed
as follows, in an Ottawa dispatch to the "Times" on Mar.21:
Taxes on personal incomes will be increase by the recdution of the statutory exemptions for married men from $2,400 to $2,000 and unmarried
from $1,200 to $1,000 and allowances for children from $500 to $400.
together with a rise on the basic rate from 2 to 3% with a surcharge of 5%
on incomes over $5,000. The rates on the higher brackets rise sharply.
On $500.000 the tax will be 56% plus the surcharge.
Taxes on corporations and joint stock companies will be increased to
12%% and the $2,000 exemption will be eliminated. Where a consolidated
return includes subsidiaries the rate will be 13;i%. To catch tax evasions
through bearer bond coupons, ownership certificates will have to be signed
and collected by the corporation or bond issuers and forwarded to the
government.
Levy on Foreign Investors.
A tax of 5% is to be imposed at the source on all interest or dividends
paid by Canadian debtors to non-residents, but the act provides for reciprocal arrangements with other countries. Hitherto Canada has not
taxed foreign investors.
The sales tax will remain at 6%,but many exemptions will be wiped out.
Among the excise tax increases will be 2 cents per pound on refined sugar
Excise duties will also be higher, with the rate on distilled spirits used in
medicines, preparations, &c., $2.50 a proof gallon, and $1 on native fruit
juices.
Exporters of farm products and canned fruits and vegetables will be
paid from the Agricultural Stabilization fund the difference between the
depreciated currency of the buying country and the pound at $4.60.
The new conversion loan is to be handled "on a basis that will keep
faith with investors and not in any sense involve repudiation of existing
contracts." The government will co-operate with the contemplated move
on the part of the banks to reduce interest rates by reducing the rate paid
on postal savings deposits.
Canadian National Deficit.
A total of $60,058,000 was provided for the Canadian national deficits,
but all the money required by the system came from the Dominion Territory.
"It is well known that as regards the volume of railway traffic the year
was very disappointing," the Finance Minister observed. Gross operating revenues declined 19%.or over $39,000,000. Capital expenditures were
drastically curtailed. The net in 1932 after crediting equipment retirements
amounted to $799,000, as compared with $34,373,262 in 1931.
On March 31 1933, the funded debt of the Canadian National due the
public was $1.263,000,000. It was reduced $11,000,000 in the year. Of
the outstanding amount $965,000,000 bears the guarantee of the Dominion.
The announcement March 23 by the U. S. Department
of Commerce follows:
The annual budget proposals introduced into the Canadian Parliament
by the Minister of Finance on March 21. and provisionally effective on
foreign goods entering Canada beginning March 22, include:
1. 57 amendments tofthe import tarriff described as "of a minor character", 21 of which involve clarification of wording and most of the rest
effecting reductions in the present duties;
2. The lowering, from $4.40 to $4.25 Canadian, of the valuation of the
pound sterling for special duty purposes on imports from the United Kingdom and the Irish Free State;
3. The retention of the sales tax at the present basic rate of 6%, with
the list of total or partial exemptions materially curtailed; and
4. The imposition of new special excisb taxes on selected imported items;
according to a telegram from Commercial Attache Lynn W. Meckins at
Ottawa, received by the Department of Commerce.
Tariff Changes.
Reductions from all countries include playing cards; gasoline gauge parts,
fuel pumps and parts thereof, steering gear locks, transmission locks or
combinations; complete parts for the repair of aircraft engines; electric dry
shaving machines; steel die blocks; positive and negative films for books;
complete parts for surgical operating tables; flax tow or paper, carpeting.
rugs, mats and matting; and, when used for designated purposes, magnetos
and parts; metal caps; cotton linters and cotton pulp; certain cotton yarns
and fabrics.
Reductions under the British preferential tariff include pressed steel
belt pulleys for power transmission and cotton fabrics for use as billiard
cloth.
Reductions under the intermediate and general tariffs include canned
shrimp, certain chemical compounds and dyes, aluminum scrap, weighers
for use as parts of threshing machines, and, when used for designated
purposes, amyl alcohol, Xanthates, and nitrate of soda.
Increases under the intermediate and general tariffs include electric
light and arc carbons and knitted goods.
Increase under the British preferential tariff applies to electric telephone
apparatus and parts.
Sales Tax.
The following items (previously exempted) are now subject to the 6%
sales tax: Materials and non-permanent equipment for manufacturing
goods subject to the sales tax; fuel oil, molasses, corn syrup, sugar cane
syrup, cleaned rice, sago, tapioca, and certain other processed foodstuffs;
certain machinery and appliances.
All items previously subject to the 3% sales tax are now subject to the
full rate of 6%,except articles made by blind labor in Canada.
In this list were included boots and shoes, including rubber footwear;
creosoted railroad ties; printing paper for producing newspapers and magazines; moist mince meat; yeast; and the articles following which have previously paid the 3% rate, only when produced in Canada: Prepared vegetables and prepared fruits; pastes, hash,jellies, jams, fruit butters, and
similar products.
New Special Excise Taxes.
The following products are made subject to new excise taxes; Cosmetics
and toilet preparations, 10%, and automobile tires and tubes, 5% both
based on the duty-paid value; cigarette papers, 2 cents per 100 leaves;
cigaretts tubes, 5 cents per 50 tubes; refined sugar, 2 cents per pound, unfermented wort, 25 cents per gallon (Imperial); malt syrup, malt syrup
powder, and malt extracts, 50 cents per pound.
Matches in books or packages containing 20 or less, are taxable at 3 2
/0
a cent per package. The excise duty on distilled spirits for making proprietary medicines,extracts, medicines, perfumed spirits, and pharmaceuti
cal preparations is increased to $2.50 per proof gallon (formerly from $2.40
to $2.43); spirits distilled from native fruit juices for the manufacture of
wine, are taxed at $1.00 per proof gallon.
2143
Special Treatment of Depreciated Currency Imports.
This lowering of the valuation of the pound sterling for special duty
purposes, on imports from the United Kingdom and Irish Free State, from
$4.40 to $4.25 Canadian, refers to the official valuation for dumping duty
purposes established by Canada beginning Nov. 1931, on imports from
certain countries whose currencies had depreciated more than that of
Canada. Importations into Canada from the following countries are now
understood to be assessed duty upon the mint or par value of the currencies
rather than upon their current exchange values: United Kingdom and
Irish Free State, Norway, Sweden. Denmark and Finland; Portugal and
Brazil; and Japan. In addition, special or dumping duties are also levied
by Canada upon such imports, when competitive with Canadain products,
equal in amount to the difference between the par value and the current
exchange rate, in the case of all the countries listed except the United
Kingdom and the Irish Free State, for which an official value of $4.40
Canadian was substituted for the par value, and now reduced to $4.25.
British Treasury Authorizes Bank of England to Reduce Fiduciary Issue—Gold Acquisition Enables
Cut of .£15,000,000.
The British Treasury yesterday (March 31)authorized the
Bank of England to reduce the fiduciary currency issue from
£275,000,000 to .060,000,000, according to United Press
advices from London yesterday to the New York "Sun,"
which went on to say:
This step was made possible by the Bank's acquisition of gold since
January 18. The currency issue will still remain ample for all normal
requirements.
Britain's currency normally is composed of sterling notes and coin to the
full value of the gold holdings of the Bank of England. plus a fiduciary issue
of E260,000,000 backed by Government securities and a small amount of
silver.
The fiduciary issue had to be increased to £275,000,000 on Aug. 1
1931, when the gold drain on London made it necessary to release more
of the Bank's gold for shipment abroad. When the release of this additional
£15,000,000 in gold did not prove adequate to meet the continuing gold
drain, the gold standard had to be suspended.
Wednesday's (March 29) Bank of England statement showed gold holdings in the issue department of £171,839,050, with a total currency issue of
£446,839,050, representing currency to the full value of the gold holdings,
plus £275,000,000 of fiduciary issue.
Currency to the value of £367,111,600 was actually in circulation, the remainder £79,727,450, being held in reserve for emergencies.
Reduction of the fiduciary issue by £15,000,000 will simply reduce this
reserve by E15,000,000, assuming that the note circulation and the Bank's
gold holdings do not alter. Even this reserve will compare most favorably
with the record low reserve of £23,595,227 on Dec. 28 last. When
the long hoped for increase in commodity prices comes there will be ample
currency resources to cope with the situation.
The Bank's gold holdings on Wednesday compared favorably with the
record gold holdings for all times of £176,500,000 in September 1928.
The last item in these columns bearing on the Bank of
England's fiduciary issue appeared in the "Chronicle" of
Dec. 24 1932, page 4306.
Bank of England Pays 6% Dividend.
The following, from London, March 23, is from the New
York "Evening Post":
The Bank of England has declared a dividend of 6% for the half year
ended Feb. 28 last, or the same amount as was declared at this time
last year.
The bank reports a net profit for the six months' period of £656,532,
after provision for all contingencies.
Bank of England Meets in New Assembly Room —
Other Parts of Building to Be Reconstructed
Later.
Canadian Press advices from London, March 25, are taken
as follows from the New York "Herald Tribune":
The historic nickname of the Bank of England, the "Old Lady of Threadneedle Street," should be revised, for the Old Lady has become as fresh
and blooming as any debutante.
Annual meetings of stockholders are known as "general courts." The
meeting just held took place for the first time in the new court room forming part of a scheme for virtual reconstruction of the historic building.
The form and ceremony of the general court remains much the same as it
was 100 years ago.
Montagu Norman, the Governor, led a solemn procession of grave directors
and then proceeded to tell the stockholder the contents of the Old Lady's
stocking, to the last penny. The profits amounted to £656,532, 5 shillings,
5 pence. One stockholder congratulated Mr. Norman on having made still
another journey to the United States—this time "the United States of
matrimony" which would strengthen his position in the bank and elsewhere.
Mr. Norman smiled his thanks and the stockholders smiled their satisfaction at again receiving their 6% dividend.
British Government Ends Financial Year With
Deficit of £32,279,000.
Associated Press advices from London yesterday (March
31) stated:
The financial year of the British Government ended to-night with a deficit
of 132,279,000. At the current rate of exchange this is equivalent to
$111,685,340.
The Treasury report showed a total revenue of £744,791,000, and expenditures, excluding the American debt payment last December of £748,114,000, leaving a deficit of £3,323,000.
This figure includes a provision of £17,250,000 for the sinking fund. The
payment to the United States was £28,956,000, making the total deficit
£32,279.000.
The income tax produced £251,000,000 as compared with the budget
estimate of E260,000,000. The surtax yielded £60,700,000 as compared
with the budget estimate of £66,000,000. Customs and excise yielded
£288,000,000, wnich was E2,000,000 short of the estimate.
2144
•
Financial Chronicle
Britain's Credit Now so Good She Is "Almost
Embarrassed."
The following is from a cablegram to the New York
"Times," dated London, March 24:
Appraising the work of the National Government in the last 12 months:
Neville Chamberlain, Chancellor of the Exchequer, told an audience in
Birmingham to-night that British credit was "so fully restored that the
Government is almost embarrassed by the amount of foreign money brought
to London by people who feel it to be a safer place than whence it came."
From having slipped back to the position of the third exporting country,
Mr. Chamberlain declared, Great Britain had regained the first position.
"Since we came into office more than 200 new factories have been
established here with foreign capital," he continued. "We have invitations from 20 countries to negotiate new commercial treaties which was
unprecedented in the days of free trade because we had nothing to offer
in return."
/
ondon's Bank Gold Highest Since 1928—£4,000,000
Above Last Year's Maximum.
Stating that the Bank of England continues to accumulate
gold, a cablegram from London, March 18, to the New York
"Times" added:
Its purchases from the market during the week ended with Wednesday,
as shown by Thursday's statement, aggregated nearly £8,500,000, making
the total influx since the last American war debt payment more than
£46,500,000 and raising the bank's gold holdings to £187,135,000. To
this amount £2,960,000 more has been added in the two past days.
Actual present holdings exceed by more than £4,000,000 the high point
touched in July 1931. They are still considerably below the high record
gold holdings of all time for the bank, which were £178,500,000 on
Sept. 12 1928, but this week's total gold holdings have never been exceeded
in any week of the bank's history except in 1928. The reserve of the
banking department, £78,319,000, is an absolute high record for the bank's
history.
.
The bank is now taking positive steps to neutralize the influence of this
incoming gold by selling securities. But the gold arrivals have never
largely increased the supply of credit, and the money market is suffering
from superabundant funds. Day to day money rarely commands more
than % of 1%, and frequently goes at less. The rate on three months'
Treasury bills has fallen below % of 1%, and the rate for three months'
fine commercial bills is only just above % of 1%.
Since the above was published the Bank of England return
for the week ending March 29 has appeared, showing a further gain in gold holdings of £2,313,252.
Contrasts Between United States Situation and
England's in 1931.
The following London advices, March 17, are from the
New York "Times":
It was pointed out this week in financial London that wide difference
exists between the circumstances of the American banking crisis and the
British situation which forced England off the gold standard a year and
a half ago. England was obliged to suspend gold payments because there
had been complete international loss of confidence in sterling; and because,
in her efforts to defend the position, all gold available for the purpose had
been either actually sent abroad or marketed against foreign credits. At
the same time, England was then confronted with an abnormally large
adverse trade balance, and owed immense funds to foreigners on account
of short-dated deposits and investments.
The American crisis, on the other hand, was not due to external difficulties, but wholly to internal loss of confidence. Furthermore, America
has an immense stock of available gold, a favorable trade balance and a
large excess of assets over liabilities in the foreign account. The only
point of real resemblance between the two crises is considered to be that
America still has a formidable budget deficit, exactly as Great Britain
had in 1931.
Japan Resigns From League of Nations on March 27—
Message to Geneva and Imperial Rescript Stress
Alleged Misunderstanding of Japanese Motives in
Chinese Conflict and Pledge Efforts for World
Peace.
Japan formally resigned as a member of the League of
Nations on March 27, when Foreign Minister Yasuya
Uchida, cabled notice of his government's action to Sir Eric
Drummond, Secretary-General of the League, at Geneva.
The move by Japan had been generally anticipated since
the adoption of a report by the League Assembly on Feb.
24, condemning Japanese military measures employed in
the Manchurian area.
In the formal notice of withdrawal, the Japanese Foreign
Minister asserted that since China was not an organized
State the instruments governing the relations between ordinary countries must be modified in their application to her.
The note further stressed the alleged lack of understanding
displayed by the League in "failing to grasp realities, or
else to face them and to take them into proper account."
Japan's national policy, the message added, is the maintenance of peace in the Orient, thereby contributing to the
peace of the world.
On the same day that the resignation was transmitted to
Geneva, a rescript signed by Emperor Hiorhito was promulgated, at Tokyo, informing the nation that Japan's attitude
toward enterprises intended to promote international peace
April I 1933
had not changed,and that the Empire will not "isolate itself
from the fraternity of nations."
League rules provide that resignation of a member nation
shall not become effective until two years after it is submitted. If Japan follows the accepted procedure it will
continue its financial obligations to the League during the
interval.
Sir Eric Drummond, in acknowledging the receipt of the
notice of resignation, cited the text of the covenant as a
reminder to Japan of this obligation.
The texts of the communication from Count Yasaya
Uchida, Japan's Foreign Minister, announcing to the League
of Nations Tokyo's decision to withdraw,and of the Japanese
Emperor's rescript concerning the decision, as given out by
the Consulate General in New York, were published as
follows in the New York "Times" of March 28:
NOTICE TO THE LEAGUE.
The Honorable Sir Eric Drummond,Secretary-General of the League of Nations
The Japanese Government believe that the national policy of Japan
which has for its aim to insure the peace of the Orient and, thereby, to
contribute to the cause of peace throughout the world, is identical in
spirit with the mission of the League of Nations, which is to achieve international peace and security.
It has always been with pleasure, therefore, that this country has for
13 years past, as an original member of the League, and a permanent
member of its Council, extended a full measure of co-operation with her
fellow members toward the attainment of its high purpose. It is indeed,
a matter of historical fact that Japan has continuously participated in the
various activities of the League with a zeal not inferior to that exhibited
by any other nation.
At the same time, it is, and has always been, the conviction of the
Japanese Government that in order to render possible the maintenance of
peace in various regions of the world,it is necessary in existing circumstances
to allow the operation of the covenant of the League to vary in accordance
with the actual conditions prevailing in each of those regions. Only by
acting on this just and equitable principle can the League fulfill its mission
and increase its influence.
"Actual Conditions" Stressed.
Acting on this conviction, the Japanese Government, ever since the
Chino-Japanese dispute was, in September 1931, submitted to the League
have, at meetings of the League and on other occasions, continually set
forward a consistent view. This was, that if the League was to settle the
Issue fairly and equitably, and to make a real contribution to the promotion
of peace in the Orient, and thus enhance its prestige, it should acquire
a complete grasp of the actual conditions in this quarter of the globe and
apply the covenant of the League in accordance vrith these conditions.
They have repeatedly emphasized and insisted upon the absolute necessity
of taking into consideration the fact that China is not an organized State,
that its internal conditions and external relations are characterized by
extreme confusion and complexity and by many abnormal and exceptional
features, and that, accordingly, the general principles and usages of international law which govern the ordinary relations between nations are bound
to be considerably modified in their operation so far as China is concerned.
resulting in the quite abnormal and unique international practices which
actually prevail in that country.
Serious Differences Are Seen.
However, the majority of the members of the League evinced in the
course of its deliberations during the past 17 months a failure either to
grasp these realities or else to face them and take them into proper account.
Moreover, it has frequently been made manifest in these deliberations
that there exist serious differences of opinion between Japan and these
powers concerning the application and even the interpretation of various
International engagements and obligations, including the covenant of the
League and the principles of international law. As a result, the report
adopted by the Assembly at the special session of the 24th of February
last, entirely misapprehending the spirit of Japan, pervaded as it is by no
other desire than the maintenance of peace in the Orient, contains gross
errors both in the ascertainment of facts and in the conclusions deduced.
In asserting that the action of the Japanese Army at the time of the incident
of the 18th of September and subsequently did not fall within the just
limits ofself-defense,the report assigned no reasons and came to an arbitrary
conclusion and, in ignoring alike the state of tension which preceded and
the various aggravations which succeeded the incident—for all of which
the full responsibility is incumbent upon China—the report creates a source
of fresh conflict in the political arena of the Orient.
Terms Found Undesirable.
By refusing to acknowledge the actual circumstances that led to the
foundation of Manchukuo and by attempting to challenge the position
taken up by Japan in recognizing the new State, it cuts away the ground
for the stabilization of the Far Eastern situation. Nor can the terms laid
down in its recommendations—as was fully explained in the statement
issued by this government on the 25th of February last—ever be of any
possible service in securing enduring peace in these regions.
The conclusion must be that in seeking a solution of the question the
majority of the League have attached greater importance to upholding
inapplicable formulae than to the real task of assuring peace, and higher
value to the vindication of academic theses than to the eradication of the
sources of future conflict. For these reasons and because of the profound
differences of opinion existing between Japan and the majority of the
League in their interpretation of the covenant and of other treaties, the
Japanese Government have been led to realize the existence of an irreconcilable divergence of views, dividing Japan and the League on policies of
peace and especially as regards the fundamental principles to be followed
in the establishment of a durable peace in the Far East.
The Japanese Government, believing that in these circumstances there
remains no room for further co-operation, hereby give notice, in accordance
with the provisions of Article I, Paragraph 3, of the covenant, of the
Intention of Japan to withdraw from the League of Nations.
COUNT YASUYA UCHIDA,
Minister for Foreign Affairs of Japan.
TokyO. larch 27 1933.
THE IMPERIAL RESCRIPT.
When the League of Nations came into being upon the restoration of
general peace, our Imperial father was pleased to order the entry of our
Empire thereinto; and we in our turn have labored assiduously to fulfill
the high purpose of the late Emperor. It I. thus that our Empire has for
Financial Chronicle
Volume 136
these 13 years past extended consistently its co-operation to the League.
. Now Manchukuo, having of late been founded. our Empire deems it
essential to respect the independence of the new State and to encourage
Its healthy development in order that sources of evil in the Far East may
be eradicated and enduring peace thereby established. Unhappily, there
exists between our Empire and the League of Nations a wide divergence
of views in this regard and it has devolved upon us to cause our government
to:take, upon mature deliberation, necessary steps for withdrawal of our
Empire from the League.
*However, the advancement of international peace is what we evermore
desire and our attitude toward enterprises of peace shall sustain no change.
Aim to "Promote Justice."
p By withdrawing from the League and embarking on a course of its own,
our Empire does not mean that it will stand aloof in the extreme Orient,
nor that it will isolate itself thereby from the fraternity of nations. It is
our desire to promote mutual confidence between our Empire and all other
powers and to make known the Justice of its cause throughout the world.
klEvery country is overtaken to-day by emergencies of unprecedented
magnitude. Our Empire itself is confronted by a situation fraught with
momentous possibilities. It is indeed an hour that calls for intensification
of efforts on the part of our entire nation. We command that all public
servants, whether civil or military, shall faithfully perform each his appointed duty and that all other subjects shall pursue their wonted tasks
with diligence. Stray not, in advancing, from the path of rectitude;
and in action embrace always the golden mean. Strive to meet the present
situation with united will and with courage and resolution. So may we
carry forward the glorious work bequeathed by our grandsires and contribute to the prosperity and well-being of mankind.
Matsuoka, Former Japanese Envoy to the League of
Nations, Arrives in the United States—Defends
Japan's Manchurian Policy.
Yosuke Matsuoka, head of the Japanese delegation to
the League of Nations, arrived in New York on March 24
en route to his home, after leaving Geneva in protest against
the League censure of his country's Manchurian policy. In
an interview with newspaper representatives, and also in
a prepared statement, Mr. Matsuoka defended the Japanese
aims in the Far East and declared that the Western nations
fail to understand the complexities of the Manchurian
situation and the forces which have prompted Japanese action during the last few years.
The "Times" of March 25 described Mr. Matsuoka's remarks as follows:
Emphasizing that he was not speaking officially, he expressed his
belief that Japan would hold her mandated islands, including the Island
of Yap, whether or not Japan remained in the League.
Disclaiming any knowledge that Manchukuo was forming a navy, as
has been reported in press dispatches, he conceded that If this were true
it certainly was a point for discussion by statesmen since, as an interviewer
pointed out, such a navy would not be under the restrictions of present
treaties for armament limitations.
He denied Manchukuo was a "puppet State," or even a protectorate
of Japan. He denied that Japan, in breaking with the League and
questioning the Nine-Power treaty, was preparing to go it alone; compared the position of Japan in Manchuria with that of the United States
in the Caribbean and asserted that the United States need have no fear
that the "open door" to trade in Manchuria would be closed under
Japanese auspices. Finally, he appealed to Americans to judge the situation with reason rather than with sentiment.
Pleads Case of Self-Defense.
Mr. Matsuoka suggested that Japanese-American relations might be
Improved if the United States fleet were withdrawn from the Pacific,
where, he said, its presence caused misgiving to some of the Japanese
populace, though not to the Government.
He presented the case of Japan as one of self-defense in a region that
was vital to her very existence, strategically and economically.
"We. Japanese regard Manchuria as the life-line of Japan," he said
with a suggestion of emotion. "Manchuria is the first line of
defense
of Japan. Japan staked her all, her very existence, thirty years
ago to
recover Manchuria from Russia, not for China but for the Manchu
dynasty.
We sacrificed 100,000 men and 2,000,000,000 yen, a staggering
financial
burden then. For the past quarter of a century Japan
has at great saerifice and effort developed that country."
Thus, he said, Japan's position in Manchuria was stronger
even than
that of the United States in the Caribbean under the Monroe
Doctrine,
because so much sacrifice had been involved.
"We cannot allow any people hostile to us to be intriguing
or actually
carry on any kind of warfare in Manchuria, which is
contiguous to our
territory in Korea and across a narrow strip of water from
our islands.
Big Russia lies to the north and west of it.
Suppose some hostile power
was carrying on a campaign against you at the, Panama
Canal or in the
Caribbean Sea. What would you do?"
Mr. Matsuoka, after visiting Washington, plans to spend
about a week on the Pacific Coast before sailing for Japan
on April 13.
Matsuoka Denies Japanese Aggression in China—Says
His Country Desires Peace.
Denial of charges that Japan has completed plans for
the conquest of China was made by Yosuke Matsuoka,
former chief Japanese delegate to the League of Nations,
in 'an address on March 28 before members and guests of
the Japanese Chamber of Commerce of New York at the
Hotel Astor. As reported in the "Times" on the following
day, Mr. Matsuoka said, in part:
"The armies of the Chinese war lords total between
2,000,000 and
3,000,000 men. If they were a united force, they would form the
greatest
army of any country in the world. To begin the
reconstruction of
2145
China, these many armies have to be brought under control. The League
has no power or capacity to perform such a task.
"Could any power or group of powers undertake it? Certainly not.
Certainly Japan will not. China is too big, even for Japan. We have
not completed any plans for the conquest of China—as some of our
Chinese friends would have us believe—much less plans for the conquest
of the world."
Stresses Peace as Purpose.
Mr. Matsuoka defended his country against charges of aggression and
militarism, and said the generally believed "fiction" that China as a
nation was responsible for the misunderstanding of Japan's position in
the Orient. He emphasized that Japan had been patiently striving to
bring "law and order, peace and abundance" out of the chaos of Manchuria, and insisted that "peace and welfare in the Far East is the
purpose of Japan, and the reason for Manchukuo."
"We are different from you in many ways," he went on. "But there
is much in us that is like you. We are a peace-loving, law-abiding people.
We are people with hopes and aspirations for better things. I am not
referring only to material things. We yearn, as you do, for that better
day when all men will be brothers.
"Japan has been waging a war against a world that has misunderstood
her, and she has suffered a defeat. But I believe that time will vindicate
her action. I am confident that, at a not far distant date, the rest of
the world will say that we have not been wrong nor selfish in our motives."
China's Civil Strife a Peril.
Pointing out that Japan is a small country, lying beside "the two most
populous and largest countries in the world—China and Russia," Mr.
Matsuoka said the "revolutions of appalling character" that have been
going on in these two lands "have given my countrymen serious cause
for anxiety, and that anxiety is not yet past."
"In the case of Russia, the revolution may be over," he continued.
"In the case of China, it is not. For over twenty years China has been
afflicted with a civil strife that has brought disaster to her people.
"The fundamental cause of the trouble in the Far East is the lawless condition in China, the impossible reign of self-will in that country,
without recognition on her part of her obligations to her neighbors."
Denying that Manchuria was under the full sovereignty of China, Mr.
Matsuoka said it had long been Japan's "hope and determination that
Manchuria should become a land of law and order," and to achieve this
end she had tried amicable co-operation with the Chinese.
"The powers of the world have long been dealing in fictions regarding
China. The Nanking Government administers to-day the affairs of less
than four—I might even say three—of the eighteen provinces, while
Communist hordes overrun as many as six. The world cannot deal in
such fictions as that of China's integrity and expect the League of Nations to uphold the letter of treaties as they might be applied in Europe
or America.
"The good work of my country is on record. It is not on record in
the League of Nations report, but you can see it in Manchuria. The
physical developments that we have made there in the past quarter of
a century are visible monuments of our efforts and ability."
Prefacing his formal address, Mr. Matsuoka asked "especially for an
open mind." He said he believed both Japan and America "have a
great responsibility in building up civilization" and in moulding the world
into "one humanity."
Chinese Foreign Minister Asserts Japan Must Fulfil'
League Obligations for Two Years,
A Washington dispatch to the New York "Times" dated
March 28, stated:
Conviction that the League of Nations would take "immediate and
effectual steps" to deal with the Chino
-Japanese dispute, now that its
position had been "strengthened" by Japan's withdrawal as a "recalcitrant member," was expressed in a statement issued to-day in Nanking
by Dr. Lo Wen-kan, the Foreign Minister, and made public by the Chinese
Legation here.
Dr. Lo also took the position that Japan could not be released from
her obligations to respect the League's resolutions and recommendations
in regard to the Far Eastern crisis until the two years had elapsed after
her notice of withdrawal to make it effective.
French AskiNew Credits—Cabinet Seeks Funds for
April and May Government Expenses.
From Paris a cablegram, March 27, to the New York
"Times" stated:
A project for two more provisional advances to provide the necessary
funds for the National Government's operating costa during April and May
was submitted to the French Parliament late to-day by Budget Minister
Lamoureux.
This indicates the Government does not expect Parliament to vote the
1933 budget before the end of May at the earliest, which would make its
adoption just five months late.
Subscriptions Close on New French Loan—Tenders
for First Portion of the Conversion Issue Put at
5,000,000,000 Francs.
Under date of March 25, a wireless message from Paris to
the New York "Times" stated:
Conflicting rumors agitated the Paris Bourse to-day as the Government
officially closed subscriptions to the first slice of the new consolidation
loan
devised to cover budgetary deficits of 10.000.000,000
liana; in the last three
years. No reliable estimates as to the total amount collected
will be
available until Tuesday, but in well informed circles it
was stated that subscriptions would total close to 5,000.000,000 francs.
Early to-day a report spread in financial circles that the loan, which
was
opened a week ago Monday, would be further prolonged
despite the Government's statement on Thursday (March 23) announcing
the closing for
to-day. This report was generally credited on the Bourse,
but was immediately denied by the Finance Ministry, which also denied another rumor
that
the Government was preparing to launch a drive for a second slice
in May.
The denials came too late to prevent continued decline in French
rentes,
which throughout the period in which the new
loan was offered exhibited
marked weakness. It has been said that holders who recently converted
another Government issue found the new loan, which is redeemable
at 150
2146
Financial Chronicle
francs for each 100 invested, more attractive and were selling their old holdings to buy the new loan.
It has been estimated that the new loan, issued at 9834 to run sixty years,
would yield 5.36% at the maximum limit, but as it is redeemable annually,
it would yield 6.2% at thirty years. French banks received a commission
of 15 francs for each 1,000. The loan is free of all taxes except the income
tax, including an 18% coupon tax, so that the issue made especially severe
terms for the French Government.
An item bearing on the loan appeared in our issue of March
18, page 1794.
National Socialist Party in
Germany Proclaims Boycott
Against Jews Effective April 1 —Manifesto in Retaliation for Protest Meetings Abroad, Would
Bar Jews from Schools and Professions and Forbid
Trading with Jewish Merchants.
A sweeping boycott against Jews in Germany, in retaliation for protest demonstrations abroad against anti-Semitism,
was issued by National Socialist Party headquarters on
March 28, with the boycott scheduled to begin on Saturday,
--and to "continue until lifteirby orders of the party
April 1,
management.' Prociramed as a measure of defense against
inflammatory compaigns directed at the German people;
- s
-ply - - the boycott Would ap -143 "Jeiiiih biginess establiihmenti,
goosysflansana
TriFairai•estrierth73
,
4
0
Mission of-3ews to schools and universities.
1E2 a Friilaarc 31, the Government announced t at
-1-.
_
.
the boycott would be of only one day'ii-duration and that
-Mpe=m April 2 to Vadnesday April 5.
IT- rnild-be
w
=was added however, that if anti-German propaganda
Ma not subside"beforeWednesda371he boycott woiildn
-be resumed with renewedforce.
A translation of the order, as cabled byitheiNew
"Times" correspondent in Munich on March 28, follows:7;i
The text of the eleven points laid down for the execution of the boycott
is as follows:
"1. In every local group and every organization and department of
the National Socialist Party committees of action are to be formed immediately for the practical and systematic execution of a boycott against
Jewish business establishments, goods, physicians and lawyers. The
committees are to be held responsible for not having the boycott hit the
innocent, but are to see that it hits the guilty all the harder.
"2. The committees are responsible for the protection of all foreigners,
irrespective of their religion, origin or race. The boycott is purely a
defensive measure that is to be directed exclusively against German Jewry.
"3. The committees must forthwith popularize the boycott through
propaganda and public enlightenment. No German shall buy any longer
from a Jew or let any wares be offered to him by a Jew or WIsubordinates.
The boycott must ne universal. It is supported by the entire people and
must strike Judaism in its most sensitive spot.
"4. In doubtful cases the boycott shall be suspended pending a decision
by the central committee in Munich.
"5. The committees shall watch the newspapers closely with respect to
the extent that they participate in the intelligence campaign of the German
people against Jewish atrocity propaganda abroad. Newspapers not
doing so or doing so only to a limited extent are to be removed from every
home inhabited by Germans. No German business concern shall advertise
in such papers. They must be ostracized as being composed only for those
of Jewish stock and not for the German people.
Workers to Be Enlightened.
"6. In connection with the Nationalist Socialist labor organizations the
committees must carry into the workshops enlightenment and propaganda
concerning the effects of the Jewish atrocity propaganda on the German
workman and must enlighten the workmen specifically as to the necessity
of the boycott as a measure of defense for German labor. .
"7. The committees must be pushed forward into the smallest peasants'
villages in order to hit Jewish tradesmen in the rural districts. It must
always be emphasized that the boycott is a measure of defense forced on us.
"8. The boycott is not to be launched scatteringly but at one blow.
All preparation shall be made in that sense. Orders will be issued to the
S. A. [storm troops] and S. S. [special guards] that from the moment the
boycott begins their pickets shall warn the populace against entering Jewish
business establishments. The beginning of the boycott shall be announced
through posters, newspapers, handbills, dm. The boycott starts universally
Saturday, April 1, at 10 a. m. It shall continue until lifted by order of
the party management.
"9. The committees shall initiate propaganda immediately in tens of
thousands of mass meetings that must reach the smallest village for raising
a demand that the number of Jews in all occupations shall be restricted in
proportion to their percentage of the population in Germany. To heighten
the driving force of this action the demands shall prov.sionally be restricted
to three fields: admission to German secondary schools and universities
and the legal and medical professions.
To Spread Pacts Abroad.
"10. The committees shall also take care that every German having
connections abroad shall use these for disseminating the truth—by letter,
telegraph and telephone—that quiet and order reign in Germany, that the
German people has no more ardent wish than peaceably to do its work and
live in peace with the outside world, and that it conducts its fight against
Jewish atrocity propaganda as a purely defensive measure.
"11. The committees are responsible for having the whole campaign run
off in complete orderliness and with the strictest discipline. Do not hurt
a hair on a Jew's head. We will settle this drive by the mere weight of
these measures and more than ever before it is necessary to have the whole
party range itself solidly in blind obedience behind its leadership.
The National Socialists let international Jewry know this: the government of national revolution is not hanging in a vacuum—it is representative
o f the working German people. Who attacks the government attack
Germany. Whoever defames the government defames the nation. On
Nationalist Socialist Saturday Judaism will know against whom it has
declared war."
Mass Meetings Protest Mistreatment of Jews in Germany — Nazi Leaders Deny Persecution but
Threaten Retaliation for for Anti-German Propaganda.
A series of meetings to protest alleged mistreatment of
Jews in Germany was held at various cities throughout the
United States during the past week, with prominent men of
varying creeds denouncing racial persecution. The largest
gathering was at Madison Square Garden in New York City
on March 27, with addresses by ex-Governor Alfred E.
April 1 1933
Smith, Senator Robert F. Wagner, Mayor O'Brien, Rabbi
Stephen S. Wise, and others. Newspaper estimates placed
the attendance at this meeting at 20,000, with overflow
meetings in the streets drawing an additional 35,000 persons.
Meanwhile spokesmen for Chancellor Hitler issued renewed denials of any systematic persecution of Jews in
Germany. The official newspaper agency of the Nazi party,
however, threatened on March 27 to institute reprisals
against Jews on a systematic and nation-wide scale unless
the so-called "Jewish international propaganda against Germany ceases immediately."
Meanwhile Secretary of State Hull notified Dr. Cyrus
Adler of Philadelphia and Rabbi Wise of New York that mistreatment of Jews in Germany has virtually ended. The
Secretary added that he would continue to watch the situation but hoped that conditions would soon become normal.
The text of Secretary Hull's telegram to Rabbi Wise and
Dr. Adler, dated March 26, follows:
You will remember that at the time of your recent call at the Department
I informed you that, in view of numerous press statements indicating
widespread mistreatment of the Jews in Germany, 1 would request the
American Embassy at Berlin in consultation with the principal consulates
In Germany to investigate the situation and submit a report.
A reply has now been received indicating that whereas there was for a
short time considerable physical mistreatment of Jews, this phase may be
considered virtually terminated. There was also some picketing of Jewish
merchandising stores and instances of professional discrimination. These
manifestations were viewed with serious concern by the German Government.
Hitler, in his capacity as leader of the Nazi Party, issued an order calling upon his followers to maintain law and order, to avoid molesting foreigners, disrupting trade, and to avoid the creation of possibly embarrassing
International incidents.
Later, von Papen delivered a speech at Breslau in which he not only
reiterated Hitler's appeals for discipline but abjured the victors of the
last election not to spoil their triumph by unworthy acts of revenge and
violence which could only bring discredit upon the new regime in foreign
countries.
As a result of the Embassy reports that the authority of the regular
police has been reinforced.
The feeling has been widespread in Germany that following so farreaching a political readjustment as has recently taken place, some time
must elapse before a state of equilibrium could be re-established.
Personal Mistreatment Ended.
In the opinion of the Embassy such a stabilization appears to have
been reached in the field of personal mistreatment, and there are indications
that in other phases the situation is improving.
I feel hopeful in view of the reported attitude of high German officials
and the evidences of amelioration already indicated, that the situation,
which has caused such widespread concern throughout this country, will
soon revert to normal. Meanwhile I shall continue to watch the situation
closely, with a sympathetic interest and with a desire to be helpful in
whatever way possible.
CORDELL HULL, Secretary of State.
At a mass meeting in Albany on March 27, Governor
Lehman appealed to the German nation to restore complete
religious equality. Other national leaders issued statements
condemning mistreatment as reported in news dispatches
from abroad, while Congressman Sivovich of New York
urged the adoption of a Congressional declaration of policy.
Congressman Hamilton Fish, also of New York, plead for
moderation of expression and avoidance of rash official
commitments pending further official investigation of alleged
"outrages".
Cities Plan Protest Meetings Against Mistreatments of Jews.
Protest meetings are being planned in 32 cities of the
United States as well as in Canada, it was announced on
March 28 at the office of the American Jewish Congress,
New York City. Baltimore held a large mass meeting on
Thursday, March 30.
Many
Enabling Act Gives Hitler Absolute Power over German Government -Republican Constitution Now
Scrapped.
The enabling bill adopted by the German Legislature on
March 23 (noted in our issue of March 25, page 1977) gives
Chancellor Hitler supreme power and virtually constitutes
in his person the entire German government, according to an
analysis of the legal backing of the new regime by the Berlin
correspondent of the "Times". With the provisions of the
Weimar constitution nullified, the lawmaking authority of
President von Hindenburg is removed and transferred to the
Hitler party. Under date of March 26, the "Times" dispatch from Berlin described the new code under which Hitler
will govern as follows:
The enabling bill adopted by the new Legislature last Thursday literally
scraps the Weimer Constitution. It confers upon the National government
a blanket power of attorney, and no other German Government since
Bismarck's day has been vested with equal plenipotentiary powers. Chancellor Hitler has received it as the "legal instrument" with which he intends
to refashion the national life of a reawakened Germany.
With the last of the tens of thousands of torches that nightly blazed
along the streets and avenues of Potsdam and Berlin in the last week
Vn:ume 1"
Financial Chronicle
snuffed out, every brand of political opposition stifled and the federated
States prepared to do the Reich's bidding, the Hitler government enters
upon the second stage of its revolution—that of performance.
It has contracted a mass of obligations that is neither smaller nor less
pressing than those previous republican governments sought to fulfill but
whose redemption will now be attempted through the medium of dictatorial
procedure that may not vary perceptibly from the historic precedents
established elsewhere and may even create formulas of a more startling
nature.
Such contemplation is frankly suggested by the brief but far-flung terms
of the Government's enabling act, with which it is now proposed to undertake the political economic, moral and religious regeneration of Germany.
It is advisable, therefore, that the scope of its authorizations be thoroughly understood before speculating on the official course, now that
thelGovernment has a completely free hand and is not accountable to
the Reichstag or the nation's Executive.
In short, the entire legislative machinery of the Reich has been placed
inithe hands of Herr Hitler and his cabinet. The Chancellor will henceforth promulgate and proclaim the laws of the land, for which the President's signature will no longer be required.
Technically it is assumed that the President may dismiss the Chancellor,
but as the enabling act has not yet been subjected to rigid interpretation,
some of its more critical and incisive provisions must await clarification.
Until April 1 1937, the act confers dictatorial powers on Chancellor
Hitler limited only by the powers still conceded to the President, which
have been heavily curtailed. But the President's powers cannot be usurped
or further whittled down without violating the terms of the act.
There is a proviso in the Act that it shall lapse "when the present Reich
flovernment is succeeded by another." but the only situation in which this
clause would become effective would appear to be in the event of Herr
Hitler's dying.
Hitler's Power Supreme.
The Act confers "authorization" not on the Chancellor but on the Reich
Government. But since the Act does not change the constitutional proviso
that makes the Chancellor pre-eminent over his Cabinet—Article LVI of
the Constitution prescribes that he shall determine the course of the Reich's
policy—the Government in this connection is practically the Chancellor.
As the Chancellor is charged with forming his Cqbinet subject to the
President's approval, Vice-Chancellor Franz von Papen, Dr. Alfred Hugenberg, the Minister. of Economics and Agriculture, and the other non-Nazi
members, could get out or be forced out, and when the vacancies were
filled with Nazis it would remain the same government so long as Herr
Hitler remained at its head.
As to the limits set to the Chancellor's dictatorial powers, the Enabling
Act specifies that "laws enacted by the Reich Government may deviate
from the Constitution of the Reich as long as they do not infringe on the
Reichstag and the Reichsrat as institutions."
Yet examination of the Act as a whole shows that the Reichstag and
the Reichsrat are to be tolerated merely as incorporeal shadows, since the
Act also specifically suspends the Legislature's budgetary prerogatives.
Even in medieval England money bills, to become law, had to be voted by
Parliament.
Has Sole Taxing Power.
•
With this new authority the Reich Government can do anything it
wants about taxes and the public purse without obtaining anybody's consent,
In short, the legislative powers of the Reichstag and Reichsrat in t,oto
are transferred to the Government of the Reich, and while these two legislative organisms cannot be abolished the determination of their nature and
functions is now completely at the discretion of the government.
The clause that "the rights of the President of the Reich remain unaffected" ostensibly leaves his power and position unaltered. As a matter
of fact, it lessens his power materially. Article III of the Enabling Act
abrogates promulgation of the laws of the Reich by the President; hereafter
they are to be promulgated by the Chancellor. Article III also deprives the
President of his power to veto a bill or submit it to a referendum.
In other words, the President's entire participation in lawmaking is
taken from him, whereas the Weimer Constitution conceived the President
not only as the Chief Executive but as the whole people's elected representative and also as joint legislator.
Technically the President still has the right to dismiss the Chancellor
and Ministers and appoint others. He remains commander of the defense
forces, appoints civil servants and retains the pardoning power.
The Treaty- Making Power.
There is nothing specific in the Enabling Act to shut him out from the
making of treaties, which under the Weimar Constitution were "concluded"
by him, but it is an open question whether the Act's proviso that treaties
with foreign powers shall no longer require the consent of the legislative
bodies may not also imply the President's elimination from treaty-making.
It should especially be noted that the so-called fundamental citizen's
rights guaranteed by the Weimar Constitution—equality before the law,
personal liberty, freedom of speech, the inviolability of home and property,
and so forth—are now virtually suspended inasmuch as the government is
empowered to enact laws deviating from the Constitution.
Under this proviso, for example, it would be possible for the Hitler
government to give a special status to such German citizens as were deemed
unfit and undesirable for admission to full citizenship, according to Nazi
tenets.
To sum up,there is nothing the government cannot do under the Enabling
Act except that it must not diminish the remaining rights of the President
and must not abolish the Reichstag and Reichsrat as "Institutions."
Germany Launches "Four-Year Plan"—Raises Margarine Duty and Takes Control of Production.
The following from Berlin March 24 is taken from the
New York "Times":
As the first important measure in the frame work of a "four year plan
of national reconstruction," Chancellor Hitler to-day signed a decree
whereby the Government assumes control of the production of margarine
and other butter substitutes, at the same time raising the import duty on
fats of all kinds in order to boost home production until it covers at least
80% of Germany's fat consumption.
Imports to the value of 700,000,000 marks (about 3167,300,0001 may
eventually be barred through this decree.
1. The quota of margarine production is set at 50% of the average production for the last quarter of 1932 for each concern. The import duty on
fats of this kind is raised materially to the level of the lard tariff. Raw
materials imported for the production of margarine and other fats will
henceforth be controlled through a foreign trade monopoly.
Margarine, of which large quantities are consumed in Germany, is
produced chiefly from foreign raw materials by concerns owned by foreigners.
2147
Washington Officials Said to Be Concerned Over
Higher German Duties--Fear Cut in Lard Export.
The following (Associated Press) from Washington March
25 is from the New York "Times":
The higher import duties on lard imposed by the Hitler government in
Germany are expected by the Department of Agriculture to have an
adverse effect on American exports of that product.
The Department said to-day the duty was raised on Feb. 15 from $1.08
to $5.40 per 100 pounds and that German imports were principally from
the United States, the world's leading producer.
Preliminary figures for the year ended last June 30 indicate that this
country exported 142,354,000 pounds of lard to Germany as compared
with 107,317,000 the previous year.
The increase by Germany in the import duty on lard was
referred to in our issue of Feb. 18, page 1113.
Germany Imposes Increased Duties and Government
Control on Margarine and Its Raw Materials.
Sweeping changes in the German trade control and taxes
on edible oils and fats are made by three decrees just issued
according to a cablegram to the Department of Commerce
from Commercial Attache H. Lawrence Groves, Berlin.
The Department on March 29 said;
Tne following products, both domestic and imported, are made subject
to a Government sales monopoly:
(Item ex 126) oleomargarine; (ex 128) premier jus: (131) fish fats, whale
fats, Sze.; (166, 167, 168 and 171) vegetable oils and fats (except nutmeg
butter, laurel oil and cotton stearin oil); and (207 A & B) hardened fatty
oils, fish oils and artificial edible fats (not including lard or margarine).
Effective March 29 1933, import duties were increased to 75 reichsmarks
per 100 kilos on (items 205 and 206) margarine and margarine cheese
(formerly 30 reichsmarks), and (Item 207 B) artificial edible fats (formerly
60 reichsmarks).
The Minister of Finance is authorized to impose a special equalization
tax on both imported and domestic margarine and substitute fats, not
including lard. The amount of this tax is fixed at 0.50 reichsmark per
kilo, according to a semi-official statement, and is intended to encourage
the use of butter by raising margarine prices, and to provide funds for the
sale of fats at reduced prices to the needy population.
Oil seeds (items 13 to 17) and oil-seed cakes (items 193 to 194) are to be
subjected to the provisions of the corn monopoly of 1930, with the effective
date as yet undetermined.
The margarine industry is ordered to reduce its output immediately by
one-half up to June 30 1933, on the basis of production during October to
December 1932, no compensation being granted.
Germany to Issue Nickel Mark Pieces —Silver in OneMark Coins, Representing 25,000,000 Reichsmarks,
Will Be Sold Over Three-Year Period.
From its Paris Bureau the "Wall Street Journal" of March
24 reported the following:
The German Government has just decreed the replacement of the onemark silver coins by nickel. There are at present 250,000,000 pieces now
outstanding. The 640 metric tons of silver (about 20.500.000 fine ounces)
will be sold over a three-year period. Present value of the silver is 25,000,000 reichsmarks. Proceeds of the sale will be used to finance the minting
of nickel and additional two and five mark silver coins with which to
replace the existing three mark piece, and to recoin the existing fivemark
piece which is inconveniently large.
The Bank of France has decided to begin next Monday the issuance of
the new 10 franc and 20 franc silver coins which are designed to replace
the corresponding bank notes as provided by the stabilization law of 1928.
The Bank has received from the Mint, coins to the nominal value of 1.500.000,000 francs compared with the 2,000.000.000 francs required and this
amount has been recorded among the assets on the balance sheets.
Under recent legislation, the five franc notes, of which there is a nominal
amount of 750,000,000 francs outstanding, will be replaced by nickel coin.
The stabilization law of 1928 also authorized the issue of 100 franc gold
coins and the design has been chosen but minting operations have not yet
been begun.
Three-Week Stock Boom Slackens in Berlin —Spurt
Puts Issues Up 300% to 400% From Lows of Crisis—
Halted by Profit-Taking—Dissatisfaction Reported
as Hitler Regime Makes Little Progress on Economic
Aid —Talk of Large Credits.
From its Berlin correspondent the New York "Times"
of March 24 reported the following:
After an uninterrupted three-week boom on the Boerse had brought the
leading stocks 300% and many minor stocks 400% above the lowest of
the crisis, the middle of last week witnessed a reaction due to professional
profit-taking and the partial withdrawal of the public. Pending the result
of Chancellor Hitler's fight for a legal dictatorship, nervousness prevailed.
Dissatisfaction has grown after two months of nationalistic jubilations
with practically nothing accomplished for national economy; indeed Roman
circuses are more in evidence than Roman bread.
Economic measures undertaken so far consist of tariff increases for the
benefit of farmers and minor doles and tax abatements designed to keep
the petty trader class faithful to Hitlerism. While the general public
Impatiently criticizes this lack of policy, economists are aware of no measures
to stimulate industry and relieve unemployment except possibly by means
of big credits to public spending departments. This would be achieved
only by an internal loan or by Reichsbank credit expansion. The bankers
declare that in the present condition of the money market, Labor Minister
Seldtes's talk of a 3,000,000,000
-mark loan is vain.
Regarding credit expansion it is certain that at present President Schacht
of the Reichsbank will not transgress the point where the currency would
be endangered, all the more so because he has announced his intention of
replenishing the Reichsbank's reserves which would require big export
surpluses. Such a move is therefore incompatible with excessive credit
giving and price-raising. Also old utterances of Dr. Schacht show that he
realizes that even big Reichsbank credits, whatever their effect on the
money market, could not replace real capital, of which there is still an acute
shortage.
Financial Chronicle
2148
Overt inflation is desired only by mortgaged landowners and influential
industrial concerns with large debts and certainly will not be adopted. A
favorable factor is that the Boerse boom enabled thousands of petty industrialists to realize on long-held securities without heavy loss, and as
the securities were purchased by the general public, largely with hoarded
cash, the effect of the boom is to increase the liquid resources of the producer class.
Rumania Retaliates on German Reich by Tariff and
Curb on Imports.
From Bucharest March 22 advices to the New York
"Times" said:
The Rumanian Government began to take reprisals to-day, following
the examples of Czechoslovakia and Yugoslavia, against the tariff policy
of the Hitler government in Germany.
It increased the duty on German eggs and all Rumanian concerns seeking
import permits for German goods were told they could obtain permits only
if they bought goods from some other country.
German Chemical Employment Aided
by State-Guaran-
teed Credits.
An announcement issued March 21 by the Department of
Commerce at Washington said:
Employment in the German chemical industry is now rated at 60% of
full-time employment conditions, according to a report to the Commerce
Department from Trade Commissioner William T. Daugherty, Berlin.
Average employment in this branch of German industry has not decreased
noticeably since the beginning of 1932, it was stated. Present employment improvement here is traceable to better occupation of the chemical
fertilizer branches, aided by the German Government's credit guarantee
system.
Employment in the German chemical industry has withstood the depression far better than the average industry, it was stated. The employment
index in this industry stood at 59.8% of normal in December 1932, at
58.5% at the beginning of January and at 60% at the beginning of February.
January sales in the industry showed improvement in nitrogen, phosphate
and potash, it was reported.
Austria Acts to Aid Large Banks—Cabinet Votes Fund
to Discount Assets of Institutions Faced with
Difficulties in Meeting Maturities on French Credit
—Proposed Issuance of Bonds.
The Austrian Cabinet on March 20 announced a plan
under which it is stated a fund (variously reported as $20,000,000 to $25,000,000) will be put up by the Government
to aid, says the "Journal of Commerce" the large Austrian
banks which are faced with difficulties in meeting maturities on French credits.
The advices to the paper indicated (from Austria March
20) also said:
Financed largely with Government funds the Central Institute was
formed. It will discount paper for the banks which have been drained of
liquid assets. The new institution is so organized as to advance funds on
extremely liberal terms with respect to collateral requirements.
Out of the total 180,000,000 shillings being advanced 140,000,000 come
directly from the Government and the remainder from the Austrian National Bank.
How the Government will get the money has not been stated clearly.
To raise it through taxation is considered impossible. Whether the Government is considering some kind of inflation is a matter for speculation ; this would help liquidate internal but not external obligations.
The difficulties of the banks came to a head on Friday [March 17].
French banks refused renewal to promisory notes. The total debt of
the banks due at short term to French bankers is not known but one
bank was obligated to the amount of $7,000,000.
It is to be expected that under the circumstances there would be much
talk of France's using her credit as a political weapon to fight impending fascism here. This is the view heard in cafes. It is not subject to
easy verifications.
The following advices in the matter from Vienna March
20, are from the New York "Times":
A portion at least of the $20,000,000 which the Austrian Government
has voted for the reorganization of its other banks, somewhat on the
lines of the Creditanstalt reorganization, will be taken, according to reports to-night from schillings paid to the National Bank under the transfer
moratorium on account of Austria's foreign debts.
Austria will thus follow a precedent set some time ago by Hungary.
Treasury bonds probably will be given to English, American and other
foreign creditors instead of the Austrian schillings standing to their
credit in "blocked accounts."
This second rescue action by the Government apparently was forced
when the Socialist municipality of Vienna decided last week to withdraw its deposit of $2,000,000 in the Niederoesterreichische Escompte
Gesellschaft and Governor Kienboech of the National Bank refused to
discount further Escompte Gesellschaft bills unless its directors and staff
accepted large cuts in salaries.
Unlike the Wienerbankverein the Escompte Gesellschaft delayed writ.
ing down its assets. It will now reconstruct its capital with the aid
of the new $20,000,000 fund established by the Austrian Government.
The salaries and pensions of all its directors and staff, like those of all
other Austrian banks, will be slashed by a decree to be issued to-morrow.
How far other Austrian banks will avail themselves of Government
assistance is not known, but the effect of the new action will apparently
make Governor Kienboeck the financial dictator of Austria.
Further advices to the same paper, from Vienna March
21 stated:
About $7,000,000 of the $20,000,000, which the Austrian Government
will devote to the reorganization of banks, will be taken from transfer
moratorium funds, Finance Minister Weidensoffer announced to
-day. Most
of the rest will take the form of treasury bonds.
April 1 1933
The Wiener Bankverein and the Lower Austrian Escompte Gesellschaft
apparently will obtain assistance from the new fund. Both banks must
reduce their share capital to $4,000,000, a reduction of more than $3,000,000 for the Escompte Gesellschaft and $2,000,000 for the Bankverein.
One account regarding the action by the Cabinet (from
Vienna March 19) to the "Times" said the Cabinet the previous night had decided to issue an emergency decree authorizing the Finance Minister to lend $16,000,000 to a
"company for revision and trustee administration" allied
to the National Bank for the acquiring of stock from other
banks and providing funds to create employment. The National Bank would lend $4,000,000 from its reserve for the
same purpose.
On the same date March 19, Associated Press advices
from Vienna said:
The Cabinet's banking decrees will provide for big reductions in pensions and salaries, which hitherto were protected by law.. The guaranteeing of bonuses to bank directors will be forbidden. A communique explained that the salary and pension cuts alone would not be enough to
save the situation, so the National Bank would help the banks liquidate
their frozen assets.
All existing special agreements between banks and employes will be
terminated by the decree as of March 31.
New Customs Tariffs in Poland—American Goods
Affected.
Regarding new customs tariffs in Poland, Associated Press
advices from Warsaw, Poland, March 22 stated:
Effective March 24 and lasting until Oct. 11, when anew customs
tariff
becomes effective, the importation of a number of classes of goods has been
prohibited except on special permission of the Ministry of Commerce.
American goods affected include leather, motor trucks, spare automobile
parts, tires, typewriters and rubber g000ds.
Argentine leather importation is prohibited.
The measure is intended to compel foreign countries to buy more Polish
goods. It was pointed out that United States exports to Poland amount
to $20,000,000 annually but that imports from Poland amount to only
$1,500,000.
Permits will be issued only against compensatory purchases.
On March 23 the U. S. Department of Commerce issued
the following announcement:
One hundred and twenty-five items have been added to the list of
goods
which may only be imported into Poland under special permit, the
basis
upon which such permits are to be issued not yet having been announced,
according to a radiogram of March 23 received in the Department
of Commerce from Commercial Attache Clayton Lane, Warsaw.
It is reported thas shipments prior to March 24 1933, if cleared
through
customs within thirty days, will not be affected by these restrictions.
II Duce Would Alter Europe—Premier Mussolini of
Italy Said to Have Urged Territorial Changes in
His Talks with Prime Minster MacDonald of Great
Britain.
The following interesting copyright cablegram from
London March 28 appeared in the New York "Sun" on
Tuesday evening:
From a reliable source the "Sun" correspondent is able to reveal
to-day
the details of the recent conversations between British Prime
Minister
Ramsay MacDonald and Italian Premier Benito Mussolini.
The parleys were held in Rome during the week end of March
18 and
19. in the presence of British Foreign Minister Sir John Simon and
high
Fascist officials.
Mr. Mussolini during the conversations proposed to Mr.
MacDonald
the following:
1. A German corridor through the Polish corridor from Konitz to
Marianwarder.
2. The return to Hungary of most of its former Transylvanian
territory
embracing Temesvar, Groswardein and Klausenburg. This at the
expense
of Rumania.
3. The return to Hungary by Jugoslavia and Rumania of most
of its
former Banat region, giving Hungary both
sides of the Danube, as In
the old territory, from the frontier of Austria to within a few
miles north
of Belgrade.
4. The giving to Austria of the "Kraft'," former Austrian
and also of an outlet to the sea in the Free Port of Fiume. mountain,
(Italy thus
offers Austria substantial appeasement with the hope that Italy
may retain
the Austrian Tyrol.)
For Independent Croatia.
5. Creston of an independent Croatia around Zagreb.
6. The presentation of Herzegovina and Montenegro to
Albania and
Albania to be under an Italian protectorate.
The whole idea of these proposale is to make Austria and
strong that they need not come under German influence. Hungary so
They would
create a balance of power in Central Europe which could prevent
the need
for an "anschluss," or union of Germany and Austria.
As things are now, a Fascist coup d'etat in Vienna would
almost auto
=Wally mean an anschluss with Chancellor Adolf Hitler's
Germany.
Although it is reported in some reliable quarters that Mr. Hitler,
In order
to keep Mr. Mussolini's support, has stated that there would
not be an
anschluss in such circumstances.
Such a reshuffling of the map of Europe as proposed by Mr.
Mussolini
would be effected chiefly at the expense of the Little Entente
(Czechoslovakia, Rumania and Jugoslavia), instead of Poland. nations
There
Is already a railway between Konitz and Marienworder. A
compromise
might be had by the Poles neutralizing it. It is not believed that
Poland
would under any circumstances admit to the creation of a German
zone.
Jugoslavia, the coming country of the Balkans and the chief
barrier to
Italy's Balkan pollcy, would thus be reduced to a size approximating
its
pre-war territory.
Not Worried About Czechs.
Regarding Czechoslovakia, which is left untouched by thaw
revision
proposals, Mr. Mussolini is reported to have said:
Volume 136
Financial Chronicle
"Oh, dont' bother about Czechoslovakia. Czechoslovakia will fall
to pieces within 10 years by the natural development of Germany."
The northern part of Czechoslovakia, in the expectation of II Duce,
would rejoin Germany, the southern section would join Austria and the
eastern part, including the high Tatra, would fall back to Hungary.
For this price, it is reliably reported, Mr. Mussolini is willing to reach
an agreement with France whereby he will not press for naval equality
nor for the reinforcement of Italy's colonial arm which under Mr. Mac
Donald's disarmament plan gets only 50,000 colonial troops for Italy
against 200,000 for France and leaves Italy with a total of 250,000 against
France's 400,000 soldiers.
France to Fight Plan.
France, of course, will fight these revision proposals to the finish. It
is said, however, that there are tendencies among the Left Party in France
which might listen to a deal along these lines despite the fact that the
Government and a great majority in France are against it.
France insists that it will not be associated with the initiative of any
treaty revision. This, in France's view, must be started by Mr. Mussolini
or Mr. MacDonald, who must then take full responsibility before the
League of Nations for launching such proposals. The French, the Poles
and the Little Entente declare that these proposals will only add to the
discontent and danger of war in Europe.
What the British Prime Minister thinks of Mr. Mussolini's proposals
specifically cannot be stated definitely. It can be said, however, that
Mr. MacDonald revealed great admiration for Mr. Mussolini since he
returned to London. By these open proposals, Mr. MacDonald secs that
Mr. Mussolini is not on Mr. Hitler's side, or at least, he can be won away
from him. This, at the moment, is the foremost aim of British foreign
policy.
Expected bit Little Entente.
The "Sun" correspondent understands that the Little Entente has
been suspecting that this move of Mr. Mussolini's has been in the air for
some time, hence the rapidity with which the Entente recently formed
Its solid alliance. The Poles, at the moment, are fairly tranquil, but it
Is now known that the Little Entente is so alarmed that this is the real
reason why Nicholas Titulescu, Rumanian Foreign Minister, is rushing
to-day to Paris.
Well-informed political observers here assert that Mr. MacDonald
knows that the proposed Four-Power Pact Is already dead and that he
Is now trying to form a "More-Power" Pact. The French, however,
have now made it absolutely clear that revision can only be discussed
at the League of Nations and within the League framework, where whoever
proposes it must take full responsibility for the consequences.
While Great Britain already has pledged itself to revision by Mr. Mac
Donald's utterances, it is no exaggeration to say that it will rapidly look
with yearning toward sitting on the fence again when it sees that Europe
is splitting into two fresh and hardened camps of revisionists and status
quo forces, with Russia siding with France to lead the latter.
One reason for the Russian alarm is the persistent report that Germany
Is endeavoring to see what form of territory could appease Poland for
losing the corridor and to have blandly suggested that, if Poland would
not be satisfied, It be given the Soviet Russian Ukraine.
Russia does not worry about Bessarabia, because it is already so wretched
under the Rumanian rule that it can be said this stolen territory is pegged
down with bayonets and will fall with a gentle shove any time the Russians
want to take it.
Bank of Italy Recalls $8,546,500 Gold.
The Bank of Italy withdrew on March 25 $8,546,500 of
the gold that it had under earmark in the Federal Reserve
Bank and exported the metal to Italy under license, the daily
gold report of the Reserve Bank showed. The New York
"Times" of March 26, said in part:
A week ago the Italian bank took $8,507,500 out of earmark and carried
it home. so that it now has repatriated 617,054,000 of gold under Federal
license since the Government embargo against general shipments of the
metal was laid down. How much gold remains here under earmark for
the Italian bank has not been announced. but Wall Street estimates that
It does not exceed the amount already taken out.
Apart front the Bank of Italy's shipments there has been only one
export of gold since the embargo--6601,900—which was sent to Portugal
on Friday and which it was assumed, must also'have been withdrawn from
earmark by the central bank of that country.
These withdrawals leave $378.963,835 gold under earmark for foreign
account in the vaults of the Federal Reserve Bank. A considerable portion
of this gold is expected to be repatriated by its owners, but another large
part is likely to be released, bankers believe to create dollar balances by
central banks which have reduced their dollar holdings to negligible figures
in recent months.
The Italian transaction was the only one reported yesterday by the
Reserve Bank. Since the gold had been under earmark and therefore
already subtracted from the monetary gold stocks of this country, no loss
was involved In the movement.
Reference to the fact that Italy was the first to export
gold from the United States since the declaration of the
embargo by President Roosevelt on March 5 was noted in our
March 25 issue, page 1974.
Eighteen Industries in Italy Reported as Showing
Gain Over 1932—Increases in Production Range
from 1 to 500%.
A wireless message, March 29, from Rome, Italy, to the
New York "Times" said:
The first positive symptoms of Industrial recovery in Italy are contained
in official figures issued to-day indicating .that for the first two months of
this year, as compared with last year, eighteen of Italy's principal industries
Increased production from 1 to 500%. Only five showed decreases, ranging
from 5 to 45%.
The heaviest increases of 500 and 400% were shown by the manganese
steel and sheet iron plants, respectively. These are new industries now in
the courst of development but with their total production still small.
Many older industries also showed increases. Thus production of cast
Iron increased 2%,of steel 23%,of zinc 59%,of cement. 10% and of paper,
8%. The most important decreases were those in the lead and silk industries, amounting, respectively. to 40 and 22%•
2149
Payment of April 1 Coupons on State of San Paulo 7%
Coffee Realization Bonds—Portion of Bonds
Drawn for Redemption—April 1 Payment on Berlin
Bonds.
Speyer & Co. and J. Henry Schroder Trust Co. are paying
to-day (April 1) the April 1st coupons of the State of San
Paulo 7% Coffee Realization Loan, and $949,500 bonds
drawn for redemption at par. Speyer & Co. are also paying
April 1st coupons of the City of Berlin 25
-year 6 % gold
bonds of 1925, Berlin Electric Elevated and Underground
Railways Co. 30-year 1st mortgage 63/2% gold bonds and
City of Frankfort-on-Main 7% serial gold bonds.
Plans of American Glanzstoff Corporation for Readjusting Preferred Stock.
It was learned at the office of the American Glanzstoff
Corp. that the company has under contemplation a plan for
readjusting its preferred stock. It is stated that the plan contemplates offering the right to the holders of the c mpany's
preferred stock to exchange such stock upon the basis of one
share of new $50 pax value 6% prior preferred stock, one
share of common stock Class B and $15 in cash for each share
of existing 7% preferred stock of $100 par value. Details
of the plan will be announced shortly.
Cash Deliveries Ready on Buenos Aires 7% Bonds.
The National City Bank of New York as agent of the Province of Buenos Aires under the loan readjustment plan of
1933, is notifying holders of the external 7% secured sinking
fund gold bonds dated Apr. 1 1926 and due Apr. 1 1952,
of the Province, that the corporate agency department of
the bank will deliver to the holders of these bonds who have
assented to the plan:$21.11 with respect to each $35 coupon;
$10.55 with respect to each $17.50 coupon and $2.11 with
respect to each $3.50 coupon maturing Apr. 1 1933. In
each case delivery will also be made of 5% certificates of
arrears for the balance remaining unpaid on such coupons.
It is stated that the specified sums are payable only against
the surrender of the substituted coupons due Apr. 1 1933,
issued pursuant to the plan and attached to the assenting
bonds.
Ames, Enterich & Co. Announce Receipt of Funds for
April 1 Payments on Saarbruecken and Saar Basin
Consolidated Counties Bonds.
Ames, Emerich & Co. announce receipt of funds to pay
coupons maturing Apr. 1 1933 on the following bonds:
Saarbruecken Mortgage Bank, Series "B"; City of Saarbruecken 7%,due March 31 1935; Saar Basin Con. Counties,
due March 311935, Also funds to pay the following bonds
which have been called for payment as of Apr. 1 1933: City
of Saarbruecken 7%,due March 31 1935 and Saar Basin Con.
Counties, due March 31 1935.
Portion of Bonds of Czechoslovakia Drawn for
Redemption.
Kuhn, Loeb & Co., The National City Bank of New York
and Kidder, Peabody & Co. announce that there has been
drawn by lot for redemption on Apr. 1 1933 out of moneys
in the sinking funds,$145,500 principal amount of8% secured
external sinking fund gold bonds due Apr. 1 1951,comprised
in the first portion of the Czechoslovak State Loan of 1922,
and $74,900 principal amount of 8% secured external sinking
fund gold bonds, Series B, due Oct. 1 1952 of the same lean.
Interest on drawn bonds will cease to accrue on and after
Apr. 1 1933.
Colombia in Debt Holiday.
Associated Press advices from Bogota, Colombia, March
29, were published as follows in the New York "Evening
Post":
The Government decreed a moratorium on the external debt to-day and
suppressed all departmental and municipal subsidies, effecting a saving of
more than ten million pesos, most of which will be diverted to the national
defense.
The external debt on June 30, 1932, was 210,226,532 pesos, approximately $180,795,000.
New Zealand Loan Conversion Plans Reported
Successful.
Canadian Press advices from Wellington, New Zealand,
March 23 said:
The Government's attempt to have £115.000,000 worth of internal debt
holdings converted to a 4% basis, thus saving the country about £215,000
annually in interest, has been almost wholly successful.
One more day remains for the hesitant holders to voluntarily turn in
their issues, and at present the Government has £104,000,000 converted.
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Financial Chronicle
Officials believe almost the whole total will be converted, because until now
there have only been dissenting notifications representing about £400,000.
The conversion plans were referred to in our issue of
March 11, page 1648.
New Zealand's Budget Outlook Reported Brighter.
New Zealand's financial outlook is brighter with the disclosure that the budget deficit will be about E700,000, instead of the expected £1,000,000 and that expenditures will
show appreciable economies, it is stated in a report to the
Commerce Department's Finance Division from Trade Commissioner Julian B. Foster, Wellington. The Department's
announcement March 13 added:
The principal improvement is that customs receipts during the first nine
months were £225,000 greater than estimated. (The fiscal year ends
March 31.)
Another favorable factor is the fact that a certain amount of revenue
will be collected this financial year under taxation proposals recently introduced. This year's anticipated deficit will therefore be reduced.
Honduras Ends Bank Holiday.
From Tegucigalpa, Honduras, March 30 Associated Press
advices to the New York "Times" said:
The government to-day cancelled decrees of March 7 and March 11 which
established a banking moratorium. The only restriction left in force was
that providing for the intervention of government auditors in all banking
transactions.
Two-Year Moratorium on Mortgage Payments Voted
by Cuban Senate and House—Affects Sugar Mills,
Farm Lands, Railroads, &c.—Similar Moratorium
on Cuba's Foreign Debt Said to Be Favored by
Senator Gutierrez.
A two-year mortgage moratorium recommended by President Machado of Cuba was unanimously approved by the
Cuban Senate in an all-night session which terminated at
4 A. M., March 28. According to advices on that date from
Havana to the New York "Times" which also had the
following to say:
Although many amendments were introduced, little change was made
In the text of the measures presented by the Chief Executive.
The bill relieves public service railroads, sugar mills and farm lands
from the payment of principal and interest on bonds or mortgage obligations until July 1 1935. Mortgaged city property also is included in the
benefits of this legislation, it being stipulated that the moratorium affects
payments of principal and of interest when the interest exceeds 4% a
year.
Debtors will have the right to pay instalments on principal and interest during the period of the moratorium, with three instalments required later, to be paid on July 1 in the years 1935, 1936 and 1937
respectively.
The bill has been sent to the House of Representatives, where it is
expected to receive prompt approval.
President Machado also has recommended early passage of a measure
granting taxpayers two year in which to liquidate national, provincial
and municipal taxes levied up to June 30 1932, and unpaid to date.
Under the provisions of this proposed legislation, taxpayers will be
permitted to pay small instalments on taxes in arrears at the time current
payments are made.
The financial condition of Cuba, which has grown steadily worse in
the past three years, has made it impossible for many taxpayers to meet
their assessed quotas.
Machado Opposed to Default.
Despite increased agitation for deferring foreign debt payments, silence
is maintained by President Machado on this matter which causes political
observers to believe no action on it will be taken at the session of Congress which comes to an end on March 31.
At the same time it is asserted that whatever action is taken must
come during the present session as upon the opening of the coming session
on April 3 the lower house will be faced with the problem of being unable to muster a quorum. Disputes over last November's election, in
which more than half the members of the House were renewed, have
led to the challenging of all the victorious candidates in the Courts of
Cuba for electoral frauds, with the result that they will be unable to take
their seats at once when the new Congress convenes.
President Machado heretofore has vigorously opposed any action on
the foreign debt problem and has repeatedly silenced any proposals by
Congressmen or others for a moratorium on this class of indebtedness,
asserting that Cuba would maintain her international credit by meeting
foreign obligations on the due dates. However, a payment aggregating
$15,000,000 which must be made by June 30 is practically impossible in
view of existing conditions, and arrangements to borrow against the apparent deficit must be made or permit default or a moratorium.
The "Wall Street Journal" of yesterday (March 31) in
advices from Havana, said:
The House of Representatives has approved, with some amendments, the
Senate bill for a moratorium on mortgage and other obligations. The bill
will now return to the Senate for ratification of the amendments.
Recommendations for the two-year mortgage moratorium
were contained in a message sent to Congress on March 22
by President Machado. Senator Viriato Gutierrez, leader
in sugar circles, who formerly served as spokesman for
President Gerardo Machado, came out in favor of a twoyear moratorium on Cuba's foreign debt on March 27,
April 1 1933
according to Associated Press advices from Havana on that
date to the New York "Herald Tribune" from which we
also quote:
"Not long ago," he said, "I treated directly with our creditor banks
in regard to this matter and obtained consent to it in principle. The
present moment is propitious, and all that is necessary is to harmonize
the various interests which the problem touches."
In its issue of March 29 the "Times" said:
Bankers Here Unperturbed.
Reports received here yesterday from Havana that the Cuban Government has sponsored a bill providing for a moratorium for two years on
real estate mortgages, mortgage bonds and interest thereon, found interested bankers here without official advices concerning the situation.
Preliminary drafts of the legislation indicate, it was said, that Cuban
Government bonds themselves would not be affected but rather the
obligations of Cuban railroads, sugar mills, the Cuban Agricultural Bank
and rural properties. It is pointed out that many of these obligations
are already in default.
Falling Off in Cuba's Commerce—Imports from U. S.
Dropped $27,653,000 Last Year.
In its March 26 issue the New York "Times" published
the following special correspondence from Havana March
22:
Cuba's foreign commerce amounting to $131,696,220 in 1932, struck
the lowest level since 1902, and represents a decrease of 33% from 1931
and 60% from 1930. The total imports were valued at $51,400,000.
The share of the United States in these 1932 purchases was $27,653,000,
representing a loss in trade of $18,287,000, compared with 1931 and $59,634,000, compared with 1930.
Economists here, who are urging a reduction of customs duties, point
out that the increased tariff has been a major contributing factor in the
loss of revenue. A comparative study of customs duties shows that in
1927 the Republic collected 16% of the value of imports, whereas the
present duties average 34%. Added to this are the public works taxes
and port charges which amount to 18% of the value of goods imported
and the 5% consular fees making a total of 57%.
Controller's Institute of America Names Committee
on Stock Exchange Relations to Promote CoOperation Between the Institute and the New
York Stock Exchange In Accounting Require..
ments Incident to Listing of Securities.
A Committee on Stock Exchange Relations, formed
primarily for co-operation with the New York Stock Exchange, has been named by the Controllers Institute of
America, according to an announcement by the Institute on
March 21. The Committee was named by F. J. Carr, President of the Institute, who in making known its appointment
said:
,
IMMO
Creation of this committee makes it possible for the first time for corporate controllers to present to the Exchange their views concerning accounting and reporting requirements promulgated by the Exchange as
perrequlsite to listing of securities. It is by these rules, in connection with
listing, that the Exchange has strengthened, and standardized to a certain
degree, methods of determining earnings or corporations and their true
financial positions. The methods have to do principally with forms of
financial reports, the idea being that accurate ascertainment and proper
presentation of financial facts underlying securities listed on the Exchange
will protect investors. Application of these methods of reporting goes
back into the accounting procedures to a certain extent, as, in order to
prepare reports in a prescribed form, accounts must be kept in a specified
manner.
The Exchange has thus moved in the direction of protecting investors by
requiring fuller disclosures of the real financial conditions of corporations
whose securities are listed, and with this movement the Controllers Institute
is in whole-hearted agreement.
The Controllers Institute offered its co-operation to the New York Stock
Exchange, and it was promptly accepted. In offering that co-operation
the Institute pointed out that the controller, personally, is in charge of the
corporate financial and accounting activities and thus, at all times, Is
thoroughly familiar with all facts and transactions of importance.
It was further pointed out to the Exchange that the Institute believes
that the interests of the public and of the corporations require that proper
weight be given to certification by the controller as to facts within his
intimate knowledge, and that such certification be allotted a definite place
in the program to safeguard investors.
Controllers have certain fairly definite ideas with respect to development
of an adequate practice wherein the public interests will be further safeguarded.
It is felt by the controllers that full advantage should be taken of the
adequate systems of internal auditing which have been developed of late
years, and that.a plan may be evolved whereby duplication of this work
may be avoided, and considerable savings to the corporation effected.
This could be done, it is believed, in such manner that the safeguards of the
Investor could at the same time be strengthened.
The co-operation between the Controllers Institute of America and the
New York Stock Exchange will be on a purely informal basis. The controllers may bring, through their committee, matters to the attention of the
Exchange which it believes merit study and consideration, and the Exchange
may refer to the Controllers Institute matters on which it believes the opinions of controllers will be of value.
•
Edwin F. Chinlund, Controller, International Telephone & Telegraph
Corp., Chairman
Daniel H. Bender, Vice-President and Treasurer, Utilities Power &
Light Corp., New York and Chicago.
Rodney S. Durkee, Controller, Socony-Vacuum Corp.
Leroy V. Porter, Controller, New York Central Lines.
Benjamin G. Smith, Controller, E. R. Squibb & Sons.
J. S. Snelham, Controller, Continental Can Co.
F.J. Carr, President, Ex-Officio.
•
Volume 136
Financial Chronicle
New York Stock Exchange Lists Tax Required Under
Revenue Act on Sales and Transfers of Stocks
and Bonds With Warrants Attached.
Under date of March 27 Ashbel Green, Secretary of the
New York Stock Exchange, issued the following • notices
regarding tax on warrants attached to stocks and bonds:
NEW YORK STOCK EXCHANGE.
Office of the Secretary.
Tax on Warrants Attached to Stocks.
March 27 1933.
Based on information received at this office, the extra Federal tax required under the Revenue Act now in effect on sales and transfers of stock
with warrants attached is understood to be as follows:
Allegheny Corp.cum.5% pref. stock, ser. A, with $30 warrants__ Sc. per share
Allegheny Corp. cum.5% pref. stock,ser. A, with $40 warrants__ 6c. per share
2c. per share
Consolidated Cigar Corp.6H% cum. prior preferred stock
Engineers Public Service Co. $5.50 cum. div, preferred stock
4c. per share
Firestone Tire dz Rubber Co.6% cum. pref. stock, series A
400. per 100 she.
Fourth National Investors Corp. common stock
4c. per 100 she.
General American Investors Co., Inc. $6 cum, preferred stock
Sc. per share
General Printing Ink Corp. $6 cum. preferred stock
4c. per share
General Realty dr Utilities Corp. Pref. stock ($6 optional div. ser.)_ Sc. per 100 ebs.
Rat Corporation of America 654% cum. preferred stock
4c. per 100 she.
Maytag Co.cum. preference stock
6c. per share
Oliver Farm Equipment Co. prior preferred stock, series A
Sc. per share
*Skelly 011 Co.6% cum. preferred stock
2e. per share
Solvay American Investment Corp. 514% cum. pref. stock
No extra
United Aircraft dr Transport Corp.6% cum. pref. stock, series A... 2c. per share
• Warrants expires May 11933.
NEW YORK STOCK EXCHANGE.
Office of the Secretary.
Tax on Warrants Attached to Bonds.
March 27 1933.
Based on information received at this office, the extra Federal tax required under the Revenue Act now in effect on sales and transfers of bonds
with warrants attached is understood to be as follows:
Abraham & Straus, Inc. 15-year 534% gold deb.,due 1943(see Note 5).20c. per bond
8e. per bond
Container Corp. of America 15-year 5% gold deb., due 1943
Crown Zellerbach Corp. 10-year6% gold deb.series of 1930,due 1940_30c. per bond
Note 1
*Ernesto Breda Co. 1st mtge. 7% s. 1. bonds, due 1954
General Steel Castings Corp. 1st mtge.gold bonds 534% ser. A,due'49_20c. per bond
200. per bond
•"11ansa" Steamship Line 10-year 6% gold bonds, due 1939
Note 2
Investors Equity Co., Inc. 20-year 5% gold deb., series B,due 1948
Kendall Co. 20-year
% deb., series A, due 1948 (see Note 6) _ .20c. per bond
40c. per bond
Mead Corp. 1st mtge.6% gold bonds,series A,due 1945
North Amer. Cement Corp. s. f. gold deb., ser. A,634%, due 1940 80c. per bond
Pathe Exchange, Inc. 10-year 7% sinking fund gold deb., due 1937_30c. per bond
Note 4
Remington Rand, Inc., 20-year 534% deb., series A, due 1947
No extra
Royal Dutch Co.4% Deb. series A, due 1945
Shell Union 011 Corp. 5% sinking fund gold deb., due 1949
$1 per bond
Southern Pacific Co. 40
-year 434% gold bonds of 1929, due 1969 __ I2c. per bond
Note 2
Union 011 Co.of California 5% deb.,due 1945
Note 3
Utilities Power dc Light Corp. 30-year 5% gold deb., due 1959
Walworth Co. 10-year 634% sinkIng fund gold deb.,ser. A,due 1935_ _40e. per bond
Warner Co. 1st mtge. 6% sinking fund bonds, due 1944
20c. per bond
White Sewing Machine Corp.6% 10-yr.sink. td. gold deb., due 1936_$1 per bond
•The sale or transfer of foreign stock is taxable on the basis of its par value in
dollars as determined by the current rate of exchange. The amount of tax given
here is based on the rate of exchange as of this date.
(1) On sales of I bond, 12c.: 2 bonds, 20c.;3 bonds, 28c.;4 bonds, 40c.:5 bonds,48e.
(2) On sales of I bond, 12c.; 2 bonds, 20c.;3 bonds, 32c.;4 bonds, 40c.: 5 bonds, 52c.
(3) On sales of I bond, 44c.; 2 bonds, 84c.; 3 bonds, $1.28, 4 bonds, $1.68; 5 bonds,
$2.12.
(4) On sales of 1 to 20 bonds, inclusive, 4c.; 21 to 40 bonds, Inclusive, 8c. .
(5) Warrant expires Oct. 1 1933.
(6) Warrant expires Sept. 11933.
Detroit Stock
Exchange on Cash Basis-Trading
Resu rred
From the "Wall Street Journal" of March 20, we take the
following from Detroit:
With business restricted to a cash basis the Detroit Stock Exchange reopened Friday (March 17) after a suspension of almost five weeks, due to
the banking holiday. Trading was light, with turnover for the day 2,312
shares, representing transactions in seven stocks. Only 1.081 shares
changed hands during the half-clay on Saturday. The Exchange has ruled
that all business will be on a cash bales until Detroit banks have reopened
and temporarily all securities must be paid for in cash within half hour of the
transaction.
No Action Taken Against Straus Securities Co. by
Attorney-General Bennett -Charge of Identity
With Old Firm Denied by Officers.
No action will be taken against the Straus Securities Co.,
60 Wall Street, State Attorney-General John J. Bennett, Jr.,
announced March 26 following a three-day examination of
witnesses, including officers of the company. The charge
had been made that the new company was simply a successor
to S. W. Straus & Co., Inc., which had consented to a
receivership. The first receivers resigned, declaring that
the company was "a mere shell" and that the new company
was simply the old one with a change • of address. The
following memorandum containing the results of his in
vestigation was released by the State Attorney-General:
"1. Each Is an officer, but not a stockholder, of the Straus Securities
Co., a New York corporation, owned by the Straus Securities Co., a Delaware corporation. S J. T. Straus is President of the Straus Securities Co.
and Nicholas Roberts, Vice-President.
"2. Straus stated that the new company was organized with funds
furnished by personal friends. The paid-in capital is $450,000.
"3. Straus and Roberts testified that purpose of the new company is
to do a general securities business.
"4. Straus and Roberts testified there was no connection, either direct
or indirect, with the old Straus company or with the reorganization committees now reorganizing properties in default.
"5. Roberts said that the Straus Securities Co. does not have a list of the
bondholders of S. W. Straus dz Co., Inc.; they have in their employ several
of the salesmen formerly employed by S. W. Straus, who brought with
them their customers' and prospect lists.
"8. Roberts stated that very little business had been done; that they
have only been open two or three days.
2151
"7. Straus and Roberts stated that the name Straus was used in the
organization of the new company in order that the charge might not be
brought that they were trying to conceal the fact that they were in the
securities business.
"8. Straus and Roberts stated that they are willing to co-operate in every
way with reorganization committees.
"9. Straus and Roberts stated that each is paid a salary by the new
company."
How Banks Are Handling Their Real Estate ProblemSurvey By American Bankers' Association Journal.
A survey of the way banks and trusts companies in various'
sections are handling the exconomic problems of the real
estate in their possession just completed by the American
Bankers Association Journal is said to indicate a tendency
to remodel and modernize bank premises and other properties
that have come on the hands of the banks, so as to make
them better-paying assets. Lower building costs were found
to be a large factor in this move. The Journal says:
"Real estate is one of the major problems of banks to-day. How banks
and trust companies in different sections are solving some phases of this
problem is revealed by a survey. Representative banks and trust companies were asked: Are you now doing, or have you recently done, any remodeling or modernizing of your main office, branch buildings or of any other
buildings which you own, control or manage and has such modernizing
resulted in greater revenue by saving you money or by making the property
more rentable or more salable?
"The replies indicate that the present lower cost of building materials
and labor, while a big factor, is perhaps not the chief one in inducing banks
to undertake remodeling and modernizing work at this time. The primary
motive Is rather to effect economies in operation, to increase efficiency,
to stop losses and increase revenue-in short, to make bank buildings and
other properties a better-paying investment."
The survey brought out one case where a committee has
been formed in a suburban county by trust and title companies to handle residence property. In many cases the
properites had deteriorated but under the new ownership
they are being renovated, modernized and well equipped,
with the result that they are being more readily sold. In
New York City banks and trust companies are takeing a
new part in the modernization of apartment houses, hotels
and individual dwellings.
As to the situation with regard to building costs the survey
says that, taking 1926 as normal, with the index number of
100, the 1932 index stood at 82. Considering wages and
materials seperately, the comparisons are as follows: building
wage rates in 1932 were 94 and building material costs 72,
as compared with the index of 100. It is stated that if the
increased efficiency of labor due to greater mechanization
and other factors could be taken into consideration the index
of the building wage rates for 1932 would be lower.
Guaranteed Mortgage Securities Protective Committee
Formed Under Chairmanship of Richard Washburn
Child.
Under the name of the Guaranteed Mortgage Securities
Protective Committee,a protective committee for the owners
of guaranteed mortgages and participation certificates has
been formed. Richard Washburn Child, former United
States Ambassador to Italy is Chairman of the Committee,
the other members of which are:
Willis G. Nash, Ex-President N. Y. State Bankers Association. Frank
H. Sommer, Dean, N. Y. University School of Law, Chairman Administrative Counsel of American Arbitration Association. Dr. N. I. Stone,
Director National Bureau of Economic Research, Former Chief Statistician
of U. S. Tariff Board. Jesse S. Phillips, Former Superintendent of Insurance of the State of N. Y.. Chairman of Board of Greater Indemnity
Insurance Co.
The counsel for the Committee are:
House, Grossman & Vorhaus, 521 Fifth Avenue, New York City.
Cabell, Ignatius & Lown, 27 Cedar Street, New York City.
The Secretary for the Committee is M. H. Blinken, 521
Fifth Avenue, New York City.
A statement issued by the Committee on March 20 said:
It is estimated that there are outstanding between two and one-half
and three billion dollars of mortgages guaranteed by the mortgage guarantee
companies doing business in the State of New York. These mortgages are
held by thousands of individuals, estates, charitable and educational institutions and corporations located in all parts of the United States, as
well as in foreign countries. Under the rulings promulgated last week by
the Superintendent of Insurance of the State of New York, the rights of
the holders of these guaranteed mortgages are put in jeopardy, inasmuch
as the effect of these rulings is, at least for the present, to suspend the
enforcement of the guarantee companies of their guarantees and, in addition, to transfer all the expenses of collections to the owners of the mortgages. No provision has been made in these rulings for disinterested
representation of the owners of these mortgages nor has any means been
provided for the enforcement of their rights by them. As long as the
mortgage guarantee companies continued the payment of principal and
interest, the mortgage holders could safely depend upon the companies to
supervise the operation of the properties and secure the payment of principal, interest and other carrying charges by the owners of the properties.
Under the existing conditions, the holders of the mortgages no longer have
this assurance and no substitute has been provided for them.
In view of the large number of holders of these mortgages, the large
territory over which they are distributed, the multifarious questions which
are presented by the situation which has been created, and the need for
constant and vigilant action in behalf of the mortgage holders, it becomes
2152
Financial Chronicle
practically impossible for the individual mortgage holder, except at prohibitive expense, to take the necessary steps to protect his interests.
In order to meet this exigency, the undersigned have consented to act
as a Committee for the protection of the holders of either mortgages or
participating certificates. It will be the purpose of this Committee to take
such steps on behalf of the mortgage and certificate holders as will prevent
a dissipation of their security, as far as possible to hold the mortgage
guarantee companies to the performance of their obligations and, whenever
necessary, to co-operate with the Superintendent of Insurance with a view
to insure the protection of the interests entrusted to the Committee.
Holders of either guaranteed mortgages or participation certificates are
Invited to communicate with the Secretary. The Committee has prepared
a report and survey of the situation as it exists and a form of agreement
constituting it the agent for the holders of the guaranteed mortgages and
participation certificates which will be available upon request.
A further statement (March 25) by Mr. Child said in part:
"The Committee of which I am Chairman has found a situation confront
tog the holders of these securities which calls for action to safeguard their
rights and,so far as possible,to meet the emergency with which the guarantee
mortgage companies are now confronted. Emergency regulations, proposed
legislation, and existing economic conditions made acutely necessary the
formation of this Committee in the interest of the investors. We anticipate
the co-operation of advisory committees representing charitable, educational, philanthropic, eleomosynary and other institutions as well as
executors and trustees and individuals holding these securities, and of
lawyers who represent such clients.
"I regard the work of this Committee to be in the nature of a public
service and its efforts will be directed not only to the protection of the
investor but will have due regard to the public weal.
"The Committee will accept from the owners of the securities a deposit
of a nominal amount merely to assure the necessary expenses of the Committee. Any fees made necessary by the Committee's labors will be
submitted to a Justice or a former Justice of the Supreme Court of the
State of New York or of a Federal Court or to the American Arbitration
Association, a disinterested, public-serving body, for approval.
"The Committee hopes to find a way to preserve the interests of all
parties concerned."
At the same time Judge Moses H. Grossman, of the firm
of House, Grossman and Vorhaus, of counsel to the Committee, said:
The statement by the Superintendent of Insurance that the Legislature
will be asked to enact laws to prevent the guarantee companies from
assuming liabilities greater than they can meet is very timely. It goes to
the heart of the immediate problem. If the Legislature should, unfortunately, fail to uphold the hands of the Superintendent of Insurance in
this respect, the causes of the existing condition will not have been removed
and the salutary reforms that the Superintendent seeks to initiate will
prove abortive.
In answer to his public invitation, the Committee has offered its cooperation to the Superintendent of Insurance in any plan or action for the
benefit of the guaranteed mortage security holders, the public and, so far
as is consistent, to the guarantee companies. This offer of co-operation
was to-day extended to the Governor by Mr. Child.
Globe & Rutgers Fire Insurance Co. Taken Over by
New York State Superintendent of Insurance —
Rehabilitation Is Sought—Company Consents to
Order, Its Directors Having Asked Department
to Act.
Justice Edward J. Glennon of the New York Supreme
Court granted March 25 the application of George S. Van
Schaick, Superintendent of Insurance, for an order permitting him to take possession of the Globe & Rutgers
Fire Insurance Co. of 111 William St., New York City,
for the purpose of rehabilitation. The Court acted 'after
hearing Attorney-General John J. Bennett Jr. for the
Insurance Department and Robert Kelly Prentice, attorney
for the insurance company, who consented to the order.
The action of Justice Glennon was pursuant to an order
signed by him on March 24 directing the Globe & Rutgers
Fire Insurance Co. to show cause forthwith why the petition
filed by the Insurance Department should not be granted.
Because of the consent of the insurance company, Justice
Glennon was able to act immediately. Special Deputy
Superintendent of Insurance Richard A. Brennan has been
designated by Mr. Van Schaick as rehabilitator of the
company,and is in complete charge of the company's affiars.
The New York "Times" March 26 states:
In the application to the Court Mr. Van Schaick asserted that he was
acting at the request of the company and its board of directors.
The
Court ordered him to conduct the business of the insurance company "in
such manner and take such steps toward the removal of the causes and
conditions which make necessary the granting of this order as the Superintendent of Insurance shall consider wise subject to the directions of the
Court."
The Court also ordered officers, directors, trustees, agents, servants and
employees of said Globe & Rutgers Fire Insurance Co. and all other persons
be and they hereby are restrained from futher transactions of business or
from dealing with or disposing of the assets of said corporation or from
doing or permitting to be done any act or thing which might waste the
assect or allow or suffer the obtaining of preferences, judgements, attachments or other liens or the making of any levy against said corporation
or its assets while in the possession or control of the Superintendent of
Insurance or while said corporation is being rehabilitated, except upon a
proper authorization from said Superintendent of Insurance or his agents
and until the futher order of the court."
The order also restrains any one from bringing or further prosecuting
any action at law, suit in equity or other proceeding against the insurance
company or its assets or the Superintendent of Insurance, or from making
and executing any levy upon the assets of the corporation or from in any
way interfering with the Superintendent of Insurance in his possession,
control and management of the property of the company.
April 1 1933
Justice Glennon said in his order: "The Superintendent of Insurance
is hereby authorized to conduct the business and affairs of the Globe &
Rutgers Fire Insurance Co. as he shall consider wise and under and pursuant to the direction of the Court and that application may be made for
such and further relief and instructions of the Court as may from time
to time be necessary."
-411.
Questions on Globe & Rutgers Answered by Van
Schaick—Policies Still in Force, but new Ones
not Being Written —Protective Reinsurance Advocated by State Official—Committee of Six Appointed in Efforts Towards Reorganization.
Pending efforts toward possible reorganization of Globe
& Rutgers Fire Insurance Co., George S. Van Schaick,
Superintendent of Insurance, March 28 sent a telegram to
certain pilicyholders, agents of the company, and insurance
commissioners, advising protection of interests by having
new policies written with other companies. The communication was in the form of an answer to inquiries made
to the Department since the company was taken over for
rehabilitation. The telegram in full follows:
"Globe & Rutgers policies still in force. No new business being written:
All payments suspended pending efforts to effect reorganization through
raising new capital.
"If reorganization Is possible all losses should be paid in due course. If
reorgainzation unsuccessful, losses will be claims against the company in
liquidation.
"Impossible to predict at present whether successful reorgainzation can
be effected, but committee has been organized and efforts are proceeding.
"If liquidation later becomes necessary, it is impossible at present to
predict whether creditors will be paid in full.
"Policy holders have option of continuing policies or canceling and
having claim for unearned premium.
"Pending dicision as to reopening of Globe & Rutgers, policyholders
should protect risks by binding in other companies, subject to cancellation
of new binders in event of reopening. Such binders and other insurance on
property should waive contribution by Globe & Rutgers Fire Insurance Co."
In a statement issued March 29, Mr. Van Schaick emphasizes the fact that no plan of rehabilitation has been passed
upon by the Insurance Department. He further explains a
number of points in the status of the Company's business
concerning which erroneous impressions had gotten out.
His statement follows:
The rehabilitation order, relative to the Globe & Rutgers Fire Insurance
Co., directed the Superintendent of Insurance to take possession of the
property ofthe Company,and to take such steps toward the removal of the
causes and conditions which made necessary the granting of the order as
the Superintendent of Insurance should consider wise,subject to the direction of the court.
The directors of the company immediately took action by the forming of a
reorganization committee to present a plan for rehabilitation and reopening.
The committee is now working upon such plan which has not yet been presented to the Superintendent of Insurance, and of necessity cannot be
presented for the next several days. It is obvious that rehabilitation
depends upon refinancing which will give the company ample additional
capital funds.
This Department has not passed upon nor approved any plan, nor made
any comment as to the practicability of such a plan,for the obvious reason
that none has yet been presented.
No inference of any sort should be drawn from the telegram sent by the
Insurance Department to agents of Globe & Rutgers other than the statements contained therein. While the Department is naturally desirous that a
sound and practicable plan of rehabilitation may be evolved, any comment
professing to give the viewpoint of this Department or of the Superintendent
of Insurance upon the probability or improbability of removing the causes
of the rehabilitation order is premature and unauthorized.
Inasmuch as it cannot now be stated with certainty what the outcome
will be, all Globe & Rutgers policyholders have been advised by this Department to protect their risks by binders with other companies, subject to the
cancellation of the new binders in case of reopening. Such policyholders
have further been advised to be sure that such binders and other insurance
on same property waive contribution by Globe & Rutgers because of the
provisions in the standard fire policy relative to contribution. This is an
added precaution to insure full protection; for in the event of liquidation
and the failure to pay claims in full, the contribution feature would result
in some loss.
Committee Appointed.
Efforts toward reorganization of the Globe & Rutgers Fire took definate
form March 28 with the appointment of a committee of six, representing
various interests. The committee consists of Charles A. Dana. President
of the Spicer Manufacturing Co. and a director of Globe & Rutgers: Charles
Hayden, senior partner of Hayden, Stone & Co.; Alfred H. Swayne, vicepresident and a director of the General Motors Corp.. and Reeve Schley,
vice-president and a director of the Chase National Bank.
A spokesman for the group stated that the committee was organized
not only with the view to consolidating the various interests represented,
but also to co-operate with the insurance authorities. It also was stated
that reorganization of the Globe & Rutgers may be realized, because of
the wide interests of the company.
Globe & Rutgers Fire Insurance Co.'s Assets Sharply
Reduced—Third Largest Unit in State Listed
Holdings of $71,900,130 at End of Year--$61,322,586
Investments.
The New York "Times" March 25 stated in part:
The Globe & Rutgers Fire Insurance Co., in addition to being the third
largest concern of the kind, from a standpoint of listed assets, incorporated
in New York State. is the fifth largest fire company licensed to write
business in New York.
Organized in 1889 as a result of a merger of the Globe Insurance
Co.
and the Rutgers Fire Insurance Co., the company has been licensed to
write policies covering fire, ocean marine, motor vehicles, earthquake.,
inland navigation and transportation, tornado, windstorm, cyclone,
hall,
sprinkler leakage, riot civil commotion and explosion insurance.
Financial Chronicle
Volume 136
It is licensed to do business in all States of the United States except
Maine. Oklahoma and North Dakota, and could also write in Canada,
the Philippines, China, England and France.
Owns Majority Stock.
The company owns the majority of the capital stock of the Golden Hill
Building Co., which in turn owns control of the Insurance Company of
Pennsylvania. The Hamilton Fire Insurance Co. and the National Fire
& Marine Insurance Co. are also members of the Globe & Rutgers group.
The company has substantial stock interests in the American Home Fire
Assurance Co. and the American Constitution Fire Assurance Co. These
affiliations are indicated in the 1931 statement of condition and there have
been no public records of any changes since then.
In recent years the company,in its many lines ,has written approximately
$6,750,000,000 of insurance annually and at the end of 1931 its total insurance outstanding and in force amounted to 55.655.835,333. During
1932 the listed assets of the company continued to advance, rising from
$71,198,653 to $71,900,130.
Surplus Dropped in Year.
Net surplus at the end of the year was $7,458.200, a sharp drop from
the $14,732,005 a year before. Surplus to policy holders was 69,458,200
this item including the 52,000,000 of capital. A year earlier the capital
was $7.000,000, so that surplus to policy holders was $21,732,005. Unearned premium reserves stood at $19,100.961. against $28,081,610.
The three largest lines written by the company in recent years have
been in inland navigation and transportation, straight fire insurance and
ocean marine insurance. A fair volume has also been done in automobile
insurance, while business in other lines has been small.
The report on Reconstruction Finance Corporation loans showed that
$7.000,000 had been advanced to the Globe & Rutgers Fire Insurance Co.
as of Jan. 6 1933.
THIRTY-FOURTH
Assets
Bonds and mortgages
Bonds and stocks •
Premiums in course of collection
Interest accrued
Cash In banks and office__ _
All other assets
ANNUAL STATEMENT
-DEC. 31 1932.
Liabilities
$121,700 Unearned premiums
$19,100,961
61,322,585 Losses in course of adjustment 8,826,406
Commissions, taxes, loans
3,787,911
Payable, and other Items_ 12,514,563
200,071 Contingency reserve
22,000,000
3,078,808 Capital
2,000,000
7,458,199
3,389,055 Net surplus
Total
$71,900,130
Total
• Valuations on Insurance Commissioners' basis.
$71,900,130
THIRTY-FOUR YEARS' RECORD.
Assets.
Deo. 31 1899
Dec. 31 1904
Dee. 31 1909
Dec. 31 1914
Dec. 31 1919
Dec. 31 1924
Dee. 31 1925
Deo. 311958
Dec. 31 1927
Dec. 31 1928
Dec. 311029
Dec. 311030
Dec. 31 1931
Dec. 31 1932
Reserve.
5529,283
3,003,725
5,177,135
8.966.071
33,687,274
60,654,703
67,922,097
71,740,997
80,193,739
98,190,645
105,991,540
87,416,301
80,863,641
71.900.130
$26,833
1,406,295
1,830,603
3,461,689
13,447,880
20.280,922
20.265,573
21,162,600
21,794,728
24,332,696
26,803,146
27,340,139
28,081.610
19.100.961
Surplus.
$3,039
804,709
2,398,322
3,619,695
10,146,031
19,810.624
24,161,944
25,610,576
29,514,599
37,252,917
44,315,436
30,109,790
*26,732,005
*29.458.200
* Valuations on Insurance Commissioners' basis. Including contingency reserve.
Officers are: E. C. Jameson, President; H. Edw. Bilkey, Vice-President;
.1.'• D. Lester, Vice-President; W. H. Paullson, Vice-President; Lyman
Candee, Vice-President; J. H. Mulvehill, Vice-President and Secretary;
AAR. Witthohn, Vice-President; A. G. Cassin, Secretary; J. L. Hahn,
Secretary and Scott Coleman, Asst
-Secretary.
Directors of the company are: E. C. Jameson, Sumner Ballard. H. Edw.
BilkeY, Louis V. Bright, Howard K. Brown, Lyman Candee, Charles A.
Dana, J. S. Frelinghuysen, C. M. Jameson, David Mahany, W. H. Paulieon, R. IC. Prentice, Gustavus Remak, Jr.. Alfred 30. Rogers, John N.
Stearns, A. H. Swayne and Henry S.Thompson.
Globe & Rutgers Co. Assures Canadian Policyholders.
According to a Canadian Press dispatch, the Globe &
Rutgers Fire Insurance Co. issued the following statement
at its Canadian head office in Montreal:
"We wish to assure our agents and policy holders in Canada that their
position will not be endangered, for the reason that there are ample securities in Canada to meet all obligations."
Globe & Rutgers Affiliates May Be Divorced -Stuyvesant and Pennsylvania Seek Capital to End
Affiliation-State Approval Likely-Rehabilitation
Project Expected to Sever Link of Stock Ownership
and Reinsurance.
With officials of the Liquidation Bureau of the State
Insurance Department working on the plan for rehabilitation of the Globe & Rutgers Fire Insurance Co., negotiations
were being carried on March 27 to raise capital to complete
the severance of affilaited companies so that they may not
be affected by its condition. The New York "Times" states
:
A special meeting of ths stockholders of the company has been called for
April 7 for the purpose of changing the designation of its managing board
from directors to trustees. Under the plan, there would be three classes
of trustees, to serve after the first annual meeting for one, two and three
years respectively, and thereafter to serve for full terms of three years.
The order for the meeting was signed by J. H. Mulvehlll. vice president
and secretary.
The two companies reported to be negotiating for funds for independence are the Stuyvesant Insurance Co. and the Insurance Co. of the State
of Pennsylvania. These companies are linked to Globe & Rutgers both
through stock ownership and reinsurance. Funds would be needed to
take these items back from the large company.
The relationship between the Hamilton Fire Insurance Co. and Globe
& Rutgers was explained March 27 by Arthur Lenssen, Jr., vice-president
of the former. He said that C.E. Jameson was president of both companies
and one of the principal stockholders in Hamilton Fire, but that Globe
& Rutgers owned no stock in Hamilton.
2153
333.000 Reinsurance in Force.
Mr. Lenssen said his company had approximately 633,000 of reinsurance
premiums in force with Globe & Rutgers, but he believed only half of this
amount represented actual cash. His company, he said, was entirely
sound and had ample cash to meet its obligations as they fell due.
Relative to the Insurance Co. of the State of Pennsylvania, the following
statement was issued by the company:
"The company is involved in the fortunes of Globe & Rutgers only as
a creditor arising from its 50% participating contract, which indemnity
is apparently at least 50% good; but even with that indemnity worthless
our policy holders would be safe. Complete rehabilitation of Globe &
Rutgers is apparently not impossible."
The Insurance Co. of the State of Pennsylvania is controlled by the
Golden Hill Building Corp. which in turn is controlled by Globe & Rutgers.
The second oldest fire insurance company in this country, it has been
allowing Globe & Rutgers to reinsure 50% of its business.
Stuyvesant Held Safe.
The Stuyvesant Insurance Co. was doing business as usual March 27,
and officials expressed the belief that it could continue indefinitely even
if it were not possible to finance the complete divorce from Globe & Rutgers at the present time.
Insurance men believe that if the Insurance Department finds it feasible
to go through with its plan of rehabilitating Globe & Rutgers one of the
first steps it will take is to cut away the affiliated companies. The department has indicated that it feels such affiliations through stock ownership are not in the best interest of the business and has expressed doubts
that it should be permitted with fire companies any more than with life
companies.
Stocks of Utilities, Banks and Insurance Firms More
Than Half. Globe & Rutgers Investments.
We take the following from the "Wall Street Journal":
Public utility common and preferred stocks and stocks of banks, trusts
and insurance companies composed more than half the investments, taken
at convention values at Dec. 31 1932, of the Globe & Rutgers Insurance Co.
Total bond and stock investments of the company at convention values
amounted to 661,322,584. Of that amount $18,547,323 was in public
utilities common and preferred stock and $14,198,918 was in bank, trusts
and insurance stocks. The cost value of the company stock and bond
Investments was $73.900.689.
Convention values represent and average price of securities for five
preceding quarters determined upon by the different state insurance bodies
as representing a fair value for securities held by all class of insurance
companies. The term convention value is derived from the fact that such
values were determined upon by the staet bodies at their annual conventions.
A classification of the company's investment list on Dec. 31 follows:
Type of Security.
Cost.
Convention Value.
Public utility stocks
Bank, trust and insurance stocks
Miscellaneous stocks
Railroad stocks
Railroad bonds
Utility bonds
Miscellaneous bonds
Government bonds
Bonds of political subdivisions
$18,547,323
14,198,948
12,682,516
3,187,730
7,361,241
1,312,901
2,434,024
1,120,310
477.590
$17,684,898
13.278,247
17,585,201
3,724,063
14,214,648
1,405,044
4,424.068
1,073,524
510,793
The following are 18 of' the principal stocks in the utility list:
Stock.
Middle West Utilities
Commonwealth & Southern
Consolidated Gas
Associated Gas & Electric
-614% preferred
53.110 preferred
Class A
Common
Brooklyn-Manhattan Transit
-6% pref.__
Common
Cities Service common
Electric Bond de Share common
Niagara Hudson common
North American common q.
American & Foreign Power common
American Water Works & Electric v. t. o.._
Pacific Telephone & Telegraph common,
Florida Power & Light 7% preferred
Standard nag enmmnn
No. of Convention Convention
Value.
Shares Price.
13,335
24,260
3,259
2,500
1,000
6,357
1,158
2,600
2,000
65,273
24,207
1,487
11,020
900
1,000
9,510
2,900
12 046
$3
9
97
98
52
15
15
93
63
12
129
36
73
34
52
126
101
68
Cost.
$40,005 $135,800
249,005
218,340
300,892
316,123
240,000
245,000
49,500
52,000
131,360
95,355
17,370
216,685
241,800
120,825
126,000
345,466
783,276
3,122,703 2,643,572
31,080
53,604
236,040
804,460
5,417
30,600
29,775
252,000
298,965
1,198,260
290.40(1
292,900
819.128 1,124,547
Principal holdings of railroad common and preferred stocks follow:
Stock.
Baltimore & Ohio'
-.4% preferred
Common
Chesapeake & Ohio common
Southern Ry.common
Union Pacific common
Delaware & Hudson common
Northern Pacific
No. Convention
Total
per Share Convention
of
Shares Value.
Value.
1,700
270
2,800
10,300
1,400
2,200
4.400
$71
62
38
84
171
134
45
Attila
Cost.
691,417
$120,700
26,681
16.740
77,207
106,400
865,200 1,041.518
186,698
239,400
312,591
294,800
320.847
198.000
Principal issues in the miscellaneous list of common and preferred stocks
are as follow:
Stock.
Adams Express common
American Locomotive 7% preferred
American Smelting-preferred
Common
American Tobacco
-Common
B
General Cable A
General Motors common
Gulf States Steel common
Borden Co
Consolidated Oil common
Remington Rand common
Consolidated Cigar common
International Cement common
Montgomery Ward common
United Corp. common
roman f!..a.n etnalmnn
No. Convention
Total
per Share Contention
of
Shares Value.
Value.
6,000
2,300
4,600
25,400
•2,800
3,458
6,900
8,000
16,009
1,128
6,021
20,313
2,700
15.553
16,133
11,600
St 42k7
16
73
120
37
119
123
16
38
17
59 .
'10
10
36
34
21
24
OS
Actual
Cost.
596,000 5101.306
223,232
167,900
409.572
552,000
939,800 1,076,356
333,200
13 .8
32 0
158,952
42.5,334
566,890
110,400
104,062
304,000
936,367
272,153
80,829
66,552
144,571
60,210
476,878
203,130
123.805
37,200
793,174
528,802
881.439
338,793
116,000
278,400
019 naa
aita MR
The following tabulation shows some of the company's largest holdings
of railroad, public utility and miscellaneous bonds:
2154
Financial Chronicle
Par.
Railroad—
Chicago Milwaukee St. Paul & Pacific
Series A
$1,858,300
Adjustment A
7,728,300
Seaboard Air Line—First & con. mtge_ 3,304,000
-....- 1,970,000
I'. Refunding mortgage
Western Maryland first mortgage____
770,000
Public Utilities—
120,000
Associated Gas & Electric cony. oblig_
230,000
Cities Service convertible debentures__
Illinois Power & Light first ref. mtge__
250,000
Lehigh Power Securities debenture A__
180,000
Penn Ohio Edison debenture A
100,000
Miscellaneous—
500,000
Revere Copper & Brass first mtge. A
Hotel Waldorf-Astoria first mortgage
leasehold 7m. certificates of dennalt
1.174.000
Convention Convention
Rate.
Value.
64
19
12
12
78
Cost.
$1,189,312 $1,088,847
1,468,377 4,524,980
396,480 1,618.359
236,400 1,088,973
600,600
568,356
100
68
104
104
104
120,000
156,536
260,000
187.200
104,000
109,500
230,188
245,000
170,662
95,250
85
425,000
505,000
42
493.000 1.155.960
Globe & Rutgers Co. in Connecticut.
A press dispatch from Hartford, Conn., March 25, quotes
Howard P. Dunham, Insurance Commissioner of Connecticut, as follows:
"The taking over of the Globe & Rutgers Fire Insurance Co. of New
York by the New York Insurance Department for the purpose of rehabilitation is a conservative and effective way of protecting the policyholders of the
company. This company, whose financial position had been weakened
by the decline of security prices, loss of business and lack of liquid assets,
has for some time been under the close scrutiny of the Connecticut Insurance Department co-operating with the New York Department, and the
step which has been taken is believed to be for the best interests of the
company policy holders.
"The Globe & Rutgers has been steadily reducing its premium writings
in Connecticut, which in 1932 were $98,626, against $152,925 in 1931 and
$193,499 in 1920."
Globe & Rutgers Aims at Reconstruction Finance Corporation Aid—Plan to Raise $3,000,000 and Get
Similar Amount from Federal Body Reported.
Plans for raising additional capital so that the Globe &
Rutgers Fire Insurance Co. may continue to operate are
being considered by the newly appointed reorganization
committee. These plans are reported to provide for additional help from the Reconstruction Finance Corporation.
The New York "Times," March 30, stated in part:
The company, it is understood, faces the raising of $6,000,000 of additional capital If it is to avoid liquidation.
lik•Moet seriously considered among the proposals suggested is a plan to
create a new issue of $6,000,000 of preferred stock, the present management
to underwrite $3,000,000 and the Reconstruction Finance Corporation to
subscribe to $3,000,000. According to latest published figures,the company
already owes that Federal agency $7,000,000, against which are pledged
certain assets.
The principal difficulty, it is understood, is in obtaining the basic
$3,000,000 from among friends of the company. Although there is no
definite assurance that the Reconstruction Finance Corporation would
take the remaining half of the amount needed, the advance is expected if
the first half is soundly subscribed. The reorganization committee of the
company met yesterday but gave no hint as to what it had done.
Globe& Rutgers Out of Cotton Department.
Edwin G. Seibels, manager of the Cotton Fire & Marine
Underwriters Department, explained, in the following statement, issued March 30, that the Globe & Rutgers had
previously withdrawn from participation in the business of
the department:
The Cotton Fire & Marine Underwriters, which has represented the
Globe & Rutgers Fire Insurance Co. for many years. is not an association
but a department office. The companies repres5nted by this department
exchange business under reinsurance contracts which provide, among other
things, for the protection of policyholders of all the companies represented,
against such contingencies as retirement, insolvency, or otherwise.
hi In the case of the Globe & Rutgers Fire Insurance Co. prior to the company being taken over by the Insurance Commissioner for rehabilitation,
this company requested the termination of its participation in the business
of the Cotton Fire & Marine Underwriters, and all of its policies and reinsurance contracts issued through the Cotton Fire & Marine Underwriters
were canceled, and policies of other companies were substituted therefor.
All former policyholders or holders of reinsurance contracts of the Globe &
Rutgers Fire Insurance Co. through this department, therefore, are fully
protected regardless of any difficulties in which this company may now find
itself.
Senate Resolution Calling for Information from Secretary of Agriculture as to Purpose of SuspenWon
of Reports from Chicago Board of Trade Members
as to Long and Short Position in Grain Futures
Trading.
On March 1 a resolution was passed by the United States
Senate calling for information from the Secretary of Agriculture regarding the purpose in suspending last October
reports from members of the Chicago Board of Trade incident to their long and short position in future trading.
The resolution as adopted by the Senate follows:
Whereas it is desirable to get the opinion of the Secretary of Agriculture as to whether or not the 500,000 bushels limitation required to
be reported upon by operators on Boards of Trade should be fixed by
law or allowed to be made variable by orders of the Secretary; and
Whereas on Oct. 24 1932, there was lifted and suspended the restrictions on open-market trading in grain futures on the Chicago Board of
Trade by order of the Secretary of Agriculture; and
Whereas these restrictions upon short selling in 1927 for a short time
were suspended; and
April 1 1933
Whereas prices after both such suspensions declined to the advantage
of the speculative short seller and to the disadvantage of producers; and
Whereas the decline in prices, following the order of the Secretary of
Agriculture on Oct. 24 1932, reached lower levels than had heretofore
ever been recorded: Be it
Resolved, that the Secretary of Agriculture is hereby directed to ascertain the facts and report to the Senate, giving full and complete answer
to the following questions and such others as may occur to him as being
pertinent to this matter:
(1) What was the purpose of suspending on Oct. 24 1932, the reports
from Board of Trade members required pursuant to the Grain Futures
Act of the accounts of speculators and short sellers?
(2) Were these reports suspended on recommendation of the present
chief of the Grain Futures Department, or were they suspended on request of members of the Chicago Board of Trade or other exchanges? If
the latter, who were these parties and what was their position in the
market at that time? Were they long or short? If short, did they buy
in at a profit when prices later sold down?
(3) What was the effect upon wheat prices of the suspension of the
restrictions? What was the position in the market of those affected by
the suspension, at the time cid and just prior to suspension? What has
been their position since?
(4) To what extent have big speculators been active in wheat-futures
transactions during the drastic price declines of the past two or three
years? Have they been dealing on the long or the short side of the
market, and to what extent?
Resolved Further, that the Secretary of Agriculture in such report
shall make a full disclosure of the names and addresses of all persons
and firms that have held a speculative short position in wheat futures
on the Chicago Board of Trade equal to or in excess of 1,000,000 bushels
at any time during the past two or three years, while prices have
suffered unprecedented declines, and shall indicate which of these, if any,
were also found on the short side of the market during that period in
1927 when the restrictions were lifted the first time.
The suspension of the requirements was noted in our
issue of Oct. 29, page 2894.
Bancorporation (Minneapolis) Names
Northwest
Clarence E. Drake Vice-President in Charge of
New Trust Department.
Clarence E. Drake, Assistant Secretary and Trust Officer
of the Minnesota Loan & Trust Co. (a position he will continue to retain), has been appointed a Vice-President of the
Northwest Bancorporation of Minneapolis in charge of the
Corporation's newly-created trust department, according to
Minneapolis advices on MIMI 27 to the "Wall Street Journal," which also stated:
Northwest, on the advice of a committee which carried on an extensive
investigation, has decided to reduce the number of members handling trust
business from 25 to 11, confining such activity to the larger centers and
creating a trust development department.
Resolution in United States Senate Seeks Authority to
Investigate Private Banking Houses Including J. P.
Morgan & Co.—Another Resolution Also Proposes
Inquiry Into Alleged Delay in Prosecutions Incident to Closing of Harriman National Bank &
Trust Co.
Authority for the Senate Banking Committee to investigate private banking houses, including J. P. Morgan & Co.,
was asked in a resolution introduced in the Senate yesterday
(March 31) by Chairman Fletcher of the Committee.
Associated Press advices from Washington yesterday
(March 31) said:
The resolution is the outgrowth of an attempt by Ferdinand Pecora,
Committee counsel, to go into the affairs of the Morgan and other private
investment houses.
Senator Fletcher said yesterday (March 30) the Morgan firm had agreed
to furnish certain information to the Committee, but objected to supplying
all they asked and that under the resolution complete information could
be obtained.
The resolution will be considered by the Banking Committee before it is
taken up in the Senate.
In its issue of March 31 the New York "Herald Tribune"
reported the following from its Washington correspondent:
An official report that J. P. Morgan & Co. were questioning the right
of the Banking and Currency Committee to certain information required
by a questionnaire brought the Committee to a decision to-day to seek
from the Senate increased powers to broaden the scope of its Wall Street
investigation.
The Committee was advised by its counsel, Ferdinand Pecora, that he
had submitted a list of 23 questions to Morgan & Co.; that the company
had signified readiness to answer 15, had reserved decision on 7 and, as to
one concerning its capital structure, had contended that the Committee
was not entitled to the information.
Plan Broad Inquiry.
The immediate reaction of the Committee was to have the Senate amend
the original resolution authorizing the stock market investigation. The
Committee majority was represented as determined to cover not only the
questions raised by Morgan & Co. but to facilitate a broad inquiry into
all phases of private banking. There seemed little reason to believe that
the Senate, as now constituted, would withhold the additional authority.
Mr. Pecora had advised the Banking and Currency Sub-committee on
the Wall Street investigation that Morgan & Co. and other prominent
companies of like character were not "banks" under New York State
laws, and could not be required to surrender their books to the State or
Federal Government without further authority. He said that the company
was acting upon the advice of John W. Davis, its counsel.
Volume 136
Financial Chronicle
The following is also from the "Herald Tribune":
Davis Issues Statement.
John W. Davis, counsel for J. P. Morgan & Co.. last night issued the
following statement in reference to the proposed Senate Committee investigation of private banking:
"I have seen the statements emanating from Washington with reference
to the inquiry by the Senate Banking and Currency Committee into the
affairs of J. P. Morgan & Co. The impression given that the firm of J. P.
Morgan & Co. has refused to co-operate ia the proceedings of the committee is entirely erroneous. Even now the firm is engaged in the preparation, under my direction, of information along the lines suggested by Mr.
Pecora several days ago. There is no disposition to decline to answer
any pertinent inquiries."
Mr. Davis is a member of the law firm of Davis, Polk, Wardwell, Gardiner and Reed.
AU Records To Be Demanded.
Senator Duncan U. Fletcher, Democrat, of Florida, Chairman of the
Senate Banking and Currency Committee, indicated that the Committee
would insist upon authority to examine officials and records of private
banking houses and would call for a sweeping program of legislation.
This program. Senator Fletcher said, would include the Federal securities
bill, recommended yesterday by President Roosevelt, and measures to
regulate stock and commodity exchanges, to strengthen the banking laws
and put teeth in their penal provisions, to regulate unethical and unsafe
practices of officers and directors of corporations and to refinance farm
Indebtedness.
The Senator said Mr. Pecora was preparing the proposed amendment to
the original resolution of investigation. Kuhn,Loeb & Co. were mentioned
as among the houses that would be brought into the inquiry. It is a part
of President Roosevelt's program to explore the banking operations of the
boom period for guidance in carrying out a series of legislative acts for
stricter Federal supervision of banking and investment activities generally.
A resolution calling for an investigation by the Judiciary
Committee of the delay in the prosecution of Joseph W.
Harriman,former Chairman of the Harriman National Bank
41 Trust Co. of New York city, was introduced in the Senate
.t
yesterday (March 31) by Senator Costigan, Democrat, of
Colorado. Associated Press advices from Washington
yesterday (March 31) as given in the New York "Times"
said:
•
Senator Costigan placed the resolution before the Senate without comment, except to explain its purpose briefly.
He said it was designed to authorize an investigation of the failure of
the Department of Justice under the Republican administration to prosecute
''one or more officers" of the Harriman bank for "reported violations of
the law."
Harriman, founder of the bank bearing his name, has been under investigation for false entries in the bank's accounts.
The Senate Banking Committee, conducting an investigation of the
Stock Exchange, decided yesterday that the Harriman case did not come
within its jurisdiction, and left it to the Treasury and the Department
of Justice.
The resolution was referred to the Judiciary Committee at Senator
Costigan's request.
United States Supreme Court Upholds Louisiana
Bank Stock Tax.
The right of the State of Louisiana to impose a tax on
national bank shares was sustained by the U. S. Supreme
Court in an opinion handed down by Justice Brandeis on
March 20. The case was brought before the court in proceedings instituted in 1930 by three Shreveport national
banks. The Louisiana Supreme Court sustained the law and
an appeal was then carried to the higher court.
The New Orleans "Times-Picayune" of March 21 described the earlier history of the case as follows:
The First National, the Commercial National and the American National
bank of Shreveport joined in attacking the validity of the Louisiana statute
of 1917 under which national bank shares are assessed for taxation. They
contended in the State courts that shares of national banks were assessed
and taxed at higher rates than the rates imposed on other moneyed capital
In the hands of individual citizens in the State, which came into competition with the business of national banks.
They also contended that their personal property was assessed and taxed
'without the authority of the United States.
The taxing statute was sustained as valid by the Louisiana Supreme
Court in May 1932. The banks appealed to the United States Supreme
Court, contending that the decision deprived them of rights guaranteed
bylthe Federal Constitution.
Senate Sub-committee of Banking and Currency Committee Named to Consider Silver Bills.
A sub-committee of eight to consider pending silver bills
has been named by Chairman Fletcher of the Senate Banking
and Currency Committee. Senator Adams of Colorado is
Chairman of the Sub-committee. According to the "Wall
Street Journal" the bills referred to the sub-committee on
silver include three Pittman bills, and one bill introduced by
Senator Dill (Washington). The same paper said one of the
Pittman bills authorizes the payment of foreign debts in
silver. The Dill bill authorizes the purchase of silver by
the issuance of silver certificates to the amount of 250,000,000. Under this measure the silver would be bought at
market prices not to exceed $1.25 an ounce.
From the Washington advices March 27 to the New York
"Times" we take the following.
The subcommittee includes, in addition to Mr. Adams, Senators Reynolds, Costigan, Bankhead, Gore, Kean, Steiwer and Walcott.
"We want to take up the silver question immediately," Senator Adams
said to-night. "The Banking and Currency Committee meets in a regular
session tomorrow morning and then we expect to make our plans for the
study of the sliver question."
2155
Senator Adams said he does not contemplate holding open hearings
on the silver question, since the Senate already has 'voluminous records
covering the opinions of many experts.
However, the subcommittee will confer with Senators Pittman, Wheeler
and others from Western silver-producing States who have given much
study to this question but who do not happen to be members of the Banking
and Currency Committee and who therefore are ineligible for a place on
the subcommittee.
A rise in the value of silver is counted upon not only to benefit silver
producing States, according to sponsers of various plans, but to raise accordingly the value of the money of silver-currency countries of the Far
East and thereby create new potential markets for American products.
Senator Robinson Blames Bank Crisis on Federal
Reserve System—Rallies to Defense of Bank
Holiday in Senate Debate—Number of Banks
Opened.
The Roosevelt emergency banking program was defended
In the Senate on March 27 against charges that the situation
it was intended to relieve was brought about by the inefficiency of Federal Reserve banks. The Washington correspondent of the New York "Journal of Commerce," indicating this, on March 27, went to to say:
A brief but spirited debate was engendered by the presentation by
Senator Arthur Robinson (Rep., Ind.) of a letter from Guy M. Walker,
New York, making various accusations of incompetency. It was revealed
by Chairman Fletcher of the Senate Banking Committee that there are
15,600 banks open out of a total of 19,296 institutions. Of the 8,891
member banks, 5,328 are open.
Sees Depositors Robbed.
Mr. Walker charged that "depositors and stockholders are being robbed
of their property rights by this unwarranted, outrageous, and in many
instances, absolutely illegal act of the agents of the Federal Reserve Bank.
"The plight of the banks is itself due to the ignorant, cowardly and vicious
conduct of the Federal Reserve Bank, which led up to the forced holiday,"
he averred. "Now, by its absolutely unwarranted, incompetent administration of the banking laws, having reduced nearly one-third of the banks
In the United States to helplessness, it proceeds for the benefit of still
undisclosed interests to prevent the reopening of one-fourth of the banks
that were still open in its vicious attempt to force a repudiated Federal
Reserve System on the country and compel acceptance of a branch banking
system which our people have repudiated every time they have had a
chance."
Robinson Enters Fray.
Senate Democratic Floor Leader Robinson said his objection to the
Walker letter "is the clear implication, first, that all banks that have
closed should be reopened without investigation and without any assurance
of their sound condition, which inevitably would result either in runs or in
losses to depositors, and, second, to the suggestion that without examination
it could be known what banks are entitled to reopen—what banks are sound.
"I think," he added, "the Administration has fairly and diligently proceeded in the matter, and that it is impossible to pass upon the questions
necessary to be determined in a few days, as seems to be implied by the
letter."
Organization of All Banks Into Regional Clearing
House Regarded as Preventative for High Interest
Charges —Views of W. K. Payne in American
Bankers' Association Journal. ,
There is no better means for the prevention of high interest
charges and inadequate service charges on deposits than the
organization of all the banks in a competitive banking area
into a regional clearing house, says W. K. Payne, Chairman
of the board, Auburn-Cayuga National Bank and Trust Co.,
Auburn, N. Y., in an article in the American Bankers'
Association Journal. Mr. Payne is Chairman of the Committee on Regional Clearing Houses, New York State
Bankers Association, and a member of the Agricultural
Commission, American Bankers' Association. He says:
By means of a clearing house the will to act wisely and courageously is
strengthened, and those wilfully disregarding sound practices can be restrained by penalties adequate to render their remissions highly unprofitable
to them. Promotion of sound banking practice by clearing house regulation has become a usual, if not indispensable, part of banking operation in
most of our large cities. Of late years, as a realization of the distinctive
competition of unwisely managed banks has become more evident, the
growth of the organization of regional clearing houses, made up of the banks
of a given competitive area, has been both rapid and widespread. The
continued development of this regulatory system to cover all the banking
areas of the country offers, in the opinion of many thoughtful banking
leaders, a sane and adequate remedy for many of the weaknesses now evident
in our American banking system.
The essential feature of a clearing house organization is that its constituent
banks become members of the organization by sanction of the banks' boards
of directors, who, by resolution, agree to abide by its rules. Its rules provide that any penalty it Inflicts on a member bank becomes an enforceable
claim against that bank.
When a regulatory body with this power of compulsory persuasion is
set up, little difficulty is experienced in the establishment and maintenance
of proper interest rates and service charges. A schedule of these rates and
charges is arrived at after adequate investigation and full discussion. It is
often provided in the by-laws that rules and penalties are established only
by the affirmative vote of two-thirds or three-quarters of the members.
As the purpose of the organization is to bring all the Competing banks
within the scope of clearing house regulations, it is not to be expected that
rules will be enacted so drastic as to drive out of the association any of its
members whose co-operation is desired. In practice, the association's
actions tend to conservatism and sounder banking.
In American business two strong trends seem to have developed side by
side. One is a desire to preserve small, independent business units. This
trend manifests itself, In banking, in the vigorous, widespread opposition
to the extension of group and chain banking. The other trend is organiza-
2156
Financial Chronicle
tion Into trade associations for mutual help and the stimulation of better
business practices. Such associations have done a great deal of good in the
improvement of banking practices.
However, since they have no power over their membership for enforcement of uniform action, they have failed to curb that unreasonable and
unprofitable competition for business which has reduced many banks to the
status of losing business enterprises, and which has played a large part in
bringing about the present disturbance in our banking system.
To overcome this weakness in our banking associations, and at the same
time preserve the independence of the unit banks, the establishment of
regional clearing houses seems to offer an effective and reasonable plan.
In his last annual report. the Superintendent of Banks of the State of
New York, Joseph A. Broderick, said:
"We recommend the establishment of strong regional clearing house
associations In this State, believing that if properly conducted, these voluntary associations can establish and enforce better banking methods, safe
investment and loan policies, a high code of ethics and also help to weed out
Incompetent bank officials more effectively than can be done under the
present powers of governmental agencies."
Study of Branch Banking By National Industrial Conference Board -Report Indicates that Four-Fifths
of Failures from 1921 to 1929 Occurred in States
Prohibiting Branch Banking.
In a statement on branch banking issued March 10, the
National Industrial Conference Board calls attention to the
fact, brought out in its recent report on the banking situation
in the United States, that approximately four-fifths of the
bank failures from 1921 to 1929 occurred in the 29 States
that either prohibit branch banking or have no legislation
on the subject. It is also noted that three-fifths of the bank
failures during that period occurred in 10 of such States.
The Board says that the fact that only nine States permit
State-wide branch banking is an important consideration in
relation to the branch banking privilege contained in the
Glass Bill, the Banking Act of 1933, recently passed by the
Senate and now before the House. Under that bill national
banks are permitted to establish branches under the restrictions of State laws in States that permit branch banking
by State banks.
It is no doubt more than a coincidence, the Conference
Board points out, that-so large a proportion of bank failures
in the period 1921-1929 occurred in the States that either
prohibit, or have no legislation regarding branch banking.
In 1930, three-fourths of the bank failures were in such
States. Prior to 1932, besides the nine States that permit
State-wide branch banking there were 10 States that permitted branch banking within limited areas, 22 States that
prohibited branch banking, and seven States that had no
legislation on the subject. Since then three States, Indiana,
Iowa, and Kansas, which had laws prohibiting branch banking, have permitted it within limited areas. The Conference Board asks:
"Has not the time come, for a very material reduction In the total number of bank managements without reducing banking facilities? Could not
equally ample, more useful, and less expensive banking accommodations
be offered to the American people by a relatively small number of banks
with a relatively large number of offices?"
The Conference Board says:
The arguments of those who oppose and those who favor branch banking
are both presented In the Conference Board report. Those who oppose
branch banking maintain that it is inconsistent with the American ideal of
free enterprise; that it introduces absentee banking conducted solely for
profit without regard for local welfare; that it eliminates the personal
element in banking; and that large branch banking systems are monopolistic
and must necessarily compete with the Federal Reserve System in the
mobilization and transfer of capital funds.
On the other hand, those who favor branch banking deny the opposing
allegations and contend that branch banking is the banking counterpart
of the integration of commerce and industry, which has been so significant
In the last two decades; that it Introduces stability into the banking system
by diversifications of risks and minimizes the dangers of bank failures; that
it facilitates the mobilization of funds and increases the efficiency of the
bank transfer mechanism; that it makes for higher standards of bank
management in small and suburban communities; that it makes available
to country towns and outlying communities banking services now available
only to customers of city banks; and that it renders banking more readily
subject to government supervision and control.
Whatever the merits of the argument on the two sides, states the Conference Board, one thing seems clear. The development of branch banking
In the past has been greatly restricted by State and National banking legislation. Its development has been largely confined to the larger cities. This
meant that consolidation opportunities were restricted for the large majority
of American banks, which are small country banks with high operating
costs and high mortality rates.
Savings Banks in New York City on 3% Interest Basis.
Announcement that the interest rate to be paid April 1 by
the savings banks of New York City for the first quarter of
this year, would be at the rate of 3%,was made on March 24
by Paul W. Albright, Secretary of the Savings Banks Association of New York. Mr. Albright added that his statement was based on information received from 59 savings
banks in Greater New York. From the New York "Evening
Post" of March 24 we quote:
The new rate has been voted by the boards of trustees of virtually all of
the savings banks, it is stated, and some of the leading institutions have
previously announced the change. The prevailing rate for the last quarter
of 1932 In the city was 33.6 %,but with some exceptions.
April I 1933
One effect of the reduction will be to enable the savings banks
to consent
to a reduction of the interest rate paid on guaranteed real estate
mortgages
Warning that the rates would be lower In the current quarter was
given
to depositors and the public in January when Mr. Albright said
that the
consensus of opinion was that dividends for this quarter would
be 3%.
The reduction is in conformity with the recommendations of
Joseph A.
Broderick, State Superintendent of Banks, early in January, when
he
pointed out in his annual report that it might be necessary to cut
the dividends "to enable the savings banks to extend necessary assistance
to their
borrowers who are experiencing difficulty in meeting fixed charges on
mortgaged property."
Mr. Albright, Secretary of the State Association, pointed out to-day
that
the move was in line with the general trend of interest rates
as well as
enabling the banks to ease their interest charges to mortgage
borrowers.
Most savings bank mortgages, it was pointed out, are on homes
and therefore are diversified.
Mr. Albright called attention to the fact that 2% was the prevailing
dividend rate paid by savings banks of many other cities, including
Detroit,
Chicago and St. Louis.
Brooklyn Savings Bank to Pay 3% on Savings Deposits.
The following is from the Brooklyn "Daily Eagle" of
March 24:
Savings banks In Kings and Queens Counties will pay Interest at the
rate
of 3% annually for the quarter ended March 31, William R. Hayes, President of the Kings County Savings Bank and Chairman of Group 5, Savings
Banks Association of the State of New York, officially announced to-day.
The banks formerly paid 33 %.
Mr. Bayes, former Judge of Kings County Court, issued the
following
statement:
"As chairman of Group 5 I am prepared to announce that the dividend
rate for the quarter ended March 31 credited by savings banks in Kings
and
11yensund aas rni infmed by savings banks throughout the Greater
e w e, t ulea ate o
a
per
Rate Effective Match 31.
At the same time Paul W. Albright, General Secretary of the New York
State Savings Banks Association, notified the banks in all five boroughs
that they might advise depositors of a 3% rate, effective March 31.
2
Death of Thomas B. Paton, General Counsel, American
Bankers Association—Instrumental in Effecting
Passage of Federal and State Legislation Affecting
Banking.
Thomas Bugard Paton, for the past 25 years General
Counsel of the American Bankers Association, died at his
home in Forest Hills, New York on March 28. Mr. Paton,
who won national recognition as a leading authority on banking and commercial law involved in banking operations, was
born in New York City, May 7, 1861. He was educated in
the New York public schools and later completed a special
course at Columbia University, following which he entered
a law office as clerk and stenographer. In 1883 he was
admitted to the bar and for a number of years practiced law
and served as editor of the law department of the "Journal
of Banking." In 1889 he established the "Banking Law
Journal," conducting its publication for several years, when
he severed his connection with it in 1908 to enter the services
of the American Bankers Association.
During his quarter century of activity as General Counsel
of the Association Mr. Paton was the author or largely
instrumental in the passage of many Federal and State
statutes adding to the safety and clarity of the legal aspects
of banking practice. In this field he was particularly interested in many uniform State statutes designed to protect
banks against fraud and crime and to safeguard banking
transactions.
President Roosevelt Signs Robinson-Steagall Bill Enabling Non-Member Banks to Secure Loans
Through Federal Reserve System.
President Roosevelt on March 24 signed the RobinsonSteagall Bill amending the Emergency Bank Act to enable
State banks not members of the Federal Reserve System to
secure loans through the Federal Reserve Banks. The
Washington correspondent of the New York "Journal of
Commerce" on March 24 noted:
Under its terms non-member banks are subjected to the same
requirements exacted of member banks in the securing of loans from the
Reserve
system. They must post adequate security, but there is a groat deal
of
leeway in respect thereof under the Emergency Banking Act, and they muss.
accompany the collateral with a certificate from the appropriate
State
banking official that it is sound. The banks further must maintain reserves
in the same manner as is required of member banks. The collateral
they
post will have, in the hands of the reserve banks, circulation privileges
The text of the newly-enacted bill was given in our issue
of March 25, pages 1991-1992.
Tenders of $318,206,000 Received to Offering of $100,000,000 or Thereabouts of 91
-Day Treasury Bills
Dated March 29—Total of $100,158,000 Accepted—
Average Price 1.72%.
Tenders to the issue of $100,000,000 Treasury bills dated
March 29, on which bids were asked at the Federal Reserve
Banks on March 27 as noted in our issue of March 25, page
1990,amounted to $318,206,000. According to an announce.
Volume 136
Financial Chronicle
ment by Secretary of the Treasury Woodin on March 27,
tenders amounting to $100,158,000 were accepted. The
average price of the bills to be issued is 99.566 and the average
rate on a bank discount basis is about 1.72%. The New
York "Herald Tribune" in Washington adviees dated March
27, reported Secretary Woodin's announcement as follows:
William H. Woodin, Secretary of the Treasury, announced to-day that
the tenders for $100,000,000, or thereabouts, of 91-day Treasury bills.
dated March 29, which were opened at the Federal Reserve Banks to-day.
amounted to $318,206,000.
The highest bid made was 99.670, equivalent to an interest rate of about
1.31% on the annual basis. The lowest bid accepted was 99.524, equivalent
to an interest rate of about 1.88%. Only part of the amount bid for at the
latter price was accepted. The total amount of bids accepted was $100,158,000. The average price of Treasury bills to be issued is 99.566, and the
average rate about 1.72%.
The last previous issue of Treasury bills offered by the
Treasury was sold at an average rate on a bank discount
basis of about 1.83%, as reported in our issue of March 25,
p. 1990. Two issues immediate preceding that, sold at rates
of 4.26% and 0.99%, respectively.
New Offering of 91-Day Treasury Bills to Amount of
$100,000,000 or Thereabouts—To Be Dated April
5, 1933.
On March 29, Secretary of the Treasury Woodin announced a new offering of 91-day Treasury bills to the amount
of $100,000,000 or thereabouts, to be dated April 5, 1933, and
to mature July 5, 1933. Tenders to the new offering will be
received at the Federal Reserve Banks and their branches up
to 2 P. M. Eastern Standard Time on Monday April 3.
The offering will represent new borrowing, since there is no
maturing issue April 5. The new Treasury bills will be issued
in bearer form only, and in amounts or denominations of
$1,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value). The bills are sold on a discount basis to the
highest bidders; the face amount of the bills are payatle on
the maturity date without interest. Secretary Woodin's
announcement regarding the offering said in part:
No tender for an amount less than $1,000 will be considered. Each
tender must be in multiples of $1,000. The price offered must be expressed
on the basis of 100, with not more than three decimal places, e.g., 99.125.
Fractions must not 13:.. 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 April 3, 1933,
all tenders received at the Federal Reserve Banks or branches thereof up to
the closing hour will be opened and public announcement of the acceptable
prices will follow as soon as possible thereafter, probably on the following
morning. The Secretary of the Treasury expressly reserves the right to
reject any or all tenders or parts of tenders, and to allot less than the amount
applied for, and his action in any such respect shall be final. Those submitting tenders will be advised of the acceptance or rejection thereof.
Payment at the price offered for Treasury bills allotted must be made at the
Federal Reserve Banks in cash or other immediately available funds on
April 5, 1933.
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
therwise recognized for the purposes of any tax now or hereafter imposed by
the United States or any of its possessions.
President Roosevelt's Message to Congress Recommending Legislation for Federal Supervision Over
Sale of Investment Securities—Proposed Legislation for Control of Stock and Commodity Exchanges
—Further Measure Said to Be Planned Along Lines
of Glass Banking Bill.
Legislation for Federal supervision over the sale of investment securities in inter-State commerce was asked by
President Roosevelt in a message to Congress on March 28.
In his message the President stated that "the purpose of the
legislation I suggest is to protect the public with the least
possible interference to honest business." The President
explained that "this is but one step in our broad purpose
of protecting investors and depositors. It should be followed by legislation relating to the better supervision of
the purchase and sale of all property dealt in on exchanges,
and by legislation to correct unethical and unsafe practices
on the part of officers and directors of banks and other
corporations." In his message the President pointed out that
"the Federal Government cannot and should not take any
action which might be construed as approving or guaranteeing
that newly issued securities are sound in the sense that their
value will be maintained or that the properties which they
represent will earn profit," but he maintains that there is
an obligation upon the part of the Federal Government "to
insist that every issue of the new securities to be sold in
2157
inter-State commerce shall be accompanied by full publicity
and information, and that no essentially important element
attending the issue shall be concealedfrom the buying public."
Even before the reading of the message in Congress a
bill had been placed in Senate and House leaders' hands
which provides that every issue of stock henceforth moving
or advertised in inter-State commerce shall be so thoroughly
and authoritatively advertised that an unsuspecting public
need not again be victimized for lack of information as to
the underwriting." A Washington account March 29 to
the New York "Times"from which the preceding paragraph
is taken, continued:
The measure was introduced in the Senate by Senator Robinson, the
Democratic leader, and was referred to the Judiciary Committee for review
as to its legal aspects. Chairman Ashurst called a meeting for tomorrow.
Chairman Rayburn of the Inter-State and Foreign Commerce Committee
introduced the bill in the House and scheduled hearings beginning Friday.
Other Protection in Preparation.
This measure, which President Roosevelt called the "Federal Securities
Act," but which leaders spoke of as a national "blue-sky law." is to be
followed shortly by two others seeking further protection for investors
and depositors.
In his message the President indicated that the first of these would be
legislation regulating the stock and commodity markets.
The other, according to his own statement, will be a bill to correct
"unethical and unsafe practices on the part of officers and directors of
banks and other corporations."
In preparation for the former, the President has been in almost daily
contact with Samuel Untermyer of New York, attorney who handled the
money-trust investigation in 1921.
Mr. Untermyer is drafting the measure that will be submitted and which
is expected to provide chiefly for control of the stock and commodity
exchanges by regulating through the banks the use of money for speculative
and marginal trading. He made an airplane trip to Washington to-day
arid hastened back to New York almost immediately.
For the third part of his permanent protective program, the President
is expected to suggest an act along the lines of the Glass banking bill,
separating commercial and investment banking and forcing depository
institutions of the country to give up their security affiliates.
The first part of this three-point program brought immediate approval
to-day among leaders at the Capitol. Senator Robinson remarked that
the securities bill was responsive to provisions of the Democratic platform
and that "the present was a proper time for consideration of and action
on this subject-matter."
This bill was predicated on the presumption that investors could adequately protect their own rights if only they were supplied with all the
essential facts regarding securities offered, and to that end it provided
that certain information should be submitted officially and correctly—
registered with the Federal Trade Commission under oath—relative to
issues transferred or advertised in interstate commerce.
It proposed further that the theory of Federal protection, by which the
Government undertakes to protect dry States under liquor statutes, should
be extended to defend States from an invasion by securities violating thier
laws.
A White House statement bearing on the new securities
measure was issued as follows on March 29:
This is permanent legislation to carry out the Party pledge. Its purpose
is to protect the public and honest business and securities with the least
possible interference with the latter. The President thinks it will not in the
least be injurious to the flow of legitimate business. It is fashioned along
the line of existing laws in other countries, such as the British Companies'
Act, the Belgian Act and other laws in the Dominions and in France. A
number of its provisions have been taken from the uniform sales of securities
Act which was drafted by representatives of 36 States and which has been
approved by the American Bar Association.
President Roosevelt's message to Congress reads as
follows:
To the Congress:
I recommend to the Congress legislation for Federal supervision of traffic
In investment securities in Inter-State commerce.
In spite of many State statutes, the public in the past has sustained severe
losses through practices neither ethical nor honest on the part of many
persona and corporations selling securities.
Of course, the Federal Government cannot and should not take any action
which might be construed as approving or guaranteeing that newly issued
securities are sound in the sense that their value will be maintained or that
the properties which they represent will earn profit.
There is, however, an obligation upon us to insist that every Issue of new
securities to be sold in inter-State commerce shall be accompanied by full
publicity and information, and that no essentially important element
attending the issue shall be concealed from the buying public.
This proposal adds to the ancient rule of caveat emptor the further doctrine: "Let the seller also beware." It puts the burden of telling the whole
truth on the seller. It should give Impetus to honest dealing in securities
and thereby bring back public confidence.
The purpose of the legislation I suggest is to protect the public with the
least possible interference to honest business.
This is but one step in our broad purpose of protecting investors and
depositors. It should be followed by legislation relating to the better supervision of the purchase and sale of all property dealt in on Exchanges, and
by legislation to correct unethical and unsafe practices on the part of
officers and directors of banks and other corporations.
What we seek is a return to a clearer understanding of the ancient truth
that those who manage banks, corporations and other agencies handling or
using other people's money are trustees acting for others.
FRANKLIN D. ROOSEVELT.
The White House. March 29 1933.
Under date of March 28 in a Washington dispatch to the
"Times" it was stated:
The bill to curb stock exchanges and compel full information as to stock
Issues was drafted by a committee under the direction of Secretary Roper,
Attorney-General Cummings and Treasury officials. Several bankers have
been consulted, and it is understood that some New York bankers, who have
in the past strongly opposed regulation of the exchanges and
opposed
the divorce of affiliates of National banks, have approved the measure.
2158
Financial Chronicle
Aldrich Sees Roosevelt.
W. W. Aldrich. Chairman of the Board of the Chase National Bank,
conferred with President Roosevelt to-day for more than an hour. It is
believed that the conference dealt with the proposed legislation and action
the administration contemplates taking to prevent the lending of bank
deposits for speculative purposes. Upon leaving the President, Mr. Aldrich
went to the office of Secretary Roper. He declined to continent either on the
purport of his conversation or the program to be undertaken by the administration.
A summary of the provisions of the securities bill is given
in another item in this issue of our paper.
Summary of Federal Security Bill Submitted to
Congress by President Roosevelt.
An analysis of the proposed Federal security Act submitted
to Congress by President Roosevelt on March 29 was
contained in an Associated Press dispatch from Washington
on that date to the New York "Herald Tribune," which we
quote as follows.
The analysis was prepared by Huston Thompson,one of its framers and a
former member of the Federal Trade Commission:
"The Federal Securities Act is a bill to provide for the furnishing of information and the supervision of traffic in investment securities in inter
State commerce.
"Sections 1 and 2 contain the title of the bill and certain definitions on
the following subjects: 'Security,' Person,"Sale,"Issuer,"Commission'
(meaning the Federal Trade Commission, which Is to have jurisdiction
under the bill), 'Mortgage,' Title,' and 'Inter-State Commerce.'
Requirements Set Forth.
"Section 3 sets forth certain requirements in the matter of the sale and
advertisement of securities in inter State commerce and forbids such sale
or advertisement until certain information shall have been filed with the
Commission. This sections covers the subjects of—
(A) The sale or offer to sell domestic securities in inter-State commerce;
'(B) The advertisement of domestic securities through inter-State medium
Including not only newspapers, circulars and magazines but also radio;
"(C) The physical transportation of domestic securities across State lines;
"(D) The sale or offer to sell by persons or corporations of the securities
of foreign Governments in the United States.
Sponsors Sign Statement.
"Section 4 provides that the promoters, principal officers and directors
of corporations shall sign the statement, except in the case of securities
issued by foreign Governments, when the statement shall be signed by
persons in the United States negotiating or underwriting the loan for the
sale in the United States.
"Section 5 designates the information required in the statements to be
filed with the Commission and consists of two subdivisions:(A) information
required of domestic corporations and (B) information required concerning
foreign Government securities.
"In the case of domestic securities it requires the names of the issuers of
the stock, promotors, trustees, officers, &c., the amount of paid-up capital,
the numbers and types of shares with the description of their respective
voting rights, dividends, profits, the amount of funded debt, a balance
sheet showing a detailed list of assets and liabilities, a statement of the
amount of the issuers' incomes, expense and fixed charges during the preceding fiscal year; the plan of the proposed issuer, the price offered to the
public, all bonuses, commissions and the amount returned to capital investment together with the names of all of those composing the syndicate.
Entire Background Bared.
"In the case of the securities issued by foreign Governments the American representatives shall state the purpose, date and terms of the loan,
the underwriting agreement, members of the syndicate, bonuses, commissions and amount to be returned to the foreign Government, the security
pledged with the loan and the general financial condition of the borrowing
Government and whether it has ever defaulted on principal or interest on
any security sold in the United States together with the proposed method of
distribution and price of the security as offered here.
"A fee of one-hundredth of 1% of the value of the securities will be
charged for registration with the Commission.
"Section 6 empowers the Commission to revoke the registration of
domestic securities. Some of the grounds stated are insolvency of the
issuer, violation of the Act, previous or present engagements in fraudulent
transactions, fraudulent representations in advertising the security.
"Section 7 provides for judicial review in the event of an order of revocation by the Commission to the Court of Appeals of the District of Columbia.
Ad Copies Must Be Filed.
"Section 8 prohibits the inter-State advertisement either written or spoken
of domestic and foreign securities subject to this Act unless the communication contains certain information concerning the securities offered as required by the Commission and the Act. Copies of an such advertising
material must be filed with the Commission and the statement so filed
shall be available for public inspection.
"Section 9 assumes that all purchasers rely upon the representations contained in the statement and makes all the signers of such statement jointly
and severally liable to the purchasers for damages in the event of any
material misrepresentation contained therein. Misrepresentations in the
statement or advertising when made with the knowledge of their falsity will
subject the signers to the Federal fraud and perjury laws.
"Section 10 makes it unlawful to represent that registration with the
Commission constitutes the Commission's approval.
"Section 11 exempts certain securities from the terms of the Act such
as those issuing under the Federal Government and our States, or the
subdivisions of the Federal or State Governments.
"Section 12 exempts certain transactions such as judicial sales and isolated
transactions by individuals.
"Section 13 empowers the Attorney-General, at the request of the Commission, to prosecute for fraud in the inter-State offer or sale of securities.
The exemptions of Sections 11 and 12 are not applicable to this provision.
"Section 14 declares that it shall be a Federal offense to transmit or offer
in inter-State commerce securities that do not meet the requirements of the
State in which they are to be sold. This is an application to the sale of
securities similar to that applied under the Webb-Kenyon law to the prohibition against the sale and transportation ofliquor into dry States. In this
section, also, it is specifically provided that the exemptions of Sections 11
and 12 do not apply.
April 1 1933
Exempts Certain Deals.
"Section 15 empowers the Commission to make necessary rules and
regulations.
"Section 16 gives jurisdiction to the Federal district courts to enforce
the criminal provisions of the Act and the various orders of the Commission.
"Section 17 provides the penalty of not more than $5,000 or five years
in jail or both for any officers, director or agent or any corporation knowingly participating in the violation and conviction under this Act.
"An appropriation clause follows:"
The last sentence above referred to appropriations for administering the
Act, but no sum was mentioned in the analysis. The summary given was
made available in the Senate by Senator Robinson of Arkansas, the Democratic leader.
Wall Street's Attitude Toward Federal Securities Bill —
No Disposition Is Shown to Challenge Terms of
the Roosevelt Measure -Fewer New Issues Seen— .
Difficulties Are Forecast in Guaranteeing Statements on Foreign Bonds—Some Benefits Cited.
The outline of President Roosevelt's proposed law to
supervise the traffic in investment securities evoked a mixed
and, for the most part, apathetic reaction in Wall Street.
said the New York "Times" of March 30, from which the
following is also taken:
Without having had a chance to read the full prescription, the financial
community felt, as a whole, that the medicine would be far from palatable.
In its present chastened mood, however,the banking and brokerage business
was not disposed to challenge very strongly any parts of the proposed
bill. At more than one underwriting house it was remarked that the question
appeared of little more than academic interest in view of the complete
stoppage of domestic corporation and foreign government financing.
Stock Exchange circles took a much more cheerful view of the situation
than did investment banking groups.
Favor Publicity Provision.
Mackay & Co., members of the New York Stock Exchange, expressed
broad application of informative publicity such as is
the opinion that a
specified in the recommendations of the administration will prove to be the
best means of protecting the public in its relations with the Exchange and
with the corporations whose securities are traded in on the Exchange. A
statement by the firm read:
We strongly favor such a policy, because it is not only protective as regarde the public but it is likewise helpful and constructive from the standpoint of the New York Stock Exchange and other Exchange memberships.
To require by law adequate publicity is one thing; to permit firms and
corporations to give out only such information as is favorable to them is
another. Laws are necessary to require full publicity, and such laws should
have teeth in them, but at the same time they must not propagate prejudice
or unfairness. A broad application, in a spirit of constructive fairness, is
essential to the conduct of corporate business and a proper protection of
investments against, on the other hand, destructive propaganda of
frequent
political origin.
Tell the public the truth and the people will have confidence where confidence is merited.
Curb on New Issues Is Seen.
Among bankers, the view was expressed that under the terms of the bill
corporations would be afraid to issue securities for fear that they might
accidentally misstate some fact in connection with their affairs, thus
bringing down upon them the severe penalties embodied in the bill.
This jeopardy, it was remarked, applied not to the banking houses,
which ordinarily offer such issues to the public, but to the issuing corporations and their officers. It was stated that in England the operations
of the British Companies Act, which has many points in common with the
law proposed here, had actually worked to restrict drastically the issuance
of new securities and that, as a consequence, many important financial
authorities in England were now in favor of a change in the law.
The MacMillan report upon the state of financial affairs in Great Britain,
published about two years ago,condemned certain aspects of the operations
of the Companies Act, it was recalled yesterday, and praised the American
system of security offering and underwriting.
As To Foreign Bond Issues.
While all question of flotation of foreign loans is academic at this
time.
bankers said, it is hardly to be expected that investment houses here
will
underwrite as precisely accurate every statement made by a foreign
government about its financial position and affairs.
Apart from the requirement that all statements made In connection
with a
security offering must be guaranteed as completely accurate, most
bankers
did not seriously object to the provisions of the bill. With the principal
of
full publicity they were generally agreed.
Sponsors of open-end investment trusts, in which shares become
outstanding in the capital structure only as they are sold to the public,
were
interested in the President's bill. They are consulting counsel to
determine
whether or not they will have to submit to the Federal
Government the
issues they are already sponsoring, provided the bill is passed in its
present
form.
Inasmuch as the stock they are offering represents already
authorized
issues, they doubt that the law will affect them. They agree,
however,
that the fact that the stock is stock which has never before been
outstanding
might lead to an interpretation by those in authority classifying the
shares
as "new."
Comment in Washington on President Roosevelt's
Recommendation to Regulation of Security Sales.
The recommendations of the President for strict regulation
of securities sales were enthusiastically received by Re..
publicans as well as Democrats, said Associated Press
advices from Washington March 29, which continued:
"The message goes squarely to the proposition I have been urging for
years." Senator Vandenberg said. "My only hope is that the bill goes far
enough to give the investors the protection the situation invites and requires."
The Michigan Republican added that his particular objection to the
present method of selling securities was directed "to the last line of
the
prospectus, which always provides the authors of the circular with an
immunity bath."
He referred to the statement, "always printed in small type," that
the
issuing house was not responsible for the facts contained in the document.
Senator Fletcher. Chairman of the Banking Committee, said that
It
was "quite important" to legislate along the lines recommended by
the
Volume 136
Financial Chronicle
President, but that the bill should have been referred to his committee,
which has been studying the subject in its stock market Investigation.
"It is the very question we have been going into and I don't think it had
any business going to the Judiciary Committee," he added.
Other comment was as follows:
Senator Ashurst.—This is not a blue-sky law, but a "truth in stock"
bill.
Senator Johnson.—The legislation is a long-felt want. I'm very strongly
In favor of curbing those who, accepting other people's money in a fiduciary
capacity, have forgotten it was not their own.
Senator Costigan.—The recommendations of the President are admirable,
and should and doubtless will be speedily approved by Congress.
New York State Assembly Committee Reports Measure
for Supervision of Sale of Securities.
The Assembly Judiciary Committee of the New York
State Assembly made a favorable report on March 29 on
the Farbstein bill,carrying outrecommendations of AttorneyGeneral Bennett for rigid supervision of the sale of securities
in the State. A dispatch March 29 from Albany to the
New York "Times" said:
The bill provides for filing of complete information with the Attorney
General's office before the flotation of an issue, along with an auditor's
report.
No securities could be sold except on the written application of the
purchaser or agent, and there could be no substitution of collateral or
securities contained in the prospectus for particular issues of bonds or
debentures without the consent of holders of 75% of the outstanding
securities.
President Roosevelt Cuts All Federal Salaries 15%,
Effective April 15, Under Authority Granted by
Economy Act.
An executive order reducing all salaries in the Federal
Government by 15%, effective April 15, was issued by
President Roosevelt on March 28. The reduction will
remain in force until the close of the fiscal year,June 30,1933.
The order was issued under the authority of the Economy
Act, and is unofficially estimated to involve an annual
saving of $125,000,000. The President's decree found that,
according to a Department of Labor investigation, the cost of
living decreased from an index of 171.0 for a six-months'
period ended June 30, 1928, to 133.9 for a similar period
ended December 31, 1932, or 21.7%. The law directed that
this method be followed in fixing Federal salaries, although
the maximum cut permitted was set at 15%. In a Washington
dispatch, March 28, to the New York "Times" it was stated
that:
Under the terms of the order all personnel of the army and navy, all
postal employes, all of the thousands on the payroll in the bureaus of
Washington, will find their pay checks cut 15% on April 15.
The same paper observed:
Federal employees, with some exceptions, have already had one pay
cut of8 1-3% by the enactment in June 1932 of the Hoover 30 -day furlough
plan. This cut applied to about 500,000 employees but exempted enlisted
men in the Nation's armed services.
Members of Congress, Congressional employees, day wage workers, and
those continuously indispensable in their present posts were not required
to take furloughs but suffered flat pay cuts.
The economy bill, passed this month, further reduced Congressional
salaries from $10,000 to $8,500.
The text of the President's order follows:
EXECUTIVE ORDER.
Announcing the Index figures for the cost of living for the six months'
periods ending June 30 1928 and Dec. 31 1932.
Whereas, Sections 2 and 3, Title II, of the Act entitled, "An Act to
maintain the credit of the United States Government," approved March 30
1933 (public, No. 2, Seventy-third Congress), provide:
"Section 2. For that portion of the fiscal year 1933 beginning with the
first day of the calendar month following the month during which this Act
is enacted, and for the fiscal year ending June 30 1934 the compensation
of every officer or employee shall be determined as follows:
"(a). The compensation which such officer or employee would receive
under the provisions of any existing law, schedule, regulation. Executive
order or departmental order shall first be determined as though this title
(except Section 4] had not been enacted.
"(b). The compensation as determined under sub-paragraph (a) of this
section shall be reduced by the percentage, if any, determined in accordance
with Section 3 of this title.
"Section 3 (a). The President is authorized to investigate through
established agencies of the government the facts relating to the cost of
living in the United States during the six months' period ending June 30
1928 to be known as the base period, and upon the basis of such facts and
the application thereto of such principles as he may find proper, determine
an index figure of the cost of living during such period. The President is
further authorized to make a similar investigation and determination of an
Index figure of the cost of living during the six months' period, ending
Dec. 31 1932 and each six months' period thereafter.
"(b). The President shall announce by Executive order the index figure
for the base period and for each subsequent period determined by him under
paragraph (a) of this section. The percentage, if any, by which the cost
of
-living index for any six months' period, as provided in paragraph (a)
of this section, is lower than such index for the base period, shall be the
percentage of reduction applicable under Section 2(b) of this title in deter2
mining compensation to be paid during the following six months' period,
or such portion thereof during which this title is in effect; provided, that
such percentage of reduction [including reductions under any existing law,
regulation, or Executive order, in the case of subsistence and rental allowances for the services mentioned in the Pay Act of June 10 1922] shall not
exceed 15 per centum." And,
Whereas, through established agencies of the government, I have investigated the facts relating to the cost of the living in the United States during
2159
the six months' period ended June 30 1928, and during the six months'
period ended Dec. 31 1932, and have determined index figures of the cost
of living during such periods, such Index figures being based upon an index
figure of 100 for the year 1913:
Now, Therefore, pursuant to the authority so vested in me, I hereby
announce:
First, that such index figures are—
(a). 171.0 for the six months' period ending June 30 1928, the base
period, and
(13)• 133.9 for the six months' period ending Dec. 31 1932:
-living index for the six months' period ending
Second, that the cost-of
-living index for the
Dec. 31 1932 is 21.7 per centum lower than the cost-of
base period; and
maximum per ceatum
Third, that this per centum being in excess of the
prescribed by Section 3 (b); the percentage of reduction applicable under
Section 2 (b) in determining the compensation of officers and employees
to be paid during the period from April 1 1933 to June 30 1933 inclusive
Is 15 per centum.
FRANKLIN D. ROOSEVELT.
The White House,
March 28 1933.
The full text of the economy bill as enacted into law was
given in our issue of March 25, pages 1958-1960.
Temporary Halt in Federal Construction Program
Unofficially Ascribed to Pending Appointment of
New Assistant Construction Secretary and to
Possible Effect of Unemployment Relief Plans.
The Government's $800,000,000 public construction program has been temporarily halted, according to a dispatch
from the Washington correspondent of the New York
"Times" on March 28. Secretary Woodin refused to comment on the reason for the delay, but the newspaper article
mentioned discussed the subject as follows:
Other officials, while not specific as to the reason, gave several possible
explanations. These were:
That Mr. Woodin desired to withhold his declaration of policy in the
matter until a new assistant secretary in charge of construction is appointed
to replace Ferry K. Heath, a Republican holdover.
That the program might be affected by President Roosevelt's unemployment relief program. This might take one of several turns, either an
expansion of the program or the use of some of the money authorized to
promote the reforestation project. The latter would be possible under the
authorization in the bill to use unexpended balances to finance reforestation.
Few contracts for buildings or site purchase have been let since the new
administration took office. Bids have been taken on several projects
previously advertised and are now under consideration in the Supervising
Architect's office.
Secretary Woodin has conferred several times In the past few days with
Mr. Heath relative to the building program. lie said that he had given
the program some attention, although the Treasury has concentrated largely
on the banking situation since his entrance into office.
The emergency relief building program provided for an appropriation of
$100,000,000, of which about $4,000,000 has been used to purchase sites.
This $100,000,000 is in addition to $700,000,000 previously authorized.
It appeared doubtful whether the unobligated amount remaining would
be used in the reforestation program, however, because of the strong
protest that would go up from the cities and towns which, under the emergency building plan, were to receive new postoffices or other Federal
buildings.
It was not regarded as probable that anything would be done before
the selection of the new Assistant Secretary.
President Roosevelt Issues Executive Order Consolidating Federal Farm Credit Agencies—First Move in
Merging Government Agencies Under Rider Attached to Post Office-Treasury Supply Bill—Stabilization Functions of Farm Board Abolished—Name
of Board Changed to Farm Credit Administration.
The initial step in the consolidation of government activities, authorized by the rider to the Post Office-Treasury
supply bill, was indicated by a White House statement,issued
on March 26, making known the proposed issuance of an
Executive order by President Roosevelt carrying out the
plans previously announced for the merger of all the agricultural agencies of the Government. These plans, to which
we referred in our issue of March 25,(pages 1997 and 1999)
were announced earlier in the month by Henry Morgenthau
Jr., who indicated the end of the Federal Farm Board and
its replacement by the Farm Credit Administration. Following the issuance of the White House statement of March
26, President Roosevelt on March 27 issued his Executive
order consolidating the various agriculture credit agencies
into one agency, viz: the Farm Credit Administration. Mr.
Morgenthau, as head of the Farm Credit Administration will,
said the New York "Times"in its Washington advices March
26, take over the activities of the following Federal agencies:
Federal Farm Board.
Federal Farm Loan Bureau in the Treasury Department.
Federal Land Banks.
Joint Stock Land Banks.
Intermediate Credit Banks.
Agricultural Credit Corporations set up by the Reconstruction Finance
Corporation,
Crop Production Loan Bureau of Agricultural Department.
Loan Bureau of the Department of Agriculture to aid local agricultural
associations.
President Roosevelt in his message to Congress this week
stated that with the Federal Farm Board the further stabilization operations are abolished by the Executive order.
Financial Chronicle
2160
The following is the White House statement of March 26:
"President Roosevelt announced to-day that he would send to Congress
to-morrow an Executive order for the consolidation and reorganization of
all agricultural credit agencies of the United States Government.
"The order will become effective sixty-one days after its delivery to Congress and will bring about a net saving to the government of $2.000,000.
"This is the first of a series of Executive orders which will be issued
by the President to put into effect his economy program by consolidation
of governmental agencies.
"This order will be sent to Congress in accordance with provisions of
the Post Office-Treasury appropriation bill."
Incident to the issuance of the above the Washington
adviees March 26 to the New York "Times" said:
-Office-Treasury bill authorized
The Byrnes economy rider to the Post
the President to effect any mergers that he considered advisable and these
would become effective within sixty days if Congress were in session. This
was amended in the recent administration economy act to give the President
power to make mergers even when Congress is not in session.
$700,000.000 Saving in Prospect.
While Congress has given the President such authority it could be revoked by a majority vote. But, in reality, the sweeping powers would
require a two-thirds vote as the President undoubtedly would veto any
repeal of the economy rider and it would require a two-thirds vote to override the veto.
Taken in connection with the later administration economy act, which
authorizes the President to make cuts in war veterans' allowances and
reduce pensions and civilian salaries, this legislation is regarded as among
the most far-reaching ever passed by Congress. It is egtimated that
through reductions and consolidations about $700,000,000 will be saved
In the coming fiscal year.
President Roosevelt's special message to Congress on
March 27 follows:
To the Senate and House of Representatives:
Pursuant to the provisions of Section 1, Title III. of the act entitled "an
act to maintain the credit of the United States Government," approved
March 20 1933. I am transmitting herewith an Executive order reorganizing
the agricultural credit agencies of the United States.
This Executive order consolidates in one agency—the Farm Credit
Administration—the functions of all present Federal organizations which
deal primarily with agricultural credit, namely, the Federal Farm Board,
the Federal Farm Loan Board, the functions of the Secretary of Agriculture
with regard to loans in aid of agriculture, and those of the Reconstruction
Finance Corporation pertaining to the management of regional agricultural
credit corporations. The functions of the Federal Farm Board with regard
to the futher stabilization operations are abolished by the order.
A better co-ordination of the agencies involved in our agricultural credit
system will produce a more uniform program for agricultural credits and
will result in substantial economies. A saving of more than $2,000,000 is
the immediate effect of this order. Further substantial savings are anticipated.
Important as are the foregoing, of greater and controlling importance
Is the maintenance of the long-standing policy of the Federal Government
to maintain and strenghten a sound and permanent system of co-operative
agricultural credit, subject to Federal supervision and operated on the
basis of providing the maximum of security to present and prospective
investors in bonds and debentures resting on farm mortgages or other
agricultural securities—all for the purpose of meeting the credit needs of
agriculture at minimum cost.
FRANKLIN D. ROOSEVELT.
The White House, March 27 1933.
The following is President Roosevelt's Executive order of
March 27:
EXECUTIVE ORDER REORGANIZING AGRICULTURAL CREDIT
AGENCIES OF THE UNITED STATES,
Whereas Sections 401 and 403 of Title IV of Part II of the legislative
appropriation act fiscal year 1933, as amended by an act of Congress approved March 3 1933, provide:
Section 401. The Congress hereby declares that a serious emergency
exists by reason of the general economic depression, that it is imperative
to reduce drastically governmental expenditures, and that such reduction
may be accomplished in great measure by proceeding immediately under
the provisions of this title.
Accordingly, the President shall investigate the present organization
of all executive and administrative agencies of the government and shall
determine what changes therein are necessary to accomplish the following
purposes:
(a) To reduce expenditures to the fullest extent consistent with the
efficient operation of the government;
(b) To increase the efficiency of the operations of the government to
the fullest extent practicable within the revenues:
(c) To group, co-ordinate and consolidate executive and administrative
agencies of the government as nearly as may be, according to major purposes;
(d) To reduce the number of such agencies by consolidating those
having similar functions under a single head,and by abolishing such agencies
and/or such functions thereof as may not be necessary for the efficient
conduct of the government;
(e) To eliminate overlapping and duplication in effort, and
(f) To segregate regulatory agencies and functions from those of an
administrative and executive character.
Section 403. Whenever the President, after investigation, shall find
and declare that any regrouping consolidation, transfer, or abolition of
any executive agency or agencies and/or the functions thereof is necessary
to accomplish any of the purposes set forth in Section 401 of this title, he
may by executive order:
(a) Transfer the whole or any part of any executive agency and/or
the functions thereof to the jurisdiction and control of any other executive
agency'
(b) Consolidate the functions vested in any executive agency; or
(c) Abolish the whole or any part of any executive agency and/or the
functions thereof; and
(d) Designate and fix the name and functions of any consolidated
activity executive agency and the title, powers and duties of its executive
head; except that the President shall not have authority under this title
to abolish or transfer an executive department and/or all the functions
thereof.
Now. Therefore, pursuant to the authority so vested in me. and after
Investigation. it is found and declared that the following changes in executive agencies and the functions thereof are necessary to accomplish the
purposesset forth in Section 401,above recited, and it is hereby ordered that:
1. The functions of the Secretary of Agriculture as a member of the
Federal Farm Board, and the offices of the appointed members of the
Federal Farm Board, except the office of the member designated as chairman thereof, are abolished.
2. The name of the Federal Farm Board Is changed to the Farm Credit
Administration.
April I 1933
3. The name of the office of chairman of the Federal Farm Board Is
changed to Governor of the Farm Credit Administration, and he is invested
with all the powers and duties of the Federal Farm Board.
4. The functions of the Secretary of the Treasury as a member of the
Federal Farm Loan Board, and the offices of the appointed members of
the Federal Farm Loan Board, except the office of the member designated
as Farm Loan Commissioner, are abolished, and all the powers and functions
of the Federal Farm Loan Board are transferred to and vested in the Farm
Loan Commissioner, subject to the jurisdiction and control of the Farm
Credit Administration as herein provided.
5. There are transferred to the jurisdiction and control of the Farm
Credit Administration:
(a) The Federal Farm Loan Bureau and the functions thereof; together
with the functions of the Federal Farm Loan Board, including the functions
of the Farm Loan Commissioner;
(b) The functions of the Treasury Department and the Department of
Agriculture and the secretaries thereof, under executive authorizations to
give aid to farmers, dated July 26 1918, and any extensions or amendments thereof:
(c) The functions of the Secretary of Agriculture under all provisions of
law relating to the making of advances or loans to farmers, fruit growers,
producers and owners of live-stock and crops, and to individuals for the
purpose of assisting in forming or increasing the capital stock of agriculturalcredit corporations, live-stock-loan companies, or like organizations, except
Public Resolution No. 74, Seventieth Congress, approved Dec. 21 1928,
providing for the Puerto Rican hurricane relief commission;
(d) The Crop Production Loan Office and the Seed Loan Office of the
Department of Agriculture, and the functions thereof;
(e) The functions of the Reconstruction Finance Corporation and its
board of directors relating to the appointment of officers and agents to
manage regional agricultural credit corporations formed under Section 201
(e) of the Emergency Relief and Construction Act of 1932: relating to the
establishment of rules and regulations for such management: and relating
to the approval of loans and advances made by such corporations and of
the terms and conditions thereof.
6. The functions vested in the Federal Farm Board by Section 9 of the
Agricultural Marketing Act are abolished, except that such functions shall
continue to be exercised to such extent and for such time as may be necessary to permit the orderly winding up of the activities of stabilization corporations heretofore recognized under authority of such section, and the
Governor of the Farm Credit Administration shall take appropriate action
for winding up at the earliest practicable date the activities of such corporations and all affairs related to the exercise of such functions.
7. The records, property (including office equipment), and personnel
used and employed in the execution of the functions hereinbefore transferred are transferred to the jurisdiction and control of the Farm Credit
Administration.
8. The sum of $52,000,000 of the unexpended balances of appropriations
made to the Federal Farm Board by Public Resolutions No. 43 and No.
51 of the Seventy-second Congress shall be impounded and returned to the
Treasury, which sum shall be in addition to the other savings to be effected
by the Farm Credit Administration as a result of this order.
9. The unexpended balances of appropriations to the Secretary of Agriculture, the Federal Farm Loan Bureau and the Federal Farm Board for
salaries, expenses and all other administrative expenditures in the execution
of the functions herein vested in the Farm Credit Administration shall be
transferred to and vested in the Farm Credit Adminsitration as a single
fund for its use of salaries, expenses and all other administrative expenditures for the execution of any or all of such functions without restriction
as to the particular functions for the execution of which the same were
originally appropriated. All other appropriations, allotments and other
funds available for use in connection with the functions and executive
agencies hereby transferred and consolidated are hereby transferred to and
vested in the Farm Credit Administration, and shall be available for use
by it. for the same purposes as if the Farm Credit Administration were
named in the law or authority providing such appropriations, allotments
or other funds.
10. All power, authority and duties conferred by law upon any officer,
executive agency or head thereof, from which or from whom transfer is
herelnbefore made, in relation to the executive agency or function transferred, are transferred to and vested in the Governor of the Farm Credit
Administration,
11. The Governor of the Farm Credit Administration is directed to
dismiss, furlough, transfer or make other appropriate disposition of such
of the officers and employes under his jurisdiction and control as are not
required for the proper execution of the functions of the Farm Credit Administration.
12. The Governor of the Farm Credit Administration is authorized to
execute any and all functions and perform any and all duties vested in
him through such persons as he shall by order designate or employ.
13. The Governor of the Farm Credit Administration, by order of
rules and regulations, may consolidate, regroup and transfer offices. bureaus,
activities and functions in the Farm Credit Administration, so far as may
be required to carry out the purposes to which this order is directed, and
may fix or change the names of such offices, bureaus and activities and
the duties, powers and titles of their executive heads.
This order shall take effect upon the sixty-first calander day after its
transmission to Congress unless otherwise determined in accordance with
the provisions of Section 407 of the act cited above, as amended.
FRANKLIN D. ROOSEVELT.
The White House, March 27 1933.
As we indicate above, Mr. Morgenthau, the present
Chairman of the Federal Farm Board, is to head the Farm
Credit Administration. From the Washington advices
March 27 to the New York "Herald-Tribune" we quote:
The order transmits to Mr. Morgenthau's jurisdiction a total personnel
of 10,000 persons which presumably will be reduced in the course of consolidation economies.
A few hours after the order was made public, however, Mr. Morgenthau
announced that he would move to bring under civil service rules and remove from political patronage the several thousand persons in this group
who have not been civil-service employees in the past. At the same time
he said that the independent audit system of the Farm Board would be
replaced by the regular government audit and that he would like to have
Paul Rester, Farm Loan Commissioner and Republican appointee, remain
in his present post, which becomes a subordinate but important position
in the Farm Credit Administration.
The President's order will go into effect in sixty-one days unless it is
vetoed by a vote in each chamber of Congress. No chance of such a repudiation of Mr. Roosevelt's program was foreseen. Even if Congress
adjourns without contrary action before the sixty-one days are up the
decree will become effective at the end of that period. . . .
Volume 13b
Financial Chronicle
In his brief message to Congress, transmitted along with his detailed
order, the President pointed out that he was bringing together loan functions hitherto scattered among the Federal Farm Board, the Farm Loan
Board, the Department of Agriculture, the Reconstruction Finance Corporation and the Treasury. . . .
Impounds Stabilization Funds.
The order closes the stabilization operations of the Farm Board as swiftly
as possible and impounds 82,000,000 of appropriations connected with these
operations. It is understood that the Farm Board's wheat will be turned
over to the Red Cross on Congressional authority by the beginning of August and the cotton by the end of October. Mr. Morgenthau said the
rest of the Farm Board's revolvingfund will be used in loans to co-operatives.
Mr. Morgenthau indicated to-day that the Federal Land Banks would
remain as they are now constituted. "Every one under my jurisdiction
will be in the Civil Service," Mr. Morgenthau promised.
Farm loan interest rates would be made uniform according to the time
element involved, he said, and competition in goverment services would
be eliminated.
The authority conferred upon the President to reorganize
the agencies of the Government, embodied in the rider to
the Treasury-Post Office Appropriation bill, was noted in
our issue,,,.of March 11, page 1664.
Re orestation Relief Bill Passed by Congress, and
Signed by President Roosevelt—No Mention of
Specified Wage Scale—Measure Expected to Provide Work for 260,000 Unemployed—Despite Opposition of Organized Labor, Bill Received Large
Majority in Both House and Senate.
The first of the administration's unemployment relief bills,
which would recruit 250,000 jobless men for work in the
public domain, received final Congressional approval on
March 30, when it was passed by the Senate (without a
record vote), and transmitted to President Roosevelt, who
signed the bill yesterday(March 31). The House had voted
favorably on the measure on March 29, after inserting two
minor amendments which encountered no serious oppcsition
in the Senate. One of these amendments stipulated that in
the operation of th bill there should be no discrimination
because of "race, creed or color"; the other dealt with authority to purchase lands for reforestation work.
The principal alteration made in the bill since its introduction in Congress on March 21, as described in these co umns
March 25 (page 1993), was the elimination of a stipulated
wage of $1 a day. This wage scale had excited the determined opposition of William Green, President of the American Federation of Labor, who said that it would set an arbitrary standard of wages for common labor. With the elimination of the stipulated wage, the amount of compensation is
not expressly stated in the bill, but is to be left to the determination of the Executive.
The Senate approved the amended draft on March 28; the
House passed the bill with the two minor amendments noted
above on the following day, and the Senate accepted these
changes on March 30. In all cases passage was effected
without a record vote.
Another amendment, inserted in the bill by the Senate on
March 28 and approved by the House, repeals the 15%
restriction on State loans under the $300,000,000 relief fund
created by the 1932 emergency relief act. Senator Wagner
of New York explained that this action was taken because the
Reconstruction Finance Corporation had been informed that
the relief funds of Illinois would be exhausted by April 1,
and that State has already been granted its limit of 15%
under the relief act.
The New York "Times" of March 30, said that President
Roosevelt hopes to have the first group of men at work in the
national forest preserves within two weeks. The article
further details the Executive plans as follows:
While the organization for this activity has not been definitely shaped,it is
probable that a director will be selected who will work through the existing
Federal agencies. The initial enrollment will be handled by the Department
of Labor, and as soon as the men are sent to the forest camps they will be
under the supervision of the director, who will be a practical forester.
The War Department will be called upon by the President to provide
trucks to transport the men to the national reservations. The War Department may also be asked to select able-bodied men before they are dispatched
to the camps. After that the military aspects will disappear and the work
will be supervised by officials of the Labor and Interior Departments and the
director.
The available funds are estimated to be sufficient to provide Jobs at a
moderate wage and sustenance for at least 250,000 men.
William Green Head of the American Federation o
Labor Opposes President Roosevelt's Reforestation
Program—Sees Proposed $1 Wage Scale Threat to
Private Wage Rates—Budget Director Douglas and
General MacArthur Defend Plan Before Congress
Labor Committee.
President Roosevelt's reforestation plan to enlist 250,000
men in a conservation corps as a temporary unemployment
2161
relief measure was criticized as containing elements of
"fascism, Hitlerism and sovietism" by William Green,
President of the American Federation of Labor, who testified before a joint meeting of the Senate and House Labor
Committees, on March 24.
Mr. Green stated hi6 primary objection to the plan was
the proposed wage scale of $1 a day. He declared that it
would brand Congress throughout history as "the one which
establighed the dollar-a-day standard rate for common
labor."
Testifying before the same Committee in behalf of the
bill, Budget Director Lewis W. Douglas said the proposals
would not conflict with ordinary public works employing
labor at normal wage rates. General Douglas MacArthur,
Chief of Staff, told the Committee that there would be no
ironclad military discipline imposed on the conservation
corps.
Reporting the hearing before the Labor Committee, a
Washington correspondent of the "Times" stated on
arch 24:
o-day's session, the second one, concluded open hearings on the bill
embodying the President's first broad relief scheme. The bill is expected
to be reported to the House on Monday for quick action, apparently with
- the support of practically all Democratic leaders except Representative
Connery, Chairman of the House Labor Committee. It then will be taken
up by the Senate.
Joint hearings have been held to forestall delays that would be entailed
if the Senate Committee on Education and Labor had awaited House action
before studying the bill.
Green Stresses "Regimentation."
Throughout his testimony Mr. Green reiterated the word "regimentation"
in describing the conditions under which the conservation crops, to be used
in forestry and similar projects not in competition with "free labor,"
would be employed.
"Labor is deeply apprehensive of this plan, although conceding its high
purpose," Mr. Green said. "In the first place, it dislikes the regimentation
of these men in the army. Labor always is jealous of its rights to
voluntary action."
He referred to the bill's provision for enlistment of men ha the corps
for a term of one year.
"That's regimentation," he said.
"Labor is always for carrying on these public projects," Mr. Green
stated, "but as they have been carried on, without regimentation."
Mr. Green criticized severely the plan for physical examinations of
applicants for enlistment in the corps, charging that thus a public record
would be made of a man's physical defects which might operate to his
detriment later.
After again criticizing the military aspect of the handling of the
members of the corps, Mr. Green obviously set out to reply to testimony
yesterday by Secretary Perkins, who defended the plan before the
Committee.
"I understand that the defense is that the wage means nothing and
that this is a relief measure rather than an employment plan," Mr.
Green said.
"However, these men are going to be required to work at a great
variety of projects.
"Worse still, the bill gives power to the Administration to extend the
type of projects without limit. Won't these men, therefore, be is
competition with free labor in many places?
Fears "One-Dollar-a-Day" Standard.
"Public pSychology is interesting," Mr. Green went on. "It will result,
as sure as you live, in this Congress's going down in history as the one
which established the dollar-a-day standard rate for common labor.
"The public would forget the relief features, and I warn you that yos
can never get away from that public concept.
"Do you want the richest and most powerful nation in the world—a
nation which should be a model employer—to set that record?"
When Mr. Green said that he spoke not only for his own organization,
but, by direction, for five or six of the railroad brotherhoods, Senator
Copeland inquired if he advocated "junking" the bill completely.
"It would be a terrible shock if we dropped it," Mr. Copeland said. "I
have had hundreds of letters already from unemployed pleading for my
help in getting them jobs."
Mr. Green replied that he thought the bill should be "improved," but,
when pressed for specific proposals, said:
"A lot of things ought to be taken in and a lot taken out."
Mr. Green conceded that the bill contained "one redeeming feature"
in that it proved that the corps should be housed, fed, clothed and provided
with medical care in additions to the wages paid them.
When Mr. Green repeated his demand payment of "standard wages"
Representative Lambertson of Kansas told him that the wage in the bill
is the same that was paid to harvest hands in Kansas last year for 12
hours of labor daily.
"And a farm hand has to be more skilled that these workers will be,"
the Representative added.
Mr. Douglas Quizzed on Balances.
Mr. Douglas, the Budget Director, was examined closely by Committee
members regarding the diversion of "unexpended balances" appropriated
for public works, estimated to total $200,000,000, which would finance
the initial organization and work of the corps.
He assured the Committee that no public works would be abandoned,
although some might be temporarily delayed, and he reminded the Comittee of the President's recent message stating that he soon would
slThmit a program of greatly expanded public works.
"Use of the unexpended balances to start this plan functioning will
give the administration a chance to turn around and see exactly what
the needs are," Mr. Douglas said.
General MacArthur explained to the committee that the army, under
the plan, would act only in collecting workers, examining them physically,
providing them with clothing and giving them small preliminary training.
2162
Financial Chronicle
"It is all a purely non-military function," the General said, "and
has no connection with the army's job as a national defense mechanism.
We are just planning to be as helpful as we can."
Representative Connery opposed this view. He assertetd that, "as
the bill stands, it is a virtual labor draft act."
Other committee members, as well as General MacArthur, disputed
this statement.
"When they are gathered in the corps areecamps preparatory to going
to forests," General MacArthur said, "we will merely seek to keep order.
If a man doesn't act 'civilized' we will just put him out."
Peril to Forest Jobs Charged.
IL J. McDonough, head of the building-trades department of the
American Federation of Labor, disputed testimony given yesterday that
formation of the proposed corps would not interfere with "the employment of free citizens in the forest service."
"If aybody can do that, he is a magician," Mr. McDonough said.
He predicted that the "natural outcome" would be the discharge of
workmen now paid $3.50 a day.
He also challenged the statement by Secretary Perkins that "men in
New York City and elsewhere, who are living by their wits, will go
into the camps."
"This bill could be applied to any public works, even to Muscle Shoals,"
he declared.
This caused Senator Walsh to assert that President Roosevelt had
promised that no such plan would be followed.
Mr. McDonough also said that nearly all of the 1,300,000 men in the
building trades were idle, and that in the last month 1,000,000 had been
added to the total unemployed.
Charles Lathrop Pack, President of the American Tree Association, in
a letter sent to-day to President Green and Representative Connery,
expressed astonishment that there should be opposition to relief measures
that "pay a good American dollar" to thousands of jobless men.
"This plan of the President will not establish any new wage scales,"
he wrote. "May I point out, as will millions of other Americans, it
Is an unemployment relief plan which pays good food, good clothing, good
housing and a good American dollar each day to men who are eager to do a
good day's work?
"I wish also to state that American taxpayers will have something to
show for the money spent in this conservation and reforestation work.
I also wish to point out that at this time the American taxpayer cannot
afford a standard scale of wages for this kind of relief. Where would the
money come from?"
President Roosevelt's message to Congress proposing
legislation to provide work for 250,000 men through reforestation, flood control, etc was given in our issue of
March 25, page 1993.
Senate Passes $500,000,000 Relief Bill by Vote of 55 to
17—Measure Authorizing Direct Grants to States
Goes to House on Monday.
The Adminis ration's $500,000,000 unemployment relief
bill, authorizing direct Federal grants to State , was passed
by the Senate on March 30 by a vote of 55 to 17. The
measure will go to the House on Monday, April 3.
The bill supplements the reforestration relief measure,
which was passed by Congress and signed by the President
this week, and which is described elsewhere in this issue.
The $500,000,000 relief bill would end the practice of the Reconstruction Finance Corporation of lending to States for
relief purposes, and instead would permit outright gifts of
Federal funds for State aid. Some commentators have
recently emphasized, however, that the $500,000,000 need
not necessarily be expended in full, since grants are not
obligatory under the bill.
As described in Washington advices to the "Times" on
March 30, the $69,000,000 remaining with the Reconstruction Finance Corporation out of a total loan fund of $300,000,000 would be transferred into the gift fund, and the corporation would thereafter have no control over the disposition
of relief funds.
U. S. Saves $132,000,000 in Two Economy Moves.
Under date of March 28 the Washington correspondent
of the New York "Journal of Commerce" stated:
Savings of approximately $132,000,000 in the expenditures of the Federal Government during the fiscal year 1934 are seen in the two steps
made toward economy in Federal operations by President Roosevelt.
The first move in this direction was taken yesterday by the Administration when Executive orders were issued combining all agricultural credit
agencies under one office. The savings under this plan, it was estimated,
will approximate $2,000,000.
Acting to-night under the dictatorial powers granted him in the Emergency Economy Act. President Roosevelt ordered a 15% slash in the salaries
of Government employees. This move is expected to curtail the expenditures by about 3130,000.000.
The reduction in compensation includes the 8 1-3% cut made effective
through the administration of the furlough Act and is equal to an additional
cut in the base pay of the Federal employees of 62-3%.
Summary by Secretary of Agriculture Wallace of Farm
Mortgage Debt Situation—Program for Permanent
Adjustment—Tells Congress Government Must
Provide Funds for Readjustment.
In submitting to the House of Representatives, on March
27, a report in response to House Resolution No. 69 calling
for information regarding farm mortgage foreclosures, Secretary of Agricultue Wallace estimated the farm indebted-
April 1 1933
ness of the United States at $12,000,000,000, and presented
a program for the permanent adjustment of that burden.
In his report, Secretary Wallace (we quote from a dispatch,
March 27, to the New York "Times") summarized the farm
debt situation as follows:
The farm mortgage debt in the United States increased from about
$3,320,000,000 in 1910 to $9,468,000,000 in 1928. Since 1928 this debt
has shown a marked decrease. The amount outstanding in 1933 may be
estimated at about $8,500,000,000. Much of the recent decrease has been
brought about by foreclosures and other forced sales.
In addition to the mortgage debt, American farmers have outstanding
personal or short-term debts of various kinds amounting, perhaps, to
more than $3,500,000,000.
The total farm indebtedness of all kinds probably amounts to over
$12,000,000,000.
The farm-mortgage debt rests upon somewhat more than 40% of the
farms in the country. With the decrease in land values that has taken
place, this debt now represents, on the average, not far from half the
value of all the mortgaged farms.
Such debt, however, is very unevenly distributed over the group of
farms that are encumbered, varying from very moderate amounts to amounts
that exceed the present value of the farms.
About 30% of the volume of outstanding farm mortgages is held by
individuals, 23% by insurance companies, 19% by the Federal and Joint
Stock Land Banks, 11% by commercial banks, 10% by mortgage companies and 7% by other firms or agencies.
Value Decrease
"Precipitous."
With 1912-1914 land values used as a base and represented by 100, farm
values increased to a high point of 170 in 1920. These values have since
shown a continuous and, more recently, an almost precipitous decrease. In
March 1930 farm values stood at 115% of 1912-1914 values; in March
1931 at 106%, and in March 1932 at 89%. No later estimate is yet
available.
The annual interest charges on outstanding farm mortgages rose from a
pre-war figure of about $250,000,000 to $568,000,000 in 1925, and has
since decreased somewhat.
The estimate for 1931 was $520,000,000 and the amount of 1932 probably
fell somewhat below $500,000,000.
The recent drop in the volume of interest charges has not kept pace with
the drop in the volume of debt, since mortgages placed or renewed in the
past three years have quite generally carried an increased rate of interest.
The total annual interest bill of farmers on all classes of debt, including
interest on mortgages covering farms held by non-farmers, cannot be very
closely estimated, but is believed to fall between $800,000,000 and
$900,000,000.
The annual property taxes on all farm property, whether mortgaged
or unmortgaged, reached about $777,000,000 in 1929.
Of this amount, about $265,000,000 was estimated to fall on those
whose farms are mortgaged. Since 1929 farm property taxes have been
reduced by an amount approximating 20%.
Gross Income Of/ $6,000,000,000.
Gross farm income from crops and live stock, which rose to nearly
$17,000,000,000 in 1919, showed a pronounced drop for 1920 and 1921. It
then rose again somewhat, and for the years 1923 to 1929 remained at
between $11,000,000,000 and $12,000,000,000 per year.
Since the latter year it has shown a precipitous decline, falling to
$9,347,000,000 in 1930, to $6,920,000,000 in 1931, and to about $5,000,000,000 in 1932.
The farmer's ability to pay interest and taxes has naturally been
reduced even more than his gross income, since a substantial part of sudi
Income must be used for direct operating costs and necessary living
expenses.
Many farmers, even among those who have no mortgage obligations, have
found it difficult, or impossible, to meet their property taxes from their
1932 income.
The fact that prices of what the farmer must buy have not come down
proportionately to the drop in prices of farm products, has been a further
factor in the farmer's distress.
In January 1933 the ratio of prices received by farmers to prices paid
by farmers was 49% of the corresponding ratio for the five-year
period,
1909-1914.
Forced Sales on One-Fifth.
During the 12-month periods ended March 1 of the years 1926 to 1932,
inclusive, forced sales by reason of delinquent debt payments and
taxes
fell below 20 per 1,000 farms only once, namely, for the
year ended
March 1 1931, forced sales were 26.1, ahd for the 12 months ended
March 1
1932 such sales were 41.7 per 1,000 farms.
Forced sales by reason of debt obligations were a little more
than twice
as numerous as such sales by reason of delinquent taxes.
No comprehensive figures are at hand to show the
additional
of farmers that could have been dispossessed if all creditors had number
chosen to
exercise their legal rights.
Since March 1 1982 the situation has grown very much worse
by reason
of the further pronounced decline of prices for agricultural
commodities.
Most of the various groups of credit agencies in the field of
farm credit
have been severely crippled, along with their farmer
borrowers. Commercial banks, and particularly those serving agricultural
communities,
have failed in startling numbers, and country bank deposits
have been
greatly reduced.
The total number of bank failures since 1920 has reached
about 11,000.
Insurance companies have recently been pressed by heavy
demands for
policy loans and diminishing premium incomes, and many
have become
unable or disinclined to make new farm loans.
Permanent did Proposed.
The banks of the Federal Farm Loan System have been
hard
and the resources of many Joint Stock Land Banks have been pressed,
Impaired. The Federal Land Banks have been given Federal seriously
assistance
to strengthen their financial position and grant needed
extensions to
borrowers.
Other mortgage agencies, as well as individual lenders,
have in most
cases suffered heavy losses, and a discouragingly large
percentage of the
outstanding farm mortgage loans of all groups of lenders are
in arrears on
interest and principal payments.
Remedial measures, and such measures are urgentlyre permanentneeded,
o
ahoudjus
a ld b:
directed not only to temporary relief, but also to m
Volume 136
Financial Chrtinicle
ment in debt burdens. Suggestions for such measures are presented in the
concluding pages of this report.
The bases of the suggested program are:
1. Voluntary debt adjustment, through the aid of an Impartial third
party and with recognition of the rights of both borrower and lender,
2. Refinancing of farm mortgages at low rate of interest on terms consistent with the debt-carrying capacity of mortgaged farms.
3. Use of Government instrumentalities, principally through the Federal
Land Banks and the Reconstruction Finance Corporation, as a basis for
refinancing on favorable terms, with a minimum burden on the Federal
Treasury.
Adjustment Plan Outlined,
The Secretary of Agriculture is to set up facilities for bringing about
direct agreements between debtors and creditors which will make the debt
burden bearable and at the same time recognize the interests of the
creditors.
Voluntary debt adjustment committees would bring debtors and creditors
together in negotiating debt adjustments.
Full-time debt adjustment counselors would be appointed by the Secretary of Agriculture to co-ordinate and aid the voluntary committees. Such
counselors could bring to bear the results of experience over a wide area
and could simplify the task of local committees, by developing, in so far
as possible, uniform policies of extensions and adjustments.
This plan contemplates five alternative methods of refinancing the
mortgage debt of the individual farmer:
1. Advances would be made for paying not more than two years' interest
and taxes when the mortgage-holder is unable or unwilling to assist the
mortgagor and the latter has a reasonable chance of working out of his
difficulties, if given additional time in meeting his obligations.
2. Long-term loans for refinancing mortgages, which are not in excess
ot, or are scaled down to, 75% of the fair value of the security, would
be available where existing mortgage indebtedness, including delinquent
interest and taxes, cannot be extended'or adjusted.
3. Second mortgage loans would be made as an inducement to the holder
of a "distressed" first mortgage to scale down his claim to an amount
not exceeding 75% of the fair value of the farm. The proceeds of such
second mortgage would be applied to reduce further the principal of the
first mortgage loan,
4. Provision is made for exchanging Reconstruction Finance Corporation
bonds for outstanding farm mortgages. This would apply to mortgage
holders who prefer to exchange their mortgages for low interest rate bonds
of the same principal amounts,
5. Provision is made for the purchase of mortgages. In numerous cases
it may be possible to purchase mortgages at a substantial discount and
rewrite them on the bags of the reduced principal.
In none of the five loan plans is it contemplated that the farmer would
increase his total indebtedness. These plans represent an outright reduction
in indebtedness through providing credit facilities. which will induce existbig holders to scale down the principal of their mortgages and a shifting
of loan obligations from existing mortgage holders to the Federal agencies
which will defer foreclosure.
The "Times" dispatch indicated that the report was prepared for Secretary Wallace by the Bureau of Agricultural
Economics. The dispatch continued:
It was held to be a forerunner of the plan President Roosevelt is expected
to offer the House this week, when he will submit a special message dealing
with farm mortgages.
The report traced the history of farm indebtedness, pointing to an
Increase from $3,320,000,000 in 1910 to $9,468,000,000 in 1928, from which
peak it declined, largely because of forced sales, to about $8,500,000,000
at the beginning of 1933.
In addition to the staggering mortgage indebtedness, the American
farmer was burdened with a "personal or short-term debt of various kinds,"
now outstanding in the amount of $3,500,000,000.
The total mortgage indebtedness was said to rest on more than 40% of
the farms of the country, representing nearly half the value of all mortgaged farms due to the sharp falling off in land values,
The report stopped just short of estimating the length of time that
would ordinarily be required for liquidating the debt, but presented a
table showing that on the basis of mortgage liquidation from 1925 to
1928, it would require more than 30 years.
Warning Against Pressure.
A warning was expressed against attempts under existing conditions
strictly to enforce legal rights.
"Such attempts," the report said, "already have been the source of
discontent and serious resentment not only against the creditors on the
question but against all credit institutions."
The necessity for an adjustment was repeatedly emphasized, however, HS
was the thought that no single rule could successfully meet the many
variations of the problem. Many loans would require changes in terms
and conditions and others "more drastic adjustments."
It was considered "no longer a question of whether creditors shall
ahoulder a loss of many of their farm mortgages that have become disproportionate to existing incomes and values," but "how to meet the situation
with a Minimum of loss to creditors and a minmum of hardships to debtors."
Congress was warned that if drastic action was attempted to coerce
creditors, agricultural credit facilities would suffer in the future either
from a curtailed supply of funds or from higher interest rates or both.
The necessity for permanent adjustment of the debt burden as well
u temporary relief was stressed.
Voluntary Agreements Sought.
The program calls for the establishment by the Secretary of Agriculture
of facilities for the conclusion of agreements between debtors and creditors
through "voluntary debt adjustment committees."
Five methods for refinancing would be Provided, ranging from Federal
loans for not more than two years for interest and taxes to exchange of
Reconstruction Finance Corporation bonds for outstanding farm mortgages.
Farmers who are excessively indebted but who "by undue sacrifices have
managed to keep their loans in good standing should not actually have to
become delinquent before being eligible for financial assistance," the
report stated.
The following tentative draft of remedial legislation was set forth:
A. The Secretary of Agriculture would be directed by Congress to
appoint not less than six nor more than 12 regional debt adjustment
counselors, whose duties would be:
1. To appoint, or help to bring about in each agricultural county, or
other suitable area, the appointment of a voluntary debt adjustment com-
2163
mittee of from three to seven members, consisting of farmers, business men
and bankers.
2. To appoint, or recommend for appointment, as many district debt
counselors as would be required to contract the county committees at
frequent intervals.
3. To act as liaison officers between county committees and the Government agency, described below, for the financing of current charges or
refinancing of debt.
Loans for Interest and Taxes.
B. The Regional Credit Corporations, under proper limitations, would
be authorized to make loans direct to farm debtors for paying interest,
amortization instalments, and taxes for a period of not more than two years.
C. The Federal Land Banks using funds obtained from the Reconstruction Finance Corporation would be authorized to refinance, under certain
conditions, existing indebtedness of farm owners, including interest and
taxes. The land banks would be authorized to purchase existing mortgages,
or to exchange Reconstruction Finance Corporation bonds therefor. If the
Federal Land Banks were to be authorized to issue bonds, guaranteed in
whole or in part by the Federal Government, it would be possible, when the
bond market improves, to refinance outstanding bonds at a lower interest
rate. Such reduction would be passed on to all land bank borrowers.
No estimate was made as to funds needed for putting the plan into
operation. Speaker Rainey, after a visit to the White House last week, estimated that about $2,000,000,000 in bonds would have to be issued. He
said at the time he did not know whether these bonds would be offered to
the public, or whether they would be used to "swap for mortgages."
Frank Evans Resigns as Member of Federal Farm Board.
Frank Evans, member of the Federal Farm Board, snnounced on March 24 that his resignation, effective April 1
1933, had been transmitted to President Roosevelt. The
President has accepted the resignation, according to the
Federal Farm Board, which on March 24 also said:
Mr. Elam, whose home is at Salt Lake City, Utah, was appointed as a
member of the Farm Board on Aug. 8 1931 and reported for duty on Sept. 1
1931. He was appointed to complete the unexpired term of 0. 0. Teague,
ending June 15 1936.
During his year and a half on the Board Mr. Evans, who was not
designated to represent a particular agricultural commodity, as was the
case with the original members of the Farm Board, has devoted his oftention primarily to the fundamental purpose of the Agricultural Marketing
Act—the development of a farmer-owned system of co-operative marketing
for the handling of various farm products.
Appointment of Professor Oliphant as General Counsel
of Federal Farm Board.
The Federal Farm Board, through Henry Morgenthau Jr.,
Chairman, announced, on March 22, the appointment of
Herman Oliphant, Professor of Law of the Institute of Law,
Johns Hopkins University, Baltimore, Md., as General Connsel of the Board. His appointment became effective March
20 1933. The Board, on March 23, in stating that Mr. Oilpliant is recognized as an authority in law in the United
States, added:
He was one of the four organizers of the Institute of Law at Johns
Hopkins University, where he has been Professor of Law since 1928.
Before joining the faculty at Johns Hopkins Mr. Oliphant was Professor
of Law at Columbia University for seven years, having held a similar
position at the University of Chicago from 1915 to 1921.
Other prominent positions held by Mr. Oliphant include the following:
Visiting Professor at Leland Stanford University, and University Lecturer
at the University of Texas.
Director, Survey of Litigation of the Institute of Law in New York.
Associate Director of Research of the New York Commission on the
Administration of Justice.
Former President of the Association of American Law Schools.
One of the group that organized, and an editor of, the American Bar
Association "Journal."
Author of books and monographs on legal education, on the law of
contracts, monopolies, and unfair competition, and on the organization and
work of the courts. Also, author of the Brief on the "Yellow Dog" Contract
in the Interborough Rapid Transit Case.
During the World War, Assistant Director of the War Trade Board, and
later in the Emergency Fleet Corporation.
Mr. Oliphant is a native of Clinton County, Indiana. He received his
Bachelor of Arts degree from Indiana University in 1909, and his Doctor
of Jurisprudence degree from the University of Chicago in 1914.
Curtis B. Dahl, Son-in-Law of President Roosevelt,
Elected to Membership in Chicago Board of Trade.
Curtis B. Dahl, son-in-law of President Roosevelt was, on
March 28, elected to membership in the Chicago Board of
Trade by the Board of Directors of that commodity eachange. A Chicago dispatch, March 28, to the New York
"Times" said:
Mr. Dahl, who is a stock and cotton broker in New York, got his
initiation here in the morning when he appeared at the wheat pit. He
was accompanied by Peter B. Carey, President of the Board, and by Robert
P. Boylan, new Vice-President. He expects to return to New York City
to-morrow.
Secretary of Treasury Woodin on Bank Reopenings—
Restoration of 265 in National System in 10 Days
Hailed by Secretary.
From its Washington bureau the "Wall Street Journal"
of March 31 reported the following:
Two hundred and sixty-five national banks with deposits of approximately
$350,000,000 were reorganized or strengthened so they could reopen under
2164
Financial Chronicle
license during the 10 days itsided-Mariit 25; according to Secretary of
Treasury Woodin.
"These results indicate the work which is actively in process in the
restoration of banks which were unable to open on the date originally set
and the constructive response being made by stockholders and depositors,"
a statement from the Secretary said.
"As additional banks have been reopened they have assumed on a sound
basis the performance of the same full functions as the banks opened on
the first days set," the statement concluded.
Regulations of Secretary of Treasury Woodin Broadening Powers of Conservators in Charge of Unlicensed
Banks—Transaction of Limited Banking Functions
Permitted.
Treasury Department at Washington on March 28 decided
to permit partial reopening of closed banks where the conservators in charge believe it can be done with safety.
The Associated Press said:
The increased latitude granted conservators was contained in a regulation issued by Secretary of the Treasury Woodin under the authority of
President Roosevelt's bank holiday proclamation.
The order would permit the banks to reopen partially under authorization issued by the Comptroller of the Currency in the case of national banks
or by appropriate State officals in the case of State banks, but its phasing
was interpreted at the Treasury to mean that the recommendation of the
conservator in each case would be accepted.
If he believes the condition of the bank warrants opening a percentage
ofthe deposits to withdrawal, he can do so. Still governing all withdrawals,
however, would be the President's proclamation prohibiting withdrawals
of gold or of money for hoarding.
The text of the resolution was made public as follows on
March 28 by the New York Federal Reserve Bank:
FEDERAL RESERVE BANK OF NEW YORK
(March 28 1933.)
Regulations Issued by the Secretary of the Treasury Under the
President's Proclamations Declaring and Continuing a
Bank Holiday.
To All Member Banks in the
Second Federal Reserve District Not Licensed to Resume
Full Banking Operations
For your information, and supplementing our previous circulars on this
subject, we quote below the text of a regulation which the Federal Reserve
Board has advised us his been issued by the Secretary of the Treasury
under the President's proclamations of March 6 and 9 1933, declaring and
eontinuing a bank holiday.
Regulation 30.
"Banking institutions which are members of the Federal Reserve System
and of which actual possession and control have been taken (a) by conservators appointed pursuant to the act of March 9 1933, or (b) by appropriate
State officials appointed pursuant to State law, as permitted by the President's executive order of March 18 1933. are permitted to transact such
limited banking functions as may be authorized in accordance with law by
the Comptroller of the Currency, in the case of National banks, or by the
appropriate State officials, in the case of State member banks: Provided,
however, that no such banking institution shall reopen for the performance
of its usual and normal functions until it shall have received a license from
the Secretary of the Treasury.
"This regulation shall not authorize any transaction with respect to the
export or paying out of gold, or gold certificates, withdrawal of currency
for hoarding or transactions in foreign exchange prohibited or restricted by
the executive order of March 10 1933."
Previous regulations affecting the easing of restrictions
against unlicensed banks were given in our issue of March 25,
page 2000.
With regard to Treasury Regulation No. 28 (on page 2000
of our issue of a week ago), the New York Federal Reserve
Bank in a circular on March 22 said:
To All Banking Institutions in the
Second Federal Reserve District
For your information, and supplementing our previous circulars on this
subject, we quote below the text of an interpretation, designated as Interpretation No. 13, which the Federal Reserve Board has advised us has been
approved by the Secretary of the Treasury.
Interpretation No. 13.
"Regulation No.28 is held not to prohibit the honoring ofchecks or drafts
drawn on or before March 18 1933. under the terms of Regulation No. 6
or Regulation No. 10, as amended,subject to all the provisions and restrictions contained in such regulations and except as otherwise prohibited."
Governor Lehman of New York Recommends Change in
State Bank Law to Permit State Banks to Avail
of Aid From Reconstruction Finance Corporation.
Governor Lehman yesterday (March 31) recommended
that the New York State Legislature amend the State banking law to permit State banks to take full advantage of aid
from the Federal Reconstruction Finance Corporation. An
Associated Press dispatch from Albany to the New York
"Times," said:
The measure suggested would allow the banks to issue debentures or
capital notes to be purchased by the Reconstruction Finance Corporation.
"In order to remove any doubt as to the power of any State bank, trust
company or industrial banking company to issue capital notes or debentures," Governor Lehman said, "I recommend the amendment of the
banking law to empower the board of directors ofsuch institutions to issue capital
notes or debentures for their purchase by the Reconstruction Finance
Corporation, when so specifically authorized by the Superintendent of
Banks.
"The Federal act of March 9, 1933, gave a Federal Reserve Dank the
power during exceptional and exigent circumstances to make advances to a
member bank on its time or demand notes secured to the satisfaction of the
Federal Reserve Bank.
"By the amendment of March 14, 1933, Congress has now authorized a
Federal Reserve Rank to make direct loans to State banks and trust companies not members of the Federal Reserve system upon eligible security,
provided applications for such loans are accompanied by the written
April 1 1933
approval and statement of the Banking Department that in the judgment
of the Banking Department the particular bank is in a sound condition."
Loans of Federal Home Loan Banks Total $151613,166
in Eight Months—Chairman of Federal Board
Outlines Activities.
• The Federal Home Loan Bank System's total of outstanding loans and the prospects for future business were
indicated on March 25 by former Representative Stevenson
of South Carolina, the new Chairman of the Board.
According to a dispatch March 26 from Washington to
the New York"Times," Mr.Stevenson outlined the System's
activities as follows:
1. The Federal Home Loan Board held its first meeting on Aug. 9 1932
and the twelve regional Home Loan Banks were organized Oct. 15 1932.
2. Although the first loan was made on Nov. 27 1932 the regional banks
did not become actively engaged in loan operations until about Jan. 15 1933.
3. Organization and operating expenses through Feb. 28 1933, have
amounted to $455,186.91, allocated as expense of board, $159,059.39;
expense of twelve regional banks, $296,127.52.
4. Income through February has amounted to $39.235.60.
5. Loans have been approved to the extent of 326.863,811, of which
315,613,166 has been actually advanced and is at present outstanding.
6. It is estimated that $53,992,675 of loans are in process of approval.
7. It is estimated that by Sept. 7 1933, the "net income" will have
amounted to $429,689.08 after deduction of organization and operating
expenses and the establishing of a 2% reserve to care for dividends accrued
to the Government estimated on its 858,720.000 of stock subscriptions.
8. It is estimated that net earnings through Dec. 31 1933 will have
amounted to 31,346,564.84.
The following is a comparative summary of the capital structure, the
figures for Dec. 31 being estimated:
SUBSCRIPTIONS TO CAPITAL STOCK.
Mar. 20 '33.
Dec. 31 '33.
$124,741,000
•$124,741,000
United States Government
13,167,800
Members
33,557,089
$137,908,000
$158,298,089
Total
PAYMENTS RECEIVED ON CAPITAL STOCK SUBSCRIPTIONS.
Mar. 20 '33.
Dec. 31 '33
$29,620,000
$69,560,000
United States Government
4,663,397
30,767,873
Members
Total
$34,283,397
5100,327,873
• Represents that portion of the $125,000,000 appropriated by Congress for Government subscriptions to capital stock which has been used by the board for establishing the original capital structure of the regional banks.
Rules Issued by Reconstruction Finance Corporation
Governing Applications for Subscriptions to or
Loans on Preferred Stock of Banks Under Emergency Bank Act.
Detailed instructions for making application to the Reconstruction Finance Corporation for subscriptions to or
loans on preferred stock of banks, such subscriptions and
loans by the Corporation being authorized by the Act of
Congress of March 9 1933, were issued by the R. F. C. on
March 25 in the form of Circular No. 6.
The Act of March 9 is the Emergency Currency Act
signed by President Roosevelt on that day and passed by
Congress at his instance. The Congressional action was
referred to in our issue of March 11, page 1662, and the
text of the Act was given on page 1625 of that issue.
The right to exercise "substantial voting rights in all
matters concerning the issuing institutions" was outstanding in a list of regulations issued March 25 by the Reconstruction Finance Corporation setting forth conditions
under which it will subscribe to or make loans on the preferred stocks of National or State banks and trust companies for capital purposes in the establishment of new
institutions, reorganization of existing banks, or to enable
them to continue in business. A dispatch from Washington, March 25, to the New York "Times" also noted:
With the list of instructions sent out by the Corporation to all its field
agencies was a "suggested form of articles of association for National banking associations issuing preferred stock," recommended in offering stock,
whether for organization or reorganization purposes.
Offerings of the stock for the Corporation's subscription or acceptance
as collateral are to be made through the regional agencies, whose recom•
mendotions will go to Washington for final action.
Application blanks are to be distributed to the agencies shortly, but
in view of the mounting requests for assistance applicants may make their
offers in writing, "in any form that will briefly but adequately supply
the information required."
Institutions offerings preferred stock must, first of all, be authorized
by law to issue the stock. This will limit offerings, for the most part, to
National banking associations which obtain their authority directly from
the emergency banking law approved by President Roosevelt on March 9
and which provides for the purchase of stock by the Corporation upon
request of the Secretary of the Treasury.
"The ability of State banks and trust companies to offer preferred
stock for subscription will, of course, depend upon the laws of
the
respective States under which they are incorporated," the
regulations
stated.
"The laws of most States at the present time do not permit the
issuance
of preferred stock by the State banks and trust companies."
Situations R. F. O. Is Expecting.
The Corporation said that it anticipated being asked to
participate in
preferred stock issues in the following general situations:
Volume 136
Financial Chronicle
1. Where the capital of a bank is partially impaired.
2. Where the capital is entirely eliminated by losses.
3. Where the deposits are impaired after total elimination of the capital
structure.
When applicants are governed by State law with respect to the issuance
of preferred stock or when under such laws the stock is assessable, the
Corporation will not consider subscription, "although it may consider
making loans upon the collateral thereof."
But in no ease will the Corporation subscribe for or lend on the preferred
stock of any bank until it has been detertnied that the "sound value" of
the assets is equal at least to the deposits and other liabilities in or to be
assumed by a reorganized bank.
The Corporation will require "a reasonable margin of protection" for
its stock purchases, such margin to be represented by common stock or by
preferred stock to be subordinated to that which is acquires.
Where the capital of a bank to be reorganized is only partially impaired,
the reasonableness of the margin of protection will depend upon the extent
of the unimpaired capital. But when the capital has been entirely eliminated, the margin would be supplied either by purchase of common or
junior preferred stock by stockholders, depositors, and others of the
issuing institution, or by the "voluntary reduction or subordination by
depositors and other creditors of a part of their claims against the bank."
In cases where the wiping out of the capital of issuing institutions has
brought about impairment of depdsits, a reduction of deposits and other
creditor claims affected on a pro rata basis would have to be effected to
the end that the total claims against the institution would not exceed
the total value of its assets.
When this balance had been attained the procedure would be the same
as in the case of banks where capital has been eliminated without actual
impairment of deposits, namely, contributions by depositors and stockholders for suplying the margin of protection to the preferred shares
taken by the Corporation.
Reputations to Insure Safety.
Institutions planning reorganization with Federal funds were reminded
by the Corporation, however, that in any scaling down of liabilities or the
use of depositors' funds, "if not actually consented to by the depositors
and other creditors affected," the operation must be in strict conformity
"with statutory authority"; the authority in the case of National banks
would be Section 207 of the Emergency Banking Law.
In addition to the margin of protection required for preferred shares
taken by the Corporation, the regulations provide that the Corporation's
holdings be further insured by the following:
1. Substantial voting rights• in all matters concerning the issuing
institutions.
2. Limitations on common stock dividends.
3. Compulsory regular application of a substantial part of net profits
of the issuing institution to the retirement of preferred stock.
4. Understandings from time to time between the bank and the Corporation with respect to general policies.
5. An agreement to furnith to the Corporation periodical reports of the
banks' operations and policies as may be required by the Corporation.
As long as any preferred stock of the issuing institution remains outstanding, dividend payments on common stock are to be limited to an
amount to be agreed upon between the Corporation and the institution.
From the profits of each six months' operations, the issuing institutions,
after making the statutory transfers to surplus and reserves and payments
on preferred and common shares, must set aside in a preferred stock retirement fund 50% of the remainder of such net profits.
Whenever the balance of the retirement fund exceeded $1,000, the bank
would notify holders of the preferred shares that such an amount was
available for the purchase of their holdings "at the lowest price (not in
excess of par and accrued dividends) tendered within 20 days after the
mailing of such notice." The preferred shares so purchased would then
be canceled and retired.
The later provisions concerning the retirement of preferred shares are
laid down in the suggested articles of association for National banks, and
the expectation is that they would be no less stringest for State banks and
trust companies where they were considered eligible issuing institutions.
R. F. C. Plana on "Voting Rights."
Prior to the issuance of the regulations to-day and the making public of
stipulations governing the compulsory retirement of preferred stock, protests had been made to Secretary Woodin that the Corporation, by disposing of its preferred holdings on the open market, as provided in the
emergency law, might make it possible for interests foreign to the communities of the issuing institutions to obtain their control.
Mention was made of New York financial interests and Wall Street
bankers as the potential controllers of affairs of the issuing institutions.
Secretary Woodin gave assurance, however, that the Corporation would
hold whatever shares it acquired, at least until the return of more normal
conditions, and that in all liquidations of the stock the houses of issue
would have the first opportunity to take over the stock.
The Reconstruction Finance Corporation, in its announcement of March 25, said:
The Act of March 9 gives an opportunity to communities in which
National banks are or may be located to assist in the organization or
reorganization of such institutions by the purchase of stock which does
not carry the usual double liability, and authorizes the R. F. O. to purchase
such non-assessable preferred stock or make loans thereupon and thereby
assist in particular instances where it may be impossible to raise locally
all of the required capital.
The It. F. C. also may subscribe for or lend on preferred stock of State
banks and trust companies in those States in which such institutions are
authorized to issue preferred stock. The laws of most States at present
do not permit the issuance of preferred stock of State banks and trust
companies.
Application may be made for subscription to the preferred stock of an
open bank which is to continue in business, a closed bank which contemplates reorganization, or a bank to be newly formed. The applicant institution issuing the stock must be authorized by law to issue preferred stock.
National. banking associations are authorized to issue preferred stock by
Section 301 of the Act of March 9 1933.
Application should be made direct to the loan agency of the Corporation
serving the territory in which the applicant is located. The application
should include and be accompanied by the following information and
documents:
A copy of the charter and any proposed amendment thereto under which
the preferred stock offered for subscription is to be issued.
2165
A copy of the statutes from which the applicant derives its authority to
issue preferred stock (if the applicant is other than a National bank).
A copy of a resolution already adopted or proposed to be adopted by the
Board of Directors of the applicant authorizing the sale of such stock.
A copy of the latest report of examination of the applicant; and a statement of the applicant's condition as of the close of business on the date
the application is forwarded. '
Schedules in adequate detail showing assets pledged to secure borrowed
money, public funds, or other liabilities.
A statement of any plan of reorganization which the applicant proposes
to put into operation.
Information relating to the approval by the supervisory authority of the
proposed plan and the conditions under which such supervisory authority
is willing to permit the applicant to resume nominal business.
The applicant also must show that its earning capacity will be sufficient
at least to enable it to pay dividends on the preferred stock at the rate of
6% per annum after meeting all other expenses and making proper provisions for elimination of losses and/or doubtful assets, and required contributions to surplus and reserve.
The terms of the preferred stock offered must give the Corporation substantial voting privileges and reasonable protection of and provision for
the retirement of its investment or secured interest in the stock.
When the applicant is governed by State law as to the issuance of
preferred stock, and when under the law such preferred stock is assessable,
the Corporation will not subscribe for the stock. The Corporation will,
however, give consideration to making loans upon the pledge of such stock
provided the loan is otherwise well secured or signed by parties of adequate
financial responsibility.
It is anticipated that the Corporation will be asked to participate in
preferred stock issues in the following situations: Where capital is
partially impaired; capital is eliminated by losses, and where the deposits
are impaired after total elimination of the capital structure. It is pointed
out that before the Corporation will subscribe for or lend on the preferred
stock of any bank, it shall be determined by acceptable examinations
and/or appraisals that the sound value of the assets is at least equal to the
deposit liabilities and other liabilities in the bank or to be assumed by the
reorganized bank. In addition, there should be provided a reasonable
margin of protection for the preferred stock to be taken by the Corporation,
representetd by common stock, or by a class of preferred stock subordinated
to that to be taken by the Corporation, or otherwise.
Based upon an acceptable examination and on appraisal the Corporation
will determine, in the ease of capital partially impaired, whether the
remaining capital structure is sufficient to furnish such reasonable margin
of protection. In the case of capital eliminated by losses, the applicant
may provide the margin of protection for the preferred stock held by the
Corporation through the purchase of common stock or subordinated prefered
stock by stockholders, depositors and others; or the voluntary reduction
or subordination by depositors and ether creditors of a part of their
claims against the bank.
Any sealing of liabilities or use of the funds belonging to depositors or
other creditors, whether in connection with a reorganization or otherwise,
if not actually consented to by the depositors or other creditors affected,
must be undertaken in strict conformity with statutory authority. Note
that Section 207 of the Act relates only to National banks.
In cases where the deposits are impaired, the impairment must be taken
care of by a reduction on a pro rata basis of the deposits or other creditor
claims affected, so that the total of deposits and other creditor claims of
the institution will not exceed the sound value of its assets, after which
the procedure will be the same as in the case of situations of capital
eliminated by losses, as set out in the preceding paragraphs.
The Corporation may make loans to individuals, firms or corporations
desiring to purchase the preferred stock of a bank, but temporarily in
need of funds to finance the investment. In making such loans the
Corporation will be governed by the usual factors determining a sound
credit risk. The preferred stock will be accepted as collateral and in
addition the financial responsibility of the borrower will be given careful
consideration. Where necessary, other collateral may be pledged as a margin
in addition to the preferred stock. The Corporation must receive satisfactory voting rights on preferred stock pledged as collateral.
Instructions are to-day being issued to the Loan Agencies of the It. F. C.
and those agencies will co-operate fully with National and State banking
authorities in applying the provisions of the Act.
Advances by Reconstruction Finance Corporation from
Feb. 2 1932 to March 21 1933 Totaled $2,083,750,079
—Repayments $407,368,772—Advances to Banks
81,013,020,639 — Repayments $307,243,965—Details
of Loans to Railroads.
The Reconstruction Finance Corporation reported, under
(late of March 27, that from Feb. 2 1932 to March 21 1933
the Corporation had advanced a total of $2,083,750,079, and
that repayments of $407,368,772 had been received. Advances to banks of $1,013,020,639 are shown in the report,
the repayments amounting to $307,243,965. Advances
authorized to 40 States and two Territories for relief purposes up to March 21 totaled $232,030,564, of which $186,275,744 had been disbursed. The last previous report of the
Corporation covering the period from Feb. 2 1932 to Jan. 31
1933 was given in our issue of March 11, page 1682. The
latest report follows:
Up to the close of business on March 21 the Federal Government had
advanced $2,083,750,079.63 in cash through the Reconstruction Finance
Corporation, according to figures made public to-day. Repayments amounting to $407,368,772.41 had been received.
Cash advances were as follows:
By the Secretary of Agriculture to farmers for crop loans In 1932 from
funds furnished him by the R. F. C
S64.204,503.06
By the Secretary of Agriculture for crop loans in l933 1,741,117.92
To the secretary of the Treasury for purchase of stock of Home Loan
Banks
29,920,000.00
By the R.F. C.to borrowers under Section 5 of R. F. C. Act
1 700,427,311.11
By the R.F. C.to aid in financing self-liquidating Projects
19,682.000.00
By the It. F. C.to States for relief purposes
186,275,744.67
By the R. F. C. to borrowers under Section 201(d)
1,647,572.25
By the Regional Agricultural Credit Corporations
79.851.830.42
2166
Repayments were as follows:
To Secretary of Agriculture by 1932 crop loan borrowers
To. R. F. C. by borrowers under Section 5
To R. F. C. by borrowers under Section 201(d)
To Regional Agricultural Credit Corporations
Financial Chronicle
19,339,508.44
385,961,379.83
347,079.50
1,720,804.64
Banks had been advanced $1,013,020,639.54 as of March 21, and had
repaid $307,243,965.60. Loans authorized to banks totaled $1,225,105,612.86, of which $117,378,072.79 had been withdrawn or canceled
and $94,706,900.53 remained at the disposal of borrowers and may be
drawn on in the future if needed.
Total loans authorized up to the close of business on March 21 under
Section 5 of the Reconstruction Finance Corporation Act were $2,045,446,262.58. Of this amount $135,652,581.52 had been withdrawn or
canceled and $159,226,448.48 remained to the credit of borrowers and may
be drawn upon in the future.
Advances authorized to 40 States and two Territories for relief purposes
up to March 21 totaled $232,030,564.22, of which $186,275,744.87 had
been disbursed.
Agreements had been made to advance $186,395,683.39 to aid in financing
95 self-liquidating construction projects which will afford employment.
$882,784.37 of this had been canceled, and $19,682,000 had been disbursed.
Review of Operations of the Reconstruction Finance Corporation, Feb. 2 1932
to March 21 1933.
The Corporation was organized Feb. 2 1932. The Reconstruction Finance
Corporation Act authorized it to acquire resources of $2,000,000,000, later
increased by the Emergency Relief and Construction Act to $3,800,000,000.
Of this amount, it had acquired $1,675,000,000 in cash up to the close of
business on March 21 1933, all of which had been furnished by the
Treasury of the United States.
This financing had been accomplished by selling to the Treasury, as
required by the Reconstruction Fiance Corporation Act, the entire authorized capital stock of $500,000,000 and by borrowing $1,175,000,000 from
the Treasury on notes. The notes thus far issued bear 3%% interest,
and the Corporation has paid the Treasury $7,608,904.11 in interest. An
additional $11,861,164.22 had accrued but was not due.
With the resources placed at its disposal by the Treasury the Corporation
has engaged in the following operations:
I. Under Section 2 of the Reconstruction Finance Corporation Act.
This Section required the Corporation to make available to the Secretary
of Agriculture up to $200,000,000, to be used by him to make loans or
advances to farmers where emergencies existed as a result of which they
were unable to obtain loans in the usual way for crop production purposes
In 1932.
The Corporation paid over to the Secretary of Agriculture $75,000,000
in cash, out of which ho
-made loans aggregating $64,204,503.06 to 507,832
farmers. These loans were made in every State except Rhode Island, and
averaged $126.48 each. Repayments received by the Secretary up to the
close of business on March 21 totaled $19,339,508.44.
The Secretary of Agriculture had returned to the Corporation $15,000,000
of the $75,000,000 in cash advanced to him under Section 2.
Section 2 authorized the Secretary to make only "loans for crop production during the year 1932" in cases where he might find an existing
emergency making it impossible for farmers to obtain such loans. This
arrangement was a temporary one and the Secretary was authorized to make
loans for only one purpose-crop production.
When Congress enacted the Emergency Relief and Construction Act in
July of last year it authorized the Reconstruction Finance Corporation,
by Section 201 (e) of that Act, to furnish through the creation of a
Regional Agricultural Credit Corporation in each of the 12 Federal Land
Bank Districts, wider credit facilities directly to farmers and stockmen.
The Corporation was required to supply a minimum of $3,000,000 of
capital to each of the Regional Credit Corporations created by it, and for
that purpose was authorized to use so much of the $200,000,000 originally
allotted to the Secretary of Agriculture as might be available.
A Regional Credit Corporation has been created in each of the 12 Land
Bank Districts, and their operations are reviewed in Section VI.
Section 2 of the R. F. C. Act was amended by Section 6 (f) of the
Federal Home Loan Bank Act by the addition of the following paragraph:
In order to enable the Secretary of the Treasury to make payments upon stock
of the Federal Home Loan Banks subscribed for by him In accordance with the
Federal Home Loan Bank Act, the sum of $125,000,000, or so much thereof as
may be necessary for such purposes, is hereby allocated and made available to the
Secretary of the Treasury out of the capital of the Corporation and(or) the proceeds
of notes, debentures, bonds and other obligations issued by the Corporation. For
the purpose of this paragraph, the Corporation shall issue such notes, bonds, debentures, and other obligations as may be necessary.
As of March 21 the sum of $29,920,000 had been paid over to the
Secretary of the Treasury.
An Act of Congress, approved Feb. 4 1933, authorized the Secretary of
Agriculture to loan not to exceed $90,000,000 during the year 1933 for
crop production, planting, fallowing and cultivation. Of that amount he
may loan not to exceed $1,000,000 to farmers in drouth- and stormstricken areas to purchase food for farm livestock. The Corporation was
directed to furnish the necessary funds to the Secretary. Up to March 21
$5,000,000 had been advanced to him, out of which he had made loans
aggregating $1,741,117.92 to 26,336 farmers.
II. Under Section 5 of the Reconstruction Finance Corporation Act.
Under this Section the Corporation had, at the close of business on
March 21 1933, authorized 12,046 loans aggregating $2,045,446,262.58 to
7,347 borrowers of the following classes:
9,408 loans, aggregating $1,161,664,325.81, were authorized to 5,478
banks and trust companies that were in operation at the time the
authorizations were made. $111,764,125.15 of this was subsequently with.
drawn or canceled, $83,252,256.47 remained at the disposal of the borrowers,
and $966,647,944.19 was disbursed to them, of which $278,286,013.16 had
been repaid.
635 loans, aggregating $63,441,287.05, were authorized to receivers and
liquidating agents of 578 closed banks. $5,613,947.64 of this had been
withdrawn or canceled, $11,454,644.06 remained to the credit of the
borrowers, and $46,372,695.35 had been disbursed to them, of which
$28,957,952.44 had been repaid.
1,091 loans, aggregating $109,373,156.48, were authorized to 944 building and loan Associations. $3,983,075.83 of this was withdrawn or
canceled $3,219,747.37 remained subject to call by borrowers, and $102,170,333.28 had been disbursed to them in cash, of which $14,624,704.73
had been repaid.
149 loans, aggregating $13,313,302.85, were authorized to 18 Livestock
Credit Corporations. $1,352,048.36 of this had been canceled or withdrawn, $32,725.71 remained at the disposal of borrowers, and $11,928,-
April 1 1933
530.78 had been disbursed to them, of which $6,601,400.72 had been
repaid.
156 loans, aggregating $95,817,337.26, were authorized to 107 Insurance
Companies. $3,719,937.87 had been canceled or withdrawn, $9,640,182.53
remained at the disposal of borrowers, and $82,457,216.86 had been disbursed to them, of which $11,474,180.63 had been repaid.
129 loans, aggregating $4,403,817.44, were authorized to 17 Agricultural Credit Corporations. $47,375.80 of this had been withdrawn or
canceled, $509,182.70 remained subject to call by the borrowers, and
$3,847,258.86 had been disbursed to them, of which $1,474,111.74 had
been repaid.
111 loans, aggregating $359,885,015.00 were authorized to 62 railroads.
$264,740.00 of this had been canceled or withdrawn, $31,028,160.43
remained at the disposal of borrowers, and $328,592,114.57 had been
disbursed to them, of which $20,175,984.53 had been repaid.
The proceeds of these loans were to be used for the following purposes:
For completion of new construction
$47 945 483
For construction and repair of equipment and Dotsero Cutoff by Denver ' '
& Rio Grande Western RR
13,550,000
To pay interest on funded debt
85,647,570
To Pay taxes
22,249,124
To pay past due vouchers for wages, materials, ac
00.173.009
To pay principal of maturing equipment trust notes
28,178,342
To retire maturing bonds and other funded obligations
84.788,993
To pay loans from banks
37,793,900
To pay other loans
18,171,587
Miscellaneous
5,387,007
The loans authorized to each railroad, together with the amount disbursed to and repaid by each, are shown in the following table:
Authorized. Disbursed.
Repaid.
Aberdeen & Rockfish RR. Co
$127,000
$127,000
Alabama Tennessee di Northern RR. Corp275,000
275,000
Alton RR.Co
2,500,000 2,500,000
Ann Arbor RR.(r(w-elvers)
634,757
634,757
Ashley Drew & Northern Ry. Co
400,000
400,000
Baltimore & Ohio RR. Co
70,125,000 65,367,469
Birmingham & Southeastern RR. Co
41,300
41,300
Boston & Maine RR.Co
7,569,437 7,589,437
Buffalo-Union Carolina RR.C
53,960
Canton as Coast RR. Co
549,000
Central of Georgia Ry. Co
3,124,319 3,124,319
$220,691
Central RR. Co. of New Jersey
500,000
188,801
Chicago dr Eastern Illinois Ry. Co
5,916,500 5,916,500
Chicago & Northwestern Ry Co
31,232,133 21,022.033 2,0732,5 0
5
8
Chicago Great Western RR
1,289,000 1,289,000
Chicago Milwaukee St. Paul dr Pacific Ry Co- 8,000,000 8,000,000
Chicago North Shore & Milwaukee RR.. Co
1,150,000
1,150,000
Chicago Rock Island & Pacific Ry Co.
11,181,872 11,181,872
Cincinnati Unlob Terminal Co
10,398,925 8,300,000 8,300,000
Columbus & Greenville Ry. Co
60,000
*60,000
Copper Range RR. Co
53,500
53,500
Denver & Rio Grande Western RR. Co
6,350,000 2,778,800
500,000
Erie RR. Co
13,403,000 13,403,000
Eureka Nevada Ry. Co
3,000
Florida East Coast Ry. (receivers)
717,075
627,075
*90,000
Fort Smith & Western By.(receivers)
227,434
227,434
Fredericksburg & Northern Ry. Co
15,000
Gainesville Midland Ry. (receivers)
10,539
Georgia & Florida By. (receivers)
354,721
354,721
Green County RR. Co
13,915
13,915
Gulf Mobile dr Northern RR. Co
520,000
520,000
260,000
Illinois Central RR. Co
3.863,000 3,863,000
16,667
Lehigh Valley RR. Co
6,500,000 5,467,000
Maine Central RR. Co
2,550,000 2,550,000
Maryland & Pennsylvania int. Co
100,000
100,000
Minneapolis, St. P. & S.S. Marie By, Co_ _ _ 6.843,082 0,843.082
366,039
Mississippi Export RR. Co
100,000
100,000
Missouri Pacific RR. Co
23,134,800 23,134,800
Missouri Southern RR. Co
99,200
99,200
Mobile & Ohio RR. Co
785,000
785,000
785,000
Mobile & Ohio RR. Co.(receivers)
1,070,599 1,070.599
Murfreesboro-Nashville Ry Co
25,000
25,000
New York Central RR. Co
20,499,000 16,100,000
New York Chicago & St. Louis RR. Co
18,200.000 17,665,200 2,688,413
New York New Haven & Hartford RR. Co
700,000
Pennsylvania RR. Co
29,500,000 27,500,000
Pere Marquette Ry. Co
3,000,000 3.000,000
Pittsburgh dr West Virginia By. Co
3,975.207 9,375.207
Puget Sound & Cascade Ry. Co
300,000
300,000
St. Louis
-San Francisco RR. Co
7,995,175 7,995,175 2,805,175
St. Louis Southwestern By. Co
18,790,000 18,109,025
790,000
Salt Lake & Utah RR.(receivers)
200,000
200,000
Sand Springs Ry. Co
162,000
182,800
Southern fly. Co
14,751.000 14,751,000
Tennessee Central Ry.Co
147,700
147.700
Texas. Oklahoma dr Eastern RR. Co
108,740
*108,740
Texas Southeastern RR. Co
30,000
30,000Tuckerton RR. Co
45,000
39,000
*6,000
Wabash Ry. (receivers)
14,825,000 14,825,000
Western Pacific RR. Co
4,366,000 4,266,069
1,303.000
Wichita Falls & Southern RR. Co
400,000
400,000
Wrightsville & Tennille RR. Co
22,525
22,525
*Denotes amount cancelled or withdrawn, instead of repayment.
The Corporation has received information from the borrowing roads
showing the following distribution by States of $20,586,145.40 of the
$22,249,124 lent to pay. taxes:
Alabama
$450,920.56 Minnesota
$258,919.00
Arkansas
1,761,773.52 Mississippi
68,934.57
California
103,879.72 Missouri
1.516,384.01
Colorado
254,800.00 Montana
12,058.09
Delaware
15,000.00 New Jersey
2,863,532.45
District of Columbia
206.84 New York
133,780.73
Florida
7.948.44 North Dakota
457,500.00
Georgia
873,804.59 Ohio
175,419.71
Illinois
2,582,876.34 Oklahoma
1,210,914.27
Indiana
424,330.15 Pennsylvania
425,290.11
Iowa
223,601.00 South Carolina
17,828.60
Kansas
1,255,075.84 Tennessee
412,073.83
Louisiana
485,000.00 Virginia
2,047.69
Michigan
4,137,182.50 Wisconsin
163,000.00
Kentucky
11,962.84 Texas
280,100.00
Federal income taxes amounting o $25,994.00 were also paid by the
borrowers out of money advanced for tax purposes.
131 loans, aggregating $133,358,036.57, were authorized to 104 mortgage
loan companies. $3,017,230.19 had been withdrawn or canceled, $5,669,757.09 remained to the credit of borrowers, and $124,671,048.39
had
heed disbursed to them, of which $15,033,028.14 had been repaid.
32 loans, aggregating $8,514,822.68, were authorized to 20 Joint
Stock
Land Banks. $349,954.68 had been withdrawn or canceled,
$2,024,351.97
remained at the disposal of borrowers, and $5,240,516.03 had been
disbursed
to them, of which $72,979.74 had been repaid.
10 loans, aggregating $30,500,000.00, were authorized to nine
Federal
Land Banks. $5,500,000 had been withdrawn or canceled,
remained to the credit of borrowers, and $18,800,000 had been$6,200,000
disbursed
to them. No repayments had been received.
188 loans, aggregating $55,433,160.44, were authorized to
six of the
Regional Agricultural Credit Corporations created by the R. F.
C. under
Section 201 (e) of the Emergency Relief and Construction Act.
$7,800 of
this had been canceled or withdrawn, $5,285,439.17
. remained to their
Volume 136
Financial Chronicle
they had
credit, $50,139,921.27 had been disbursed to them in cash, and
repaid $2,485,594.20.
Credit
Five loans, aggregating $492,001.00, were authorized to three
Unions. $32,348.00 had been withdrawn or canceled, $10,000 remained
borrowers,
to the credit of borrowers, and $449,653 had been disbursed to
of which $11,018.00 had been repaid.
One loan of $9,250,000 was authorized to a Federal Intermediate Credit
Bank. The entire amount was disbursed and has been repaid.
The following table shows the number of applications for loans made
under Section 5 in each of the last six months.
Feb. Jan. Dec. Nov.
462
Banks and trust companies (incl. receivers)__ 612 551 63
61
44
7
40
Building and loan associations
0
54
74
Regional agricultural credit corporations
11
9
11
Insurance companies
14
16
26
Mortgage loan companies
0
1
0
Credit unions
0
0
Federal Land banks
2
2
8
Joint Stock Land banks
12
6
4
Agricultural Credit corporations
7
3
1
Livestock credit corporations
7
3
10
Railroads (including receivers)
576
689 75
786
Oct. Sept.
484 515
62 105
0
0
6
8
10
15
2
0
0
0
3
3
14
21
19
10
14
10
601
700
In August 1,150 applications were received; in July, 1,281; in June,
1,321; in May, 1,329; in April, 1,527; in March, 1,176; and 166 in
February of 1932.
III. Under Section 1 of the Emergency Relief and Construction Act.
Up to the close of business on March 21 the Corporation had made
$232,030,564.22 available to 40 States and two Territories for relief
purposes, and of that amount $186,275,744.67 had been disbursed in cash
as of that date.
Advances for relief purposes are authorized under two subsections of
Section 1. Advances authorized under Subsection (c) are to be repaid to
the Federal Governmet by deductions from future Federal contributions to
States to aid in constructing roads. Under that subsection advances
totaling $212,950,483.22 had been authorized. Advances under Subsection (e) are made to political subdivisions of States and are to be repaid
by the subdivisions. Under that subsection $19,080,081.00 had been
authorized to be advanced. The following table shows the amount made
available to States under both subsections as of March 21:
Stale—
Alabama
Arizona
Arkansas
Calitomia
Colorado
Florida
Georgia
Idaho
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Michigan
Minnesota
Mississippi
Missouri
Montana
Nevada
New Hampshire
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Virginia
Washington
West Virginia
Wisconsin
Hawaii
Puerto Rico
Subsection (e).
Subsection (c).
$3,295,493.00
1,049,213.00
4,262,370.006,551,953.00
3,325,530.00
3,785,533.00
790,915.22
950,616.00
a_
32,486,621.00 $12,252,000.00
3,952,260.00
1,589,052.00
2,447,863.00
5,172.859.00
7,602,506.00
112,740.00
2,116,000.00
13,594.240.00
2,155,592.00
3,709,962.00
3.825,435.00
2,035,435.00
206,567.00
1,366,603.00
302,138.00
13,200,000.00
5,074,000.00
100.680.00
358,188.00
3,536,401.00
9.038,375.00
3.827,027.00
2,078,838,00
29,929,875.00
896,090.00
3,801.815.00
1,803,945.00
2,470.523.00
5,513,089.00
2,567,789.00
3,352,970.00
1,075,000.00
300,708.00
8,305,328.00
11,912,992.00
307,435.00
360.000.00
Total.
$3,295,493.00
1,049,213.00
4,262,370.00
6,551,953.00
3,325.530.00
3,785,533.00
790,215.22
950,616.00
44,738,621.00
3,952,260.00
1.589,052.00
2,447,863.00
5.172,859.00
7,602,506.00
112,740.00
15.710,240.00
2,155.592.00
3,709,962.00
3.825,435.00
2,035,435.00
206,567.00
1,366,603.00
302,138.00
13,200,000.00
5,074,000.00
458,868.00
-12,574,776.00
3,827,027.00
2,078,838.00
29,929,875.00
896,090.00
3,801,815.00
1.803,945.00
2,470,523.00
5,513,089.00
2,567,789.00
3,352,970.00
4.655.708.P0
8,305,328.00
11,912.992.00
307.4355'0
360,000.0)
IV. Under Section 201 (a) of the Emergency Relief and Construction Act.
The Corporation has agreed to advance $186,395,683.39 to aid in
financing construction of self-liquidating projects. $862,784.37 of this
had been canceled or withdrawn.'$165,850,899.02 remained to the credit
of borrowers, and $19,682,000 had been advanced in cash.
The funds disbursed included $13,000,000 to finance construction of a
combined rail and highway bridge across the Mississippi River at New
Orleans; $2,327,000 for a new water pumping station by the City of
Chicago; $.10,000 to the City of Prescott, Any., for additions to its water
system; $720,000 to the Middle Rio Grande Conservancy District at Albuquerque, N. M., for use on a flood control and irrigation project;
$3,024,000 to the Metropolitan Water District of Southern California for
an aqueduct to carry water from the Colorado River to Los Angeles and
other Southern California cities; $100,000 to the City of Gulfport, Miss.,
for a cotton compress and storage warehouse; $50,000 to the Village of
Wilmette, Ill., for a water works and sewage system; $20,000 to the City
of Sandusky, Ohio, for a sludge basin for its water system; $143,000 to
the Roanoke Rapids (North Carolina) Sanitary District for a water and
sewer system ; $90,000 to the Poinsett County (Arkansas) Drainage
District No. 7 for construction of levies for a flood way; 845,000 to the
Town of Sanford, N. C., for additions to its waterworks; $29,000 to the
City of Columbia, My., for a sewer system; $76,000 to the City of Bowling
Green, My., for a sewer system; and $8,000 to the Village of Saranac
Lags, N. Y., for additions to its water system.
In the case of other commitments of the Corporation to finance construction of self-liquidating projects the purchase of bonds is awaiting
request by the borrowers, the working out of legal details, the taking by
applicants of action necessary to authorize issuance of their bonds, and
similar prerequisites to actual advancement of funds.
V. Under Section 201 (d) of the Emergency Relief and Construction Act.
As of March 21 the Corporotion had authorized 20 loans to 14 borrowers
under this Section, aggregating $55,495,722.87, to finance the carrying
and orderly marketing of agricultural commodities produced in the United
States. $310,211.94 of this amount had been canceled or withdrawn,
$53,537,938.68 remained at the disposal of borrowers, $1,647,572.25 had
been disbursed to them in cash, of which $347,079.50 had been repaid.
2167
VI. Under Section 201 (e) of the Emergency Relief and Construction Act.
The Corporation has created a Regional Agricultural Credit Corporation
in each of the 12 Federal Land Bank Districts, with 21 branch offices.
These Regional Corporations are making loans directly to farmers and
stockmen for agricultural purposes, including crop production and the
raising, fattening and breeding of livestock. Individuals, partnerships
and corporations engaged in the business of farming or the raising, fattening and breeding of livestock are eligible for loans from the Credit Corporations. Processors, canners, packers and co-operatives are ineligible.
Section 201 (e) requires the Corporation to furnish each Regional Corporation with a minimum of $3,000,000 in capital, which may be increased
if necessary. The capital of four corporations (those in the Eighth, Ninth,
Eleventh and Twelfth Land Bank Districts) has been increased to
$5,000,000.
The first loan by a Regional Corporation was made on Oct. 8, and up
to the close of business on March 21 $79,851,830.42 had been disbursed in
cash, of which $1,720,804.64 had been repaid, on Feb. 28, the latest date
for which reports are available.
On March 17, the latest date for which the following figures are available, 48,659 applications for loans, totaling $68,471,000, had been
approved upon which funds had not been disbursed, and 45,298 applications for loans, totaling $63,996,000, were awaiting action.
Section 201 (e) authorizes the Regional Credit corporations to rediscount with the Reconstruction Finance Corporation and the Federal Reserve
Banks and the Federal Intermediate Credit Banks. As stated on page 4,
the R. F. C. had, as of March 21, made 188 loans to six Regional Corporations, aggregating $55,433,160.44, for that purpose.
New York Central, Denver & Rio Grande Western and
Texas & Pacific Roads to Receive Additional Loans
from Reconstruction Finance Corporation—Loan
Denied Southern New York Ry., Inc.—Southern
Pacific, Wabash and Ann Arbor Apply for Loans.
The Inter-State Commerce Commission has approved a
further loan of $2,250,000 to the Denver & Rio Grande
Western RR.from the Reconstruction Finance Corporation.
Two loans aggregating $6,350,000 have already been approved; one to the amount of $2,500,000 to pay taxes,
interest, &c., of which $500,000 has been repaid by the
Railroad Credit Corporation,leaving $2,000,000 outstanding;
the other, to the amount of $3,850,000 for the purpose of
constructing the Dotsero cut-off in Colorado. Of this loan
$197,300 has been advanced to date. Commissioners
Eastman and Farrell, Chairman, dissented from the majority, the latter holding that "the security upon which the
loan approved is to be based is not adequate within the
meaning of the law under which the Commission operates in
the premises."
The Commission also approved a further loan of
$7,000,000 to the New York Central RR.,for the purpose of
paying a like amount of 4% improvement bonds of the
Boston & Albany RR., maturing May 1, 1933. Hert,ofore,
the Commission approved loans to this road as follows:
$4,399,000 on March 23, 1932; $13,600,000 on June 25,
1932, and $2,500,000 on Nov. 1, 1932. Up to March 29
the Reconstruction Finance Corporation has advanced
$2,500,000 on the first loan and the full amount of the second
loan. No advances have been made on the third loan,
which is for the repair of equipment.
The Commission has also approved a loan of $700,000 to
the Texas & Pacific Ry.,for the purpose of meeting, in part,
payment of interest due April 1 on various obligations.
The application of the Southern New York Ry., Inc., for
authority to borrow $960,029 from the Reconstruction
Finance Corporation was denied by the Commission. In
denying the loan the Commission concludes:
In view of the large sum requested by the applicant for the purpose of
repaying debts to its proprietary company, this loan assumes the aspect
of an industrial, rather than a railroad, loan.
From the facts of record it does not appear that the present earning
power of the applicant is sufficient to enable it to repay the loan applied
for within the term specified in the application, and the possibility of
future substantial increases in its earnings, considered in the light of its
past performance, is a matter of speculation. Nor are we able to view
this difficulty as overcome by the offer of the Associated Gas dz Electric
Corp. to guarantee repayment of the loan. This corporation holds principally securities of electric and power companies and is not subject to
the same kind of regulation and accounting supervision as are the railroads.
We are unable to find that the Finance Corporation would be adequately
secured under the conditions herein presented. Approval of the application is. accordingly, denied.
The Commission has dismissed the application of the
Kane & Elk RR. requesting the approval of a $30,000 loan
from the Reconstruction Finance Corporation, filed Oct. 19
last. The road withdrew the applicati n on March 25.
Details in connection with the loans now approved follow:
Denver & Rio Grande Western RR.
The Denver & Rio Grande Western RR., on Dec. 27 1932 flied application to the Reconstruction Finance Corporation for a loan under the provisions ofsection 5 ofthe Reconstruction Finance Corporation Act, approved
Jan. 22 1932, as amended.
Upon previous application, we have approved two loans to this applicant; the first for $2,500,000, with which to pay interest on general
and underlying mortgage bonds, taxes and a bill for materials; and the
second for $3,850,000, with which to construct, through the agency of the
Denver & Salt Lake Western Ry. what is known as the Dotaero cut-off
2168
Financial Chronicle
in Colorado. The Railroad Credit Corporation, under its "Marshalling
and Distributing Plan. 1931," has paid $500,000 of these loans for the
account of the applicant and holds $662.000 of Denver & Rio Grande RR.
first consolidated 4% bonds as security for the loan.
There is now outstanding $2,000,000 of the first Reconstruction loan
and $197.300 of advances on account of the second. The loans are secured
by the pledge, exclusive of the stock of the Denver & Salt Lake Western
which is to be pledged pro rata as parts of the second loan are advanced
to the applicant, of $783,000 of Denver & Rio Grande RR. first consolidated mortgage 4% bonds of 1936; $10,000 of Rio Grande Western By.
first trust 4% bonds of 1939; $1,395,000 of Rio Grande Western Ry.
first consolidated mortgage 4% bonds of 1949;$3,000,000 of the applicant's
ref. & impt. mtge. 5% series B bonds of 1978; $1,266,000 of Denver &
Salt Lake By. income mortgage 6% bonds of 1960, and 8,940 shares of
no par stock of the Denver & Salt Lake Ry., represented in larger part
by voting trust certificates.
The Application.
An additional loan of $2,500,000 is now requested, and because of the
present uncertainty as to the future earnings of the railroad, the full threeyear term for a loan permitted by the Act, is sought. Our discussion with
representatives of the applicant discloses that a loan of $2,250,000 will
enable it to meet present requirements. It is asserted that the applicant
is unable to procure the loan in whole or in part from other sources.
Other than the loan referred to, the applicant has no existing financial
relations with the United States, except minor current items which are
settled monthly. The question of the applicant's liability under section
15a of the Inter-State Commerce Act has not been determined.
Necessities of the Applicant.
The loan is desired in amounts and at times as follows:
Feb. 20 1933
$1,090,375
March 20 1933
329,800
April 20 1933
230.625
June 20 1933
249,200
July 20 1933
600,000
Of the total of $2,500,000, $1,230,000 is proposed to housed to pay taxes,
$819,707.50 to pay principal and interest of equipment trust notes, and the
remainder, $450,292.50, to pay mortgage bond interest. The equipment
payments are instalments due from March 1 to July 1 1933 on equipment
having an original cost as of various dates from 1923 to 1930 of $13,214,335.
on which there remained to be paid as of Oct.31 1932 the sum of$4,697,400.
'Me taxes include all Colorado taxes for 1932 and a portion of the applicant's New Mexico taxes for the same year. The interest payments
include one semi-annual instalment on the Rio Grande Western Ry. first
consolidated 4% mortgage bonds, due April 1 1933, and a portion of a
semi-annual instalment due July 1 1933 on Denver Sz Rio Grande RR.
first consolidated 4% mortgage bonds.
The applicant believes that, under normal conditions, the amount
proposed to be borrowed from the Finance Corporation would be available
from its earnings, through banking channels, or from the public; but to
show the necessity for financial aid the applicant submits an estimate of
anticipated cash receipts and disbursements for the year 1933. In preparing its estimate the applicant has anticipated a substantial decrease
In its revenues during the early months of that year below the corresponding
months of 1932. It assumes a tendency of the decline to cease and to be
succeeded by an increase during the late months above the same period
in the preceding year. On the whole, it assumes a decrease in revenues
in 1933 of 2.1% under 1932. The estimate of expenses is based upon
minimum requirements for maintenance of way and structures and of
equipment, and ratios in transportation expense slightly in excess of the
actual for 1932. Small decreases in traffic, miscellaneous and general
expense are shown by the estimate. The estimate, which was made prior
to Jan. 1 1933, shows that the applicant expected to enter the year with
$843.002 in cash, and including the disbursement during February of the
items for which the loan is sought, would reach the end of that month
with a deficit of $190,149. The deficit thereafter would increase until
at the end of July it would become $2,609,000. With the seasonal increase
in business it would then become less, but at the end of December is expected to be $2,201,780. On the other hand, if the loan be made as requested, the maximum amount of cash expected to be on hand at any one
time would be slightly in excess of $1,000.000 at the end of November,
and the minimum would be a deficit of about $100,000 at the end of July.
During the period in which advances upon the loan are sought, the maximum
cash balance at the end of any month, if the loan be made, would be approximately $900,000 for February. Without the loan, financial distress
and embarrassment to the applicant thus appear imminent, and the purposes for which the loan is sought would indicate that this situation will
also extend to the communities which it serves. If the loan be made we
are assured that, notwithstanding the small deficit in July the applicant
will be able to operate through the year without further borrowings.
Security.
collateral security for thls loan there are available the securities
already pledged and to be pledged for the loans heretofore approved.
The applicant now offers in addition to pledge $1,467,000 of its refunding
and improvement bonds, 500 shares of $100 par value each, constituting
the entire capital stock, of the Goshen Valley RR.; 30,000 shares of $1 par
value each, representing one-half of the stock of the Denver-Colorado
Springs-Pueblo Motor Way, Inc.; 580 shares of stock of $100 par value
each of the Rio Grande Motor Way. Inc., which is 80% of the total issue;
400 shares of $100 par value each of the Rio Grande Motor Way of Utah,
Inc., else 80% of the total issue. and $1.777,000 of the Rio Grande Southern
RR.first mortgage bonds. There is no funded debt resting on the property
of the Goshen Valley RR. or on that of any of the motor-way corporations. We have made no valuation of the properties of any of them.
Excluding the refunding and improvement bonds, and classifying as
underlying bonds $2,188,000 of bonds of the system held by the Finance
Corporation, the applicant shows that it earned more than twice the
Interest thereon in 1931. In 1932, considering depreciation accruals as
applicable to the payment of such interest, it earned interest on refunding
and improvement bonds as well as the underlying bonds by a safe margin.
It is therefore contended that under a fair appraisal of the real value and
strength of the bonds, the underlying bonds held should be appraised
at par and furnish complete security for the previous loan of $2,000,000.
It is contended that the stock of the Denver & Salt Lake Western to be
pledged should also be regarded upon a fair appraisal as clearly adequate
to support the entire loan of 33,850,000 to construct the Dotsero cut-off.
In that connection, the applicant emphasizes the fact that this stock
will represent a complete unencumbered ownership of the cut-off, the
cost of which when completed would be protected in any receivership
or in any reorganization. The applicant therefore urges that the remaining $3,000,000 of the refunding and improvement bonds, $1,266,000
of income bonds of the Denver & Salt Lake By. and 8,940 shares of stock
o.fthe Denver & Salt Lake which were pledged in connection with the
previous loans, furnish a substantial margin of security for the proposed
loan. The applicant regards the refunding and improvement bonds,
As
April 1 1933
even under the existing depressed condition of finance and industry, to
be worth not less than 50% of par, in view of the property and the history
of earnings which support them. In 1932, without including depreciation
accruals as applicable to interest, the applicant earned approximately
73% of the interest requirement on the outstanding refunding and improvement bonds. Until 1932 it had earned its interest requirement on
such bonds in every year since the reorganization in 1925. The income
bonds of the Salt Lake are subject to the prior lien of $2,500,000 of first
mortgage bonds. The prescribed interest rate of 6% was consistently
earned thereon until 1932. In that year 3(% was paid. The stock
of
the Salt Lake was shown by us in our report, 187 I.C.C. 399, to have a
book value of approximately $102 per share.
Although contending that the securities pledged for existing loans,
together with those offered as pledge for the proposed loan, constitute
adequate security for all the loans as required by the Act, the applicant
has indicated the availability of certain additional security. This consists
chiefly of the applicant's equity in $662,000 of Denver & Rio Grande RR.
first consolidated mortgage bonds, now pledged as security for a loan of
$500,000 from the Railroad Credit Corporation, and its equity in $6,096,000
of its refunding and improvement mortgage bonds now pledged as security
for a loan of $1,500,000 from the Chase National Bank of the City of
New York, and certain other minor items consisting of investments in
affiliated companies and their notes and in certain water companies.
Including the amount due for the month of October 1932 the applicant
has paid $160,024 into the treasury of the Railroad Credit Corporation
and estimates that including the succeeding period ended with March 1933
it will pay a total of $281,624. This sum, or so much thereof as would be
distributable to the applicant, upon liquidation of the Corporation will be
deductible from the loan to it from the Corporation. The applicant's
equity in the bonds pledged for the loan, therefore, becomes increasingly
valuable. In estimating its income and forecasting its cash receipts
for 1933 the applicant has included nothing to accrue to it from the increase
in rates authorized by us in Ex Parte 103, and asserts that if a continuation
of such rates be authorized pursuant to application now pending before
us, without the requirement for impounding such increases, its requirements under the loan, if approved, will be less than the amount originally
requested by the amount derived from such increases, which is estimated
to be about $250,000.
The earnings of the applicant after the reorganization of the property
early in 1925 and until 1930 are shown to have been ample to meet all
charges. In the same period gross revenues averaged more than $33,000,000
per annum. In 1931 there was a deficit in net income. The applicant's
fixed charges then were 100.8% of the amount available therefor. In
1932, a year of greater depression for railroads generally, with a decline
from 1931 of approximately $6,000,000 in gross revenues, to about $17,560,000, there was an increase in the deficit of the previous year of about
$2,395.000, to $2,620,917. The applicant's operating ratio, however,
increased to about 72.7. which was less than 3%. During that year there
was available $1,020,000 in depreciation accruals. The applicant's estimate for 1933 shows gross revenues of $17,189,700 and a deficit in net
income of 33,067,000. While the applicant's gross and net revenues
have thus declined during recent years and a substantial reduction In
maintenance expenditures appears, the property is reported to remain
in excellent condition to care for the available business.
In our report upon the first loan, 180 I.O.C. 777, we referred to the
substantial decrease in maintenance charges shown by its accounts during
recent years. During the decade which ended with 1930 such charges
averaged $12,785,528. In 1931 they were $7,188,984; in 1932, 35,490.483.
and in 1933, it Is estimated, they will be 35,820.000. Nevertheless,
because of reduced cost of labor and materials, increased efficiency of
labor, the decline in maintenance requirement due to decreased business,
and an extensive improvement program extending over the period from
1925 to 1930 and costing over $35,000,000 in operating expense and property
accounts, at the end of 1932 the applicant reports its bad order equipment did not exceed that at the end of 1929 by more than 1.5% and that
its ties, rail and road-bed remain in excellent condition. The improvement program referred to included the installation of new equipment,
heavy rail, ballast, treated ties, and permanent bridges, among other
features. With applicant's expenses so under control that its operating
ratio has not exceeded 75.72 in any of the past seven years, notwithstanding
the large and expensive improvement program, and the property being
described as in condition to handle more business than in the peak year
of 1929. the applicant contends that relatively small increases in gross
revenues will enable it to meet fixed charges and support the value which
It claims for the collateral pledged and to be pledged with the Finance
Corporation. The applicant expresses the belief that an increase of
$5,000,000 in gross revenue over the figures for 1932 will enable it to meet
all interest charges and provide $400,000 to apply to the retirement of
short-term loans.
Conclusions.
We conclude:
1. That we should approve a loan of not exceeding $2.250,000 to
the
Denver & Rio Grande Western RR. by tho Finance Corporation,
for
terms not to exceed three years from the respective advances
thereon, to
be expended for purposes set forth in the application and in this
report;
2. That the applicant should pledge with tho Finance Corporation
as
collateral security for the loan, as and when the first advance
thereon is
made. (a) $1,385,000 of its refunding and improvement mortgage
5%
bonds of 1978; (h) 500 shares of the common capital stock of the
Goshen
Valley RR.;(c) 30.000 shares of the common capital stock of the Denver.
Colorado Springs-Pueblo Motor Way, Inc.: (d) 580 shares of the
common
capital stock of the Rio Grande Motor Way, Inc.; (e) 400 shares
of the
common capital stock of the Rio Grande Motor Way of Utah, Inc.:
(f)
$1,777.000 of the Rio Grande Southern RR. first mortgage 4%
bonds;
(g) all of the applicant's right, title, claim and interest in and to
$662,000
of Denver & Rio Grande RR. first consolidated mortgage bonds,
subject
to the prior claim thereto as collateral security for a loan of not more
than
$500,000 to the applicant by the Railroad Credit Corporation;
(h) all
the applicant's right, title, claim and interest in and to
$6,096,000 of
the applicant's refunding and improvement mortgage 5% bonds of
1978,
subject to the prior claim thereto created by the pledge thereof as
collateral
security for loans of not more than $1,500,000 to the applicant by
the
Chase National Bank of the City of New York, and 0) 20,530 shares
of
the common capital stock of the Denver & Salt Lake By., subject to
the
obligation of the applicant to deposit such shares with the Colorado
National
Bank of Denver as trustee under an agreement entered into between
the
applicant and certain minority stockholders of said Denver & Salt
Lake
By.. as security for the performance of a certain contract of,,the applicant
to purchase the stock of such minority stockholders;
3. That the applicant should agree witn the Finance Corporation
that
all securities now pledged or which may hereafter be pledged as collateral
security for loans from that Corporation shall apply equally and ratably
as security for all such loans;
4. That the applicant should agree with the Finance Corporation not
to permit the sale or encumbrance of any securities now held by the
three
Volume
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Financial Chronicle
motor-way corporations referred to in paragraph 2 hereof, nor to permit
the encumbrance of the property of those companies and the Goshen
Valley RR. by mortgage, or otherwise, while any part of the loans remains
unpaid, except upon our approval and with the consent of the Finance
Corporation.
New York Central Railroad Co.
The New York Central RR.,on March 3, 1933,filed an application for an
additional loan of $7,000,000 from the Reconstruction Finance Corporation.
Heretofore we have approved loans to this carrier as follows: $4.399.000
on March 23, 1932; $13.600,000 on June 25, 1932. and $2,500,000 on Nov.
1, 1932. The collateral security which we required to be pledged for these
loans consisted in the aggregate of $53,569,000 of bonds Issued under the
applicant's refunding and improvement mortgage. At this date the
Finance Corporation has advanced $2,500,000 on the first loan, and the full
amount of the second. No advances have been made on the third loan,
which was for the repair of equipment.
The Application.
The applicant requests an additional loan of $7,000,000 for a term of three
years, for the purpose of paying a like amount of 4% improvement bonds of
the Boston & Albany RR. These bonds are part of a total issue of
$31,700,000 of debentures which constitute the unsecured funded debt of
the B.& A. and are guaranteed as to principal and interest by the applicant.
Request is made that the funds to be borrowed be available at Boston,
Mass., not later than the opening of business May 1. 1933.
Of the $7,000,000 of bonds maturing May 1, 1933. $326,000 are held by
the issuing company or the guarantor. and $6,674,000 are outstanding in the
hands of the public.
The applicant states that the unfavorable financial situation described in
its previous applications and our reports still continues, and that the necessary funds can not be obtained through banking channels or from the general
public.
On Dec. 27, 1932, a loan of $2,000,000 was made to the applicant by the
Railroad Credit Corporation, and an additional loan of $2,000,000 was
approved by the board of directors of that corporation on Feb. 16, 1933.
For the year 1932, the applicant paid $5,982,595 under the "Marshalling
and Distributing Plan, 1931," and estimates that it will pay minimum
amounts of $448,000 for Jan., $436,000 for Feb., and $495,000 for March,
1933.
Other than mail pay, transportation of troops, income tax matters, and
the reconstruction loans referred to above, there are no debits or credits
existing between the applicant and the United States. On June 22, 1932,
we approved a reconstruction loan of $10,398,925 to one of the applicant's
affiliated companies, the Cincinnati Union Terminal Co. We are informed
that a total of $8,300,000 was advanced by the Finance Corporation under
this approval and that these advances have since been repaid in full.
Purpose of the Loan.
The $7,000,000 of B. & A, improvement bonds dated May 1, 1908, and
maturing May 1, 1933, were issued and delivered to the applicant in compliance with the lessor's obligation under the terms of the lease to meet the
cost of permanent improvements made by the applicant upon the leased
properties. Under the lease, the B. & A. Is obliged to issue its bonds upon
the request of the lessee for the purpose of meeting outstanding bonds as they
mature,and it is provided that bonds so issued shall be delivered to the lessee
to be negotiated and sold by it.
By means of the loan applied for, the applicant proposes to pay the entire
amount of the maturing issue, and to accept from the lessor a new issue of
$7,000,000 of B. & A. 10-year, 6% refunding bonds, to be dated May 1,
1933. This would discharge the lessor's obligation in respect of making
provision for the payment or refunding of the improvement bonds of 1908.
The loan is sought "pending a change in market conditions which will
enable the applicant to market such refunding bonds upon terms not
involving too great a sacrifice."
Concurrently. the B. & A. filed an application under section 20a of the
Interstate Commerce Act for authority to issue the aforesaid refunding
bonds. This application is recorded in Finance Docket No. 9868.
Necessities of the Applicant.
In our previous reports, the trend of the applicant's earnings up to Sept.,
1932. was shown. It appears from the income account for the last four
months of the year that the net income for Sept. was only $2,438 and for
Oct., 345,716. Income deficits of $1,745,494 and $1,104.411 were incurred
In Nov. and Dec., respectively. The average tax accruals were approximately $2,180,000 per month. The preliminary operating statement for
Jan., 1933,shows gross revenues of $21.848,600, net revenues of $4,111.100,
tax ccruals of $2,545,400, total operating income $1,572,600, total nonoperating income 32,505,100, total deductions 87,019,000. and a deficit of
$2,941,300 in net income.
The detailed cash forecast filed with this application shows a cash balance
0(316.573,019 as of Jan. 31, 1933; 38,219,412 as of April 30. and 35,769,510
after May 1 disbursements. This assumes provision for the payment of the
11. & A. bonds and the receipt of $2,000,000 under the second application to
the Railroad Credit Corporation. It does not. however, reflect the additional reconstruction loan now under consideration. The short-term
indebtedness of the applicant was increased by 32,000,000 between August
31 and December 31. 1932.
Including the loan herein conditionally approved, the aggregate of recon
struction loans to the applicant approved by us is $27,499.000. Upon the
consummation of this loan, the pledged collateral; applying ratably to all
loans, will consist of the aforesaid 37.000.000 of B. & A. refunding bonds,
$57,075,000 of New York Central refunding and improvement mortgage 5%
bonds of 2013, series 0,and $4,494,000 of 6% bonds, series B,issued under
the same mortgage.
In the previous reports we discussed the price range prior to Nov. 1. 1932,
of the applicant's refunding and improvement. series C, bonds. Since that
date the bonds have sold on the New York Stock Exchange as low as 40.
The bonds sold on March 21. 1933, at 46.
As of December 31, 1932, a total of 8260,000,000 of series C bonds has
been authorized and $85,000,000 thereof were actually outstanding. Of
$175,000,000 of bonds nominally issued, $139,975,000 had been pledged
with the Finance Corporation and others, and 835,025,000 were held in the
applicant's treasury.
Our orders under Section 20a, authorizing all of the applicant's series
bonds which have been issued, provided that the bonds should be pledged
in the ratio of not exceeding $125 in value of bonds, at the market price
thereof, to $100 of loans. 180 I. 0.0. 155; 184 I. O. C.635.
Our previous reports in connection with reconstruction loans to the applicant show the final value found by us for its owned carrier property, the
net additions and betterments reported subsequent to valuation date, and
the character of lien represented by the bonds issued under the refunding
and improvement mortgage.
Conclusions.
We conclude:
That we should approve an additional loan of not to exceed $7,000,000
1.
to the applicant by the Finance Corporation, for a term not exceeding three
2169
years, for the purpose of paying a Ike principal amount of Boston 3c Albany
RR. 4% improvement bonds due May 1. 1933:
2. That the applicant should pledge with the Finance Corporation, as
part of the security for the additional loan, $7,000,000, principal amount,of
Boston & Albany RR. refunding 6% bonds, to be dated May 1, 1933, to
mature May 1, 1943, and to be Issued pursuant to authority granted by us
in Finance Docket No.9868,together with $8.000.000. principal amount,of
the applicant's refunding & improvement mortgage 5% bonds, series C.
due Oct. 1, 2013:
3. That the applicant should agree with the Finance Corporation that
all of the security for this loan and the loans heretofore approved for the
applicant shall apply equally and ratably to all of such loans.
Texas & Pacific Ry.
The Texas & Pacific Ry,filed with us on March 15 1933 an application
to the Reconstruction Finance Corporation for a loan under the provisions
of section 5 of the Reconstruction Finance Corporation Act, approved
Jan. 22 1932, as amended.
The Application.
The amount of the loan applied for is $700,000, to be repaid on or before
three years from the date thereof. The loan is desired to meet. in part,
payments due April 1 1933 of $928.125 Interest on various obligations
and $95,000 principal of equipment trust certificates.
The applicant states that it is Impossible for it to secure the necessary
funds from any other source because of the general economic situation.
There are no existing loans to the applicant by the United States, nor
ere there any existing claims by the applicant under sections 204 or 209 of
the Transportation Act. 1920. The Missouri Pacific RR., which owns
74.7% of the applicant's outstanding voting stock, has received loans
from the Finance Corporation totaling $23.134,800.
The applicant has become a party to the "Marshalling and Distributing
Plan, 1931," of the Railroad Credit Corporation. For the 13 months
ended Jan. 31 1933 revenues from emergency rate increases were paid to
that Corporation amounting to $377.886. No loans have been applied
for or received from the Railroad Credit Corporation. The applicant is
advised that the latter Corporation has already approved loans to other
carriers which will utilize all its cash resources available as of April 11933.
Necessities of the Applicant.
The obligations to be met by the applicant on April 1 1933 consist or
principal of equipment-trust certificates, series JJ, of $95.000, and interest
on general and refunding mortgage bonds, series B. of 1977, and series C.
of 1979, of $400,000 and 3500,000, respectively, and interest on equipment
trust certificates, series FF, of 1937, and series JJ, of 1942, amounting
making a total of principal and interest
to $6,750 and $21,375, respectively,
of $1,023,125.
Prior to March 1 1933 the applicant estimated that its receipts would
be sufficient to meet these obligations, but as a result of the recent financial
crisis and bank holidays it now estimates that its net receipts from operations which may be used for the payments due April 1 will amount to
but 3350.000, or approximately $700,000 less than requirements. The
applicant believes that with the return of normal banking conditions its
revenues will return to a level not lower than that of 1932 and that it
will be able to earn its fixed charges during 1933 and repay part if not all
of the loan requested.
Security.
As collateral security for the loan applied for, the applicant offers 81.400.000 of its 50
-year general and refunding mortgage 5% gold bonds, series D.
of 1980. Of the authorized issue of 319.730,000 of bonds of this series.
313.000,000 are outstanding in the bands of the public and $6,730.000 are
held in the treasury of the applicant. The total amount of bonds issued
and outstanding under the applicant's general and refunding mortgage is
$49.000,000. These bonds are secured by a lien on 1,844 miles of owned
railroad, subject to prior liens of $25.223,000. The major portion of these
prior liens consists of 824.989,000 of first mortgage 5% gold bonds due
June 1 2000. which are a first lien on 1,395 miles of first main track and
on the terminal properties at New Orleans, Westwego and Gouldsbero.
and a second lien on 448 miles of branch lines in Louisiana, subject to
Louisiana division branch lines mortgage bonds, all of which are pledged
under the general and refunding mortgage. The remainder consists of
3234,000 of second mortgage income 5% bonds, due Dec. 1 2000, which
are secured by the same property as the first mortgage, but subject thereto.
Both the prior lien first and second mortgages are closed. The general
and refunding mortgage is also secured by a collateral lien on 50 miles of
track through pledge of the capital stock of the Weatherford Mineral
Wells & Northwestern Ry. and the Denison dc Pacific Suburban Ry.
During 1932 interest on the general and refunding mortgage bonds and
all prior liens outstanding at the close of the year was earned 1.03 times.
and for the past five years earnings have averaged 1.94 times such interest.
During the two-year period 1931-1932 prices of the series D bonds ranged
from a high of 99i.5 In 1931 to a low of 28 in 1932. Since Jan. 1 1933
prices have ranged from 43 to 56, the latest sales being around 53 (March
211933). Current prices of series B and series C bonds are approximately
the same as those of series D.
Operations of the applicant were conducted by receivers from Oct. 27
1916 to May 14 1924. During the eight-year period 1925 to 1932 railway
operating revenues averaged 336,881,752, railway operating expenses
$26,253,833, net railway operating income $6,876.091, non-operating
income $547,149, income available for the payment of Interest $7.340.013.
Interest on funded and unfunded debt $3,368,305, and net income $3.971.708. Net incomes for 1930, 1931 and 1932 were $3,652,191, $2.041,857
and $92,709. respectively. Operations for the month of January 1933
resulted in a deficit in net income of 3166.990. Dividends on preferred
stock were paid in each of the years 1924 to 1932, inclusive.'and on the
common stock in each of the years 1928 to 1931, inclusive.
1r
The cash balance of the applicant on Feb. 28 1933 was $511,000. Including the proceeds from the loan applied for, the applicant estimates
a cash balance of $645,000 on Dec.31 1933 after the payment of all interest
requirements.
As of Dec. 31 1932 the applicant's comparative general balance sheet
showed investments totaling $199.404,305, of which $187.876,909 was
recorded as investment in road and equipment. It had current assets of
$6.419.719 and current liabilities of $3,506,183. Accrued depreciation
for equipment amounted to $11.247,905. The total par value of the
applicant's capital stock on Dec. 31 1932 was 362.466.700. of which $38.755,000 common, and $23.703,000 preferred was actually outstanding
and $8,700 common held in the treasury. The applicant's unmatured
funded debt as of Dec. 31 1932 was $92,019,600, of which 384.539.600
was actually outstanding, $712,000 was Wedged, $25,000 was in sinking
or other funds, and 36,743.000 was held in the treasury. The total longterm debt consists of $81,180,000 represented by mortgage bonds,$973,000
by income bonds and $9,866,600 by equipment obligations.
Under certain agreements the applicant is under obligation, as guarantor
for one-half the principal and interest on $6,040,000 of the Texas Pacific
Missouri Pacific Terminal RR. of New Orleans first mortgage 5)%
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Financial Chronicle
bonds of 1964; for one-eighth the principal and interest on $5,000,000 of
Union Terminal Co. (Dallas. Tex.) first mortgage 5% bonds of 1942;
for one-sixth the principal and Interest on $36,000 of first mortgage 5%
bonds of 1934, and for 30% of the principal and interest on $1,500,000 of
5% Texarkana Union Station trust certificates. series A, due 1957.
As of June 30 1916 we found the value for rate-making purposes of
the property of the applicant owned and used for common carrier purposes
toIbe $65,465.000, including $1.065,000 for working capital. Owned but
not used property was valued at $3,456,938. used but not owned property
at $64.031, and non-carrier property at $1.312,727. From July 1 1916
to Dec. 31 1932 there were net additions and betterments costing $78,253.142 to the owned and used property and $649.937 to the non-carrier
property owned. If these be added to the values stated above the total
becomes $148,072,744 for all owned property, exclusive of working capital.
Conclusions.
We conclude:
1. That we should approve a loan by the Finance Corporation to the
applicant of not to exceed $700.000, for a term of not exceeding three years
from the making thereof, to provide funds to be devoted to the purposes
set forth in this report;
2. That the applicant should pledge with the Finance Corporation, as
collateral security for the loan, $1,700.000 principal amount of its general
and refunding mortgage 5% gold bonds, series D. of 1980;
3. That the Finance Corporation will be adequately secured under
such conditions.
Applications have been filed with the Commission for
authority to borrow from the Reconstruction Finance
Corporation by the following roads:
Ann Arbor RR.
The receivers of the Ann Arbor RR. have asked the Inter-State Commerce Commission to approve a loan of $365,243 to pay interest and
principal of equipment trust certificates.
Southern Pacific Co.
Authority to borrow $22,000,000 from the Reconstruction Finance
Corporation has been asked of the Inter-State Commerce Commission by
the Southern Pacific Co. The loan would be applied for payment of
interest on funded debt, maturing bonds and equipment obligations and
other corporate requirements from March 1 to Jan. 1 1934 in the amount
of $30.000,000.
The Southern Pacific said it had already arranged for $9,500,000 of 5%
demand loans to be obtained as follows:
From Guaranty Trust Co. of New York, $3,500,000:
From First National Bank of New York, $2,000,000;
From National City Bank of New York. $2,000,000:
From Central Hanover Bank & Trust Co. of New York, $2,000,000.
These latter loans, the company explains, will reduce to $20,500.000
the amount needed from the Finance Corporation, the necessity for the
additional $1.500.000 being explained as follows:
"The applicant's requirements of $30,000.000 mentioned above were
computed and based upon requirements as estimated prior to the present
banking crisis and upon the trend of business as it existed before such
crisis developed.
"In view of this crisis, which is likely to seriously affect our freight
and passenger receipts for some time, the May 29 requirements have been
increased by $1.500,000, making a total loan applied for of $22,000.000."
The approximate dates on which the road said it would require the
funds were given as follows:
May 29 1933. $11.300.000; June 29 1933. 33.200,000: July 28 1933,
$1.100.000: Aug. 30 19:13. $1.700.000; Oct. 30 1933, $600,000; Nov. 29
$2.500,000. and Dec. 29 $1.600 000.
The Southern Pacific on Feb. 21 asked for a work loan of $1.200.000.
and this application is still pending. It said no applications had been
filed for loans from the Railroad Credit Corporation and that none were
contemplated. It has, however, guaranteed payment of principal and
interest of a $17.000.000 loan from the Finance Corporation to the St.
Louis-Southwestern RR., which is controlled to the extent of 87.32%
by the Southern Pacific.
Wabash Railway.
The receivers have asked the Inter-State Commerce Commission to
authorize them to borrow 83.000,000 from the Reconstruction Finance
Corporation to meet interest payments and other fixed charges due between April 3 and Nov. 1.
Circuit Court of Maryland Holds Unconstitutional
Preferential Provisions of State Emergency Banking Act—Attorneys for Receivers of Closed Banks
Meet to Consider Situation.
According to the Baltimore "Sun" Circuit Court No. 2 of
Maryland rendered a decision on March 27 declaring the
preferential provisions of the State emergency banking act,
with the exception of priorities granted to the State,'unconstitutional and void. As a result of the decision, said
the "Sun" a meeting of attorneys for receivers of the four
defunct banks of Baltimore was scheduled for March 28 to
consider whether preferred payment of deposits of receivers
may be obtained under the doctrine that they are trust funds.
The meeting was called by Leonard Weiberg, counsel for the
receiver of the Commercial Savings Bank, said the Baltimore
"Sun" which, in giving the points brought out in the decision, went on to say:
To Consider Steps to Be Taken.
Mr. Weinberg. who argued at the hearing that the receiver had a prior
right to obtain his deposited collections under the trust-fund doctrine, said
the four attorneys would meet to consider what steps to take in regard to it.
The Court did not decide this point.
The opinion, rendered by Judge Eugene O'Dunne, was concurred in by
Judges Eli Frank and Charles F. Stein, who also presided at the 5
-day trial
of the three suits attacking the validity of the Emergency Banking Act.
Called Pioneer Legislation.
The remainder of the act was held constitutional in the main and was
described as "pioneer legislation of the highest order and constructive in
character."
April 1 1933
The Court denied preferences granted to receivers of insolvent banks, to
reserves of county banks deposited in defunct institutions and the right of
priority granted to the city to cash checks given to it in payment of taxes
prior to Feb. 28.
William L. Marbury Jr., attorney in charge of the Title Guarantee &
Trust Co., declared he contemplated no individual action, as his bank had
no money involved at present, but that he would "go along" with Herbert
Levy, in charge of the Chesapeake Bank, who has more than $170,000 on
deposit in partially opened banks.
May:Make Statement To-day.
-Mr. Levy said Mr. Weinberg had not notified him of the meeting and
that he had not considered what steps he would take.
"I am under the jurisdiction of the Court," he explained, "and am controlled by it." He added that he "might have a statement to make tomorrow."
William D. Macmillan, who is handling the affairs of the defunct Park
Bank in place of John E. Semmes, who was appointed attorney for the
receiver, could not be reached last night.
Taxpayers Notified.
Although a statement could not be obtained from R. E. Lee Marshall.
City Solicitor, an official in his office pointed out that more than threequarters of the checks received for taxes, totaling more than $2,000,000.
had been cashed, and that taxpayers whose checks were not cleared were
being notified and their accounts reopened.
The city, it was said, must be repaid by those taxpayers whose checks
were not cleared, so it will not lose any money because of the decision.
Satisfied with Decision.
A spokesman for the attorneys representing the plaintiffs who instituted
the injunction suits and the mandamus suit attacking the bill, declared
they were "well satisfied" with the decision and that they "have no idea
of appealing."
G. Ridgely Sappington, attorney for the Baltimore Trust Co., one of
the defendant banks, said the decision was in line with the argument he had
presented at the hearing and that "no appeal will be taken by the Baltimore
Trust Co."
The opinion, rendered in Circuit Court No. 2, delcared that Section 710,
giving preference in payment to receivers of insolvent banks "Impairs the
obligation of contract under Section 10 of Article 11 of the Federal Constitution. and also in an unjust and unreasonable and, therefore, an arbitrary
classification of receivers of one particular variety and not of receivers of
other insolvents generally."
Question Undecided.
The Court reserved without decision, however, the question whether the
deposits of receivers may be entitled to preference as trust funds under the
right of an equity court to follow trusts, depending on circumstances not
disclosed in these proceedings.
Section 7113 giving preference to reserves of county banks was"held unconstitutional, as the payments are subject to the discretion of the bank
Commissioner. with no standard set for his official determination of the
percentage of payment other than the 'public Interest.'"
Points Out Emergency.
The Court struck down as unconstitutional the preference to the city of
checks for $2.101.347.90 drawn before Feb. 28 and presented for deposit
March 1, as "this is not a preference to the city, but in favor of the makers
of the checks and as such. Illegal as against other common depositors."
The Court, the opinion stated, took judicial cognizance that there existed
in Maryland an emergcny, as the act declares, and "that the slough of
despond, like a pall, covered the Nation, and that the prochnation of Governor Ritchie, followed by that of the President, closing all banks in the
country, saved us from a great crisis, the nature and extent of which no one
could predict."
Sections Held Valid.
Sections of the act allowing the reorganization of banks and the use of
deposits of the old institution to buy stock in the new organization, with
the provision that any objecting depositor may have his interest valued
and paid to him. were held "constitutional and constructive In character
In so far as the present attack on them in the pleadings in this case is concerned."
"But this decision," the Court added. "is not to he understood as holding
that trust funds or those held in any fiduciary capacity may be used for
subscription to such capital stock of a reorganized bank."
No opinion was expressed as to the validity of the section allowing the
use of deposits independently of the section regi wing the objecting depositor
the right to have his interest valued and paid to him,"because not raised in
the pleadings."
Sovereign Right Cited.
The priorities granted to the State were upheld under its sovereign right
of preference to its unsecured and unbonded funds on deposit in State banks.
The sovereign right "is not delegated under this act to its politcal subdivisions. retrospectively." it was declared.
The argument that, as the State's right of preference in royal revenues is
found in the same sections with all other preferences, and that if for any
reason one preference fails, all must fail. was not upheld. Nor was the
argument that the preference granted to the city was a preference only "in
time of payment and not in fact of payment."
If this preference, the Court said, "applies only to Insolvent or nonliquid banks, it amounts to a preference in payment, impairs contracts and
denies equal protection of the law, and is unconstitutional.
Establishes Rule of Etiquette.
"If, as argued, it applies to solvent and liquid banks, it is meaningless,
and establishes a mere rule of etiquette, regulating the order of
precedence
to the cashier's window."
The banking bill Is free from an objection raised under a statute
prohibiting "emergency legislation" that changes the duty of an office, the act
merely amplifying and extending the duty of the casting office of bank
commissioner, in the same field, it was stated in the opinion.
In addition to his opinion, a 26-page document, Judge O'Dunno also
handed down a 2
-page resume of his decision, entitled: "Short Cuts to
Results for Overworked Reporters."
Action by County Banks Awaited.
The advisability of further action by county banks as a result of the decision denying them preferences in the withdrawal of their reserve funds
from
institutions operating under a partial-withdrawal plan will be considered
this week, a representative said last night.
"It will be a few days before we can determine what can be done,"
T. Howard Duckett. Vice-President and counsel for the Prince
George's
Bank & Trust Co., Hyattsville, declared.
Mr. Duckett, representing banks in southern Maryland, and W. Mason
Sheehan, director and counsel for the Farmers & Merchants Bank,
Easton,
argued in favor of bank priorities at the invitation of the Court last week.
Volume 136 .
Financial Chronicle
Mr. Sheehan last night said he did not know whether "any county banks
will want to appeal." In addition, he pointectout that although no county
bank was a defendant in the injunction suits, any one could intervene for
the purposes of appeal.
Bank Commissioner Ghingher of Maryland Issues New
Rules to Govern Accrued Interest and Stock
Transfers Under State Emergency Act—Approved
by Governor Ritchie.
In order to clarify the provisions of the Emergency Banking
Act passed on March 4 by the Maryland General Assembly,
Bank Commissioner John J. Ghingher issued on March 23,
a set of supplementary rules on the conduct of business of all
banking institutions operating under the Maryland laws.
The Baltimore "Sun" of March 24, in reporting this, added:
These rules are largely of a technical nature and provide that interest
that has accrued on deposits made before enactment of the new banking
law be credited to such old deposits on the respective interest dates and be
subject to withdrawal on the same ratable basis as the Commissioner has
fixed for deposit withdrawals.
The banks are authorized to transfer certificates of stock upon the books,
of the Institutions when presented, subject to the provision of the act that
no stockholder of record at the time the emergency act was passed shall be
relieved from liability.
Text of New Rules.
The new regulations In full, as announced yesterday, are as follows:
Rule 24. For the purpose of clarifying the provisions of Rule No. 1,
Revised Bulletin No. 1, dated March 6 1933, the officers of any banking
Institution are authorized to collect obligations due the institution further
secure notes by mortgages or other collateral bring suit for just claims
enter Judgment by confession and foreclose mortgages.
Rule 25. Interest accrued or herafter accruing on any deposits in your
institution made prior to March 4 1933, shall be credited to such old deposits on the respedtive interest dates of your institution and shall be subject
to withdrawal on the same ratable basis as the bank commissioner shall fix
for the withdrawal of such old deposits.
Rule 26. Banking institutions are hereby authorized to transfer certificates of stock upon the books of the insitution when and as presented for
transfer. Attention is called, however, to Section 71-M of the Emergency
Banking Act, providing that no stockholder of record as of the time of the
passage of the Act, shall be relieved from liability, but that he and the
transferee shall be jointly and severally liable in the event of receivership.
The regulations were issued by Mr. Ghingher with the approval of
Governor Ritchie and Attorney-General W. Preston Lane Jr.
Mr. Ghingher said also that Christmas savings funds have the same status
In regard to withdrawals as any other form of deposits.
R. A. McKinley Named Director of Newly Created
Department of Financial Institutions in Indiana.
Appointment of Richard A. McKinley, Jeffersonville bank
President, as director of the newly-created Department of
Financial Institutions in Indiana, in which capacity he will
serve as supervisor of all State banking institutions, was announced on March 23 by Governor Paul V. McNutt,according to the Indianapolis "News" which stated:
The appointment which is for an undesginated term, the Director being
subject to removal at the will of the chief executive, will take effect April 1.
Mr. McKinley will succeed Luther F. Symons. Lewisville. who has served
as State Bank Commissioner through the last two State Administrations.
The new State Bank Director has been President of the Clark County State
Bank since 1920. . .
The new Director of Financial Institutions served on the Commission
named by former Governor Harry G. Leslie to study Indiana banking
methods and aided in drafting the bank reform law passed by the 1933
Legislature. He is former Treasurer of the Indiana Bankers Association
and at one time was Chairman of Group 7, Indiana Bankers Association.
Governor Olson of Minnesota Orders Bank Stock Sale
Inquiry—State Securities Commission to Conduct
Investigation at Once.
Governor Floyd B. Olson of Minnesota on March 23
ordered the State Securities Commission to begin an immediate investigation of the sale of bank stocks in Minnesota.
We quote from the Minneapolis "Journal" of March 23,
which further said:
The order was contained in a letter sent by the Governor to Elmer
Benson, State Securities Commissioner.
The text of the letter follows:
"Disclosures before an investingting committee of the United States
Senate and from other sources indicates that many persons in the United
States have been mulcted through the sale of bank stocks In the present
process of attempting to reform the banking system of the country, it is not
only necessary that we have solvent depositories of the money of the public,
but that no future stock selling manipulations at the expense of the public
be tolerated; and that those who have been guilty be pubished.
"The people of Minnesota are entitled to know whether the practices
disclosed in the East have been carried on in this State in the sale of bank
stocks in banks here located.
"You will therefore immediately proceed to the Investigation of the sale
of bank stocks In Minnesota, past and present, with a view to determining
whether or not the manner in which such stock has been sold has been legal
and proper. The investigation will include stocks sold under permit issued
by your predecessor and stocks sold without permit by reason of a claimed
exemption from the securities acts of the State, Existing statutes give you
ample authority to investigate.
"I am sure that no one will construe your investigation as reflecting upon
the solvency of the institutions investigated."
Commissioner Benson said he will proceed with an immediate investigation in view of the Governor's request.
Report of Governor-General of the Philippine Islands
Tells of Gains Made in Year's Time.
Colonel Theodore Roosevelt, in his report as GovernorGeneral of the Philippines, which office he resigned early
2171
In March, points out to the Secretary of War, to whom the
report is submitted, that in the period from his arrival at
Manila on Feb. 29 1932 to Feb. 10 1933, substantial progress
was made in the financial condition of the insular government. The Colonel states that through a rigid economy
program a large threatened deficit was converted in 1932
into a definite surplus, and the Government will have a
balanced budget in 1933. The report tells of the expensecutting program, entailing the discontinuance of unnecessary activities and personnel, the reduction of all salaries
from 5 to 20%, and the reorganization of the entire Government on the lines of efficiency, citing the passage of constructive measures to help the small farmer, to broaden the
base of the Philippine economic structure, and to bring
about greater economic stability.
On matters in general relating to his administration, Colonel Roosevelt reports that despite the world economic
crisis the Islands can face 1933 in better shape to deal with
conditions which may arise than has been the case for the
past two years. He pays high tribute to the insular Cabinet
and Legislature for managing this in the face of a $3,500,000
deficit in 1931, the general shrinkage of revenues, and the
disappearance of markets, extolling the complete co-operation shown between the executive and legislative branches
of the Government,. In remarking on the excellent showing
made by the Philippines during the year the Colonel warns
that had they not enjoyed a duty-free market with the
United States a heavily unfavorable balance of trade would
have resulted, and he provides figures to support his contention. Colonel Roosevelt states that when he arrived in
Manila early in 1932 he found that the situation was critical
because of the great fall in prices of the chief Philippine
commodities during the previous six years—copra had declined 60%, rice 20%, leaf tobacco 20%, abaca 70%, and
centrifugal sugar 30%, with a consequent decrease in
revenues.
It was with this situation in mind that the economy program was put into effect, and in addition, the tax laws were
revised and a protective tariff was instituted. As remarked
above, the Colonel touched on the trade relations now existing between the Islands and the United States, pointing out
that the removal of this free-trade advantage would work
a hardship on the insular government; he refrains, however,
from expressing a direct opinion as to whether the Philippines should accept the Hawes-Cutting Bill to provide for
their independence. He stresses the fact that the present
products of the Islands are encountering too much cheap
competition to make their continued cultivation a profitable
Investment, and he recommends that immediate attention
be devoted to developing new markets and diversifying
products.
Emergency Farm Bill Opposed by W. L. Clayton of
Anderson, Clayton & Co. Before Texas Cotton
Association—Latter • Adopts Resolution Voicing
Opposition to Bill—Also Favors Lower Tariff—
Farm Relief Remedies Proposed by Mr. Anderson.
At the concluding session on March 25 of its annual convention at Galveston, Tex., the Texas Cotton Association
adopted a resolution voicing its opposition to the emergency
farm relief bill which was passed by the House on March 22.
According to Associated Press accounts from Galveston,
the resolution asked that final Congressional action on the
bill be deferred until public hearings thereon had been
completed. It was also stated in the Associated Press
dispatches that the convention on March 24 adopted a
resolution flaying the "existing high tariff" on the grounds
that it is destroying the buying power of the farmer and
generally restraining trade. It was added that telegrams
would be sent to all Texas Senators and Members of Congress
urging them to work for tariff reduction as speedily as possible.
Resolutions were also adopted March 24 to amend the rules
and by-laws designed to improve trading conditions and
urging shippers to co-operate more closely with a view to
promoting the sale of American cotton. It was likewise
resolved (says the Associated Press) to oppose adopting
any rule which proposed to fix arbitrarily any standard
moisture content for American cotton and to have a representative to oppose such a plan at the meeting of the International Cotton Committee in Prague next June.
W. L. Clayton, of the cotton house of Anderson, Clayton
& Co. of Houston, E. D. McCaa, President of the Texas
2172
Financial Chronicle
•
Cotton Association and Walter Parker, in addressing the
Convention, all indicated their opposition to the pending
farm legislation. With respect to what Mr. Clayton had
to say we quote in part as follows from Texas advices
March 24 to the New York "Journal of Commerce":
Fears Agricultural Nationalization.
Mr. Clayton, after reviewing briefly the difficulty of the farmer in the
shrinkage of the buying, tax-paying and debt
-paying power of his products,
declared that the farm patient is very sick, but that the doctors disagreed
as to the remedy and the quacks have been "running the show up todate."
Launching into an attack on the Farm bill now pending at Washington, he
concluded with definite recommendations for relief of farmers by eliminating
competing Government activities in his markets, checking Government
lending agencies, lowering transportation costs and cutting down tariff
barriers.
"The second Agricultural Marketing Act," he said, "Is now before Congress, with the request of the President that it be passed as emergency
legislation. The object of the act is the restoration of the farmer's prewar purchasing power. Nobody can fail to applaud this object.
"The enormous significance of this act lies in the fact that it would launch
us on a vast and complicated scheme for the nationalization of agriculture.
The Executive is to be given broad general powers over practically every
phase of agriculture production, distribution and processing. This vast
Industry, employing in all its ramifications many millions of people, would
henceforth get its plans and take its orders from Washington.
"This must be the untrod path of which the President spoke, because,
in principle, the remainder of the bill follows closely the familiar path of
Government price fixing already trod by so many nations, ours included,
that it is now worn slick and exceedingly dangerous.
Other Nostrums.
"Among other nostrums provided in the act for discretionary use, the well
known domestic allotment plan, with some modifications, seems to be
the device most relied upon. This plan seeks to increase the farmer's
income and raise the price of selected farm products by taxing the domestic
consumers of those products and passing the proceeds of such taxes, minus
the cost of administration, back to the producer, conditioned upon his
adherence to a specified program of reduced production.
"With ten millions of people out of work in the United States, and with
millions of city dwellers unable to buy sufficient food and clothing even at
present prices, we propose to tax these same people—and for what? For
compensating other people for abstaining from work. With six millions of
people now engaged in agricultural production, and at least half as many
employed 1sf the distribtition, transportation and processing of agricultural
products, it is easy to see that an average reduction of, say 20% In the
production of our basic farm products will mean a tragic addition to the
ranks of our unemployed. But it is contended that the cash benefits to
farmers for curtailing production will increase their buying power and
that this will start the wheels of industry turning. . .
"Does anyone think there is any power within these United States
which can cause these rugged people to substantially contract their productive activities under the illusion that by producing less they will have more?
The total cultivated acreage in this country is almost certain to be greater,
not less, in 1933 than in 1932.
"The United States did not achieve its wealth and greatness by any such
methods as this bill proposes. If we embrace its seductive allurements,
we are almost certain to wake up poorer, not richer, than when we went to
sleep, If there were time to take a National referendum on the subject,
we would undoubtedly find that the American people are not yet willing to
accept Washington-made plans and directions for the daily conduct of their
economic life.
Remedies Suggested.
"Every intelligent man knows that the cruel condition of economic inequality In which the farmer lives and works must be corrected before
normal prosperity can be restored. The farmer does need relief, and the
rest of the country needs even more than he that he should have relief.
"The farmer needs relief from stagnation in trade, due to tariffs, war
debts and other artificial barriers which have all but destroyed his markets. He needs relief from that political philosophy which permits selfish
minorities to so prostitute government as to make of it an instrument for
robbing him of his inalienable right to buy his requirements in the cheapest
market.
"The Federal Government can and should lead the way in this by providing for the rewriting of Federal Land Bank mortgages on the basis of the
reasonable earning power of the land, on condition that the States remove the ad valorem tax from land, substituting some other form of taxation.
"He needs relief from the operations of Government agricultural lending
agencies. There are no less than five of these competing for the privilege of
lending Government money to farmers. No one will ever know the extent
to which these activities have unwisely expanded production.
"Ile needs relief from Governmental competition with existing agencies
for the merchandising of farm products. This competition is gradually
undermining a highly competitive and intricate marketing system, the
product of a century of evolutionary growth.
He needs relief from excessive transportation costs both on the things
be sells and the things he buys. Freight rates in the United States to-day
are 45% above pre-war rates. From many areas of production, the cost
of transporting surplus farm products to market is equal to or almost
equal to the price received by the farmer for such products. The Union
scale of railway wages, now 125% above prevar wages. contributes greatly
to this situation."
April 1 1933
MEMBER BANKS.
CONNECTICUT.
No Changes.
NEW JERSEY.
Additions.
Bayonne--Hudson County National Bank* (branch, head office Jersey
City).
NEW YORK.
Additions.
Remsen—The First National Bank of Remsen.(x)
Yonkers—Yonkers National Bank & Trust Co. (licensed to resume full
operations March 31 1933).
NON-MEMBER BANKS.
CONNECTICUT.
(No Changes)
NEW JERSEY.
Additions.
Hoboken—Hudson County Trust Co.* (branch, head office Union City).
Hoboken—Trust Company of New Jersey* (branch, head office Jersey
City)
Newark—Central Bank & Trust Co.(x)
Union City—Trust Company of New Jersey* (branch, head office Jersey
City),
Withdrawals.
n—Broadway Bank & Trust Co.(z)
Pat
Paterson—Franklin Trust Co.(z)
NEW YORK.
Additions.
ga (b)—Canaseraga State Bank.(x)
Can
Patchogue—Patchogue Citizens Bank & Trust Co.(s)
MISCELLANEOUS BANKING COMPANIES.*
NEW YORK STATE.
Albany—Guaranty Company of New York.
Albany—Morris Plan Co. of Albany.
Binghamton—Morris Plan Co. of Binghamton.
Buffalo (b)—Buffalo Morris Plan Industrial Banking Co.
Buffalo (b)—Commercial Investment Trust, Ltd.
Niagara Falls—(b)Manufacturers & Employees Mortgage Co.
Rochester—(b)Morris Plan Co. of Rochester.
Schenectady—Morris Plan Co. of Schenectady.
Syracuse—Morris Plan Co. of Syracuse.
Troy—Troy Prudential Association, Inc.
Utica—Morris Plan Co. of Utica.
New York City.
Borough of Brooklyn—Food Dealers' Industrial Banking Corp.
Montrose Investment & Loan Corp.
The Thrift.
United Loan Corp.
Borough of Manhattan—Bankers' Commercial Security Co., Inc
Commercial Credit Corp.
Commercial Investment Trust, Inc.
Credit Utility Co., Inc.
Discount Corp. of New York.
Electric Appliance Finance Corp.
French American Banking Corp.
General Motors Acceptance Corp.
Goldwyn Loan & Investment Corp.
Gotham Industrial Banking Corp.
Guaranty Company of New York.
Heating & Plumbing Finance Corp.
Mack Acceptance Corp.
Manufacturers Finance Corp.
Merchants & Manufacturers Securities Corp.
Morris Plan Co. of New York.
National Credit Corp.
Neighborhood Loan & Investment Co.
People's Loan & Investment Co.
Royal Loan & Investment Corp.
J. Henry Schroder Banking Corp.
State Banking Co.
Textile Banking Co., Inc.
Union Banking Corp.
Universal Credit Corp.
(b) Bank in Buffalo Bank territory.
* Previously licensed but omitted from earlier lists,
(x) Licensed to resume full banking operations between March 23 and
March 29 1933.
(x) Now operating on a restricted basis under State law.
15,600 Banks Open up to March 25—Banks in Country
Total Approximately 19,300.
Additional List of Banks Licensed to Resume OperaA survey indicated that more than 15,600 of the approxitions in New York Federal Reserve District.
Supplementing its previous statements, the Federal Re- mately 19,296 banking institutions in the country were open
serve Bank of New York on March 29 issued the following again on March 25, some still restricted, the Associated
list showing additional banks in the Second (New York) Press announced. Of the 6,891 institutions that are members
Federal Reserve District which have been licensed to resume of the Federal Reserve System, 5,328 were doing business.
full operations during the period from March 23 to March 29. More than 10,000 of the approximately 12,500 institutions
The list also shows banks previously licensed but omitted that are non-members of the Reserve are open.
The situation by Federal Reserve districts for member
from the earlier announcement (which were noted in our
issues of March 18, page 1799, and March 25, page 2002), banks and by States for non-member banks follows, the
and banks previously licensed but undergoing a change in figures including all banking institutions controlled by the
Reserve and by the various State Banking Departments:
status during the period of March 23-29:
Financial Chronicle
Volume 136
FEDERAL RESERVE
NON-MEMBERS (Concluded).
MEMBERS.
State—Number. Open.
District—
Number. Open. Maine
35
25
Boston
367
296 Maryland
132
132
New York
a800
486
650 Massachusetts
483
Philadelphia
687
148
330
583 Michigan
Cleveland
631
467 Minnesota
545 b307
Richmond
388
214
169
276 Mississippi
Atlanta
316
694
652
267 Missouri
Chicago
438 Montana
85
72
775
St. Louis
a415 0415
402
295 Nebraska
Minneapolis
6
6
547
460 Nevada
Kansas City
14
12
768
692 New Hampshire
Dallas
148
144
575
531 New Jersey
San Francisco
22
21
435
373 New Mexico
a1,200 1,044
New York
Total
163
363
6,891 5,328 North Carolina
149
149
North Dakota
485
327
NON-MEMBERS.
Ohio
State—
254
254
Number. Open. Oklahoma
Alabama
72
70
149
143 Oregon
Arizona
363
362
10
7 Pennsylvania
Arkansas
17
17
197
121 Rhode Island
California
103
99
165
147 South Carolina
Colorado
122
154
102
102 South Dakota
Connecticut
286
305
70
70 Tennessee
Delaware
535
534
39
37 Texas
District of Columbia__
41
39
22
/1 Utah
Florida
55
52
121
93 Vermont
Georgia
222 b213
207
201 Virginia
Idaho
80
138
59
46 Washington
Illinois
115
115
a684
297 West Virginia
Indiana
638
600
526
499 Wisconsin
42
Iowa
45
605
605 Wyoming
Kansas
598
581
Kentucky
12.432 10,570
353
319
Total
Louisiana
151
122
a Approximately.
b Others open, with restrictions, but exact number unavailable.
c Including 211 open with restrictions.
d Including 12 open with restrictions.
2173
Authority for the actions came from John McFaul, examiner in charge
of the Los Angeles office of the Division of Banks, following approval by
the State Superintendent of Banks.
It is learnt from the Portland "Oregonian" of March 24
that A. J. Mount, Executive Vice-President of the Central
National Bank of Oakland, Calif., has been appointed
conservator of the institution, which was not allowed to
open after the national banking holiday. Mr. Mount was
reported in the paper mentioned as saying that "authoritative
plans" for conducting the bank's affairs would be announced
in about ten days. Mr. Mount was formerly President of
the Bank of America National Trust & Savings Association,
head office San Francisco.
The Associated Press reported on March 25 that 143 of
the 149 State Banks had reopened up to that day.
COLORADO.
All State Banks Open.
All National banks in the vicinity of Denver, Colo., now
are operating on a normal basis or have been placed in
charge of conservators according to the Denver "Rocky
Mountain News" of March 24. The paper adds that all
State banks, numbering 102, in Colorado are operating on a
restricted or unrestricted basis. According to reports received by Grant McFerson, State Bank Commissioner,
there were 46 banks operating unrestricted on March 23.
CONNECTICUT.
Suspension of Holidays and Opening of Banks for
Business.
Since the publication in our issue of March 25 (page 2003)
of the bank holidays put in force in the various States, the
following further action is recorded:
ALABAMA.
Bank to Reorganize.
The Tennessee Valley Bank, Decatur, Ala., operating in
16 cities in North Alabama, announced on March 20 that
plans were in process of formation for reorganizing the institution. Decatur advices by the Associated Press, from
which this is learnt, went on to say:
Details of the reorganization, the announcement said, would be completed as rapidly as possible. The plan of reorganization, the announcement said, included creation of a large cash reserve.
The cities in which the bank operates are all in the Tennessee River
Valley.
ARKANSAS.
New Bank Planned to Take Over Three Little Rock Institutions.
Plans for the organization of a new bank in Little Rock,
Ark., to take over the assets and assume the liabilities of
three of the four present banks in that city were made public
on March 22 by the State Bank Commissioners of Arkansas,
Marion Wasson, according to a Little Rock dispatch by the
Associated Press on that date. The three banks named in
the proposal are the Bankers' Trust Co., the Union Trust Co.
and the Peoples' Trust Co. W. B. Worthen Co., bankers,
it was stated, was not mentioned in the plan and officers
of that institution indicated that they expected to resume
normal business as soon as a permit was received from the
Treasury Department at Washington. The dispatch went
on to say:
Immediate payment of 75% of the deposits in the three banks to be
merged is contemplated, the remaining 25% to be paid under a liquidation
program.
The merged banks, under this plan, would be capitalized at $400.000.
with $100,000 in surplus and undivided profits, and $400,000 of preferred
stock, to be financed by the Reconstruction Finance Corporation.
The Memphis "Appeal" of March 23 (which carried the
dispatch) added:
The proposed merger is contingent upon the agreement of the Reconstruction Finance Corporation (to which a letter setting forth the plan
was sent) to lend to the three banks sufficient money to afford the resources
necessary to pay depositors on a basis of 75% of their deposits.
Assets of the old banks turned over to the new institutions would be
guaranteed by the stockholders of the merged banks to liquidate the amount
at which they were taken over.
The assets taken over by the new bank would be selected by a committee
appointed by Mr. Wasson.
Each of the three banks would apply to the Reconstruction Finance
Corporation for loans on its remaining assets.
Mr. Wasson stipulated that the assets taken over by the new bank would
be of such character they could be converted into cash either by collection
or by rediscount with the Federal Reserve Bank.
This was the first official information as to plans for the Little Rock
banks, which have been operating for more than three weeks on a restricted
basis.
CALIFORNIA.
Two Banks Reopen.
Reopening on an unrestricted basis of the Hollywood State
Bank of Los Angeles, Calif., and the Bank of Santa Fe
Springs of Los Nietos, Calif., was announced on March 22
by the State Banking Division following the completion of
examinations of the institutions, according to the Los Angeles
"Times" of March 22, which added:
All Non-Member Banks Open.
All banks in Connecticut, non-members of the Federal
Reserve, numbering 70, have re-opened according to the
Associated Press.
With reference to the Danbury National Bank, Danbury,
Conn., advices from that city by the Associated Press on
March 24 contained the following:
The Danbury National Bank, which has been operating under restrictions
since the end of the general banking holiday, announced this afternoon
that it has underway a plan for reorganization by increasing its capital
stock structure. Application has been made for appointment of a conservator to assist in the reorganization and continue the business upon its
present basis while reorganization is in progress.
GEORGIA.
Six State Banks Still Closed.
All but six of the 228 State banks in Georgia have reopened it was announced on March 27 by R. E. Gormley,
Bank Commissioner, according to Associated Press advices
from Atlanta.
ILLINOIS.
Banks Re-opening Unrestricted.
State Auditor Barrett of Illinois announced on March 27
that up to that date 311 State banks had reopened on
unrestricted basis.
According to the Chicago "Tribune" of March 23, Auditor
Barrett said that the banks were being licensed as rapidly
as the facilities of his office would permit. Delay is inevitable,
he added, and declared that because some banks have not
opened as yet it is not a reflection on -them. No banks will
be permitted to resume business that are not in a position
to operate successfully, he declared.
Two important changes in the personnel of the Lake Shore
Trust & Savings Bank of Chicago, Ill., according to an
announcement made March 20. Isaac Miller Hamilton,
President of the Federal Life Insurance Co., has been made
Chairman of the Board of Directors to succeed Craig B.
Hazlewood, who resigned because of illness, and Joseph R.
Frey, for four years a Vice-President, has been advanced to
the Presidency to succeed William S. Kline, resigned. Mr.
Frey, it was stated, had been associated with the Illinois
State Auditor's office prior to going to the Lake Shore
Trust & Savings Bank. The Chicago "Tribune" of March 21,
from which the above information is obtained, went on to say:
Formal approval of the bank's application for membership in the Federal
Reserve System was announced yesterday (March 20) by the Secretary of
the Treasury. The bank resumed normal operation a week ago yesterday
at the expiration of the National holiday.
Mr. Frey said yesterday that deposits have shown an increase of 15%
since the resumption of business.
That the Southern Illinois Trust Co. of East St. Louis,
Ill., would re-open for business without restrictions on
March 25, was announced the previous night by Conrad
Reeb, the bank's President. The St. Louis "Globe-Democrat" of that date, in noting this said:
The Southern Illinois Trust is a subsidiary of the Southern Illinois National Bank of East St. Louis. The National institution has been opened
for the last 10 days.
Reeb said new money was put into the bank by the stockholders to
replenish the reserves, but the "amount was too trivial to talk about." He
said this action was taken at the request of the State Auditor, and the
money was raised at one meeting of the stockholders.
The First National Bank of Chillicothe, Ill., has been
licensed to re-open by the Federal Reserve Bank of Chicago.
Financial Chronicle
2174
according to Chicago advices to the "Wall Street Journal"
on March 25.
INDIANA.
All Slate Banks Open.—Conservators Named for Some Institutions.
According to the Associated Press, the 499 non-member
banks of the Federal Reserve in Indiana have reopened.
IOWA.
Banks Reopening.
In Iowa, a total of 299 banks, both State and Federal
Reserve members, had resumed normal operations up to
March 23.
KENTUCKY.
Ben A. Adams, a director of the First National Bank
of Covington, Ky., has been named conservator of the institution. The Cincinnati "Enquirer" of March 22, from
which this is learnt, went on to say:
J. B. Foster, Sr., President of the First National Bank of
Sanford, Ky. and S. F. Matheney, Cashier of the Lincoln
County Bank of Sanford, on March 23 were appointed conservators of their respective institutions by the Comptroller
of the Currency, according to a Sanford dispatch on that
date to the Louisville "Courier-Journal," which added:
The McKinney Deposit Bank, McKinney; the Peoples Bank, Hustonville; the Bank of Moreland, Moreland, and Crab Orchard Banking Co..
Crab Orchard, all State banks, and the National Bank of Hustonville,
Hustonville, all of Lincoln County, are open for normal banking functions.
Advices from Nicholasville, Ky., on March 23, to the
Louisville "Courier-Journal" noted that the Farmers' Exchange Bank of that place, had failed to open for business
on that day and a notice posted on the door, signed by its
President, J. C. Robb, stated that the institution had been
closed voluntarily by order of its directors in order to protect
the interests of its depositors. The dispatch continuing,
said:
A special commissioner will be placed in charge of affairs at the bank,
which was organized in 1890. The bank opened for unrestricted business
following the recent bank holiday, but persons who had made withdrawals
failed to redeposit sums as large as those formerly withdrawn, it was said.
A statement of affairs made by officials Jan. 31 1932. showed resources
of $1,131,298 and deposits of $690,603. Robert L. Bronaugh is VicePresident of the institution and W. R. Smith is Cashier. . . .
LOUISIANA.
Banks Re-opening.
J. S. Brock, State Bank Commissioner of Louisiana, announced late March 22, that 122 of the 156 State banks in
Louisiana had re-opened on that day.
The Inter-State Trust & Banking Co. of New Orleans,
La., re-opened for business on March 22 on the restricted
basis authorized by the Secretary of the Treasury's ruling of
March 19. An announcement by the bank said in part:
1. Every depositor will be entitled to the 5% of his deposit set up under
the Clearing House Association announcement dated March 2, except to
the extent that this has already been withdrawn.
2. All of the 5% amount belonging to every depositor not previously
withdrawn has been set up in a new account, together with all new deposits
made March 3. There will be added to this new account any deposits
hereafter made and all balances in this new account will be subject to
withdrawal without any restriction.
3. The balances in the new accounts referred to in paragraph 2 will be
kept separate and apart so that in any and all events the amount in each
new balance will be freely available to the customer to whom it belongs.
MARYLAND.
All Non-Member Banks of Federal Open.
It has been reported by the Associated Press that all banks
in Maryland, which are non-members of the Federal Reserve,
have re-opened. There are 132 non-member banks in the
State.
The Baltimore "Sun" of March 20 stated that the Baltimore Commercial Bank of Baltimore, Md., (which had not
opened after the National banking holiday) would re-open
on that day on a 5% withdrawal basis with the approval of
Federal and State authorities, according to an announcement made the previous night by its President, Gwynn
Crowther. Mr. Crowther pointed out that ever since the
National bank holiday ended the directors of the institution
have been working on a. reorganization plan that would
permit the institution to re-open on a 100% basis and emphasized that work to that end would not be halted by the
decision to re-open on a 5% basis. We quote further from the
paper mentioned, as follows:
Officials explained that they would have preferred not to re-open until
their plan for re-opening on a 100% basis was effected, but that they seized
upon the opportunity to open on a partial basis, feeling that they owed it
to their depositors to take that step to lessen the inconvenience caused
depositors.
Mr. Crowther said that 5% of each old account in the bank would be
transferred to-day (March 20) in the form of a new account to the credit
[leach depositor and that depositors need not visit the bank to take advantage of the partial withdrawal privilege. All such transfers to new
accounts, he added, will be kept in cash, on deposit with the Federal
Reserve Bank, or in Government bonds. Similarly, new deposits, which
the bank is authorized to accept henceforth, will be kept in cash or Government bonds and free of all withdrawal restrictions.
MASSACHUSETTS.
All Non-Member Banks Open.
Conservators Named for Three Institutions—Fourth Bank Closes.
April I 1933
The Associated Press reported that the 483 State banks in
Massachusetts have re-opened.
Arthur Guy,State Bank Commissioner for Massachusetts,
on March 22 announced the appointment of Guy L. Weymouth as conservator of the Belmont Trust Co., Belmont,
according to the Boston "Herald" of March 23, which went
on to say:
In his conduct of the bank, he will be assisted by an advisory committee
composed of Prof. George B. Waterhouse of Massachusetts Institute of
Technology, and United States Marshal William J. Keville, both of Belmont, and Alfred Coughlin, Vice-President of the Belmont Trust Co.
The Boston "Herald" of March 23 stated that announcement was made the previous day by State Bank Commissioner, Arthur Guy, of the appointment of Arthur
Sweeney as President of the Merchants' Trust Co. of Lawrence, Mass., as conservator of the institution.
George Avery White of Worcester, Mass., has been
appointed conservator of the Worcester Bank & Trust Co.
of that city by State Bank Commissioner Guy, according
to Boston advices on March 29 to the "Wall Street Journal."
The Warren National Bank of Peabody, Mass., received
authorization from Federal Reserve Bank officials on
March 23 to re-open the next day without restrictions,
according to the Boston "Herald" of March 24, which
furthermore said in part:
The bank is the only commercial bank in Peabody, and the re-opening
without limitations is expected to remove hindrances to freedom of business
operations dating from the start of the bank holiday.
Under date of Mar. 29, the Federal Reserve Bank of Boston, authorized the National Bank of Wareham, Mass., to
reopen, according to the Boston "Transcript" of that date.
The Wareham bank,which wasfounded in 1833,is capitalized
at $100,000 with surplus of $150,000, it was stated.
Officers of the Federal Reserve Bank of Boston, Mass., on
March 28 announced that they had issued a license to the
First National Bank of Portsmouth, N. H., to resume business in full, according to the Boston "Transcript" of that
date, which added:
This bank, according to the latest information available, before the
"bank holidays" had $250,000 capital, $125,000 surplus. $26,057 undivided
profits and deposits totaling $3,378,776. It was organized in 1824.
MICHIGAN.
Conservators Named for 26 Banks.
Governor William A. Comstock of Michigan has appointed
George A. Paul of Ann Arbor, conservator of the Michigan
Industrial Bank of Detroit, according to advices from that
city on March 27 to the "Wall Street Journal." The dispatch also stated that conservators for 24 up-State banks
had also been appointed as follows:
Horne Savings Bank of Kalamazoo. Earl Albertson.
Lenawee County Savings Bank. Adrian, H. J. McGill.
Adrian State Savings Bank. Adrian. H. J. McGill,
Commercial Savings Bank, Adrian, H. J., McGill,
Chesaning State Bank. Frank J. Stevens.
First State Bank of Holland. R. Don Matheson.
Shlawassee County Bank of Durand. R. P. Teeters.
First-Peoples State Bank of Traverse City, Leo P. Kalahar,
State Bank of Port Hope. Roland Eliber.
Huron County State Bank of Harbor Beach, W. J. Engle,
Lee State Dank of Dowagiac, W.J. Fickinger.
Maynard-Allen State Bank of Portland. Carl 0. Derby.
Lowell State Bank, F. It. Swarthout.
Loan and Deposit State Bank of Grand Ledge. E. P. Mills.
First State Bank of Newsygo, M. F. Hatch.
Kent City State Bank, M. E. Moore.
Exchange Savings Bank of Mt. Pleasant. C. W. Riches.
Allegan State Savings Bank, E. W. Delano,
State Bank of Hesperia, Earl Anderson.
East Lansing State Bank, 11. S. Lucas.
Old State Bank of Fremont, Herman Schulteman.
St. Charles State Bank, E. H. Fox.
Hudsonville State Bank, Fred F. McEachron.
Peoples Bank of Manchester, F. A. Lehman.
Suits asking receiverships for the Detroit Bankers Co.,
holding company for the old First National Bank, Detroit
and the Guardian Detroit Union Group, Inc., holding company for the former Guardian National Bank of Commerce
of Detroit, were filed last Saturday, March 25 in the Circuit Court at Detroit. These two holding companies, according to the Detroit "Free Press" of March 26, control
approximately 40 banks and trust companies in Michigan,
including besides the Detroit banks mentioned above, now
in the hands of conservators, the Detroit Trust Co. and the
Union Guardian Trust Co. In noting the filing of the suits,
Associated Press advices from Detroit on March 26, said in
part as follows:
Four common stockholders filed the suit against Detroit Bankers Co.,
while two stockholders in Guardian Group filed similar suit in another
court. . . .
Volume 136
Financial Chronicle
In each suit, the petitioners asked that the transfer of assets to the New
National Bank of Detroit be prevented. Twenty trustee stockholders and
Detroit bankers were named defendants in the first suit while all the officers
and directors of the Guardian group were named in the suit against the
company.
Saul Sloan and Harry Stemler,stockholders, filed the petition against the
Guardian group, seeking a receivership, an accounting, a restraining order
against the transfer of assets, and demanded that stockholders "be made
to pay for any losses growing out of wrongdoing."
One of the directors named in the suit is Edsel Ford.
In the Detroit Bankers suit, the petitioners charged that the officers and
directors of the bank voted themselves salaries incommensurate with the
services performed; loaned or caused to be loaned to themselves or corporations in which they were interested large sums which were beyond the
dictates of prudence; were negligent in the operation of the bank, and used
information gained as officials for their personal benefit and to avert personal losses.
The petition asserted that 70% of the company's assets have been
"irretrievably lost," and that there is an inevitable liability of $25,000,000
faced by the stockholders.
In Detroit advices Monday, March 27, to the New York
"Times" it was stated that Federal and State investigations
of the old First National Bank, Detroit, and the Guardian
National Bank of Commerce were started in Detroit on that
day following a radio address by the Rev. Charles E. Coughlin the previous day in which general charges of mismanagement against officers and directors of the two institutions
were made. The following we take from the dispatch:
John Sherring Pratt. Special Assistant United States Attorney-General
and a staff of assistants arrived from Washington to open an inquiry.
Meanwhile, Prosecutor Harry S. Toy called upon Father Coughlin to obtain
any information he had to indicate mishandling of funds of the banks.
The County Prosecutor declared that he had no jurisdiction over the
National banks but that the Detroit Bankers Co. and the Detroit Guardian
group, holding companies for the two National banks, were under State
control and that he was ready to investigate any charge of criminal acts by
these companies.
The prosecutor said he wished to determine whether Father Coughlin
had any specific information on which he based the statements made in his
radio address.
The United States Assistant Attorney-General conferred with the conservators of the two banks and also with Gregory M. Frederick. United
States District Attorney. He said that any information he obtained would
go to Washington for action there.
Father Coughlin's radio address charged that Detroit bankers had
organized holding companies to escape liability as bank stockholders under
the law. He made a personal attack on E.D.Stair, member of the governing
board of the Detroit Bankers Co. and publisher of the Detroit "Free Press."
Mr. Stair sent the following telegram this afternoon to President Roosevelt:
"A slanderous radio attack has been made against myself and other
citizens of this city in connection with the banking situation here by Father
Charles E Coughlin, who presents himself from time to time as spokesman
for your administration.
"To clarify the situation and to save our city from such inflammatory
attacks, to still all false rumors and to vindicate the dignity and decency
of our community. I urgently request that you direct your Department of
Justice to begin Immediately a complete investigation.
"We stand unafraid and eager to co-operate in every way to save our
city from slanderous wreckers."
Prosecutor Toy said to-night that Father Coughlin had furnished him
with a number of leads upon which to base his investigation. He said he
was told of alleged irregularities, some of which he deemed specific enough
to fall within the jurisdiction of State officials, and that Father Coughlin's
charges covered both banks, the holding companies and their trust companies.
"The Information does not indicate in itself criminality," Mr. Toy said.
"Certain irregularities charged, if proved, might Indicate criminality.
What procedure will be taken in this Investigation will be determined
shortly."
Subsequent advices from Detroit (A. P.) Wednesday,
March 29, reported that the two large banking groups faced
new difficulties that night as charges of "fraud, deceit and
trickery" were made against them by the receiver for Michigan State Bank. We quote in part from this dispatch as
follows:
The groups, the Detroit Bankers Co. and the Guardian Detroit Union
Group, Inc., already facing receivership suits, with two other Detroit
banks and several banking officials, were charged by Macy E. Watkins,
receiver for the Citizens Savings Bank of Mount Clemens, Mich., with
attempting to conceal their ownership of a majority of stock in the closed
bank
The charge was made in a statement filed in Macomb County Circuit
Court petitioning for authority to levy a 100% assessment on all stockholders of the Mount Clemens bank, because, the receiver stated, the
bank's assets have depreciated $1.537,000.
The receiver asked for authority also to collect payment from the principals named, and to bring suit against conservators of the two inoperative
National banks. Hearing on the petition was set for April 20. . . .
The action by the receiver for the Mount Clemens Bank named, in
addition to the Detroit Bankers Co.and the Guardian Group, the following
banks and bankers:
Fred H. Talbot, Executive Vice-President of the Commonwealth Commercial State Bank.
Harry S. Covington, former Executive Vice-President of the Guardian
National Bank of Commerce.
R.B. Locke,former Vice-President of the first National Bank, Detroit.
First National Bank, Detroit.
Guardian National Bank of Commerce.
Commonwealth Commercial State Bank.
Detroit Savings Bank.
The petition also named a "Henry Sanas," unidentified in the petitions
who, according to the Mount Clemens receiver, acted as transfer agent for
a large block of stock. . . .
Late to-day (March 29) a petition for voluntary dissolution of the Detroit
Bankers Co. was filed by Thomas G. Long, attorney for the company.
Still later advices by the United Press yesterday, March 31,
stated that petitions for the voluntary dissolution of the
2175
Detroit Bankers Co. and the Guardian Detroit Union
Group, Inc., had been granted on that day when Circuit
Court judges appointed temporary receivers for both holding
companies. Former Judge William J. Connolly was appointed to take charge of the Detroit Bankers Co.and former
Governor Alexander J. Groesbeck was named receiver for the
Guardian Detroit Union Group, Inc. The dispatch continuing said:
Judge Adolph F. Marscher appointed Groesbeck on a petition filed by
directors of the company. At the same time, he refused to grant the request
of attorneys for a group of common stockholders asking a hearing on their
petition for a receiver.
Dissolution of the Detroit Bankers Co. also was granted on a directors'
petition. Judge Theodore J. Richter, who granted the petition, set May 10
as the date for a hearing on a petition for permanent receivership. He
will hear stockholders' petition for the appointment of a receiver on the
same day.
The Guardian Detroit Group also is a holding company of a Statewide
bank and trust company chain. With the appointment of the temporary
receiver, officials of the company pointed out that the action will have
no effect on unit banks and trust companies now open and operating under
licenses granted by the Secretary of the Treasury or the State Banking
Commission.
A press dispatch from Adrian, Mich.,on March 25, printed
in the Toledo "Blade," stated that H. J. McGill of Mt.
Clemens, Mich., had that day been appointed conservator
of Adrian's three State banks and would take charge immediately. The banks are the Adrian State Savings Bank,
the Lenawee County Savings Bank and the Commercial
Savings Bank. We quote further from the dispatch as follows:
McGill formerly was connected with the State Banking Department.
Directors of the banks asked the department to appoint receivers or conservators for the banks at once in order to open the institutions as soon as
possible. The banks have been closed except for limited service since
Governor Comstock declared the State Banking Holiday.
Detroit advices yesterday, March 31, in indicating that
the Dearborn State Bank at Dearborn, Mich., had reopened
on March 28 under Federal authority on a 100% basis,
quoted officials of the Ford Motor Co. as saying that Henry
and Edsel Ford had "waived claim to 81,000,000 deposits in
the institution for a period of years sufficient for the bank to
liquidate its slow assets." The dispatch continued as
follows:
W. J. Cameron of the Ford Co. said that Henry Ford, as a personal
depositor, and Edsel, as President of the Ford Motor Co.. In effect have
underwritten the slow assets of the bank. He said their action was the
prime consideration in opening the bank and reported that thousands of
dollars in deposits to Dearborn merchants, school districts and small
depositors will be released.
Opening of the Dearborn State Bank gives the city full banking facilities.
The Peoples' Wayne County Bank of Dearborn and the Guardian Bank of
Dearborn previously opened.
Reassurances were offered the people of Detroit in an
official statement issued at Washington taking cognizance
of protests lodged with the Treasury Department against
the newly organized bank of Detroit.
Secretary Woodin's statement, in full, as noted in the
"Wall Street Journal" of March 29,according to Washington
advices, follows:
The Treasury Department took the initiative in organizing the National
Bank of Detroit because the local people had been unable to agree upon any
common plan, and because it seemed necessary that sound banking facilities
be provided for Detroit without further delay.
Acting through Mr. Jesse H. Jones, director of the Reconstruction
Finance Corp..the Government requested especially General Motors Corp.,
the Chrysler interests and Messrs. Henry and Edsel Ford to underwrite and
pay for the common stock of the new bank, and after the bank was opened
to offer the stock to depositors and stockholders of the First National Bank
and Guardian National Bank of Commerce in approximate proportion to
their deposits in the two banks, and to stockholders on some equitable
basis, the stock to be sold at exactly the price that the underwriters paid
for it.
To save time, and to get the bank started. General Motors very kindly
offered to advance the entire $12.500,000 for the common stock.
In doing this Mr. Alfred P. Sloan made the definite agreement that every
share of this common stock would be offered to depositors and stockholders
as above stated.
The Reconstruction Finance Corp. bought $12.500,000 of 6% preferred
stock and will be represented on the board of directors of the bank. The
preferred stock has the same voting rights as the common stock.
President Roosevelt has told the country that he only wants sound banks
opened, and that those whose capital is impaired, or wiped out, or whose
assets are frozen to the extent that the bank cannot function on a normal
basis, should be recapitalized.
At the request of the President, Congress enacted emergency hank legislation giving the Reconstruction Finance Corp. the right to invest in preferred
stock in banks.
The purpose was two-fold: first, to aid the various communities of the
country in providing the necessary new capital for banks; second, to
assure
the people sound banks with which to do business,
The President is relying upon the Treasury Department, the state
banking authorities, the Reconstruction Finance Corp. and the banks themselves, whether represented by depositors or stockholders, to reopen only
those banks that are sound or that can be made sound before reopening.
To accomplish this it will be necessary, in many instances, to organize
new banks to take over the more liquid assets of the old and frozen
banks.
In addition to the new cash capital of the National Bank of Detroit, of
$25,000,000, it is the purpose of this bank to take over the more liquid
assets of the First National Bank and the Guardian National Bank of Commerce, and make available to the depositors of these two banks as large a
percentage as possible of their present deposits.
Financial Chronicle
2176
To accomplish this will require a little time, but if the people of Detroit
will have patience, I feel sure the matter will work out with entire fairness
to everyone.
Naturally, people will not be happy at losing any part of their deposits,
or their investment in bank stocks, but that situation is common throughout
the country.
The Comptroller of the Currency will continue in charge of the First
National Bank and the Guardian National Bank of Commerce, and will
liquidate the remainder of their assets in the most orderly manner possible
with the sole purpose of getting, if it is possible to do so, one hundred cents
on the dollar for the depositors, and with the hope that, if there comes
sufficient recovery In values, the stockholders may receive some part of
their investment and avoid a stockholders' assessment.
Candor compels me to say, however, that losses in both of these banks
extend far beyond their capital structures, and neither of them can be permitted to carry on as sound banks. It is also clear that any other course
than is being pursued would cause greater loss to depositors and stockholders.
The President, the Treasury Department and the R. F. C. have put
forth every effort to provide sound banking facilities for Detroit, and have
every right to expect the hearty co-operation of all the people, including the
depositors, stockholders, directors and officials of the First National Bank
and the Guardian National Bank of Commerce."
MINNESOTA.
Banks Reopening.
Under direction of J. N. Peyton, Bank Commissioner of
Minneapolis, 305 State banks and trust companies were
reopened up to March 21.
John N.Peyton, State Commissioner of Banks for Minnesota, announced the opening on March 24 of the Elrosa
State Bank of Elrosa in Stearns County, according
to the Minneapolis "Journal" of that date, which added:
Opening of the bank makes the 306th State institution to receive its
authorization.
MISSISSIPPI.
171 State Banks Open.
J. S. Love, State Bank Superintendent of Mississippi, has
announced that 171 of the 216 banks in that State had been
licensed to reopen up to March 24. According to the
Associated Press Superintendent Love said that "the'capital
structure of these 171 banks had been increased by more
than 82,000,000—meaning that losses and doubtful assets
for that amount have been taken out of the banks and in
lieu thereof cash or its equivalent has been substituted."
NEVADA.
State Banks Totaling Sir Reopened.
N evada's six State banks have reopened according to the
Associated Press.
NEW HAMPSHIRE.
Conservators Named.
Conservators were announced on March 27 for the following New Hampshire banks which are members of the
Federal ReserVe System, according to the Boston "Transcript" of that date:
Berlin National Bank, Berlin, M. H. Taylor.
Claremont National Bank, Claremont, F. H. Foster.
Farmington National Bank, Farmington, B. Q. Bond.
Coos County National Bank. Groveton, E. If. MacLoon.
NEW JERSEY.
Two Banks Plan to Re-open.
Directors of the Keansburg National Bank of Keansburg,
N. J., of which Clinton B. Lohsen, Vice-President and
Cashier of the institution, was recently appointed conservator, have submitted a plan to the Federal authorities
for re-opening of the bank, according to Keansburg advices
on March 23, printed in the Newark "News," which added:
If approval is given the bank officials will call a meeting and make the
plan public. Failure to obtain a license to resume business Is attributed to
municipal obligations in the bank amounting to $115,963.53.
The Central Bank & Trust Co. of Newark, N. J., which
had been operating under restrictions since the National
bank holiday was declared March 4, was opened on March 25
for full operation without restriction under authority of the
State Department of Banking and Insurance, according to
the Newark "News" of March 25.
A plan for the reorganization of the Collingswood National
Bank of Collingswood, N. J., has been forwarded to depositors by M. S. Shute Jr., who recently was appointed
conservator of the institution. The bank did not receive a
license to resume normal business when the National bank
holiday was terminated. The reorganization plan, as given
in the Philadelphia "Ledger" of March 28, from which the
foregoing is also taken, is as follows:
Issue 4% preferred stock, accumulative and non-assessable, of a par
value of $10 per share, to be sold at a rate of $20 per share, $10 being
credited to preferred capital stock and $10 to surplus account, with dividends
payable semi-annually at the rate of 4% annually.
This stock must be paid off in full before dividends can be paid on the
common stock and will be a first lien on the assets of the bank after the
payment of depositors and other creditors.
The amount credited to surplus account is to be paid back in full before
any dividends are paid on the common stock.
Each depositor is asked to subscribe 20% of his old deposit account or
accounts, checking or savings.
April 1 1933
In his letter, Mr. Shute (who was Cashier of the bank
prior to his appointment as conservator) says:
To make this plan effective, the co-operation of every depositor is solicited
and delay on the part of any depositor in signing the agreement will retard
the re-opening of the bank, consequently working an unnecessary hardship on other depositors and the community.
Conservators for eight banks in New Jersey were appointed by the Federal Reserve Bank of Philadelphia on
March 25. (See under Pennsylvania).
The American National Bank of Camden, N. J., which
had been in the hands of a conservator since March 16, has
received a Federal license to resume normal banking activities, according to Philadelphia advices on March 25 to the
"Wall Street Journal."
NEW YORK.
State Banking Department Lists Banks in Charge of Special Representatives—
Conservators Named for Two Institutions.
The New York State Banking Department in its Weekly
"Bulletin" of March 24 issued the following:
The following institutions resumed business on a basis of restricted
withdrawals under authority granted by the Superintendent. There has
been designated in each case, as indicated, a Special Representative of the
Superintendent to conserve the assets for the benefit of the depositors and
other creditors, and to set aside and make available funds for withdrawal
by depositors and payment to other creditors on a ratable basis:
Name and Address of Special
Date of
Name and Place of
Representative.
Institution.
Appointment
Walter E. Nolan
Adam, Meldrurn & Anderson
24 Nassau Ave., Kenmore, N.Y. Mar. 13 1933
State Bank, Buffalo
*The American Bank, Lackawiuma Joseph W. Kusterko
37 Hendrix St., Brooklyn
Mar. 14 1933
The Bank of Lancaster, Lancaster Thomas J. Coglan
4 Van Riper Ave.,Flushing, L.I. Mar. 14 1933
George A. Morlock
Dank of South Dayton,
45 W. Mohawk St., Buffalo
Mar. 14 1933
South Dayton
James A. Sheeran
The Bank of Valley Stream,
168-59 Leslie Road
Mar. 14 1933
Valley Stream, N. Y.
Camillus Bank, Camillus, N. Y. Gwynne W. Spencer
327 Carlton Road, Syracuse
Mar. 14 1933
J. Harold Driscoll
Canaseraga State Bank,
24 Custer Road, Buffalo
Mar. 14 1933
Canaseraga, N. Y.
Paul V. Aex
Clymer State Bank, Clymer
255 Woodbine Ave., Rochester Mar. 14 1933
Ebenezer State Bank, Ebenezer John J. Tierney
Mar. 14 1933
1973 W. 13th St., Brooklyn
Arthur R. Seaton
Mar. 14 1933
Gaylord State Bank, Sodus
The Lawrence Cedarhurst Bank, Roger F. Molloy
375 Bauer Place., Mineola, L.I. Mar. 14 1933
Lawrence
The Peoples State Bank of East James F. Moran
25-41 30th Road, L. I. City
Mar. 14 9133
Randolph, East Randolph
William It. Carroll
Sinclairville State Bank
108-02 86th Ave., Richmond Hill Mar. 14 1933
John J. Hicks
State Bank of Chlttenango
Chittenango____
3551 94th St., Elmhurst
Mar. 14 1933
The State Bank of Sherman,
Edmond W. Browne
Sherman
1023 Avenue J, Brooklyn
Mar. 14 1933
State Bank of Skaneateles,
Robert J. Hyland,
477 West 142d St., N. Y. City Mar. 14 1933
Skaneateles
W..J. Kennedy
State Bank of Victor, Victor
34 So. Goodman St., Rochester Mar. 14 1933
Modern Investment & Loan Corp., Jacob H. Leichtman
755 Ocean Ave., Brooklyn
nrOolcly
Mar. 12 1933
Mercantile Bank dr Trust Co., Howell M.Stillman
520 8th Ave., New York City
New York City
Mar. 16 1933
The Mount Vernon Trust Co.,
Arthur W. Mischanko
1046
-77th St., Brooklyn
Mount Vernon
Mar. 14 1933
"RaInno Trust Co., Spring Valley Leslie W. Wintsch
272 No. 11th St., Newark, N.J. Mar. 14 1933
Wm,J. McAuliffe
Trust Co. of Larchmont,
-74th St., Brooklyn
74
Mar. 14 1933
Union Trust Co. of North Tons- Guy E. Thompson
231 E. Hazeltine Ave., Kenmore Mar. 14 1933
wands, North Tonawanda
•Members of Federal Reserve.
The Department's announcement also said as follows:
The Superintendent is in possession of the following. There has been
designated, in each case, as indicated, a Special Deputy Superintendent
as agent to assist him in liquidation of the business and affairs of these
Institutions, except where reorganization can be accomplished:
Name and Address of
Name and Place of
Dale of
Special Deputy.
Institution.
Appointment,
Frank Flaherty
East Side State Bank,
4748-43d St., Woodside
Niagara Falls
Mar. 14 1933
Albert F. Kendall
Bank of Lima, Lima
20 Lakeview Terrace, Rochester Mar. 15 1933
Fred G. Olp (Nunda Bank),
Joseph Mullaly
Private banker, Nunda
3056-30th St., Astoria
Mar. 15 1933
The Waddington Bank,
Walter E. Riddle
Waddington
6720
-47th St., Winfield
Mar. 15 1933
The Bank of Cincinnatus,
Arthur S. Ruble
Cincinnatus
530 Second St., Brooklyn
Mar, 15 1933
The Peconic Bank Sag Harbor
Charles M. Morat
5933 Gates Ave., Brooklyn Mar, 15 1933
The Bank of North Collins,
John Lacke
North Collins
162 Sanders St., Buffalo
Mar. 15 1933
Central Bank of Albany, Albany Gerald It. Dorman
205 East 17th St., Brooklyn
Mar. 21 1933
According to the "Knickerbocker Press" of March 22,
Millard Frink is in charge of the First National Bank of
Altamont, N. Y., as conservator. The bank, it was stated,
was open to receive new deposits for checking purposes, but
withdrawals on old accounts were not permitted. It was
also stated that new stook bearing 4% interest, will' be
issued up to 50% of deposits in the expectation of raising
$100,000 of new capital.
That the National Spraker Bank of Canajoharie, N. Y.
is in the hands of a conservator, is indicated in the following
taken from the "Knickerbocker Press" of March 22:
The National Spraker Bank, the only one in Montgomery County
which was not approved for reopening last week, has Elmer A. Shineman,
Its Cashier, as conservator. A letter to depositors asked that they use
20% of their deposits to subscribe to new preferred stock.
Beech-Nut Packing Co., it was announced by B. F. Spraker, President
of the bank, is subscribing to the full amount of its deposits as a gesture
of approval and confidence.
In regard to the closing on March 21 of the Central Bank
of Albany, N. Y. (noted in these columns last week, page
Financial Chronicle
Volume 136
2006), the "Knickerbocker Press" of March 22 contained the
following additional information:
Steps to liquidate the Central Bank were taken by Gerald R. Dorman,
special Deputy Superintendent of Banks, who has been at the bank as
observer since the close of the banking holiday. No withdrawals or det3
posits are being allowed, but the bank , open for money due on notes and
other paper.
was said yesterday (March 21) depositors probably would receive a
It
"versy substantial amount" of their money. Directors of the bank voted to
-year-old institution over to the State Banking Department for
turn the 13
liquidation.
John B. Haut, President, said: "This came as a surprise to us." The
only reason advanced for the bank's closing was "frozen assets." . . .
About $70,000 in deposits received since the bank reopened with a
restricted license March 15 will be paid in full as they were held in special
accounts. The bank has about 6,500 special interest or savings accounts
and 2,000 checking accounts.
On Dec. 31 the bank's deposits were reported as $2,250,318. Among
resources were $163,599 in cash, $196,397 in United States Government
bonds, $92,294 in State, municipal and county escurities, $779,992 in other
bonds and securities; $1,181,913 in loans and discounts, and $249.050 in
guaranteed mortgages.
No mortgages or other paper owing to the bank will be called so long
as interest payments are met, it was announced.
Roy H. Stokes, Vice-President of the Salt Springs National Bank of Syracuse, N. Y., on March 30 announced
that he had been notified by Gibbs Lyons, United States
Deputy Comptroller of the Currency, to cause all activities
of the bank to cease. Associated Press advices from Syracuse
reporting this, went on to say:
The notification also said that Worcester Bouck of Montclair, N. J.,
had been appointed conservator of the bank, effective immediately. The
bank had operated on a restricted basis after the national bank holiday.
NORTH CAROLINA.
240 State Banks Operating Unrestricted.
2177
The Union Trust Co. 35%. or approximately $38,000,000. in addition to
the amount which has already been paid, and as far as possible assure the
orderly liquidation of the remaining assets of The Union Trust Co. for
further distribution to its depositors and other creditors.
The Union Trust Co. will then be in a position to liquidate in an orderly
manner all its assets and save as much as possible for the depositors of
the bank. In addition to the assets, there will be available for distribution
to depositors such amounts as can be collected from stockholders on their
double liability, to the extent such amounts are necessary to pay eventually
all depositors and creditors in full.
Everything will be done to secure as large an amount out of the assets
from
for the depositors as is possible, and the new bank in buying assets
not
the old bank pays face value. In other words, the new institution is
will attempt
buying any assets below their market value and in no way
to make a profit off the old institution.
It is learnt from a Cleveland dispatch (A.P.) on Saturday,
March 25, that a suit against the stockholders of the Union
Trust Co. tentatively seeking a $22,850,000 judgment—
the total capitalization of the institution—was filed on that
day by a depositor under the double liability provision of the
State Constitution. We quote further from the dispatch as
follows:
The Common Pleas Court was asked to determine whether on Feb. 25.
The
or 60 days previously, there was any transfer of Union Trust stock.
Court was also requested to ascertain the names of all stockholders and
make them a party to the suit.
The Union Trust Co. restricted withdrawals on Feb. 27 under a Clearing
House agreement, and the restriction was sanctioned under State laws
passed later that day by the Legislature at Columbus.
The appointment of a receiver "to collect, hold and distribute the proceeds of the judgment and to pay all depositors and creditors" was asked.
W.K. Gardner, an attorney, who said he represented Mrs. Frances Wetzel,
the planttiff, and other depositors, made it clear, however, that no general
receivership of the bank was sought.
The Union Trust Co. in its Dec. 31 statement listed resources of $253,276,599 and deposits of $194,925,361. It is in the midst of reorganization
plants. Mr. Gardner said the suit did not take into consideration any
reorganization plan, and was filed against the bank under its present
charter.
PENNSYLVANIA.
One State Bank Still Observing Banking Holiday—Conservators Named for
Many National Banks.
Out of the 363 banks, including 77 branches operating in
North Carolina before the bank holiday, 240 were operating
without restrictions on March 24 according to the Raleigh
"News and Observer" of March 25. This number includes
William D.Gordon,Secretary of Banking of Pennsylvania,
31 of the 42 National banks and 209 of the 321 States banks.
bang, 170 have been re-opened and .announced on March 24 that only one State bank among the
Of the 244 parent State
74 are still under restrictions. The re-opened banks have 39 423 in Pennsylvania still is observing the banking holiday.
Associated Press advices from Philadelphia said that this
branches and those still closed have 38 branches.
institution is the Braddock Trust Co. of Braddock. Mr.
NORTH DAKOTA.
Gordon said that the officials of the bank have not yet
State Banks Re-opening Unrestricted.
to adopt the restricted basis
Gilbert Semingson, State Bank Examiner of North decided whether they wish
the
of the 149 State provided by. the Sordoni law. We quote further from
Dakota, announced on March 26 that 70
advices as follows:
banks in North Dakota are operating on an unrestricted
Declaration of the banking holiday closed 410 State banks which were
basis, with deposits exceeding withdrawals in numerous doing normal business, 13 already being on a restricted basis. Of the 410,
which includes Federal Reserve members, 352 are again operating 100%
instances.
OKLAHOMA.
All State Banks Open.
All State banks in Oklahoma totaling 254, have re-opened
according to the Associated Press.
OHIO.
Bank to Merge—New Bank to Open.
According to a Sandusky, Ohio, dispatch on March 27
to the Toledo "Blade," it was announced on that day by
E. J. Durkin, Executive Vice-President of the Commercial
Banking & Trust Co. of Sandusky, that his institution with
other banks in Erie County which lack authority to re-open
unrestricted, were to be merged to form one institution with
headquarters in Sandusky and branches in Vermillion,
Huron, Berlin Heights and Milan.
Plans for reorganization of the Union Trust Co. of Cleveland took definite form March 30, following a conference in
Washington with Reconstruction Finance Corporation
officials, it was announced by J. R. Kraus, Chairman of
the Board of the Union Trust.
The plan contemplates the formation of a new national
bank, to be known as the First National Bank of Cleveland.
In his announcement, issued March 30, at Cleveland, Mr.
Kraus added:
The new bank is to have a preferred capital of $5.000,000, which is being
purchased by the Government, and $5,000,000 of common capital, surplus
and undivided profits, which is to be provided by Cleveland capital procured
from the depositors, stockholders and citizens of Cleveland. The Government will vote their preferred stock equally, share for share, with the
common stock, and the preferred is callable at par and will have a $25 par.
The common stock will be $10 par, $25 paid in, making a statement showing
as follows:
surplus
preferred stock $2,000,000
$5,000.000
undivided profits
common stock 1,000.000
2,000,000
Out of the profits in each year, after reserves, the preferred stock will be
entitled to 6%. The common stock will then be entitled to 3% on dollars
paid in. Half of the balance is to retire preferred; one-fourth of the balance
is available for an additional dividend on common; and one-fourth is to
be added to the surplus or undivided profits of the new bank.
The Government will be represented on the Board of Directors, and will
also approve the officers of the bank.
The First National Bank will buy from The Union Trust Co. $30,000.000
of liquid paper, at face value and accrued interest. The Reconstruction
Finance Corporation is to loan The Union Trust Co. $20.000.000 additional.
The money procured from the Reconstruction Finance Corporation and
the new bank will make it possible to pay initially to the depositors of
and 57 are open with restrictions.
A dispatch by the Associated Press from New Castle,
Pa., under date of March 18 stated that the directors of the
First National Bank of New Wilmington, Pa., on that day
had asked Federal Reserve authorities at Cleveland, Ohio,
to appoint a conservator for the institution to assume charge
on March 20. This action, the dispatch said, followed the
suicide of the bank's Cashier, Howell T. Getty, who left a
note saying that a $50,000 insurance policy on his life would
care for a deficit on bonds held by the institution. The
advices went on to say:
The directors announced they expected the bank to resume business in
full in a short time.
Getty also was President of the First National Bank of Volant, Pa., which
has re-opened without restriction. Officials said Getty's death in-no way
affected the Volant bank, which is separate from the New Wilmington
institution.
That steps are being taken to rearrange the affairs of the
First National Bank & Trust Co. of Tarentum, Pa., and the
Farmers' National Bank of Freeport, Pa., (both Allegheny
Valley banks) for a return to normal operations, is indicated
in the following contained in a dispatch to the Pittsburgh
-Gazette" from New Kensington, Pa., on March 23
"Post
Frank C. Irvine, Vice-President and Cashier of the First National Bank
,Is Trust Co., Tarentum. has been notified of his appointment by the
Cleveland Federal Reserve Bank as conservator of his bank. His appointment struck a note of confidence in financial circles of the remmtinity.
R. L. Briggs, of the Farmers National Bank, Freeport, announced that
steps to rehabilitate that institution were taken at a meeting of stockholders.
Bonds owned by the bank have depreciated in value to the extent of
$61.000, which must be made up. Stockholders and citizens have agreed
to subscribe certain sums towards the depreciation. Bank depositors will
be asked to pay 20% of their deposits to the bank to help establish a sound
foundation and operate normally.
The Federal Reserve Bank of Philadelphia on March 26
announced the issuance by the United States Treasury
Department of one license for a bank to resume normal
operations in the Third Federal Reserve District. The institution is the First National Bank of Pennington, N.J. The
Philadelphia "Ledger" of March 27,from which this is learnt,
further more stated that the Reserve Bank also had issued a
list of 21 banks in the district for which conservators had been
appointed on March 25. Thirteen of the institutions are in
2178
Financial Chronicle
eastern Pennsylvania and eight in New Jersey. This makes,
it was stated, a total of 68 institutions in the Third Federal
Reserve District for which conservators have been named.
The 21 banks for which conservators were appointed on
March 25, it was said, had been operating on a restricted
basis since the ending of the national banking holiday. The
list by States, as given in the "Ledger," follows:
Pennsylvania.
Bedford—Farmers National Bank & Trust Co.; A. B. EgoIf. Mr. EgoIf
is President of the Firat National Bank & Trust Co. of Bedford, and
was appointed Conservator of the latter institution on March 18.
Burnham—First National Bank; Ira C.Mayers. Mr.Mayers is Cashier
of the bank.
Coplay—*Coplay National Bank; Ray M.Keichel.
Cresson—First National Bank; Blair C. Seeds. Mr. Seeds is Vice-Freddent of the bank.
Darby—First National Bank; A. J. Crawford. Mr. Crawford is Cashier
of the bank.
Dickson City—Dickson City National Bank; Prank M. O'Connor. Mr.
O'Connor is Cashier of the bank.
East Berlin—East Berlin National Bank; W. A. Kenney. Mr. Kenney
Is Assistant Cashier of the bank.
Fleetwood—First National Bank & Trust Co.; Harry 0. Urich. Mr.
Urich is President of the bank.
Gallitzin—First National Bank; B. W.Harding. Mr. Harding is Cashier
of the bank.
Hamburg—First National Bank it Trust Co.; H. Raymond Shellenberger.
Mr. Shellenberger is President of the bank.
Hastings—First National Bank; D. A. Westover. Mr. Westover is
Cashier of the bank.
Lake Ariel—First National Bank; Roy N. Howe. Mr. Howe is Cashier
of the bank.
Roseto—First National Bank;Philip Sabatino. Mr.Sabatino is President
of the bank.
New Jersey.
Clementon—Clementon National Bank; Alfred J. Ware. Mr. Ware has
been Assistant Cashier of the bank.
Collingswood—Collingswood National Bank; M.F.Shute Jr. Mr.Shute
Is Cashier of the bank. He stated that a co-operative plan between depositors and stockholders was being considered and was hopeful it would
be adopted, thereby enabling the institution to obtain a license to resume
normal operations.
Lakewood—Peoples National Bank; A. H. Grant. Mr. Grant is Cashier
of the bank.
Millville--Mechanics National Bank & Trust Co.; Howard H. Melvin,
Mr. Melvin is President of the bank.
Mount Holly—Mount Holly National Bank; William D. Marren. Mr.
Marren is a director of the bank.
Pleasantville—First National Bank; T. B. Wooten. Mr. Wooten is a
director of the bank.
Somers Point—First National Bank; Earl R. Ryne. Mr. Ryne is Cashier
of the bank.
Tuckahoe—Tuckahoe National Bank; C. E. Foster Jr. Mr. Foster is
Cashier of the bank.
According to the Philadelphia "Ledger" of March 29,
appointment of conservators for two New Jersey banks by the
Secretary of the Treasury was announced by the Federal
Reserve Bank of Philadelphia on the previous day. The
banks and their conservators are:
First National Bank, Pedricktown; George S. Justice. Cashier.
First National Bank, Port Norris, C. M.Robins, Vice-President.
A Philadelphia dispatch to the "Wall Street Journal" on
March 29 stated that the Federal Reserve Bank of Philadelphia had announced on that date that conservators had
been appointed by the Comptroller of the Currency for the
following New Jersey banks:
Clementon National Bank, Clementon, Alfred J. Ware.
Collingswood National Bank, Collingswood, W. F. Shute, Jr.
Peoples National Bank, Lakewood, A. H. Grant.
Mechanics National Bank & Trust Co., Millville, Howard H. Melvin.
Mount Holly National Bank, Mount Holly. William D. Marren.
First National Bank, Pleasantville. T. B. Wooten.
First National Bank, Somers Point, Earl R. Ryne.
Tuckahoe National Bank, Tuckahoe, C. E. Foster, Jr.
According to Philadelphia advices on March 29 to the
"Wall Street Journal," the American State Bank and the
Bank of Erie Trust Co., both of Erie, Pa., have been licensed
to reopen under restrictions.
It is learnt from the Philadelphia "Ledger" of March 29
that the Mountville National Bank of Mountville, Pa.,
has been licensed by the Federal authorities to resume normal
business and that conservators have been appointed by the
Secretary of the Treasury for three Pennsylvania banks, as
follows:
Regis—First National Bank; Rufus Reed, Cashier of the bank.
Herndon—First National Bank; A. S. Hepner, President of the bank.
Tower City—Tower City National Bank;Arthur D.Lewis, Cashier of the
bank.
Philadelphia advices on March 29 reported that the Federal
Reserve Bank of Philadelphia had announced that the
Comptroller of the Currency had appointed conservators for
the following Pennsylvania banks in the Third District:
Egolf.
Farmers National Bank & Trust Co., Bedford, A. G.
First National Bank, Burnham, Ira C. Mayes.
Coplay National Bank, Coplay, Ray M. Keichel.
First National Bank, Cresson, Blair C. Seeds.
First National Bank, Darby, A. J. Crawford.
April 1 1933
Dickson City National Bank, Dickson, Frank M. O'Connor.
East Berlin National Bank, East Berlin, W. A. Kenney.
First National Bank & Trust Co.. Fleetwood. Harry C. Ulrich.
First National Bank, Gallitzin, B. W. Harding.
First National Bank & Trust Co., Hamburg, H. Raymond Shellenberger.
First National Bank, Hastings, D. A. Westover.
First National Bank of Lake Ariel, Lake Ariel, Roy N. Howe.
First National Bank, Roseto, Philip Sabatino.
The same dispatch stated that conservators had been
appointed for the following Pennsylvania banks in the
Fourth Federal Reserve District:
First National Bank, Beaver Falls.
Blairsville National Bank, Blairsville.
First National Bank, Bruin.
Springs-First National Bank, Cambridge Springs.
The Union National Bank, Carnegie.
First National Bank, Charleroi.
First National Bank, Cherry Tree.
First National Bank, Clarion.
First National Bank, Conneaut Lake.
First National Bank, Dayton, Pa.
First National Bank, Derry.
Second National Bank, Erie.
First National Bank, Export.
First National Bank & Trust Co., Ford City.
First National Bank, Finleyville.
National Bank of Girard, Girard.
First National Bank & Trust Co., Greensburg.
First National Bank, Harrisville.
First National Bank, Indiana.
First National Bank, McKees Rocks.
New Alexandria National Bank, New Alexandria.
First National Bank. New Wilmington.
First National Bank, North Girard.
Oil City National Bank, Oil City.
First National Bank, Scottsdale,
First National Bank, Sharon.
Farmers National Bank, Somerset.
Grange National Bank, Spartansburg.
First National Bank, Sykesville.
First National Bank & Trust Co., Tarentum.
First National Bank, Timblim.
National Bank of Union City, Union City.
First National Bank, Verona.
Citizens National Bank, West Alexandria.
First National Bank of Berlin. Berlin.
First National Bank of Bridgeville, Bridgeville.
New Florence National Bank, New Florence.
Citizens National Bank, Hooversville.
RHODE ISLAND.
State Banks Re-opened.
The 17 banks in Rhode Island, non-members of the
Federal Reserve, have re-opened, we learn from the Associated Press.
TENNESSEE.
Bank Re-opens in Jackson.
The Security National Bank of Jackson, Tenn., opened on
March 25 after having been closed for several weeks in compliance with governmental orders, according to a Jackson
dispatch on that date, appearing in the Memphis "Appeal."
H. E. Oglesby, Vice-President and Cashier of the instituton,
is in charge as conservator. He was reported as saying that
the bank received "trust deposits" on the opening day.
The dispatch continuing said in part:
While the hank is in Oglesby's hands the deposits received will not be
subject to any restrictions and will not be used to liquidate any indebtedness
of the bank. Old accounts are not subject to check.
A recent statement of condition listed deposits at $633,588.33 and loans
and discounts at $500.790.84. The bank is capitalized at $100,000 with
$30.000 surplus and bonds and securities of $312.950.54.
With the opening of the Security National, all Jackson banks are ready
for business. Three local banks opened last week.
VERMONT.
Conservators Named.
On March 27 conservators were announced for ten Vermont banks, members of the Federal Reserve System, The
Boston "Transcript," from which this is learnt, listed the
banks as follows:
Peoples National Bank, Barre, W.0. Holden.
National White River Bank, Bethel, E. A. Davis.
Bradford National Bank, Bradford, Charles A. Haskin)i.
First National Bank, Bristol, F. R. Dickerman.
National Bank of Orange County. Chelsea, Stanley 0. Wilson.
First National Bank, Enosburg Falls, H. C. Comings,
Island Pond National Bank, Island Pond, Timothy C. Dale.
National Black River Bank, Proctorsville, Henry L. DruSS.
Clement National Bank, Rutland, Henry G. Smith.
Walden National Bank, St. Albans. E.0. Smith,
VIRGINIA.
Conservator Named,
The People's Bank at Rural Retreat, Va., on March 24
was licensed to re-open by the Federal Reserve Bank of
Richmond, according to Associated Press advices from
Richmond on that date.
Littleton F. Pendleton, a director of the Clifton Forge
National Bank of Clifton Forge, Va., has been appointed
conservator of the institution, according to advices from
Richmond to the "Wall Street Journal" on March 28, which
added:
The action was taken at the request of directors of the Institution. Its
deposits as of last June 30 approximated $1,268.000.
Financial Chronicle
Volume /
WEST VIRGINIA.
Slate Banks Re-open—Conservator Named for National Bank.
The entire 115 State banks in West Virginia, according
to the Associated Press, have re-opened.
E. A. Bowers has been appointed conservator of the Elkins
National Bank of Elkins, 'Jest. Va., by the Federal Reserve
Bank of Richmond, according to a Richmond, Va., dispatch
(A. P.) on March 24.
WISCONSIN.
Banks Open.
According to the Milwaukee "Sentinel" of March 25 the
following Wisconsin State banks the previous day received
licenses to function without restrictions:
Rock County Savings & Trust Co., Janesville.
Pardeeville State Bank, Pardeeville.
American Bank & Trust Co., Racine.
Bank of Baraboo, Baraboo.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
The value of memberships on the New York Curb Exchange suffered a sharp and sudden decline March 30, when
a sale was arranged at $24,500, a decline of $10,500 from the
last previous transaction, March 13.
A seat on the National Metal Exchange sold March 31 at
$1,060, an increase of $50 over the previous sale.
The officers and directors of the closed M. Berardini State
Bank of 34 Mulberry Street, New York City were indicted
yesterday (March 31) by the New York County Grand Jury
on charges said to allege misapplication of the funds of the
bank and other violations of the banking laws. The New
York Evening "Post" of last night (March 31) from which
the foregoing is taken added:
They are: John J. Pulleyn, Chairman of the Board; Philip Berardint,
President; Michael Berardini, his brother, Vice-President; Victor Toni,
and undertaker, also Vice-President; Charles I. Conklin, Secretary; Clement
Grassi, a director, and John W.Pulieyn, son of the Chairman, who is also
a director.
Two indictments were returned against each as a result of a protracted
investigation since the bank was closed by the State Banking Department on
Oct. 311931. One charges that they misapplied the money and property
or a corporation under banking supervision and the other that they loaned
money In excess of 10% of the capital stock of the bank, a violation of the
banking laws.
The New York Banking Department on March 22 granted
authority to the Manufacturers Trust Company, New York,
to open a branch office at 210-214 Flushing Avenue, Brooklyn, conditioned upon the discontinuance of the branch
office heretofore authorized to be maintained at 240 Flushing Avenue.
Authority has been issued by the New York State Banking Department to both the Corn Exchange Bank Trust
and the Corn Exchange Safe Deposit Company, New York,
to open branch offices at 103-02 Northern Boulevard,
Queens, the Department announced on March 24.
A quarterly dividend of 15(t%, or 25 cents per share,
has been declared upon the capital stock of Empire Trust
Company, payable on April 1 1933, to stockholders of record
March 24 1933. The last quarterly dividend declared by
the company payable Jan. 1 1933 was 40 cents per share.
John F. Creamer, President of Wheels Incorporated, and
President of the Automotive Service Association of New
York, has been elected a director of Clinton Trust Company
of New York City.
Emerson Chamberlin, a former member of the New York
Stock Exchange from Oct. 1868 until his retirement in
April 1901, died on March 21 of heart dismse at Orange,
N. J.. Mr. Chamberlin, who was 92 years old, was a
former president of the Peoria, Decatur & Evansville Railroad. He operated independently on the Stock Exchange.
George Cox, 76, Vice-President of .the Dime Savings
Bank of Brooklyn and former President of the Security
Safe Deposit Company of Brooklyn, died at his home in
Argyle Park, Babylon, L. I., on March 22. In reporting
lus death the Brooklyn "Eagle" of March 23 said in part:
Death followed a heart attack he suffered three weeks ago.
Mr. Cox retired two years ago from the former foreign exchange firm
of Cox & Callender, of Manhattan, of which he was a co-founder and
Partner for several years. Ile served as President of the Security Safe
Deposit Co. of Brooklyn until that firm was absorbed about a year ago
bylthe Dime Savings Bank.
The Second National Bank of Boston, Mass., has declared
the regular quarterly dividend of $1 a share, payable April
1 (to-day) to stock of record March 29.
2179
A distribution of $1,240,791.16 to 13,000 savings depositors
of the defunct City Bank & Trust Co. will begin about
April 10 next as a result of an order passed on March 24
by Judge Newell Jennings of the Connecticut Superior Court,
authorizing the receiver of the institution, Thomas Hewes,
to pay a dividend of 8 1/3%. The Hartford "Courant,"
authority for the foregoing, went on to say:
The Court was informed that the receiver had more than $1,300,000 on
hand. It is planned to distribute the money in the same manner the
dividend of 16 2/3% was distributed last fall, by advertising in the local
press when the holders of passbooks are to come to the bank and get
their money. The serial numbers of the books will be published in the
newspaper advertisements and days set apart for various groups of depositors.
Our last previous reference to the affairs of the City
Bank & Trust Co., whierh closed Jan. 2 1932, appeared in
the "Chronicle" of March 11 last, page 1689.
—•___
Concerning the affairs of the closed Asbury Park & Ocean
Grove Bank, Asbury Park, N. J., a Trenton dispatch to the
Newark "News" on March 21 contained the following:
Substantial progress has been made toward reopening the Asbury Park &
Ocean Grove Bank, Commissioner Kelly of the Department of Banking
and Insurance announced last night after a conference with representatives
of the depositors' committee of the institution.
Kelly said that if the committee succeeded in securing the assurance
of State and County officials not to withdraw their deposits and in obtaining additional consents from individual depositors for at least $100,000,
"he felt the plan to reopen might be approved."
On Mint 23 the Montclair Trust Co., Montclair, N. J.,
acquired the banking facilities of the Essex Title Guaranty
& Trust Co. of Montclair, which continues as a title company
only. Both the institutions have been open on a 100% basis
since the national banking holiday. In an announcement
the trust company stated that it had taken over the title
company's deposits of more than $700,000 and a sufficient
amount of assets to secure those deposits. For the present
the South Side branch of the Essex Title Guaranty & Trust
Co., at 819 Orange Road, Montclair, will continue to operate
as usual under the management of the Montclair Trust Co.
The Newark "News" of March 23, authority for the foregoing, furthermore said in part:
Letters explaining the transfer were mailed this morning by both banks
to the depositors of the Essex Title. That sent out by the Essex Title to its
depositors follows:
"This institution, organized in 1906 under the Trust Company Act, was
authorized to do banking as well as title and mortgage business.
"While we have done a limited banking business, our chief activity has
been that of a title and mortgage company.
"It now seems desirable to have this company devote itself entirely to the
title and mortgage business and to give up the banking business which we
have hitherto maintained.
"We have therefore made an arrangement with the Montclair Trust Co.,
by which the Montclair Trust Co., located next door to our main office,
has taken over all of our deposits and assumed liability therefor."
Adolph J. Lins is President of the Montclair Trust Co.,
while Kenneth B. Shand heads the title company.
William H. Kelly, State Banking Commissioner for New
Jersey, on March 28 authorized the unrestricted reopening
of the Asbury Park & Ocean Grove Bank of Asbury Park,
at the earliest practicable date. The bank has been closed
since Dec. 24 1931. In noting this, advices to the New York
"Times" from Trenton, N. J., continuing said:
Virtual completion of a plan of a depositors' committee for a transfer of deposit liability for stock was reported by Lester Leonard, counsel
for the committee. Approximately $6,000,000 of liabilities was Involved
Banking Department officials and memb^rs of the committee agreed
that banking operations could probably be resumed about May 1. Details
of resumption of business, including establishment of a bookkeeping system,
are yet to be worked out.
The bank was one of a group of Monmouth County institutions closed
in the latter part of .1931 by the State Banking Department and is one
of the largest banks in that section of the State.
Our last previous reference to the affairs of this bank
appeared in the "Chronicle" of Jan. 14 1933, page 280.
Announcement was made on March 27 by the Pennsylvania Banking Department of advance payments to depositors of two defunct State-Chartered banks. The institutions, as named in the Philadelphia "Ledger", from which
the foregoing is learnt, are:
Pen Argul Trust Co., Pen Argyl, 15%, amounting to $24.970. The
payment will be made April 5.
Pennsylvania Deposit Bank, of McKeesport, 5%. amounting to $58,014.
The payment will be made March 31.
The first and partial account of Dr. William D. Gordon,
State Secretary of Banking for Pennsylvania, in possession
2180
Financial Chronicle
April 1 1933
of the business and property of the Glenside Trust Co.,
Glenside, Pa., was filed with the Prothonotary of Montgomery County on March 20 by Jacob B. Hoffman, Special
Deputy, as agent. This account covers the period from the
date of closing, Oct. 3 1931 to Jan. 31 1933. The Philadelphia "Ledger," from which the foregoing is taken, continued as follows:
ganization, occupies. the same banking quarters in the
Wrigley Building, and is capitalized at $500,000 with surplus
and undivided profits of $250,000, the same as the State
bank. The officers, headed by J. De F. Richards, are also
the same as heretofore. The Chicago "Journal of Commerce" of March 29, from which the foregoing is taken,
added:
The account lists cash receipts during the period of $406,928, and disbursements of $375,339. Included in both receipts and disbursements is
an item of $194,100, representing the proceeds from the sale of bonds,
and collections on loans pledged to secure bills payable, which liquidation
was affected by the creditor bank. There were also included in both
receipts and disbursements items of $34,020, representing offsets of
depositors' balances against their loans.
At the end of the period covered by the account there was cash on
hand of $45,951.
Cash disbursements included three advance payments to depositors, the
first, on July 21 1932, of 10% of $36,511; the second of Oct. 12 1932 of
10% of $36,511, and the third of 10% on Nov. 28 1932, in the amount
of $36,511.
The account further shows that approximately 71.2% of the assets had
been liquidated to Jan. 31. The appraised value of the remaining assets
on Jan. 31 1933 was $137,058, compared with an appraised value on
Oct. 3 1931 of $475,027. Included in the remaining inventory there are
assets with an appraised value of $7,119, which are subject to the legal
right of offset. After deducting these items there remain assets with an
appraised value of $129,939.04 available to depositors. The remaining
balances due depositors on Jan. 31 1932, including balances held for
future offset, was $263,093.
J. De F. Richards, President, stated that for some time the directors
had been considering nationalization of the bank. When, for reasons
arising out of the recent banking holiday, it became advantageous to
apply for membership in the Federal Reserve System, the opportunity
was taken to convert the institution into a National bank.
The Board of Directors of the Adelptia Bank & Trust Co.
of Philadelphia, Pa., which is in course of liquidation, and
has paid the depositors 100 cents on the dollar, on March 21
declared a fourth liquidating dividend to the stockholders
of 60c. a share, payable April 5 to stock of record March 20
1933. The Philadelphia "Ledger" of March 21, from which
this is learnt, quoted J. W. Sheetz, Vice-President and
Treasurer, in announcing the dividend, as saying:
"This liquidating dividend brings the total payment to stockholders of
the institution to $11.10 per share, which represents 55%% of the original
subscription price of $20 per share as of June 3 1929."
Directorsof the American Security & Trust Co., of Washof
ington, D. C., at a meeting held March 22, promoted James
C. Dulin, Jr., from an assistant Treasurer to Treasurer to
succeed Charles E. Howe, who requested to be retired on
account of ill health, and advanced William E. Schooley,
heretofore connected with the securities and tax department,
to an Assistant Treasurer in charge of that department.
Mr. Howe had been associated with the institution for 42
years. The new appointees will take up their duties to-day,
April 1. The Washington "Post" of March 23, from which
the above information is obtained, had the following to say
in regard to the career of Mr. Dulin and Mr. Schooley:
Mr. Dulin entered the employ of the company in June 1909 as a runner
in the trust department. He was later transferred to the securities department of the banking department, and served as teller and tax specialist
until he was elected an Assistant Secretary on Jan. 1 1921. On Jan. 1
1922 he was elected an Assistant Treasurer, at which time he was placed
In charge of the securities and foreign exchange department.
He was graduated from Georgetown University Law School In 1913 with
toe degree of LL.B., and in the same year admitted to membership in
the District of Columbia Bar Association. He has been active In the
affairs of the Washington Chapter, American Institute of Banking, having
served as its President in 1923 and for three years has been instructor in
investments on the faculty of the chapter. He was elected to membership
In the Washington Stock Exchange In September 1932.
Mr. Schooley came to the company June 27 1917 as a file clerk in the
banking department. He was later transferred to the securities and tax
department. . .. He completed his course of law at Georgetown University, receiving his degree of LL.B. in 1923, and was admitted to the District
of Columbia bar the same year. He is a member of the Washington
Board of Trade.
4-Following an investigation of the $13,200,000 failure of
the Standard Trust Co. of Cleveland, Ohio, in December
1931, an indictment for alleged embezzlement was returned
by the Grand Jury on Wednesday of this week, Mardi 29,
against C. Stirling Smith, former President of the institution. A similar charge was made against D. T. Winslow,
former Auditor of the bank. The two were jointly accused
of embezzling and converting to their own use $19,253 on
Feb. 7 1930. A Cleveland dispatch by the Associated Press
on March 29, from which the above information Is obtained,
went on to say:
•
Smith has been identified with the banking business for more than a
quarter of a century. He came to Cleveland from Moose Jaw, Sask., in
1924 to become a Vice-President of the former Brotherhood of Locomotive
Engineers Bank. When that institution become the Engineers National
Bank of Cleveland in 1928, he was named Executive Vice-President.
In 1930, the Engineers National was merged into the Standard Trust
and he became President.
Effective Wednesday of this week, March 29, the National
Boulevard Bank of Chicago, Ill., succeeded to the business
of the Boulevard Bridge Bank of that city. The new or-
The State Bank of Steeleville, Steeleville, Ill., capitalized
at $25,000, was admitted to membership In the Federal Reserve System on Mardh 27 1933.
The Iron Exchange Bank of Hurley, Wis., as of March
22 1933, voluntarily withdrew from membership in the
Federal Reserve System.
The Marshall & Ilsley Bank, Milwaukee, Wis., said to be
the largest State chartered bank in Wisconsin, reduced its
dividend to 1%, or 20c. a share, payable yesterday, March
31, to stock of record March 21.
A dispatch by the Associated Press from Lincoln, Neb.,
on March 22 stated that a 6% dividend amounting to
$3,093 for depositors in the failed Malmo State Bank at
Malmo, Neb., was announced on March 22 by the Nebraska
State Department of Trade and Commerce. This dividend
was in addition to $18,044 previously paid, the dispatch
said.
The El Reno State Bank, El Reno, Okla., on March 22 was
merged with the Citizens' National Bank of the same place,
according to a dispatch by the Associated Press from El Reno
on March 22. The new institution, which continues the
name of the Citizens' National Bank, has deposits of
$1,400,000 and resources of $1,558,000. Officers of the
enlarged institution are as follows: W. J. Aycock, President; A. T. March and L. R. Gephart (formerly Vice-President of the El Reno State Bank), Vice-Presidents; J. Y.
Taylor, Cashier, and J. A. Johnson (formerly Cashier of the
acquired bank), Assistant Cashier. Dr. D. P. Richardson,
the former President of the State institution, has been made
a director of the enlarged bank. The dispatch, ill conclusion, said:
Gephart explained the new bank is a member of the Federal Reserve, and
this status was the principal cause for the consolidation.
Aycock pointed out the merger gives El Reno one of the strongest
financial institutions west of Oklahoma City.
As of March 27, the Farmers' State Guaranty Bank of
Valliant, Okla. (capital $25,000), voluntarily withdrew from
membership in the Federal Reserve System.
It is learnt from the St. Louis "Globe-Democrat" of March
20 that effective that day the Water Tower Bank and the
North St. Louis Trust Co., both of St. Louis, Mo., were
merged under the title of the latter. Negotiations looking
towards the consolidation had been pending for some time.
The enlarged trust company occupies the former home of
the Water Tower Bank at Grand Boulevard and Florissant
Avenue. It is capitalized at $300,000 and has approximate
deposits and assets, respectively, of $2,000,000 and $3,900,000.
Louis Boeger and Charles W. Owen continue as Chairman
of the Board and President, respectively, of the new institution, it was stated.
It is learnt from advices from Madisonville, KY., on
March 24 to the Louisville "Courier Journal," that the
directors of the Farmers' National Bank of Madisonville
Is to be reorganized in order "to absorb shrinkage in value
of its bond and security investments," according to an announcement made that day.
Concerning the affairs of the East Tennessee National
Bank of Knoxville, Tenn., which closed in January last
tieing up deposits of more than $9,000,000, Knoxville advices on March 25 by the Associated Press contained the
following:
Frank Kerr, head of a reorganization committee, announced to-day
that 75% of the depositors and holders of at least two-thirds of the
olume 136
Financial Chronicle
total number of shares in the closed East Tennessee National Bank had
approved a plan for reopening.
The committee, he said, will go to Washington next week to present
the signatures to the Comptroller of Currency and ask for permission to
reopen.
The closing of this institution was indicated in our Jan.
21 issue, page 443.
With reference to the affairs of the Decatur Bank & Trust
Co. of Decatur, Ga., which is being liquidated by the Decatur
Developing Co., the Atlanta "Constitution" of March 22
carried the following:
Re-election of the Board of Directors of the Decatur Developing Co.,
liquidating agents of the Decatur Bank & Trust Co., featured the annual
meeting Tuesday night (March 21) at the DeKalb County courthouse.
Reports showed that the bank has assets exceeding by $33,000 the total
deposits, according to J. W. Battle, Treasurer.
The bank, which closed in January 1931, has been operating at a profit
under the directorship of the Decatur Developing Co., the stockholders
of which were elected from among the depositors, it was said. It will
continue to operate, and every depositor will be paid 100%, according to
Mr. Battle. Directors are Augustine Sams, President; Louis Estes, Scott
Candler, J. J. Scott and Luther H. Randall.
On March 28 the Farmers' State Bank of Hallsville, Tex.,
capitalized at $25,000, voluntarily withdrew from the Federal
Reserve System.
The First State Bank of Taft, Tex., capitalized at $50,000,
on March 22 1933 voluntarily withdrew from membership
in the Federal Reserve System.
Effective March 25, the Farmers' State Bank of Worland,
Worland, Wyo., was admitted to membership in the Federal Reserve System.
The Citizens' State Bank of Santa Paula, Calif., capitalized at $100,000, became a member of the Federal Reserve
System on March 21.
The regular quarterly dividend of $3.25 on the capital
stock of the Wells Fargo Bank & Union Trust Co., of San
Francisco, Calif., was declared payable on April 1 to stockholders of record March 25, at the directors' meeting. This
bank, the oldest in the West,entered its 82nd year of service
on March 18. It is a direct outgrowth of Wells Fargo &
Co., Banking and Express, famous in western history for
Its operation of the Pony Express and overland stage lines.
That George L. Browning and Raymond Borden, President
and Vice-President, respectively, of the Seaboard National
Bank of Los Angeles, Calif., had resigned as officers and
directors of the institution, effective immediately, was reported in the New York "Evening Post" of March 25, which
quoted Mr. Browning as saying:
"Because of honest disagreement with a few of our directors over future
policies of bank operations I have deter:nined to sever my connections with
the Seaboard National Bank at this time."
THE WEEK ON,THE NEW YORKSTOCK EXCHANGE.
The New7York stock market has been dull and irregular
during most of the presentlweek, and with the exception of a
brief period during the-afternoon on Tuesday, the trend has
been toward lower levels. Considerable selling has been
in evidence and some of the more volatile of the trading
favorites were hard hit onlMonday when the market moved
sharply downward. Call money renewed at 3% on Monday,
and remained unchanged at that rate during the rest of the
week.
Trading was light and without significant trend during the
abbreviated session on Saturday, and while there was a brief
flurry of buying during the:opening[hour, this soon simmered
down and transactions barely kept the tickers moving.
Railroad stocks were lower at the opening, a few of the
more prominent issues extending their losses as the day
progressed. Amer. Tel. & Tel. was active but moved
around within the range of about two'points, finally yielding
one point to 927 . As the market:closed, there was a slightly
%
improved tone and a few:of the:more active of the speculative
favorites closed slightlyrabove:their lows for the day. The
recessions includedfamong others, Air Reduction 1 point to
59, American Ice pref. 6 points:toI26, J. I. Case Co. pref.
2 points to 493%, Detroit Edison 2 points to 55, Du Pont
1% points to 363%, Hercules Powder pref. 4 points to 90,
Norfolk & Western 53 pointslto 1203%, Safeway Stores
pref. 13% points to 85, North American pref. 1 point to 353%,
International Silver 1% points to 15%, General Motors
pref. 13% points to 673% and Checker Cab 33% points to 143%.
2181
Irregularity was the outstanding feature of the trading
on Monday and as stocks moved downward from fractions
to about two points, the market as a whole slipped slowly
backward. Some issues like J. I. Case Co., Allied Chemical
& Dye, du Pont and National Biscuit yielded readily and
moved down from 1 to 2 or more points at their lows for the
day. United States Steel was down to Saturday's low and
Brooklyn-ManhattanTransit,one of the speculative favorites
of the previous week, was under severe selling pressure. At
the close, prices of the leading stocks were off on the day,
the losses including Air Reduction, 13% points to 56%;
American Can, 11% points to 55; American Smelting pref.,
23 points to 38; Atchison pref., 23% points to 583%; Delaware
4
& Hudson, 2 points to 533%; Hershey Chocolate, 2 points to
45; International Business Machines, 23 points to 873%;
4
New York & Harlem,5 points to 103; Peoples Gas, 2 points
to 51; Union Pacific, 1 points to 71; United States Steel
pref., 13% points to 59; G. W. Helme, 23% points to 73, and
Jones & Laughlin pref., 2 points to 44.
The moderate downward movement continued during the
early trading on Tuesday, but was interrupted by a brisk
rally stimulated by the advance in wheat, and while the
improvement was not uniform, there was a fairly large list
of gains at the close. Stocks like Allied Chemical & Dye
and Amer. Tel. & Tel. that had been under pressure, turned
briskly upward and recorded gains ranging up to 3 or more
.
points. J. I. Case Co. was fairly strong and United States
Steel moved ahead about a point. Among the advances
recorded as the session came to a close were Allied Chemical
4
& Dye, 3 points to 773 ; American Can, 2 points to 57;
J. I. Case Co., 27 points to 47%; Corn Products, 2 points
4
to 533%; Homestake Mining, 4 points to 174; National Lead,
%
4
2 points to 56; Union Pacific, 23 points to 733 ; West Penn
Electric (7), 3 points to 38; Western Union Tel., 13% points
4
to 21; United States Steel, 1 point to 287 ; Air Reduction,
13% points to 583%; Amer. Hide & Leather pref., 2 points to
4
19; Amer. Sugar pref., 17 points to 90, and Coca-Cola, 1
point to 85.
On Wednesday the market was down from 1 to 2 points all
along the line during most of the session. Considerable
irregularity was apparent, and while there were few wide
swings, prices gradually slipped below the levels of the
previous day. Union Pacific was down more than a point
during the first half of the session and continued to drift
lower during the rest of the day. The outstanding recessions
were Allied Chemical & Dye 13% points to 763%, Armour of
Delaware pref. 33% points to 473%, Colgate Palmolive pref.
5 points to 54, Hershey Chocolate 6% points to 383%,
Louisville & Nashville 1% points to 293%, Peoples Gas 13%
points to 49, Union Pacific 23 points to 71, United Fruit 1
4
points to 323% and Western Union Telegraph 13% points to
4
193 .
Narrow price movements was the feature of the dealings
on Thursday. During the opening hour the market was somewhat unsettled, but the list steadied as the day progressed,
though trading, on the whole was extremely quiet. In the
early transactions, stocks like Johns-Manville, Public Service
of N. J., American Sugar and National Distillers were
slightly higher, but there were also a number of equally
prominent stocks that were under pressure and worked to
lower levels. These included such trading favorites as United
States Steel, American Can, Allied Chemical & Dye and J. I.
Case. As the market closed, most of the changes for the day
were on the downside; the recessions including among others,
American Hide & Leather pref. 2 points to 17; Drug Inc.
2 points to 30; Firestone Tire & Rubber pref. A (6)53% points
to 443%; Hershey Chocolate pref. 23% points to 673%; North
American 23% points to 33; Pacific Tel. & Tel. 13% points
to 70; Pittsburgh Coal pref. 3 points to 17; Standard Gas &
Electric pref. (7) 53 points to 253% and Tide Water Oil
4
pref. (5) 1% points to 47.
The selling movement that developed late in the session
on Friday erased the greater part of the forenoon gains. The
losses ranged from fractions to nearly 3 points and extended
to all parts of the list. The selling broke out in the railroad
group following the announcement that the Missouri Pacific
had made application in St. Louis to reorganize under the
provisions of the Bankruptcy Bill. New York Central was
the weak spot as it dropped to around 16, followed by
Delaware & Hudson which dipped under 49. Other carriers
also turned weak and the whole list sagged. As the day
progressed, activity increased to some extent but there was
little change to the side of the advance. The recessions at
the close of the marketincluded among others, Air Reduction
2182
3
19 points to 55%, American Smelting 2d
Financial Chronicle
pref. 13 points
to 26, American Tel. & Tel. 2 points to 82%, Atchison 2%
points to 3934, Bucyrus Erie pref. (2) 634 points to 203,
Central RR. of N. J.8 points to 40, Columbian Carbon 2%
points to 263, Eastman Kodak 23 points to 52%, General
Motors pref. 45% points to 653.-i, New Haven 234 points to
123/,Pacific Gas & Electric 23/2 points to 203/s, J. C.Penny
8
2% points to 983, Peoples Gas 3 points to 46, Public
Service of N.J. (2.80) 23/i points to 34, Safeway Stores pref.
2 points to 85, Shell Union Oil pref. 25 points to 33, Union
%
Pacific 23/8 points to 673 and West Penn Electric pref. (7)
234 points to 383/2. The market was weak at the close and
prices were near the low for the day.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Stocks.
Railroad
Stale.
Week Ended
Number of and Miscall. Municipal &
March 31 1933.
Porn Bonds.
Shares.
Bonds.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Tnts41
376,400
500,590
600.690
639,669
624,150
880,845
$2,205,000
4,239,000
5.246.000
4,415,000
4,857,000
6,028,000
United
States
Bonds.
$1,989,000
2,951,000
3,026,000
2,630,000
2,690,000
3,906,000
Total
Bond
Sales.
$5,009,000
9,213,000
10,470,000
9,831,000
10,570.000
11,869,000
$815,000
2,023,000
2,198.000
2,786.000
3,023,000
1,935,000
5 622 844 5211 090 000 817 192 (100 512 760 000 556.962.000
April 1 1933
ing 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 show a gain of 6.2%,
but in the Boston Reserve District there is a loss of 18.2%
and in the Philadelphia Reserve District of 19.0%. In the
Cleveland Reserve District the totals are smaller by 9.9%,
in the Richmond Reserve District by 12.2% and in the
Atlanta Reserve District by 19.9%. The Chicago Reserve
District suffers a contraction of 36.9% and the Minneapolis
Reserve District of 12.0% but the St. Louis Reserve District
records an increase of 0.7%. The Kansas City Reserve District shows a loss of 6.4%, while in the Dallas Reserve District the totals record a gain of 17.1% and in the San Francisco Reserve District of 3.5%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended March 25.
1933.
Federal Reserve Diets.
$
1st Boston_ ___12 cities
186,130,991
2nd New York_ _12 "
2,955.541,758
222,150,644
3rd Philadelphia 9 "
4th Cleveland... 5 "
5th Richmond__ 6 "
158,955,402
68,939,410
45.750,548
204,323,846
84497,157
65,710,739
84,327,843
41,559,599
164,627,523
6th Atlanta... _ 9 "
Sales at
New York Stock
Eschange.
Week Ended March 31.
1933.
Stocks
-No,of shares..
3,622,344
7,541,600
Bonds.
Government bonds__ $12,780,000 $15,307,500
State & foreign bonds
17,192,000 12.933,000
Railroad& misc. bonds 26,990,000 30,261,000
Total
Jan. Ito Marsh 31.
1932.
$56,962,000 $58,501,500
1933.
1932.
10th KansasCity 9 "
58,129,049
100,633779
$137,819,600
167,195,000
381,611,900
--36.9
+0.7
--MO
99.102.4971 -444
35,496,344 +17.1
159,111,687 +3.5
4,285,518,458
1,404.666,803
4,349,059,401
1,639,729.908
--m.s
$773,141,950
$686,626,500
1931.
To
--18.2
+8.2
--19.0
--9.9
--1/2
--19.9
106 cake
Total
Outside N. Y. City
99 Al•lzhe
ff. /OF•/WI
.
0./111.11
• I
-A A
Philadelphia.
Shares. Bond Sales
Shares. Bond Sales.
--1.6
$
394.913,597
5,611,425,123
395.242,475
293,261,449
106,774,425
77,626,759
596,839,336
117,795,532
86,614081
129,169,501
50,058,348
219,022,671
1930.
8
491.407,753
8,068,647.944
604967,757
381,791,621
156,443,103
104,816,787
795,875,384
166,317.374
97,666.613
1646414817
69,6714215
305,021%317
8085,761,407 11,317,255,686
2,571.969,338 3,399,807,737
O.A17 OA,
oer n•is ,
A99
We now add our detailed statement, showing last weeks'
figures for each city separately for the four years:
Baltimore.
Shares. Bond Sales
Week Ended Marsh 25.
6,779
11,943
12,752
13,592
14,243
3,242
$1,200
3,000
6,000
9,400
5,000
2,000
6,178
14,684
13,042
12,422
a12,853
886
$1,000
7,000
4,000
62,551
526,600
60,065
$13,000
16,620
532,000
90.460
a In addition sales of rights were: Thursday, 100
835.000
16.706
539.000
Prey, week revised
$
227,487,493
2,791,571.435
274,221,682
174,132,769
78,624.697
57,135,183
323,604,802
79,916,468
67,784,772
$178,355,450
192,017,000
402,769,500
Boston.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
i
Total
11th Dallas_ ___ 5 "
12th San Fran_ 13 "
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Week Ended
March 31 1933.
7th Chicago_ _--16 "
8th St. Louis... 3 "
9th Minneapolis 7 "
Inc.or
Dec.
1932.
104.786
511.050
1,000
2,031
2,085
1,499
3,112
3,579
4,314
Clearings at
1933.
89,000
13,000
2,000
3,000
5,000
Clearings-Returns by Telegraph.
Week Ending April 1.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
1933.
1932.
82,242,376,361
82,715402,698
129,975.344
221,858.414
189,000.000
278400,000
121,000,000
181,000,000
35,418,217
47,233,876
38,600,000
48,500,000
65.816.000
81.290,000
No longer will re port clearings.
73.505,078
55.788.942
56,166,710
6.552.720
56,284,360
28.393,034
58,600,265
33,593,078
21,594,402
Per
Cent.
-17.4
-41.4
-32.0
-33.1
-25.0
-20.4
-19.0
-24.1
-88.3
-49.6
-42.7
Twelve cities, five days
Other cities, five days
$2,946,513,696
418,285,170
$3,839,275,803
515,846,980
-23.3
-18.9
Total all cities. 5 days
All cities, one day
33,364.798,866
860,799,811
$4,355,122,783
1,292,615,338
-22.7
-33.4
tA 92A AAR 677
th 1147 739_121
-25.2
m....1 en oltlaa few aratallr
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 has to be in all cases 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 March 25. For
that week there is a decrease of 1.5%, the aggregate of
clearings for the whole country being $4,285,516,458, against
$4,349,069,401 in the same week in 1931. Outside of this
city there is a decrease of 37.8%, the bank clearings at this
center recording a gain of 6.4%. We group the cities accord-
Inc. or
Dec.
1931.
8
$
%
First Federal Reserve Dist riet-Boston -
$
1930.
$
285,178
1.840,686
199,430,123
694,489
348.944
509,067
2,708,592
1,837.985
7,909,032
4,797,609
6,771,900
333,888
+47.3
-76.7
-18.9
-14.0
-45.5
-23.6
-13.6
-62.3
-18.7
-37.6
-0.1
-24.2
507,124
2,541,405
356,688,763
1,099,585
379,071
658,881
3,804.693
2,406,453
10,003.033
6,307,809
10,093,300
423,480
526,725
3,410,683
440,000,000
1,027,561
928,200
851,783
4,244,247
New Haven...
6.1,
-Providence
J. H.-Manch'r_
302,141
429,349
161,789,891
597,178
190,105
388,716
2,340,513
692,577
9,384,735
2,995,153
6,767.700
252,933
Total(12 cities)
186,130,991
227,467,493 -18.2
394,913,597
491,407,753
laine-Bangor._
Portland
-Boston
lass.
Fall River__.
Lowell
New Bedford
Springfield....
Worcester
7onn.-Hartford.
COURSE OF BANK CLEARINGS.
Bank clearings this week will again show a decrease as
compared with a year ago. Preliminary figures compiled by
us, based upon telegraphic advices from the chief cities of
the country, indicate that for the week ended to-day (Saturday April 1), bank exchanges for all the cities of the United
States from which it is possible to obtain weekly returns will
be 25.2% below those for the corresponding week last year.
Our preliminary total stands at $4,225,598,677, against
$5,647,738,121 for the same week in 1932. At this center
there is a loss for the five days ended Friday of 17.4%. Our
comparative summary for the week follows:
1932.
3,081,049
17,392.861
7,016,545
12.234,100
693,999
Second Feder Al Reserve D Istrict-New York
11,943.893
3,708,358 +222.1
-Albany
6. Y.
633,063
Binghamton..,
717,836
23,007,953
22,913,057
Buffalo
531,012
636,412
Elmira
278,891
Jamestown _
405,079
2.880.849472 2,707,339.493
New York
5,0E14,218
7,018,682
Rochester
3,651,626
2,799,503
Syracuse
2,757,037
:on n.
2,285,935
-Stamford
342.621
6. J.
284.314
-Montclair
17,888,231
12,881,551
Newark
24,452,442
24,662,412
Northern N. J
9,115,566
8,001,650
-11.8
878.771
1,022,376
+0.4
35,631,683
51.112.790
-16.6
061.279
910,905
-400
833.226
998.523
+6.4 5,486,793.009 7,918,447,958
-27.8
7.317.537
9.297,939
-23.3
4,320.701
4,477.773
3,405,437
+20.6
3,235,200
+20.5
449.028
718,013
-28.0
26.897,988
29,836,231
-0.9
34.751,838
40,588,586
Total(12 cities) 2,965,541,758 2,791,571,435 +16.25,611,425,1238.068,647,944
Third Federal Reserve Dist rict-Philad
248,195
'a.
387,818
-Altoona_.
Bethlehem
Clearing Ho use has suspe
222.559
Chester
238,262
475,226
Lancaster
786,325
215,000,000 265,000,000
Philadelphia __
594,408
1.652,034
Reading
1.716.698
Scranton
2,077,363
1,229,064
1,126,590
Wilkes-Barre_ _
659,929
York
854,955
J. J.
1,643,900
2.459,000
-Trenton..
Total(9 cities)_
222.150,644
el phia -36.0
794,085
1,024,212
nded cle arings tempor &my.
-6.6
-39.6
-21.6
-64.0
-21.0
+9.1
-22.8
-33.1
274,221,882 -19.0
760.735
2,341.848
337,000,000
2,388,375
3,805,572
2.514.218
1,556,642
4,081.000
355,242,475
864,286
2,277,688
500,000,000
3,302 602
.
4,637,751
3,055,514
1.822,714
3,973.000
520,957,757
Fourth Feder al Reserve D istriet-Clev eland/hio-Akron _ _ No clearings recorded; onl y one b ank tmrestrict ed.
Canton
b
b
b
b
Cincinnati ____
38,766,233
38.484,559
+4.7
55,167,917
57,737,581
38,281,052
58.586,132 -34.7
Cleveland
94,700,825 122,871.101
6 678 300
. .
5,950,300 +10.6
Columbus
10,332,000
13.312,240
Mansfield
1,073,989
990,986
+8.4
1,802.892
1,961,437
Youngstown
b
b
b
b
'I.
-Pittsburgh 72,538,502
71,839,118
+1.0 131,257,815 185,909,302
Total(5 cities).
156,956,402
174,132,769
-9.9
293,261,449
381,791,621
Fifth Federal Reserve Dist act
-Mehra ondV. Va.-Hunt'on
215,212
389,900 -44.8
Pa.
-Norfolk
1,968,000
2,313,573 -14.9
Richmond
21,938,127
24,636,020 -11.0
i.C.-Charleston
539.141
727,284 -25.0
dd.-Baltimore_
35,474,094
32.356,949
+9.6
3. C.-Washlon
8,804,836
18,100.971 -51.4
593,274
2,998,879
32,821,709
1,579,110
65.634,490
23.146,963
1,002496
1,955,772
43,770,000
1,919,353
84,398,561
23,396,721
120,774,425
156,443,103
1.500.000
11,530,535
34,238,087
1,314,129
692.490
13,000,304
13,908,862
1,341,708
1,980,038
19,299,892
43,634,620
1.570,599
1,224.276
14,376,340
21,000.753
1,570,805
100,674
159,464
77,626,769
104,818,787
Total(6 cities).
68,939,410
78,524,697 -12.2
Math Federal Reserve Dist act-Atlant a3,876,423
renn.-Knoxville
1,949,900 +98.8
Nashville
9,620,212
7,784,391 +23.6
3a.
18,500,000
28,100,000 -34.2
-Atlanta
990,862
Augusta
728,326 +36.0
357,159
Macon
493,404 -27.6
8'la.-Jacksonv
1,562,734
8,473,866 -81.6
4.1a.-Birminghm
8,717,171 +14.2
9,998,780
803.769 -4.5
Mobile
767,798
Jackson
No clearings due to bank h oliday.
Vicksburg
76,578
84,356 -9.2
La.-NewOrleans Clearings fig tires not avail able.
Total(9 cities).
45,750,546
57,135,183 -19.9
Financial Chronicle
Volume 136
Week Ended March 25.
Clearings at
1933.
1932.
Inc.or
Dec.
Seventh Feder al Reserve D strict
-Chic agoMich.
-Adrian -- No clearings due to bank h oliday.
Ann Arbor _
521.790
338,156 54.3
Detroit
6,302,237
64,303.285
Grand Rapids
589,321
2.423,242
Lansing
112,600
-89.3
1,052,600 Ind.
-Ft. Wayne
332,308
992,821 -66.5
Indianapolis.-7.430.000
10,536,000 --29.5
South Bend _
175,689
1,292,318
Terre Haute_ -3.892,832
2,923,748 33.1
Wis.-Milwaukee
10,587,280
14,630,505 27.6
Iowa-Ced. Rap.
Des Moines__
2,995,812
4,251,915 29.5
Sioux City__
1.535,161
2,233,368 -31.3
Waterloo
Bloomington. No clearings due to bank h
Chicago
166,897,511 213,623,470 --21.9
Decatur
308,591
605,308 49.0
Peoria
1,683,935
2,010,742 -16.3
Rockford
692,790
910,813 -34.9
Springfield _
365,989
1.476,511 -75.2
Total(16 cities)
204,323.846
323,604,802 36.9
1931.
1930.
495,507
153,236,855
4,974,062
2,218,610
2,001.715
13,977,000
1,699,122
3,892,543
21,160,677
746,778
184.665,122
6,579.051
3,345,087
2,851,545
17,585.000
2,262.704
4,482.596
29,022,426
6,141,194
3,547,406
9,778,943
5,515,985
375,305,035
1,007,140
2.994,602
2,115,487
2,072,381
519,056.676
1,003.684
4,013,477
2.607.100
2,429,210
596,839,336
795.875,384
Eighth Federa 1 Reserve Dia tact
-St.Lo ulsInd.
-Evansville _
Mo.-St. Louis_ _
51,600,000
84,900,000 114,970,392
55,200,000 6.5
Ky.-Louisville._
19,544,491
20,761,509
15,798,944 +23.7
33,693,111
Owensboro_ _
Tem.-Memphis
9,352.686
8,917,522 +4.9
12,134,023
17,653.871
Only one ba nk operating.
Quincy
Clearing Ho use not lunchi oning;s ince bank boll day.
Total(3 cities)
80,497,167
+0.7
117,795,532
166,317,374
Ninth Federal Reserve Dia trict-Minne apollsMinn.
-Duluth _
1,834,564
2,181,505 15.9
Minneapolis__ _
43,836,665
38,412,744 +14.2
St. Paul
14,775,586
12,954,680 +14.1
N. Dak.-Fargo
1,513.332
1,478,043 +2.4
B. D.
-Aberdeen.
492,632
16.4
589,186 Mont -Billings.
228,806
294.404 22.3
Helena
2,029,154
1,874.210 +8.3
3,712,273
54,817,389
23,143,288
1,596,946
837,884
405,232
2,119,069
3,698,700
66,750,156
21,450,085
1,699.942
902,088
501,362
2,654.280
57,784,772 12.0
86,632,081
97,656,613
Tenth Federal Reserve DI. trIct-Kansa s CityNeb.-Fremont _ _
42,124
143,186 70.6
Hastings
No clearings available.
Lincoln
1,721,534 -14.5
1,472,040
Omaha
19,944,187
20,809,354 4.2
Kan.
-Topeka_ _
2,216.341
1.653,317 -34.1
Wichita
1,423.181
3,239,598 56.1
Mo.-Kan. City_
55,453,627
58,510,668 -5.2
St. Joseph_ _
2,798,467
2,739,320 +2.2
Colo.
-Col. Sole
465.327
586,498 -20.7
Denver
a
a
a
Pueblo
512,549
698,596 26.6
203.650
279.991
2,440,826
32,798,008
2,703,528
4,394,600
80,393,853
4.437,829
873,946
a
923.361
3.063,300
40,107,828
2,684,648
6,572,612
108,561,720
5,052,525
966,811
a
1,353,382
129,169,601
168,642,817
1.488,770
35,773,156
7,425,680
2,003,000
3,367,742
1,881,431
39,388,598
11,317.367
2,877,000
4,207,819
50,058,348
59,672,215
Total(7 cities) _
64,710,739
79,916,466
Total(9 cities).
84,327,843
90,102,071 -6.4
Eleventh Fede ral Reserve District
-Da HasTexas
-Austin._
673.012
942,232 -28.6
Dallas
31,503.353
25,371,018 +24.2
Fort Worth_ _ 5.385,372
5.689.465 -5.3
Galveston
1,631,000
1,658,000 -1.6
La.
-Shreveport
2,366,862
1.835,629 +28.9
Total(5 cities) _
41,559,599
35,496,344 -17.1
Twelfth Feder al Reserve D [strict
-San Franci scoWash.
-Seattle
22,054,705
25,085,316 12.1
29,167.610
38,544,596
Spokane
3,022,000
7.797,000
5,714,000 -47.1
9,308,000
Yakima
257,806
841.626
414,477 -37.8
877.799
Ore.
-Portland _
16,447,981
22,815,359
15,939.197 +3.2
30,205,922
Utah-S. L. City
9.891,938
12.940,192
7,897,817 15.984,877
37.8
Callt.-L. Beach.
3.014,652
5,318,528
3.051,659 6,595.424
1.2
Los Angeles _
No longer vri ii report clear logs.
Pasadena
2.846.254
4,245,645
2.868,970 5,382.773
0.8
Sacramento _ _
3,648,022
5.778,616
5,138,474 4,411,556
29.0
San Diego.
Ban Francisco _
99,387,768
88,707,444 +12.0 123.663.919 186,223,039
e
San Jose
1,130.122
2,182,873
1,197.555 -5.6
2.411,450
Santa Barbara.
882.035
1,001,921 1,430,943
12.0
1,551.894
Santa Monica.
920,522
942,718 -2.4
1,485.560
1.761.387
Stockton
1,123,712
1.152,139 -2.5
1,354.900
1,767,600
Total(13 cities) 164,627,523 159,111,687 +3.5 219,022,671 305.026,317
Grand total (106
cities)
4 285,516,458 4,349.089,401 - 8.058,761,407 11317,255,685
1.5
Outside Newyork 1,404.666,886 1,639,729,908 -37.8 2,571.968.338 3,398,807,727
1Veeft Ended March 23.
Clearings at1033.
1932.
Inc. or
Dee.
CanadaMontreal
Toronto
Winnipeg
Vancouver.
______
Ottawa
Quebec
Halifax
Hamilton
Calgary
Bt. 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
$
56.613,818
63,075.007
51,751.069
10,136,415
3.247,314
2,644,850
1,615,301
2.833,270
4,638,568
1,070,812
1,031,589
1,989,640
2.769,482
2.918,063
235,262
250,453
1,063,740
407,550
671.750
418,164
332.579
148,595
409,343
426,033
632.873
1,693.428
250,510
547,252
398,167
326,604
301,321
338,676
$
69,694.491
70,590.434
40,548,871
12,549.602
4,464,318
3,652,503
2,088,300
3,229,040
5,297,737
1,649,877
1,524,904
2,333,111
3,185,118
2,652,931
369,878
303,748
1,356,024
474,642
664,894
683,786
401,590
155,156
563,066
518,584
711,113
2,384,325
281,405
592,124
471.594
361,697
327,274
459,183
%
-20.2
-10.6
-27.6
-19.2
-27.3
-27.6
-22.6
-12.3
-12.4
-35.1
-32.4
-15.6
-44.4
+10.0
-36.4
-17.5
-22.1
-14.1
+1.0
-28.4
-17.2
-4.2
-27.3
-17.8
-11.0
-29.0
-11.0
-7.6
-16.0
-9.7
-7.9
-26.2
Total(32 cities)
214,185,498
234,439,298
-8.6
1931.
1930.
$
$
100,602,652 134.350,510
103,267.173 128,284.152
26.731.502
43,967,744
15.014.905 • 18,679,057
4,999,793
5,522,467
4,555.277
5,019,434
3.255.781
2,709,934
4,266,305
5.278,523
5,064,305
8,278.949
2,222,278
2,043,979
1,550,094
2,171,993
2,197,820
3,104,437
3,736,040
4,523.039
2,707.428
4,148,833
312,760
389,595
331,573
438,902
1,425.408
1,706,032
591,389
886.073
846,517
844,045
512.703
648,512
546,954
856.351
186.535
255,056
595.879
911,810
661,135
727,283
922,547
1,084,910
2,752,732
4,866.921
323,715
359.871
587,721
827,948
483,601
606,518
442,142
506,748
460,692
748,010
681,801
1,222,763
292.837.257
385,948,379
a No longer reports weekly clearings. b Clearing house not functioning at present.
o No longer reports clearings. f Only one bank open; no clearings figures available.
•F.stimated.
2183
THE CURB EXCHANGE.
Irregularity characterized the movement of stocks on the
Curb Exchange during the greater part of the week, and
while there were occasional gains in some of the popular
speculative issues, the trend of prices was dowpward most
of the time. On Tuesday and Wednesday stocks showed
modest gains during the early transactions, but these were
generally modified and in some instances entirely erased
before the close of the session. Dealings have been dull
and the changes were usually within a comparatively narrow
range. Public utilities have been easy, oil shares were
dull and industrials have made little progress either way.
On Saturday the market barely crept along with most of
the transactions for professional account. The trading was
entirely without noteworthy feature and the price changes
were unimportant. Industrial stocks and miscellaneous
issues were represented in the modest upturn by Great
Atlantic & Pacific Tea Co., which gained about 2 points
just before the close. Electric Bond & Share, American
Gas and Cities Service were under pressure, New England
Power pref. and National Power pref. fell off about 4 points
each and there was a similar loss in Aluminum Co. of
America. Oil shares were generally lower and so were
mining stocks, particularly New Jersey Zinc, which dipped
about 2 points to 29. Selling was the feature of the curb
trading on Monday and many important issues were forced
downward to the lowest level reached in some time. Aluminum Co. of America was especially weak and tumbled
downward 4 points to 41, while the preferred slipped back
about 6 points to 37 at its low for the day. Singer Manufacturing Co. was down 45/s points to 90, and there were
further sagging tendencies apparent in public utility stocks
like Electric Bond & Share, Cities Service, Commonwealth
Edison and New England Power pref. Oil shares and
mining stocks were dull and showed little change at the close.
The volume of trading was limited and the tone decidedly
irregular on Tuesday. Some prominent issues sagged, particularly National Power which fell off about 8 points and
Selected Industries Certificates which dropped 932 points.
Industrials attracted considerable attention and a number
of moderate gains were recorded as the market closed. On
the other hand, American Beverage, Brillo Mfg. Co., Parker
Rust Proof, Montgomery Ward and A. 0. Smith were all
under pressure and down on the day as the session ended.
Changes in the public utilities were narrow and irregular,
both gains and losses being registered in this group. Oil
stocks were fairly steady, investment trust shares, with the
possible exception of Selected Industries, were practically
unchanged and mining issues were weak. Prices slipped back
into a rut on Wednesday, and while there were occasional
strong spots to be seen, many of the leading issues were off
on the day. Prominent stocks like Electric Bond & Share,
American Gas & Electric and Niagara Hudson were off from
fractions to a point or more. Miscellaneous utilities were
mixed, Commonwealth Edison yielding a couple of points,
while National Power & Light pref. and Consolidated Gas
of Baltimore showed modest gains. Aluminum Co.of Amenea which had been weak for several days rallied on short
covering and Axton Fisher Tobacco, which dipped sharply
on Monday, had an advance of 5 or more points. National
Sugar also made a sharp recovery of a recent loss. Public
utilities were irregular, Electric Bond & Share falling behind
about a point while the 6% preferred, after yielding from 31
to 2934, moved back to 30. National Power & Light forged
ahead a point to 41 and Consolidated Gas of Baltimore advanced a point to 48. Blue Ridge was the weak feature of
the investment trusts and Gulf Oil of Pennsylvania was
down in the oil group. Curb prices continued their downward swing on Thursday with little change from the full
sessions of the preceding days. Utilities displayed the most
activity prominent stocks like Electric Bond & Share, American Gas and Cities Service yielding a point or more, but later
showing a moderate recovery. In the industrial group,
Aluminum Co. of America was practically unchanged and
National Sugar Co. improved about 1% points. Wide
changes were recorded by some of the More volatile stocks,
Indianapolis Power & Light pref. declining 13% points,
while Mountain States Telephone Florida Power and Commonwealth Edison were off sharply on the day. Other
weak spots were Cheseborough Mfg. Co., Duke Power and
Georgia Power pref. Investment trusts were easier and so
were the oil shares and mining stocks.
Fresh liquidation in the public utilities was the outstanding feature of the trading on Friday, though on the whole,
Financial Chronicle
the market was quiet and most of the pivotal issues held
around the final levels of the preceding day. Standard
Power & Light pref. tumbled 7 points on a single sale and
Commonwealth Edison was down around 4 points on the
day. American Gas, Niagara Hudson and Cities Service
were quiet, but steady, while Electric Bond & Share was
practically neglected. Slight gains were scored by Aluminum
Co. of America, Deere, Western Air Express and National
Sugar. A. 0. Smith was the strong stock of the day as it
closed with a net gain of about 2 points. Oil shares were
without noteworthy movement and investment trusts and
mining issues were extremely quiet. The changes for the
week were generally on the side of the decline, the prinaipal
recessions including such prominent stocks as Aluminum
3
Co. of America 46 to 41, American Beverage 53' to 3%,
American Gas & Electric 193 to 17%, American Light &
Traction 13% to 13%, American Superpower 3 to 23/3,
Associated Gas & Electric A 1% to 1%, Atlas Corp. 7 to
6%, Central States Electric 1% to 1%, Cities Service 23/i to
23, Commonwealth Edison 64 to 53, Consolidated Gas of
Baltimore 50 to 45, Cord Corp. 534 to 53 , Electric Bond &
,
Share 13% to 11%, Ford of Canada A 53/i to 5, Gulf Oil
of Pennsylvania 28 to 27%, Hudson Bay Mining 33 to
33', Humble Oil 41 to 403', International Petroleum 93j to
93/s, New York Telephone pref. 113% to 1133/2, Niagara
Hudson Power 93' to 83/2, Parker Rust Proof 25% to 233/2,
Pennsylvania Water & Power 473/i to 40, Swift & Co. 934
to 8%, United Gas Corp. 134 to 13., United Light & Power
A 234 to 2 and Utility Power 1 to %.
A complete record of Curb Exchange transactions for the
week will be found on page 2213.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended March 31.
Jan. 110 March 31.
1932.
1933.
8,046,592
13,828,576
$201,346,000
9,058.000
11,555,000
$191,265,100
6,975,000
9,256,000
$14.562,000 $17,275000
$221,959,000
$207,498,100
THE ENGLISH GOLD AND SILVER MARKETS.
from the weekly circular of
We reprint the following .
Samuel Montagu & Co. of London, written under date of
March 15 1933:
GOLD.
The Bank of England gold reserve against notes amounted to £159.954,080 on the 8th inst., an increase of £9,726,146 as compared with the
previous Wednesday.
Purchases of bar gold by the Bank have again been a feature, and during
the week under review the amount acquired was £6.448,181.
Although the embargo on the export of gold from the United States of
America has not yet been raised, restrictions on banking operations were
relaxed and many banks in New York resumed business on Monday last.
the 13th inst.; on the afternoon of the same day there was a resumption of
dealings in dollar exchange in the London foreign exchange market.
Offerings of bar gold in the open market have been spasmodic;theamounts
on some days were Very large, while on other occasions supplies were almost
negligible. The gold available was mostly taken for the Continent, but a
good proportion of yesterday's offerings, which amounted to over £1.000,000, was taken for a destination not disclosed.
Quotations during the week:
Equivalent Value
Per Fine
el £ Sterling.
Ounce.
14s. 2.44d.
Mar. 9
119s. 734d.
14s. 3.04d.
119s. 2d.
Mar. 10
145. 2.20d.
119s.(Md.
Mar. 11
145. 1.67d.
120.2(1.
Mar. 13
14s. 1.56d.
1205. 3d.
Mar. 14
145. 1.56d.
Mar. 15
120s. 3d.
148. 2.08d.
Average
119s. 10.58d.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 6th inst. to mid-day on the 13th inst.:
Imports.
Exports.
£679,519
U. S. A
£3,204,473 Netherlands
191.100
British South Africa
2,351.885 Belgium
262,456
British West Africa
62.569 France
Australia
50,030
1.034.233 Switzerland
28,760
British India
509,306 Czechoslovakia
France
19,640
1,651.568 Austria
Netherlands
15,000
299.489 Arabia
59,206 Other countries
965
Egypt
Switzerland
29,896
17,584
Iraq
16,125
Brit h Malaya
' 14,984
Other countries
£1.247.470
19,251,318
Gold shipments from Bombay last week amounted to about £600.000.
The SS. Raiputana carries £213,000 consigned to London. £187.000 to New
York and £16,000 to Amsterdam; the SS. California has £144,000 destined
for London, and the SS. President Adams 140,000 for Marseilles.
The Transvaal gold output for February last amounted to 883.145 fine
ounces, as compared with 967,457 fine ounces for January 1933 and 914,012
fine ounces for February 1932.
SILVER.
The past week has been active in the silver market and prices have
shown wide fluctuations. Strong speculative demand was responsible for
rises of 7-16(1. and Md., respectively, for cash and two months' delivery on
the 9th inst., when the quotations touched 18 7-16(1. and 18 9-16d.; the
27.
28.
29.
30.
Per Con of Pa
1932.
1,067,425
Stocks
-No. of shares_ 520,317,000
Bands.
$12,712,000 $16,118,000
Domestic
715,000
485,000
Foreign government
1,135,000
672,000
Foreign corporate_ _ _
Total
Mar. Mar. Mar. Mae. Mar. Mar.
25.
1933.
153
Reichsbank (12%)
98
Berliner Handels-Gesell•chaft (5%)
53
Commerz-und Privat-Bank A.0
Deutsche Bank und Disconto-Gesellschaft.. 70
82
Dresdner Bank
Deutsche Relchshahn (Ger. RYs.) Pf.(7%) 100
Allgemeine Elektrizttaeta-Gesell. (A.E 0.)_ 37
118
derliner Kraft U. Licht (10%)
119
Deasauer Gas (7%)
97
Gesfuerel (4%)
112
Hamburg. Elektr.-Werke (8/4%)
157
Siemens & Halske (7%)
137
I. G. Farbenindustrie (7%)
209
Salzdetfurth (9%)
205
RheIntsche 13raunkohle (10%)
106
Deutsche Erdoel (4%)
76
Mannesmann Roehren
23
Hapag
24
Norddeutscher Lloyd
• Proposed.
153
99
53
70
62
100
36
115
119
99
109
166
136
208
206
104
75
23
24
148
99
53
70
61
99
33
111
117
93
107
156
131
198
204
98
70
21
22
147
98
53
70
61
99
31
111
115
92
106
158
128
200
207
98
69
21
22
141
97
53
70
61
99
29
108
111
88
104
146
119
196
200
94
64
19
20
31.
135
96
53
70
61
98
27
107
109
84
100
145
117
194
196
90
61
18
19
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of Mar.
31 1933:
Bid.
Ask.
34
37
Anhalt 75 to 1948
Argentine 5%, 1945, 1100
54
____
pieces
25
121
Antioquia 8%. 1946
____
AustrianDefaultedCoupons 170
22
Bank of Colombia,7%.'47 /18
22
Bank of Colombia, 7%,'48 /18
43
47
Bavaria 630 to 1945
Bavarian Palatinate cons.
30
34
Cit. 7% to 1945
18
Bogota (Colombia) 634,'47 /15
1 4
8
Bolovia 6%, 1940
Brandenburg Elec. 6s, 1953 5914 6014
4312
Brazil Funding 5%,'31-'51 42
British Hungarian Bank
34
614s, 1962
132
Brown Coal Ind. Corp.
67
68
6S5s. 1953
11
Cali (Colombia) 7%, 1947 f 10
Callao (Peru) 734%, 1944 1 712
912
8
Ceara (Brazil) 8%, 1947._ 1 4
City Savings Bank, Buda1 2312 3112
pest, 7s, 1953
____
Deutsche Bk 6% '32 unst'd 182
40
Dortmund Mun Utll 68,'48 35
27
30
Dulsberg 7% to 1945
33
Duesseldorf 7s to 1945.... 27
53
East Prussian Pr. 8(3, 1953. 52
European Mortgage & Investment 7)45, 1966.-- 1 3812 3912
107
French Govt. 514s, 1937- 105
French Nat. Mail 88.8s,'52 10112 10212
27
32
Frankfurt 78 to 1945
German Atl. Cable 78, 1945 7212 7512
German Building & Land34
38
...
bank 6 H% 1948
65
70
Haiti 6% 1953
64
Hamb-Am Line 634e to '40 60
Hanover Harz Water Wks.
6%, 1957
30
35
Housing & Real Imp 721,'46 52
56
31H
Hungarian Cent Mut 78'37 1 30
Hungarian Discount & Ex1 25
Change Bank 78, 1963_
26
Hungarian Defaulted Coup f 40
____
Jinni price.
Md.
Hungarian Hal Bk 730,'32 f eg
Koholyt 63
2s, 1943
35
Karstadt 68, 1943 C-D....-- 110
Land M Bk, Warsaw 8s,'41 5312
Leipzig O'land Pr. 632s,'413 8312
Leipzig Trade Fair 7s, 1953 33
Luneberg Power. Light &
Water 7%, 1948
44
Mannheim & Palat 78, 1941 54
Munich 78 to 1945
40
Munk.Bk, Hessen,78 to '45 30
Municipal Gas & Elea Corp
Recklinghausen, 78, 1947 38
Nassau Landbank 632s,'38 58
Nat Central Savings Ilk of
Hungary 730, 1962._ f 32i2
National Hungarian & Ind.
Mtge. 7%, 1948
1' 29i2
Oberpfalz Elea 7%, 1946-- 43
Oldenburg-Free State 7%
to 1945
30
Porto Alegre 7%, 1988
1 1314
Protestant Church (Germany) 78, 1948
38
Prov Bk Westphalia 68,'33 f 8212
Rhine Weitph Elec 78 1936 53
Rio de Janeiro 8%, 1933-- f 1012
Rom caul Church 03513.'46 54
It C Church Welfare 7s,'46 3812
Saarbruecken M Bk 88,'47 76
Salvador 7%, 1957
1 1312
Santa Catharins (Brazil)
8%, 1947
1 9
Santander (Colom) 7s, 1945 1 9
Sao Paulo (Brazil) 68, 1947 1 9l2
Saxon Public Works 5%,
'32 f 67
Saxon State Mtge 88, 1947 53
Siem & Halske deb 68, 2930 335
South Amer Rys 6%, 1933 5212
Stettin Pub Util 78, 1946._
49
Tucuman City 7s, 1951._ 1 13
Tucuman Prov. 78, 1950-- 1 18
Vesten Elea Ry 724. 1947._
30
Wurtenberg 7s to 1945-- 43
41,
1
WWWNWO,
• IWOIDONWW
-,
XX
$715,000 $1,135,000 814,562,000
THE BERLIN STOCK EXCHANGE.
The Berlin Stock Exchange resumed trading on Friday,
April 29 1932,after having been closed by Government decree
since Sept. 18 1931. Closing prices of representative stocks
as received by cable each day of the past week have been
as follows:
ObWNO
520,317 $12,712,000
$139,000 $1,186,000
178,000 2,355,000
185,000 2,991,000
193,000 2,373,000
127,000 2,579,000
313,000 3,078,000
NW
Sales at
Nero York Curb
Exchange.
$56,000
103,000
135,000
74,000
156,000
191,000
$991,000
2,074.000
2,671,000
2,106,000
2,296,000
2,574,000
(See page 2195.)
Total.
W
11.
,
Total
42,410
$4,375
105,880
94,195
67,807
125,650
-PER CABLE.
ENGLISH FINANCIAL MARKET
Bonds (Par Value).
FOTtifin
Foreign
Domestic. Government. Corporate.
W*
Saturday
Monday
Tuesday •
Wednesday
Thursday
Friday
Stocks
(Number
of
Shares).
£92,091
£128,691
Quotations during the week:
IN NEW YORK.
IN LONDON.
-Bat Silver per oz. std.
'Del.
(Per Ounce .999 Fine.)
Cash Deliey. 2 MOs.
Mar. 8
29i.c.
18 9-16d.
Mar. 9__A8 7-16d.
Mar. 9
183d.
30 Mc.
Mar. 10__ _18 3-16d.
Mar. 10
186-16(1.
30c.
Mar. 11-18qd.
Mar. 11
17 13-16(1.
2934c.
Mar. 13__ -17 d.
Mar. 13
28c.
Mar. 14__17 1-16d. 17 V,(1.
Mar. 14
17%cl.
27 Yic.
Mar. 15-17 9-1641.
18.052d.
Average_ - _17.979d.
On the resumption of dealings in dollars on the 13th inst. the opening
quotation on New York was $3.44; from March 13 to 15 the highest quotation was $3.48 and the lowest $3.38%.
INDIAN CURRENCY RETURNS.
Mar. 7.
Feb. 28.
Feb. 22.
(In Lacs of Rupees)
17,521
17,525
17.474
Notes in circulation
11,028
11.037
10,988
Silver coin and bullion in India
2,579
2.568
2.561
Gold coin and bullion in India
3,914
3,920
3,925
Securities (Indian Government)
The stocks in Shanghai on the 11th inst. consisted of about 161.300,000
ounces in sycee. 220,000.000 do,lars and 12.120 silver bars, as compared
with about 160,200.000 ounces in sycee. 217,500,000 dollars and 12.120
silver bars on the 4th inst.
*.41AW*W05$0.
..WOWNWb.0
X X
X
Week Ended
March 31 1933
April 1 1933
advance would have been much larger had it not been for heavy sales by
China. This quarter has been a persistent seller throughout the week
and, with an easing of the speculative demand,the market could offer little
resistance, consequently prices reacted sharply.
The Indian bazaars have supported the market, but New York, even
after the resumption of banking operations, has taken little interest.
A report was received on the 11th hurt. that a bill had been introduced
in the United States Senate embodying proposals for the acceptance of
silver in payment of the June installment of the British war debt; the news
did not occasion any fresh demand, the scheme being generally considered
as brimful of difficulties.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 6th inst. to mid-day on the 13th inst.:
Exports.
•
Imports.
£24,839 Yugoslavia
£73,500
Netherlands
31,300
21.095 Portugal
Japan
22,969 Germany
3,139
Mexico
16,234 Denmark
2,070
Australia
3,163 France
5,283
Canada
3,791 French Possessions in India
3.000
Other countries
Guatemala
3,535
Canada
2,351
Other countries
4,513
pANN,..pmcppyr,....+
"
1 00WWW0..4NO*0
X
X
2184
Financial Chronicle
Volume 136
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:
.3far.25 Mar.27 Mar.28 Mar.29 Mar.30 Mar.31
1933.
1933.
1933.
1933.
1933. 1933.
Francs. Francs. Francs. Francs. Francs. Francs.
Bank of France
11,100 11,100 11.100 11,100 11,000 11,100
Banque de Paris et Pays Bas
1,440
1,400
1.410
1,450
1,420 1,430
Banque d'Union Pariatenne
378
379
375
370
382
Canadian Pacific
220
205
213
208
209
216
Canal de Suez
16.380 16,305 16,210 16,225 16,300
Cie Distr d'Electricite
2,095
2,120
2,115
2,110
2,090
Cie Generale d'Electricite
2,070
1,960
1,990
1,960
1,970 2.010
Cie Generale Transatlantique..
55
55
56
55
58
Citroen B
489
465
489
480
480
Comptoir Nationale d'Eseompte 1,080
1,080
1,080
1,080
1,080 1.090
Coty Inc
190
190
200
190
190
200
Courrieres
310
313
297
303
294
Credit Commercial de France
753
758
754
744
746
_
Credit Fonder de France
4.610
4,560
4,550 4,540
4,480 4,400
Credit Lyonnais
2,060
2,030
2,020
2,030
2,040
2,020
Distribution d'Electricite Is Par 2.100
2,090
2,110 2,120
2,110
2,080
Emir Lyonnais
2,340
2,340
2,350
2,320
2,340
2,360
Energie ElectrIque du Nord__615
618
616
620
615
Energle Electrique du Littoral
890
886
895
885
895
French Line
55
54
55
55
56
56
Oaferias Lafayette
91
90
__91
.....Gas le Bon
820
820
820
820
820
820
Kuhlmann
520
520
520
520
520
520
L'Air Lluulde
740
730
710
750
740
700
Lyon (S. L. M.)
1.000
990
990
984
985
Mines de Courrieres
310
310
-250
300
300
290
Mines des Lens
390
400
400
390
400
390
Nord RY
1,310
1,380
1,350
1,360
1,360 1.350
Orleans Ry
955
944
944
Paris, France
850
"aio -iiiii "iiio
860
---Pathe Capital
89
95
98
95
92
Pechiney
960
960
-iiii
970
Rentes 3%
96071.20
71715
71.20
71.50
72.00
70.30
Rentes 5% 1920
109.60 109.90 110.10 110.60 110.10 109.40
neaten 4% 1917
81.00
80.60
81.50 82.10
81.40 80.80
Rentes 43.% 1932 A
87.00
88.20
87.10
87.10 87.40
86.90
Royal Dutch
1,410
1,450
1,410
1,440
1,400
1,420
Saint Gobain C.& C
1,180
1,170
1,158
1,165
1,160
Schneider & Cie
1,345
1,342
1,345
1,340
1,345
Sodete Andre Citroen
490
490
480
460
480
480
Societe Francslse Ford
83
84
82
80
76
Societe Generale Fenders
122
118
120
118
117
116
Societe Lyonnaise
2,340
2,345
2,365
2,355
2,345
-.-Societe afarsellaise
590
590
588
590
590
Suez
16,300 16,300 16,200 16,200 16,200 16,600
Tublze Artificial Silk Pref
141
147
143
142
142
Union d'Electricite
740
740
730
740
740
680
Union des Mines
Wagon-Lila
68
66
68
67
68
Bank Notes
-Changes in.Totals of, and in Deposited
Bonds, &c.
We give below tables which show all the monthly changes
in National bank notes and in bonds and legal tend9rs on
deposit therefor:
Amount Bonds
on Deposit to
Secure Circula
lion for National
Bank Notes.
$
Fe 5. 28 1933
806,026,070
.1st1. 31 1933
796.069.670
DcC. 31 1932
796,908.870
Nc v.30 1932
812.590,590
C. 31 1932
799,672,590
Se St. 30 1932
780,377.630
A g. 31 1932
793.600.490
Jully 30 1932
672,408,440
Ju se 30 1932
670,487,590
Ml11, 31 1932
669.827.590
r. 30 1932
668,882,490
MiIT. 31 1932
867,669,240
Fe b. 29 1932
884.944.440
$2,694,012 Federal Reserve bank
lawful money, against $2,830,140 on
National Bank Circulation
Afloat on
Bonds.
$
800,885,900
786.034,870
786,734,150
796,032,621
787,913,945
769,831.107
719,829.513
667,831,250
669,570,345
668.580.423
668,472,241
668,238,578
665.138 348
Legal
Tenders.
$
93,435,155
95,111.140
94,596.698
79,848.287
75.161.1155
62,191,678
63.576,840
66.046.173
67.103,868
70.036.500
71.523,840
71.700,685
67.238.875
Totals
$
894,321,055
881,148,010
881.330,848
875.880.908
863,075,900
832.022,785
783.408,353
733.877.423
738,674,213
738.616,923
737,996.081
737.939,283
732377 229
Total
Held.
566,713,200
47,133.860
24,094,560
56,843,450
35,951.900
27,757,400
18,070,450
28,425,250
31,000
1,005,000
566.713,200
47,133,860
24,094,560
56.843,450
35,951,900
27,757,400
18,070.450
28,425,250
31,000
1,005,000
806.026,070
806,026,070
The following shows the amount of National bank notes
afloat and the amount of legal tender deposits Feb. 1 1933
and Mar. 1 1933 and their increase or decrease during the
month of February:
National Bank Notes
-Total Afloat
Amount afloat Feb. 1 1933
Net increase during February
Amount of bank notes afloat March 1
Legal Tender Notes
Amount on deposit to redeem National bank notes Feb. 1
Net amount of bank notes redeemed in February
$881,146,010
13,175,045
$894,321,055
$95,111,140
1,675,985
Amount on deposit to redeem National bank notes March 1 1933_ $93,435,153
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Dec. 31 1932. Dec 31 1931.
$
474,689,559
554,751,994
Balance end of month by daily statements. Ao
Add or Deduct-Excels of deficiency of receipts over
-37.167.587 -10,255,920
or under disbursements on belated items
517,584.07
,
Total
Balance. deficit(-) or surplus(+)
464,433,639
36,075,776
85,227,068
4,277,570
891.611
32,355.068
82,555,299
4,577,585
3,887,109
126,472,025
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' cheeks
Discount secured on War Savings Certificates
Settlement on warrant cheeks
123,375,061
+391.112,382 +341,058,578
INTEREST
-BEARING DEBT OUTSTANDING.
interest Dec. 311932.
This of boars$
Parable.
3.0000015 of 1930
599,724,050
Q.
-J
2s of 1916-1936
48,954,180
Q -F
2s of 1918-1938
25,947,400
Q -F.
3.01 1961
49,800.000
-M.
Q.
3e conversion bonds of 1946-1947
28,894,500
Q.
-J.
Certificates of indebtedness
J -8. 2,284,458,100
334s First Liberty Loan. 1932-1947
.1 -J. 1,392,227,850
Ss First Liberty Loan, converted 1932-1947____J.-1).
5,002,450
43fs First Liberty Loan. converted 1932-1947-J.
-D. 532,491,150
3,492.150
:D
414s First Liberty Loan.2d cony., 1932-1947..._ J
4145 Fourth Liberty Loan of 1933-1938
A -O 6,268,099,450
4e Treasury bonds of 1947-1952
758,98 , 00
45 Treasury bonds of 1944-1954
1,036,834,500
1134s Treasury bonds of 1948-1956
489,087,100
354s Treasury bonds of 1943-1947
454,135,200
334s Treasury bonds of 1940-1943
352,994,450
3545 Treasury bonds of 1941-1943
544,916,050
314s Treasury bonds of 1946-1949
821,402.000
38 Treasury bonds of 1951-1955
766,531,350
43,453,360
23.4s Postal Savings bonds
3,298,775,600
Treasury notes
c75,954,000
Treasury bills, series maturing Jan. 11 1933
Treasury Wis, series maturing Jan. 18 1933
c75.110,000
c80,295,000
Treasury bills, series maturing Jan. 25 1933
c75,056,000
Treasury bills, serial maturing Feb. 8 1933
c75,480,000
Treasury bills, series maturing Feb. 15 1933
Treasury bills, series maturing Feb. 23 1933
c60,000,000
c100,000,000
Treasury bills, series maturing Mar. 1 1933
c100.039.000
Treasury hills maturing Mar. 29 1933
Treasury bills, series maturing Jan. 13 1932
Treasury bills. series maturing Jan. 25 1932
Treasury bills, series maturing Feb. 1 1932
Treasury bills, series maturing Feb. 81932
Treasury bills, series maturing Feb. 15 1932.
Treasury bills, series maturing Feb. 24 1932.
Treasury bills, series maturing Mar. 2 1932.
Treasury bills, serei maturing Dec. 30 1931.
Aggregate of interest-bearing debt
Bearing no interest
Matured, Interest ceased
Dec. 31 1931.
$
599,724,050
48,954,180
25,947,400
49,800,000
28,894,500
1,859,674.500
1,392,236,850
5,002,450
532,493,650
3,492,150
6,268,113,450
758,983,300
1,036,834.500
489.087,100
476,412,750
355,356,450
577,539,050
821,408,000
800.423,000
27,207,900
794,519,200
c51,641,000
c51,338,000
c60,921.000
c75,173,000
c75,410,000
c60,082,000
c100.490.000
c101,332,000
20,448,138,190 17,528,489,430
244,465,543
292,610,097
52,663,965
64.360,095
a20,805,108.382 17,825,618,943
391.112,382 +341,058,578
b20,413,996,000 17,484,560,365
Net debt
U. S. Bonds Held Feb. 28 1933 to Secure
28, U. S. Consols of 1930
24, U. S. Panama 01 1236
28, U.S. Panama of 1938
88. U. B. Treasury of 1951-1955
IlKs, U.S. Treasury of 1948-1949
334rs, U.S. Treasury of 1941-1943
Sis, U. S. Treasury of 1940-1943
3145, U. S. Treasury of 1943-1947
Es. U.S. Panama canal 01 1961
3s, U. S. convertible of 1946-1947
ings of the United States,as officially issued Dee. 31 1932,
delayed in publication, has now been received, and as interest
attaches to the details of available cash and the gross and
net debt on that date, we append a summary thereof, making
comparison with the same date in 1931:
Total.
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and National bank notes Feb. 28 1933:
On Deposit to On Deposit to
Secure Federal
Secure
Reserve Bank National Bank
Notes.
Notes.
Public Debt of the United States
-Complete Return
Showing Net Debt as of Dec. 31 1932.
The statement of the public debt and Treasury cash hold-
Total debt
Deduct Treasury surplus or acid Treasury deficit
notes outstanding March 1 1933, secured by
March 11933.
Bonds on Deposit
March 11933,
2185
a Total gross debt Dec. 31 1932 on the basis of daily Treasury statements was
520,805,556,791.76 and the net amount of publle debt redemption sand receipts
In transit, &c., was $448,409.25.
b No reduction is made on account of obligations of Foreign Governments or
other investments.
c Maturity value.
omuxercialand Wascellatteonsgem
BREADSTUFFS.
page 2277.)
better, and sold at the best price sinee September of last
year. The demand for cash corn was in larger volume
and country offerings were small. On the 27th inst. prices
closed unchanged to %c. up, after having been %c. to %c.
higher. May reached 29%c., the highest since Nov. 23 1932.
Some reaction came in the late trading. Weekly corn clearances decreased 500,000 bushels to 3,533,000 bushels. On
the 28th inst. prices were from % to %c. higher. Other
grains were strong, and corn moved in sympathy with them.
The proposed combination of the various farm boards into
one bureau, with the attendant saving of expense and increase in efficiency, had an excellent market effect. Cash
corn was strong, with offerings small. On the 29th inst.
corn prices advanced 14c. net, with shipping sales reported
/
from the interior up to 200,000 bushels. No. 2 white sold
at 32%c., the highest price In six months, and No. 3 yellow
was at a premium over May of 34 to %c. On the 30th inst.
7
trading slackened to some extent, but the. market was
firm most of the day. Toward the close prices were shaded
somewhat and finished % to %e. lower. White cash corn
was strong, with sales of No. 2 up to 3c. above the May
delivery. Country offerings were small, as has been the
rule lately. Primary receipts were 361,000 bushels, as
compared with 280,000 a week ago and 277,000 bushels a
year ago. Shipments were 269,000, 201,000 and 112,000
bushels, respectively. Cash houses were good buyers, particularly of the July contract. To-day prices closed % to
14c. higher, in sympathy with wheat. Shipping demand
/
was fair ana sales were put at upwards of 125,000 bushels,
while bookings were only 40.000 bushels. Final prices show
an advance for the week of 1 to 1%c.
(Carried forward from
Financial Chronicle
2186
April 1 1933
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
45% 45% 45%
44% 44% 453
No.2 yellow
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
29
29% 29% 29% 29% 29%
May
31% 31% 31% 31%
`" 30% 31
July
32% 32% 33
33% 32% 33
September
S. Season's High and When Made. I Season's Low and When Made.
23%
Feb. 28 1933
Aug. 8 1932IMay
40%
May
Feb. 28 1933
25
Oct. 4 1932 July
3434
July
Feb. 28 1933
26%
Mar. 29 1933 September
September
33%
Breadstuffs figures brought from page 2277.-A11
the statements below, regarding the movement of grain
receipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
OATS have held their advance with other coarse grains.
The cash position has been strong, and speculative interest,
while still not large, has been increasing. On the 25th inst.
prices advanced % to lc. On the 27th inst. futures closed
% to 14e. lower. Before the closing reaction, however, the
/
September delivery touched 19%c., a new high for the
season, and in the cash market No. 2 white fancy sold at
20%c., the highest price since last July. Closing prices on
the 28th inst. were % to %e. up. There was little change
In cash demand, but all grains were stronger on the news
from Washington proposing the consolidation of the various
and sometimes conflicting farm boards into one unit. On
the 29th inst. there was more interest in oats, although the
close was unchanged to only %c. higher. The May option
was particularly active, with a broadening inquiry. On the
30th inst., disregarding the action of wheat and corn, oats
closed unchanged to %c. higher. " All of the coarse grains
were relatively firm, and oats particularly so. To-day prices
followed those of other grain upward and ended %c. higher.
Final prices are % to %c. higher than a week ago.
bb19.1961be.bush.60 /bs. bush.56 lbs.bush. 32 lbs bush.481bs. bush.56Ibs.
89,000
3,000
370,000
82,000
671,000
187,000
Chicago
125,000 348,000
109,000
203,000
1,307,000
Minneapolis11,000
9,000
466,000
6.000
Duluth
55,000
63,000
20,000
6,000
5,000
17,000
Milwaukee_
32,000
73,000
83,000
Toledo
20,000
2,000
16,000
8,000
19,000
Detroit
264,000
216.000
30,000
Indianapolis..
18,000
144,000
287,000
308,000
158,000
St. Louis_ _ _
32,000
135,000
50,000
5,000
43,000
Peoria
811,000
172,000,
38,000
10,000
Kansas City
96,000,
45,000
104,000
Omaha
65.000
44,000
44,000
St. Joseph
2,000
103,000
1,000
Wichita
11,000
5,000
&ow
16,000
Sioux City _
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
No.2 white.28%-29% 29%-30% 2934-30% 2934-30% 2934-30% 293430%
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
n% A
19%
July
n
A
N
1934 AU 19%
September
A% n
A% AM A% 19%
When Made. I
Season's Low and When Made.
Season's High
15%
May
Mar. 3 1933
Aug. 8 1932 May
July
19q
Nov. 7 1932 July
16
Mar. 3 1933
164
Feb. 28 1933
September
195
Mar.29 1933 September
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
25% 25% 25% 25% 2434 24%
ay
24% 24% 24% 243
July
25
24%
..
RYE closed the week with marked strength. Cash and
speculative interest in rye have been more noticeable
/
recently. On the 25th inst. prices advanced 124c. with
wheat. On the 27th inst prices closed %c. lower. On the
28th inst. prices closed % to %c. higher in company with
wheat and other grains. On the 29th inst. rye advanced %c.,
with interest centered chiefly in the May contract. Trading
was more active than it has been for some time. On the
30th inst. rye broke away from the influence of wheat and
ended the day % to %c.(higher. To-day prices closed 1 to
1%c. higher, being influenced by the action of wheat. Final
prices show a rise for the week of 3% to 3%c.
DAILY CLOSING PRICES OF RYE FUTURES TN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
38% 38% 39% 395' 3934 41
May
38% 38% 3934 393k 40% 41%
July
September
41
Season's High and When Made. I Season's Low and When Made.
30% Nov 11932
May
42% Aug 10 1932 May
31
Dec 28 1932
July
41% Mar. 30 1933 July
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG.
Sat, Mon. Tues. Wed. Thurs. Fri.
May
3534 3434 354 3534 34% 35%
36
3534 36% 36% 35% 38%
July
BARLEY was the only grain in which there was active
trading to show a decline for the current week. This was
largely due to a lack of speculative interest and the fact
that brewers have apparently supplied their immediate
/
needs. On Vile 25th inst. prices advanced % to 34c. On the
27th inst. prices closed %c. off. On the 28th inst. May closed
24e. higher. The July delivery was not traded. On the
/
/
29th inst. the May option closed 14c. down, and July at
32%. There was more active trading and some increase
In interest. On the 30th inst., although futures declined
% to %c., the cash market was firm. According to Chicago
reports, brewers have bought 1,500,003 bu§hels of barley
malt, which is expected to cover their requirements up to
the end of the year. To-day prices ended unchanged to
%c. higher, in response to the advance in other grain. Final
prices are % to %c. lower than a week ago.
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
31% 31
31% 31
30% 304
July
32% 32% ____ 32% 31% 31%
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG.
Sat. Mon. Tue,s. Wed. Thurs. Fri.
May
30% 30% 30% 30% 29% 30
31
July
30% 31% 30% 30% 30%
Closing quotations were as follows:
GRAIN.
Oats. New York
Wheat, New YorkNo. 2 white
29
No. 2 red, c.i.f.. domestIc__75%
No. 3 white
Manitoba No. 1 f.o.b. N.Y__60
255c29
3
Rye No.2 f.o.b.bondN.Y.
4434
Chicago No. 2
nom.
Corn. New York45% Barley
No. 2 yellow, all rail-.
N. Y., c.i.f.. domestic_
48%
4534
No. 3 yellow, all rail
Chicago, cash
27(442
FLOUR.
Spring pat. high protein $4.15 $4.50 Ryeflour patents
$3.50@$.3.75
4.15 Semlnola. bbl.. Nos. 1-3 4.65(4 5.05
3.85
Spring patents
3.80
4.30 Oats goods
1.55
Cqears first spring
3.50
3.75 Corn flour
1.00(4 1.10
Soft winter straights
3.65
3.85
Hard winter straights
4.20 Barley goods
4.00
Hard winter patents_
Coarse
3.85
3.65
2.25
Hard winter clears
Fancy pearl Nos. ,
6.00
Fancy Minn. patents- 5.30
4 and 7
6.00
4.15(4 4.30
5.30
City mills
Receipts at-- I
Tot. wk.'33
Same week '32
Same week '31
Wheal.
Flour.
413,000
351,000
389,000
3,372,000
2,209,000
5,407,000
Corn.
Rye.
Oats.
I
1,919,000; 1,232,000
1,820,0001
787,000
4,670,0001 1,641,000
Barley.
151,000
120.000
189,000
578,000
666,000
530,000
SinceAug.112,738,000239,894,000 131,134,000 62,097,000 7,516,00028,337,000
1932
14,350,000245,540.000 92,717,000 51,205,000 5,158,00025.573,000
1931
14,700,000 334,111,000 148,395,000 85,081,000 17,106,00040,011,000
1930
Total receipts of flour and grain at the seaboard ports for
the week end Saturday, March 25 1933 follow:
Receipts al
-
Wheal. I
Flour.
Oats.
Corn.
I
Rye.
I Barley.
bbls.1981bs.bush.60lbs.bush.56 lbs.bush. 32 lbsibush.48lbs Ibush.561bs.
7,000
2,000
,
3,000
147,000
New York _ _ _
4,000
1,000
1,000
31,000
Philadelphia 10,000
8,000
4,000
1,000
7,000
Baltimore_ _ _
I
1,000
Newt News._
33,000
69,000
20,000
45,000
New Orleans *
2,000
19,000
Galveston_ _
I
2,000
21,000
Boston
2,000
105,000
34,000
Halifax
108,000
27,000
W. St. John._
Tot. wk.'33 313,000
Since Jan 1 '33 3,347,000
254,000
8,384,000
56,000
951,000
84,000
1,011,000
4,000
143,000
3,000
64,000
107.000
52,000
187,000
47,000
Week 1932_ _ _
330,000 1,486,000
861,000 1,537,000 1,328,000 458,000
Since Jan.1'32 3,941,000 18,059,000
through New Orleans for foreign ports
* Receipts do not include grain passing
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, March 25 1933, are shown in the annexed
statement:
Exports/TomNew York
Albany
Boston
Newport News
New Orleans
Galveston
Halifax
W.St. John
Total week 1933_
Rftma mopk 1519
Wheat.
Corn.
•
Flour.
Oats,
Rye.
Barley.
Bushels. Bushels. Barrels, Bushels. Bushels. Bushels.
31,000
11,850
224.000
80,000
1,000
90,000
3,000
2,000
1.000
34,000
105,000
2.000
27,000
108,000
548,000
2 0.54 000
90,000
9.000
77,850
99.860
4,000
29.000
201.000
47000
The destinat on of these exports for the week and since
July 1 1932 is as below:
Flour.
Exports for Week
Since
and Since
Week
Mar.25 July 1
July 1 to
1932.
1933.
Wheat.
Week
Mar. 25
1933.
Since
July 1
1932.
Corn.
Week.
Mar. 25
1933.
Since
July 1
1932.
Bushels.
Bushels. Bushels. Bushels.
Barrels. Barrels.
108,000 44.258,000
85,000 1,045,000
United Kingdom_ 51,975 1,524.676
433,000 67,817,000
594,940
3,000 3,623,000
Continent
5,505
103,000
9.443,000
2,000
So.0, Cent. Amer.. 2,000
11,000
3,000
127,000
431,400
West Indies
7.000
43,000
2.000
49,600
Brit. N. Am. Cols. 4.000
5,000
148,161
4,000
513.000
Other countries_
7.370
1,000
Total 1933
Total 1932
548,000 122,160,000
77,850 2,849,777
99,860 4,409,483 2,954,000 116,514,000
90,000 4,728,000
9,000
217,000
The visible supply of gzain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, March 25, was as follows:
United StatesBoston
New York
" afloat
Philadelphia
Baltimore
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
Sioux City
St. Louis
Indianapolis
Peoria
Chicago
- afloat
Milwaukee
" afloat
Minneapolis
Duluth
Detroit
Buffalo
" afloat
GRAIN STOCKS.
Wheat,Oats,
Bye,
Barley,
2sil
9 i
: '
.
bush,
bush.
bush.
bush.'
4,000
5,000
318.000
5,000
87,000
1,000
1,000
118.000
22,000
18,000
528,000
4,000
1.000
53,000
368,000
18,000
5,000
3,000
302,000
68,000
88,000
2,000
649,000
9,000
32,000
3,668,000
677,000
4,000
73,000
1,893,000
5,308,000
6,000
3,873,000 1,229,000
251,000
775,000
37,907,000
295,000
39,000
-815:065
14,127,000 2,669,000 1,646,000
60,000
44,000
196,000
143,000
1,315,000
4,000
11,000
3,832,000 2,326,000
564,000
4,000
9,000
559,000 1,615,000
380,000
7,000
4,000
280,000
8,540,000 14,358,000 3,629,000 1,155,000
474,000
231,000
780.000
375,000
5,532,000 1,899,000
646,000
29,000
514,000
70,000
353,000
187,000
24,124,000 1,016,000 10,251,000 3,533,000 5,284,000
15,953,000
457,000 2,868,000 1,574,000
994,000
140,000
14,000
26,000
28,000
35,000
4,334,000 6,443,000 1,063,000
593,000
626,000
2,800,000
403,000
175,000
Total Mar. 25 1933_135,922,000 35,180,000 22,853,000 7,597,000 8,344,000
Total Mar. 18 1933_139.127,000 35,818,000 23,597,000 7,899,000 8,461,000
Total Mar. 26 1932_202,269,000 21,910,000 15,930,000 9,190,000 2,877,050
Nofe.-Bonded grain not included above: Wheat, New York, 174,000 bushels:
Boston, 778,000; Buffalo, 2,364.000; Buffalo afloat, 2,858,000; Duluth, 4,000; Erie,
732,000: total, 6,710,000 bushels, against 12,301,000 bushels in 1933.
Wheat,
bush,
Canadian—
1,536,000
Montreal
Ft. William & Pt. Arthur 67,275,000
32,707,000
Other Canadian
Corn,
bush,
Rue,
Oafs,
bush.
bush.
800,000
350,000
1,525,000 1,833,000
785,000
2,160,000
4,035,000
Total Mar. 25 1933_101,518,000
3,952,000
Total Mar. 18 1933_100,202.000
5,094,000
Total Mar. 26 1932... 63,086,000
Summary—
135,922,000 35,180,000 22,853,000
American
4,035,000
101,518,000
Canadian
Barley,
bush.
390,000
1,560,000
873,000
3,418,000 2,823,000
3,454,000 2,948,000
8,831,000 4.556,000
7,597,000 8,344,000
3,418,000 2,823,000
Total Mar. 25 1933..237,440,000 35,180,000 26,888,000 11,015,000 11,167,000
Total Mar. 18 1933..239,329,000 35,818,000 27,549,000 11,153,000 11,409,000
Total Mar. 26 1932...265,355,000 21,910,000 21,024,000 18,021,000 7,433,000
The world's shipments of wheat and corn, as furnished by
Broomha11 to the New York Produce Exchange.for the week
ending Friday, March 24, and since July 2 1932 and July 1
1931, are shown in the following:
Corn.
Wheal.
Exports.
Week
March 24
1933.
St?We
Jaly 2
1932.
Since
July 1
1931.
Week
March 24
1933.
Since
July 1
1931.
Since
July 2
1932.
Bushels. I Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer. 2,986,000233,497,000236,806,000
141,000 5,394,000 1,799,000
Black Sea
72,000 19,360,000106,944,000 1,395,000 50,036,0001 22,872,000
Argentina._ _ 4,178,000, 69,020,000 95,142,000 866,000 155,673,000 2,910,000
Australia _
5,867,000119,234,000112,219,000
India
600,000
0th. countr's
160,000 21,645,000 26,182,000 1,131,000 27,808,0001 16,271,000
Total
13,063,000462,756,000577,893,000 3.533,000238,909,000333.852,000
National Banks.—The following information regarding
National banks is from the office of the Comptroller of the
.Currency, Treasury Department:
Capital.
Mar. 15—City
CHARTERS ISSUED.
Bank in Wichita Falls, Wichita Falls,
$400,000
President, J. T. Harrell; Cashier, Jack Jeffus.
Will succeed the City National Bank of Wichita Falls,
Wichita Palls, Tex., Charter No. 4248.
VOLUNTARY LIQUIDATIONS.
Mar. 17—The Farmers National Bank of Glasgow, Ky
Effective March 15 1933. Liquidating agent: The
New Farmers National Bank of Glasgow. .Ky.
Succeeded by the New Farmers National Bank of
Glasgow. Ky., Charter No. 13651.
Mar. 18—The Hominy National Bank, Hominy, Okla
Effective Feb. 18 1933. Liquidating agent, J. A.
Presbury, Hominy, Okla.
Succeeded by First State Bank, Fairfax, Okla,
Mar.20—The First National Bank of Grove, Okla
Effective Jan. 1 1933. Liquidating agent, Bank of
Grove, Grove, Okla.
Succeeded by Bank of Grove, Grove, Okla.
Mar.20—The First National Bank of Henderson, N. C
Effective March 15 1933. Liquidating agent, First
National Bank in Henderson, N. C.
Succeeded by First National Bank in Henderson,
Charter No. 13636.
Mar.21—The First National Bank of Sebree, KY
Effective March 20 1933. Liquidating agent, B. 0.
Warren, Sebree, Ky.
Absorbed by Sebree Deposit Bank, Sebree, Ky.
Mar.22—The Maury National Bank of Columbia, Tenn
Effective Feb. 27 1933. Liquidating committee:
W. B. Turner, L. Z. Turpin, and J. Shelby Coffey,
all of Columbia, Tenn.
Absorbed by Commerce Union Bank of Nashville, Tenn.
100.000
25.000
25,000
200.000
40.000
200,000
Auction Sales.—Among other securities, the following,
not actually dealt in at the 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.
i per Sh.
300 111 John Street Corp.. common, no Par
$200 lot
100 Sixth Avenue Bancorporation, Inc., common, no par
$125 lot
5 Dwelling Builders Mortgage Corp., pref., par 8100
$7 lot
234 Dwelling Builders Corp., corn., no par
$3 lot
1 Times Square Safe Deposit Co., par 5100
$5 lot
872 Times Square Trust Co. (172 shares $20 par and 200 shares $106 par).—El lot
1 American Woman's Realty Corp., common, par $50
$1 lot
1 American Woman's Realty Corp., preferred, par $100
$2 lot
15 Centmille Holding Corp., par $100
$1 lot
1,625 Fifth Ave. de 29th St. Corp., no Par
$2,700 lot
15 Morgenstern & Co., preferred class "A," no par
$4 lot
734 Morgenstern dc Co., common, no par
$1101
500 Henry Klein & Co., Inc., panic. pref., par $20
$2 lot
10 Henry Klein dr Co., Inc., common, no par
$1 lot
$850 lot
300 Underwriters Trust Co., par $20
$11 lot
34 Glen Oaks Holding Co., Inc., no par
8 Hennessy Radio Publications Corp., corn., par $10: 15 pref., par 110
83 lot
16
$3 lot
132 Gisburne Supply Co. (Mo.), Par $100
$35 lot
18 1-5 La Salle Petroleum Co., "B" corn. tr. ctf., no par; 9 1-10 pref. trust
$2 lot
etf., par $1
6 Long Island Bankers, Inc.,8% pref., par $106 •
$540 lot
4 Long Island Bankers, me., common, no par
$80 lot
50 units 1010 Fifth Avenue, Inc., consisting of 50 ails. 6% pref. stock (30%
$350 lot
redeemed) and 50 shs. common stock
60 units Prospect Hill Apartments, Inc., consisting of 50 abs. 6% pref. stock
$350 lot
(10% redeemed) and 50 ohs. common stock
51,000 lot
50 Commercial Investment Trust Corp., no Par
25 The National Beet Sugar Co., corn,, par $100; 10 The National Beet Sugar
Co., Pref., par $166; 3 No. 23 West 10th Street Corp.. prof., par $100_ __$10 lot
Undivided interest, representing an investment of $740.44 with K.S.M.
Realty Co., Inc., undivided 1-10th interest in purchase of tax liens from
$107 lot
City of New York
2 Federation Bank & Trust Co., ctfs. of dep., par 510
$14 lot
4 Amalgamated Housing Corp., pref., par $106
$300 lot
Per Cent.
Bonds.
$4 lot
1100 South Shore Yacht Club 1st mtge. gold bonds, us June 1 1935
$100 Freeport Lodge No. 1253, Benevolent & Protective Order of Elks, 1st
317 lot
mtge. gold bond, due April 1 1945
All right, title and interest in and to the following: Bond and mtge. dated
April 16 1929 in the principal sum of $9,500. reduced to the sum of $7,160,
$3,000 lot
With interest at the rate of 6% per annum
Bond 8, 2d mtge., $9,250, at 6%, duo Nov. 20 1934, subject to a 1st mtge.
$2,500 lot
of $19,690
-year 5% gold bonds,
$166 International Ladies* Garment Workers Union, 3
$30 lot
due Jan. 1 1932, together with coupons amounting to $17.50
By A. J. Wright & Co., Buffalo:
Shares, Stock.
10 Zenda Gold Mines, par $1
10 The Como Mines, par $1
2187
Financial Chronicle
Volume 136
$ Per Sh.
18c.
110.
By R. L. Day & Co., Boston:
$ Per sh.
Shares. Stock.
750.
493 Atlantic National Bank, Boston, par 310
10
5 Bank of Commonwealth, Madison, Wis., certificate of participations
50,(
1 Ludlow Manufacturing Associates
6
4 Colonial Trust, Par $200
$1 lot
50 International Match Corp., part. preference, par $35
25c. lot
2 Atlantic Securities Co., class A
4%
8 Saco Lowell Shops, 1st preferred, Par $100
32534
1 Boston Insurance Co., par $100
13
Trust
49 Massachusetts Investors
31
50 New England Power Association, pref., par $100
25
10 Western Massachusetts Companies
$500 lot
3,004 Wm,L. Gilbert Clock Co., par $100
Per Cent.
Bonds.
$355 lot
10,000 Russian rubles, issue of 1916
$2,000 Congregation Mishkan Tefila, 1st mtge. 5348. July 15 1945 elf. dep.13% List
Aug. 15 1929, due on demand, bearing
Promissory note for $50,000, dated
820,000
interest at 6%
By Barnes & Lofland, Philadelphia:
$ Per Sh•
Shares. Stock.
20
12 Central Penn National Bank, par $10
47
15 Philadelphia National Bank, par $20
8
25 Real Estate-Land Title & Trust Co., par $10
32 Pennsylvania Co. for Insurances on Lives Sr Granting Annuities. Par $10.- 27
80%
17 Girard Trust Co., par $10
15
25 Irving Trust Co., New York, par 510
634
4 Philadelphia Bourse, common, par $50
200
10 M. J. Kelly Co
17
25 Riverside Traction Co., common, par $50
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.
Books Closed
When
.
Per
Days Inclusive.
Share. Payable.
Railroads (Steam).
Cinc. Sand.& Cleve.6% pref. (8.-a.)--. 154% May 1 Holders of rec. Apr. 15
Clev.Clue.& St. Louis5% pref.(guar.). 154% Apr. 29 Holders of rec. Apr. 20
Minneap. St. Paul & S. S. Marie
Apr. 1 Holders of rec. Mar. 20
$2
4% leased line (s.
-a.)
85 fr.
Nord Ry. Co
May 19 Holders of rec. Apr. 29
Norfolk & Western adjust. pref.(quar.)- 31
Public Utilities.
50e May 1 Holders of rec. Apr. 144
Amer. Light & Trac. Co. common (qu.).
154% May 1 Holders of rec. Apr. 14a
Preferred (guar.)
Mar. 31 Holders of rec. Mar.31
$2
Bell Telephone of Penn(quar.)
88c Apr. 1 Holders of rec. Mar.25
Birmingham Elec. Co.$7 pref.(guar.)._
75e Apr. 1 Holders of rec. Mar.25
$6 preferred (guar.)
British Columbia Telep.6% pref. (cm.). 1134% Apr. 1 Holders of rec. Mar. 15
88c Apr. 1 Holders of rec. Mar.25
California Power & Light $7 prof
750 Apr. 1 Holders of ree. Mar.25
$6 preferred
Calif.
-Ore. Pow.Co.7% pref.(guar.)... 154% Apr. 15 Holders of rec. Mar.31
154% Apr. 15 Holders of rec. Mar.31
6% preferred (guar.)
134% Apr. 15 Holders of rec. Mar.31
6% preferred series 1927(quar.)
.
Canadian Fairbanks Morse 6% pf. (qu.) 154% Apr. 15 Holders of rec. Mar.31
200 May 1 Holders of rec. Mar.31
Central Hudson Gas 8, El. com.(guar.).
154% Apr. 1 Holders of rec. Mar.24
6% preferred (guar.)
(guar.)_ 134% Apr. 15 Holders of rec. Mar.31
Central Kansas Power 7% pref.
154% July 15 Holders of rec. June 30
7% preferred (guar.)
154% Oct. 15 Holders of rec. Sept. 30
7% preferred (quar.)
154% 1-15-34 Holders of rec. Dec. 31
7% preferred (guar.)
134% Apr. 15 Holders of rec. Mar.31
6% preferred (guar.)
134% July 15 Holders of rec. June 30
6% preferred (quar.)
154% Oct. 15 Holders of rec. Sept.30
6% preferred (guar.)
154% 1-15-34 Holders of rec. Dec. 31
6% preferred (guar.)
Central Maine Power Co.7% pref. (qu.) 134% Apr. 1 Holders of rec. Mar. 10
154% Apr. 1 Holders of rec. Mar. 10
6% preferred (guar.)
$154 Apr. 1 Holders of rec. Mar. 10
$6 preferred (guar.)
Chesapeake & Potomac Telep. pf.(qu.). $144 Apr. 15 Holders of ree. Mar.31
Chester 8,Philadelphia Ry.common illy. omitted.
$134 May 1 Holders of rec. Apr. 15
Commonwealth Edison (guar.)
May 1 Holders of rec. Apr. 20
Dayton Pow.& fight,6% pref.(mthly). 50c
Florida power & Light Co.—$7 pref. cll./. omitted.
$134 Apr. 15 Holders of rec. Mar.31
Harrisburg Gas pref. (quar.)
Hartford Electric Light Co.(guar.)._ 68540 May 1 Holders of rec. Apr. 15
56c Apr. 1 Holders of rec. Mar. 28
Haverhill Gas Light Co.(guar.)
Apr. 3 Holders of ree. Mar.24
$3
Holyoke Water Power Co.(guar.)
Houston Nat. Gas Corp. pref.(guar.)... 8754e Mar. 31 Holders of rec. Mar.22
Internat. Utilities Corp. 57 pref. (qu.). - $154 May 1 Holders of rec. Apr. 154
87540 May 1 Holders of rec. Apr. 154
5334 preferred (guar.)
4334c Apr. 15 Holders of rec. Apr. 33
$134 preferred (guar.)
Kansas City Gas Co.
134% Apr. 10 Holders of rec. Mar.31
6% 1st and 2nd pref.(guar.)
Apr. 10 Holders of rec. Mar.31
32
Quarterly
Apr. 1 Holders of rec. Mar. 31
Kansas City Sou. Ky.
pref. (qu.).... 50e
900 Apr. 13 Holders of rec. Apr. 8
Lawrence Gas & Elec. Co.(quar.)
Co..
1)4% May 15 Holders of rec. Apr. 39
Los Angeles Gas & El.6% pref.(qu.)
$134 Mar.31 Holders of rec. Mar.20
Lynn Gas & Electric (guar.)
35c Apr. 15 Holders of rec. Mar.28
Maine Gas Companies,common (guar.).
3154 Apr. 15 Holders of rec. Mar.28
Preferred (guar.)
$151 Apr. 1 Holders of ree. Mar.20
Middle States Tel. Co. (Ill.) pref. (au.).
Milwaukee El. Ky.& Lt. Co.6% pf.(qu) 154% May 1 Holders of rec. Apr. 20
$134 Mk. 1 Holders of rect. Mar. 20
Missouri Edison pref. (guar.)
Mississippi Power Co. $7 pref. (guar.)._ $134 Apr. 1 Holders of ree. Mar. 21
5154 Apr. 1 Holders of rec. Mar.21
$6 preferred (guar.)
Apr. 15 Holders of rec. Mar.81
$2
Mountain States Tel. & Tel. Co
50 Apr. 20 Holders of rec. Apr. 10
Mutual Telep. (Hawaii)(monthly)
May 1 Holders of rec. Mar.30
Nevada-California Else. corp.pref.(gu.) $1
750 Apr. 15 Holders of rec. Mar. 24
New Bedford Gas & Ed. Lt. Co.(qu.)...
10540 Aug. 15 Holders of rec. Mar. 3
New Brunswick Telep (quar.)
New On. Pub. Serv. Inc. pref. (guar.)._ 8754c Apr. 1 Holders of ree. Mar. 24
Northern Indiana Pub.Ben.7% pt.(qu) 875443 Apr. 14 Holders of rec. Mar. 31
,
750 Apr. 14 Holders of rec. Mar. 31
6% preferred (guar.)
6834e Apr. 14 Holders of rec. Mar.31
554% preferred (guar.)
Otter Tail Power Co.(Del.) pref.((in.)._ El% Apr, 1 Holders of rec. Mar. 15
$134 Apr. 1 Holders of rec. Mar. 15
8554 preferred (guar.)
950 Apr. 1 Holders of rec. Mar. 10
Philadelphia Traction Co
95e Air. 1 Holders of rec. Mar.10
Certificates of deposit
Philadelphia Electric $5 pref. (quar.).... $134 May 1 Holders of rec. Apr. 10
Power Corp.of Can.,Ltd.,6% pf.(rm.). 154% Apr. 15 Holders of rec. Mar. 31
155% Apr. 15 Holders of rec. Mar.31
6% non-cum. partic. pref.(quar.)
Public Service Co.of Incl.$7 prof.(qu.). $154 Apr. 15 Holders of rec. Mar.81
$6 preferred (guar.)
$154 Apr. 15 Holders of rec. Mar.31
San Diego Consol. Gas .I: Pow. pt.(au.). 134% Apr. 15 Holders of rec. Mar.31
Southern California Gas Corp.—
s6 ii preferred (quar.)
$144 May 31 Holders of rec. Apr. 30
25e May 15 Holders of rec. Apr. 29
Southern Can.Pow.Co.,Ltd.,com.(qu.)
Southern New Eng. Telep. corn. (guar.) 3154 Apr. 16
Superior Water, Lt.& Pr. 7% pt.(cm.). 154% Apr. 1 Holders of rec. Mar.28
154% May 1 Holders of rec. Apr. 15
Suburban El. Sec.6% 1st pref.(clu.)._
Texas Electric Service $6 pref. (guar.)._ $134 Apr. 1 Holders of ree. Mar.21
Union Public Service (Minn.)
7% pref. A (guar.)
d134% Apr. 1 Holders of rec. Mar.21
(1154% Apr. 1 Holders of rec. Mar.21
7% preferred B (guar.)
(1154% Apr. 1 Holders of rec. Mar.21
6% preferred C (guar.)
dl54% Apr. 1 Holders of rec. Mar. 21
6% preferred D (guar.)
United Illuminating Co.(Conn.)(qu.)
500 Apr. 1 Holders of rec. Mar.27
United Gas Pub. Serv. Co.(Del.)—
$154 Apr. 1 Holders of rec. Mar.27
$6 preferred (guar.)
2188
Name of Company.
Public Utilities (Concluded).
West Texas Utilities Co.$6 pref.(qu.)
Wisconsin Pow.& Lt. Co.7% pf.(qu.)
Financial Chronicle
Per
When
Share. Payable.
81M Apr. 1 Holders of rec. Mar. 15
$1.16 3 Mar. 15 Holders of rec. Feb. 28
,
Fire Insurance Companies.
Aetna Fire Insurance Co.(guar.)
40c
Buffalo Insurance Co.(guar.)
$3
Firemen's Fund Ins. Co. (guar.)
750
Hartford Steam Boiler Inspection &
Insurance Co. (guar.)
400
400
New Hampshire Fire Ins. Co.(quar.)...
North River Ina. Co. (guar.)
Inc
Providence Washington Ins. Co.(guar.)
20c
Reliable Fire Ins. Co.(Ohio) (quar.)90c
•
Books Closed
Days Inclusive.
Apr. 15 Holders of rec. Mar. 27
Mar. 31 Holders of rec. Mar. 21
Apr. 15 Holders of rec. Apr. 5
Apr. 1 Holders of rec. Mar. 29
Apr, 1 Holders of rec. Mar. 21
June 10 Holders of rec. June I
Mar. 31 Holders of rec. Mar. 23
Apr. 1 Holders of rec. Mar. 29
Name of Company.
April 1 1933
When
Per
Share. Payable.
Books Closed
Days Inclusive.
Miscellaneous (concluded).
Morrison Cafe, Inc., pref.(guar.)
$134 Apr. 1 Holders of rec. Mar. 24
Motor kroducts—Common div. omitted .
Nashua Gum.& Coat. Pap. Co. pref.(qu) $IM Apr. 1 Holders of rec. Mar. 28
Naumkeag Steam Cotton Co.(guar.)._
750 Apr. 1 Holders of rec. Mar. 25
National Equity Co., Inc., pref.(qu.)___
2% Apr. 1 Holders of rec. Mar. 20
National Steel Car Corp.—Common div. omitted .
New Jersey Zinc Co.(guar.)
50e May 10 Holders of rec. Apr. 20
North & Judd Mfg. Co.(guar.)
250 Mar. 31 Holders of rec. Mar. 20
Neilson (Wm.), Ltd., pref. (guar.)
UM Mar. 31 Holders of rec. Mar. 27
New York Trap Rock-57 pref. div. oml Hod.
Oahu Ky.& Land Co.(monthly)
15c Apr. 16 Holders of rec. Apr. 12
Oahu Sugar Co., Ltd.(monthly)
5c Apr. 15 Holders of rec. Apr. 6
Onomea Sugar Co.(monthly)
20e Apr. 20 Holders of rec. Apr. 10
Pacific Finance Co.of Calif.(quar.)— _
Sc Apr. 1 Holders of rec. Mar. 27
Pacific Portland Cement Co. pref.—Div. ornate d.
Peaslee-Gaulbert Corp., pref. (quar.)
8134 Apr. 1 Holders of rec. Mar. 25
Pa. Co.for Ins. on Lives & Granting
40c Apr. 1 Holders of rec. Mar. 27
Annuities (guar.)
Peter Paul. Inc.(guar.)
250 Apr. 1 Holders of rec. Mar. 20
Pioneer Mill Co., Ltd. (monthly)
Sc May 1 Holders of rec. Apr. 21
Plymouth Cordage Co.common (quar.)_ 81.125 Apr. 20 Holders of rec. Mar. 31
Polygraphic Co. of Amer., pref. (quar.)_
250 Apr. 5 Holders of rec. Mar. 31
Provincial Paper Co., Ltd., 7% p1.(qu.) 144% Apr. 1 Holders of rec. Mar. 15
Railways Corp.—Dividend omitted.
Rice Ranch Oil Co.(guar.)
13413 Apr. 1 Holders of rec. Mar. 27
St. Louis National Stockyards (Del.)._
$134 Apr. 1 Holders of rec. Mar. 27
San Carlos Milling (monthly)
20c Apr. 15 Holders of rec. Apr. 7
Schoeneman (J.), Inc., 7% pref.(qu.)
1 44% Apr. 1 Holders of rec. Mar. 22
Silverwood Dairies, Ltd., pref.(quar.)
$1
Apr. 3
Sloan & Zook Prod. Co.—Div. omitted.
Smyth Manufacturing Co.(guar.)
37140 Apr. 1 Holders of rec. Mar. 27
South Franklin Process Co., pref.(qu.)
$134 Apr. 10 Holders of rec. Mar. 31
Sparks Withington Co. pref.—Div.°mitt ed.
State & City Bldg. Corp., pref. (guar.)._ $114 Apr. 1 Holders of rec. Mar. 20
State Street Invest. (Boston)(guar.)._
40c Apr. 15 Holders of rec. Mar. 31
Superior Portland Cement (monthly).— 2
734c May 1 Holders of rec. Apr. 22
Tacony-Paimyra Bridge Co.
134% May 1 Holders of rec. Apr. 10
734% preferred (guar.)
Tamblyn (G.), Ltd., 7% pref. (guar.)._ 134% Apr. 1 Holders of rec. Mar. 22
Texas Corp.(quar.)
25e
Apr. 1 Holders of rec. Mar. 3a
Towle Mfg. (guar.)
UM Apr. 1 Holders of rec. Mar. 25
Trumbull Cliffs Furnace 6% pref. (qu.) 134% Apr. 1 Holders of rec. Mar. 30
Tucket Tobacco Co., Ltd.,7% p1.(qu.) 134% Apr. 15 Holders of rec. Mar. 31
Twin Bell Oil Syndicate (monthly)
$4
Apr. 5 Holders of rec. Mar. 31
Union Stock Yards Co.of Omaha, Ltd-- $134 Mar.31 Holders of rec. Mar. 21
United States Smelting, Ref.& Min. Co.
Common (guar.)
25e Apr. 15 Holders of rec. Apr. 3
8734c Apr. 15 Holders of rec. Apr. 3
Preferred (guar.)
Upson Co., pref. (guar.)
$134 Apr. 1 Holders of rec. Mar. 24
Wallace Sandstone Quarries, Ltd.(s-a)._ $1
Apr. 15 Ifolders of rec. Mar. 31
Western Biscuit Co.(guar.)
25c Apr. 1 Holders of rec. Mar. 20
Western Tablet & Sta. Corp. pref.(qu.)- 8134 Apr. 1 Holders of rec. Mar. 21
Wichita Union Stock Yards.—Div.omitt ed.
Worthington Ball. pref. A—Div.omitted,
Wrigley (Wm.)Jr. Co.(monthly)
250 June 1 Holders of rec. May 20
Monthly
25e July 1 Holders of rec. June 20
Monthly
250 Aug. I Holders of rec. July 20
Yosemite Holding Corp.—Prof. div. orn1 tted.
Miscellaneous.
Adams Express Co.
-5% pref. div. omit ted.
Aetna Casualty & Surety (guar.)
40c Apr. 1 Holders of rec. Mar. 25
Agricultural Insurance (guar.)
50c Apr. 1 Holders of rec. Mar. 25
Alaska Juneau Gold Min. Co.(guar.).-15c May 1 Holders of rec. Apr. 10
Allied Chemical & Dye Corp. com.(qu.)
$1M May 1 Holders of rec. Apr. 11
Aluminum Co.of Amer., pref.(guar.).
37,5c Apr. 1 Holders of rec. Mar. 15
American Can Co. common (guar.)
31
May 15 Holders of rec. Apr. 240
Amer. Home Products Corp. (mthly.)..
250 May 1 Holders of rec. Apr. 140
American Ice pref. (guar.)
$155 Apr. 25 Holders of rec. Apr. 7
Amer Natl Co. 7% pref. A & B (qu.)-- 1,4% Apr. 1 Holders of rec. Mar. 20
American Ship Building Co.(quar.)...50c May I Holders of rec. Apr. 15
'
American Tissue Mill—Pref,div. omitted
American Trustee Share Corp. series D.- .
3.16983 Apr. 1
Annapolis Dairy Prod., pref.(guar.). -- $144 Mar. 31 Holders of rec. Mar. 25
Apex Elec. Mfg., pref.—Div. omitted.
Associated Electric Industries, ord reg-- zw4%
Holders of rec. Mar. 23
zw4%
Amer. dep. rec. for ord. reg
Holders of rec. Mar. 29
Atlantic City Sewerage Co. (guar.)...- 25e
Mar.31 Holders of rec. Mar. 31
Autoline Oil Co.of Balt. 8% pref. (qu.)_
20c Apr. 1 Holders of rec. Mar. 24
Automatic Signal Acceptance (bi-mo.). _ 60c
Apr. 1 Holders of rec. Mar. 15
Automobile Ins. of Va., pref.(quar.)25c Apr. 1 Holders of rec. Mar. 25
Badger taint kr Hardware Stores—Fret. div. act ion defe reed.
Baldwin Co., 6% pref. (guar.)
134% Apr. 15 Holders of rec. Mar. 31
Bancroft (Jos.) & Sons Co., no div.acne 0.
Banditti Petroleum Co. (monthly)
Sc
Apr. 20 Holders of rec. Mar. 31
Bibb Manufacturing Co..corn.(quar.)_ _ 750
Apr. I Holders of rec. Mar. 31
Belding Corticelli, Ltd.(guar.)
$1
May 1 Holders of rec. Apr. 15
Bloomingdale Bros., tiref. (guar.)
$134 May 1 Holders of rec. Apr. 20
Boots Pure Drug Co., Ltd.—
American depositary rec. ord. reg—. rug% Apr. 7 Holders of rec. Mar. 22
Bridgeport Hydraulic Co. (guar.)
40c
Apr, 15 Holders of rec. Mar. 31
Buffalo General Laundries—r ref. div.orn Med.
Burger Bros. 8% pref. (guar.)
81
Apr. 1 Holders of rec. Mar. 15
8% preferred (guar.)
81
July 1 Holders of rec. June 15
8% preferred (guar.)
$1
Oct. 1 Holders of rec. Sept. 15
Burroughs Adding Mach. (guar.)
10c
June 5 Holders of rec. May 5
Byllesby & Co., pref. div. omitted.
Colombo Sugar Estates, corn. (quar.).. 40c
July 1 Holders of rcc. June 15
7% preferred (quar.)
35c
July 1 Holders of rec. June 15
Canada Bud Breweries (guar.)
15e
Apr. 15 Holders of rec. Mar. 31
Carey (Philip) Mfg. Co.,6% pref. div. o witted,.
Case. Lockwood, Brainard Co.(guar.)._
$234 Apr. 1 Holders of rec. Mar. 6
Central Franklin Process,7% tat pt.(qu) 134% Apr. 1 Holders of rec. Mar. 31
7% 2nd preferred (guar.)
$1
Apr. 1 Holders of rec. Mar. 31
Chicago Trans.& Clear.Co.6% Pfd. u.) 134% Apr. 1 Holders of rec. Mar. 21
(9
Below we give the dividends announced in previous weeks
Chickasha Cotton 011 Co
250
May 1 Holders of rec. Apr. 14
Chipman Knitting Mills,7% pref(s-a).- 334% July 1 Holders of rec. June 30
and not yet paid. This list does not include dividends anCincinnati Union Stockyards, corn.(qu.) 40c
Apr. 1 Holders of rec. Mar. 28
nounced this week,these being given in the preceding table.
Cleveland Cliffs Iron—Tref. div. passed.
Clinton Title & Mtge. Guarantee (s.-a.) 20c
Apr. 1 Holders of rec. Mar. 23
Per
When
Columbus Auto Parts Co., 7% pt. (tau.) 1%% Mar. 31
Books Closed
Name of ComPanY.
Share. Payable,
Cocoran Brown Lamp,7% pref. (qu.)
1 M % Apr. 1 Holders of rec. Mar. 20
Days Inclusive.
Consol. Chemical Indust., pref. A (qu.) 3734% May 1 Holders of rec. Apr. 15
Railroads (Steam).
Apr, 25 Holders of rec. Apr. 15
Consolidated Royalty Oil (quar.)
Sc
Alabama & Vicksburg (5.
3%
Apr.
-11.)
Holders of roe. Mar. 8
Corn Products Refining Co., corn. (qu.) 75c
Apr. 20 Holders of rec. Apr. 3
Atlanta & Charlotte Air Line(s-a)
$4,4 Sept.
Holders of roe. Aug. 20
Preferred (guar.)
$134 Apr. 15 Holders of rec. Apr. 3
Bangor & Aroostook common (guar.)—
500 Apr.
Holders of ree. Feb. 28a
Denver Un. Stock Yards Co., corn.(go.) 500
Apr. 1 Holders of rec. Mar. 20
Preferred (guar.)
134% Apr.
Holders of rec. Feb. 284
Devonian Oil Co (guar.)
150
Apr. 20 Holders of rec. Mar. 31
Beech Creek_ _
500 Apr.
Holders of rec. Mar. 15
Discount Corp. of N. Y.(guar.)
$3
Apr. 1 Holders of rec. Mar. 31
Belt RR. & Stockyards (Qua!'.)
75e Apr.
Holders of rec. Mar. 20
District Bond Co. (Calif.),6% Pf. (qe.) 3734c Apr. 1 Holders of rec. Mar.28
Preferred (guar.)
750 Apr.
Holders of rec. Mar. 20
Dominion Rubber, pref. (guar.)
$IM Apr. 12 Holders of rec. Apr. 6
Boston & Providence (guar.)
22.125 Apr.
Holders of roe. Mar.20e
Dominion Stores, Ltd. (guar.)
30c
Mar. 30 Holders of rec. Mar. 15
Quarterly...
32.125 July
Holders of roe. June 20a
Dominguez Oil Fields Co.(monthly).— 15c
Apr. 1 Holders of rec. Mar.24
Quarterly
32.125 Oct.
Holders of rec. Sept.20e
Duncan Mills Co., 7% pref.(guar.).— 144% Apr. 1 Holders of rec. Mar. 22
Carollna Clinchtield dc Ohio (guar.)
$1
Air. 1 Holders of rec. Mar 31
Eagle Lock Co. (guar.)
50o
Apr. 1 Holders of rec. Mar. 24
Stamped certificates (guar.)
$134 Apr. 1 Holders of rec. Mar.31
Eastern Dairies, Ltd.—Pref. dlv. omitt ed.
Chesapeake Corp.(guar.)
Boo Apr. Holders of rec. Mar. 8
Eureka Pipe Line (guar.)
May 1 Holders of rec. Apr. 15
$1
Chesapeake & Ohio. common (Gust.)_
% Apr. Holders of rec. Mar. Sc
Faber, Coe & Gr., pref. (guar.)
3134 May 1 Holders of rec. Apr. 20
$3
Preferred (semi-annual)
July
Holders of rec.
8
Fafnir Bearing Co. (guar.)
750
Apr. 1 Holders of rec. Mar. 23
Chicago Junction, common (gaar.)
3214 Apr. Holders of rec. June 15
Mar.
134% Apr. 1 Holders of rec. Mar. 24
Fiberlold Corp., 7% pref. (guar.)
Preferred (guar.)
$1% Apr.
folders of rev. Mar. 15
Apr. 20 Holders of rec. Mar. 24
Firestone Tire & Rubber Co. (quar.)--- 100
Cincinnati Union Terminal 5% pf.(qu.).
Apr.
Holders of rec. Mar. 22
First Finance Co. of Detroit (quar.)- — 3734c Apr. 1 Holders of rec. Mar. 27
Cleveland & Pittsburgh. guar (guar.)._ 8
1V7e June
Holders of ree. May 10
3734c Apr. 1 Holders of rec. Mar. 27
Class A (guar.)
Special guaranteed (guar.)
50c June
Holders of roe. May 10
3734c Apr. 1 Holders of rec. Mar. 27
First Finance Co.of Iowa,$1,4 Pf.
Guaranteed (guar.)
87Me Sept.
Holders of reo. Aug. 10
87140 Apr. 1 Holders of rec. Mar. 27
Class A (guar.)
Special guaranteed (guar.)
500 Sept. Holders of roe. Aug. 10
First Security Corp. of Iowa (quar.)... 3734c Apr. 1 Holders of rec. Mar. 27
Guaranteed (guar.)
87,40 Dec.
Holders of roe. Nov. 10
3734c Apr. 1 Holders of rec. Mar. 27
Class A (guar.)
Special guaranteed (guar.)
500 Dee.
Holders of roe. Nov. 10
First Shares Corp Dee Moines (guar.).- 37M c Apr. 1 Holders of rec. Mar.27
Erie& Pittsburgh 7% guaranteed (guar) 87140 June 1 Holders of roe. May 31
3714c Apr. 1 Holders of rec. Mar. 27
Class A (guar.)
7% guaranteed (gust.)
87340 &Vt. 1 Holders of rec. Aug. 31
Foster Wheeler Corp., no pref. div. acti On.
7% guaranteed (guar.)
8714 o Dec. 10 Holders of roe. Nov.30
750
Apr. 1 Holders of rec. Mar.22
Frick Co., pref. (guar.)
Guaranteed betterment (guar.)
80c June 1 Holders of roe. May 31
134% Apr. 1 Holders of rec. Mar. 24
Fuller Brush Co., 7% pref. (guar.)
Guaranteed betterment (gust.)
80e Sept. 1 Holders of rec. Aug. 31
General Mills (guar.)
750
May 1 Holders of rec. Apr. 15
Guaranteed betterment (guar.)
800 Dee. 1 Holders of rec. Nov.
Gorham Mfg. Co
$1
Mar.31 Holders of rec. Mar. 25
30
Dayton & Michigan (semi-ann.)
87,40 Apr. 1 Holders of roe.
Grace(W. R.)& Co.,6% pref. (s.
3% June 30 Holders of rec. June 28
Mar. 16
-a.).8% preferred (guar.)
$1
Apr. 4 Holders of roe. Mar. 16
3% Dec. 29 Holders of rec. Dec. 27
6% preferred (5.-a.)
Delaware RR. Co.(8.-a)
Si
July 1 Holders of rec. June 15
Preferred A (guar.)
Mar. 31 Holders of rec. Mar. 29
$2
Georgia RR. & Banking Co
$214 Apr. 15 Holders of rec. Apr. 1
Preferred B—Div. omitted.
Grand Rapids & Indiana (8.-a.)
$2
June 20 Holders of rec.
May 1 Holders of rec. Apr. 24
Great Lakes Engineering Works
Sc
Joliet & Chicago 7% guar. (guar.)
81,4 Apr. 3 Holders of rec. June 10
Mar. 22
81.125 Apr. 1 Holders of rec. Mar.23
Hart & Cooley Co., Inc. (guar.)
Kansas City Southern, pref. (guar.).... 50o
Apr. 15 Holders of rec. Mar.31
Hawaiian Commercial & Sugar Co.(mo ) 25c
May 5 Holders of rec. Apr. 24
Lackawanna RR.of N.J. 4% gtd.(qu.)- $1
Apr. 1 Holders of roe. Mar.
Hawaiian Sugar Co. (monthly)
Apr. 15 Holders of rec. Apr. 10
20c
Mahoning Coal RR.com.(guar.)
$614 May 1 Holden; of rec. Apr. 1
Heller (Walter E.) & Co
2140 Mar. 31 Holders of rec. Mar. 31
Mill Creek & Mine Hill Nay.& RR.(0-a) $134 July 10 Holders of rec.
July
4334c Mar. 31 Holders of rec. Mar. 31
7% preferred (guar.)
New London Northern (guar.)
$214 Apr. 1 Holders of rec. Mar. 1
Hercules Powder Co., pref. (quar.)... UM May 15 Holders of rec. May 4
N.Y.,Lacka.& Western,5% gtd..(gu.). $1,4
Apr. 1 Holders of rect. Mar. 1
Hershey Chocolate Corp., corn. (guar.). 75c
May 15 Holders of rec. Apr. 25
North Carolina (5.-a.)
3,4
Aug. 1 Holders of roe. July 2
Preferred (guar.)
May 15 Holders of rec. Apr. 25
Si
North. RR. of New Jer. 4% glob. (guar.) SI
June 1 Holders of reo. May 2
Highland Dairy, Ltd., 7% pref. (qu.)._ 134% Apr. 1 Holders of rec. Mar. 25
4% guaranteed (guar.)
$1
Sept.
Holders of re°. Aug. 2
Development Co. (guar.)
Holly
Apr. 15 Holders of rec. Mar. 31
le
$1
4% guaranteed (guar.)
Dec. 1 Holders of roe. Nov.2
Horn & Hardart Co.(N. Y.) (quar.)___ 50c
May 1 Holders of rec. Apr. 10
Norwich & Worcester, pref. (gust.).... $2
Apr. 1 Holders of roe. Mar. 1
Apr. 1 Holders of roe. Mar. 28
Illinois Art Industry, pref. (guar.)
Sc
01.1 Colony ((huar.)
1,4% Apr. 1 Holders of roe. Mar. I
Independent Pneumatic Tool Co.(cm.) 250
Apr. 1 Holders of rec. Mar.27
Philadelphia & Trenton (guar.)
$2,4 Apr. 10 'folders of rec. Mar.2
Mar. 31 Holders of rec. Mar. 24
Inter-Island Steam Navigation Co.(qu ) 30c
Pitts. Bess. & Lako Erie, corn.
114% Apr. 1 Holders of roe. Mar. 1
(guar.)
International Ink, pref.
3134 May 1 Holders of rec. Apr. 15
Common (guar.)
750. Apr. 1 Holders of rec. Mar. I
Kaynee Co.. pref. (guar.)
$IM Apr. 1 Holders of rec. Mar. 29
63' preferred (guar.)
$1,4 June
Holders of rec.
Kekoha Sugar Co. (monthly)
100
May 1 Holders of rec. Apr. 25
Pittsburgh Fort Wayne & Chicago (go ) 144% Apr. 1 Holders of roe. May 1
Mar. 1
May 1 Holders of rec. Apr. 11
Kress (S. II.) & Co., common (guar.)._ 250
7% preferred (tPlaf.)
134% Apr. 4 Holden of roe. Mar. 1
,
/50c May 1 Holders of rec. Apr. 11
Common extra
Quarterly....
134% July 1 Holders of rec. June I
150
Preferred (special)
May 1 Holders of rect. Apr. 11
7% preferred (guar.)
1,4% July 4 Holders of roe. June 1
$134 Apr. 1 Holders of rec. Mar. 28
Lane Company, Inc. (guar.)
Quarterly
134% Oct. 1 Holders of rec. Sept.
$134 Apr. 1 Holders of rec. Mar. 28
Preferred (guar.)
7% preferred (guar.)
134% Oct. 3 Holders of rec. Sept.
Lane Bryant, Inc., 7% pref. (guar.)... 144% May 1 Holders of rec. Apr. 15
Quarterly
Jan.2'34 Holders of rec. Dec.
25c
Apr. 1 Holders of rev. Mar. 27
Lane Cotton Mills, corn. (guar.)
7% preferred (guar.)
134% Jan.414 Holders of rect. Dec.
Apr. 15 Holders of rec. Mar. 31
250
Langendorf United Bakeries. Inc
Pittsburgh Youngstown & Ashtabula
100
June 1 Holders of rec. May 15
Link Belt (guar.)
7% preferred (guar.)
131% June 1 Holders of rec. May 2
$144 July 1 Holders of rec. June 15
Preferred (guar.)
7% preferred (guar.)
134% Sept. 1 Holders of rec. Aug. 2
900
Apr. 23 Holders of rec. Mar. 27
Lowell Elect. Light Corp. (guar.)
7% preferred (guar.)
144% Dec. 1 Holders of pm. Nov.2
134% Apr. 1 Holders of rec. Mar. 27
M & P Stores, Ltd. 7% Pref.(quer.)—
Providence & Worcester
$214 Apr. 1 Holders of roe. Mar.
3734c Apr. 15 Holders of rec. Apr. 1
Manufacturers Casualty Ins. Co.(qu.)_
Reading Co.. 2nd Preferred (guar.)
500 Apr. 13 Holders of ree. Mar.2
Apr. 3 Holders of rec. Mar. 29
$1
Metal package(glum)
Sharon (s.
214% Apr. 1 Holders of ree. Mar.2
-a.)
Pacific Grain Corp.
Midland &
Southern Ry. Co.. Mobile & Ohio. stock
t134% Apr. 1 Holders of rec. Mar. 24
7% preferred (quar.)
trust certificates
$2 Apr. 1 Ifolders of roe. Mar. I
250 Apr. 15 Holders of rec. Mar. 31
Mohawk Investment Corp.(guar.)
United N.J. RR.& Canal Co.(gust.).. 234% Apr. 10 Holders of roe.
Mar.2
$2
Apr. 22 Holders of rec. Apr. 7
cap. stock (go.).
Mohawk Mining
Quarterly
8234 July 10 Holders of roe. June 20
Co..
Moore Corp., Ltd., 7% A & B pl.(qu.). dl 5134 Apr. 1 Holders of rec. Mar. 20
Quarterly
$234 Oct. 10 Holders of roe. Sept.
20
Name of Company•
-(Concluded).
Railroads (Stearn)
Union Pacific. corn
Preferred (s.-a.)
Vermont dr Massachusetts (5.-a.)
Vicksburg Shreveport & Pao, pref.(s-a).Common(s-a)
Per
When
Share. Payable.
115%
2%
$3
234%
234%
Apr.
Apr.
Apr.
Apr.
Apr,
Books Closed
Days Inclusive.
1 Holders of
I Holders of
7 Holders of
1 Holders of
1 Holders of
rec.
rec.
ree.
ree.
rec.
Mar. la
Mar. 1
Mar. 14
Mar. 8
Mar. 8
Public Utilities.
Alabama Power Co., $7 pref. (guar.).-- 134% Apr. 1 Holders of rec. Mar. Is
155% Apr. 1 Holders of rec. Mar. 15
36 preferred (guar.)
14% May 1 Holders of roe. Apr. 15
$5 preferred (quar.)
Apr. 15 Holders of rec. Mar. 15
Am.Dist. Teleg. Co.of N.J.. com.(qua $1
814 Apr. 15 Holders of rec. Mar. 15
Preferred (quar.)
250. Apr. 1 Holders of rec. Mar. 8
American Gas & Elec Co., corn. (guar.).
May 1 Holders of rec. Apr. 7
Preferred (guar.)
814
Amer. Pow.& Light Co.$6 pref.(quar.). 3755c Apr. 1 Holders of rec. Mar. 28
$5 preferred (guar.)
314c Apr. 1 Holders of rec. Mar. 28
Apr. 1 Holders of rec. Mar. 16
Amer. Superpower Corp., 1st pref. (qu.) $135
American Tel.& Tel. Co.(quar.)
524 Apr. 15 Holders of rec. Mar. 14a
Amer, Vat. Works dr El. Co., Inc.(qu.).
25e May 1 Holders of rec. Apr. 7
Voting trust certificates (guar.)
25c May 1 Holders of rec. Apr. 7
$134
Apr. 1 Holders of rec. Mar. 10
$6 1st preferred (guar.)
Appalachian El. Pr. Co., $7 pref. (qu.)_
514 Apr. 1 Holders of rec. Mar. 11
$6 preferred (quar.)
$135 Apr. 1 Holders of rec. Mar. 11
Arkansas Pow. & Lt. Co., $7 pref. (qu.) 58e
Apr. 1 Holders of rec. Mar. 23
$6 preferred (guar.)
50e
Apr. 1 Holders of rec. Mar. 23
Apr. I Holders of rec. Mar. 15
Attleboro Gas Light (guar.)
83
Bangor Hydro Electric Co., 7% pt.(qua
% Apr. 1 Holders of rec. Mar. 10
6% preferred (guar.)
155% Apr. 1 Holders of rec. Mar. 10
Bell Telephone of Canada (guar.)
15134 Apr. 15 Holders of rec. Mar. 23
Bell Telep. Co of Penna.,634% pref(qu) 155% Apr. 15 Holders of rec. Mar. 20
Boston Elevated common (quar.)
$14 Apr. 1 Holders of rec. Mar. 104
Brazilian Tr. Lt.& Pr. Co. Ltd.. nt (qua 114% Apr. 1 Holders of rec. Mar. 15
Brit. Colura. Elec., Pow. & Gas Co.
155% Apr. 1 Holders of rec. Mar. 20
6% preferred (quar.)
/50c Apr. 15 Holders of ree. Mar.31
BritishColumbiaPow.Corp., Ltd., class A
Brooklyn Borough Gas Co.corn.(guar.)- $134 Apr. 10 Holders of rec. Mar. 31
6% preferred (quar.)
75c Apr. 1 Holders of rec. Mar. 21
Extra participating
500 Apr. 1 Holders of rec. Mar. 21
Extra
64e Apr. 1 Holders of rec. Mar. 21
Bklyn. Manhattan Trans. Corp. pf.
.(au.) 5155 Apr. 15 Holders of rec. Apr. 1
Brooklyn & Queens Transit $6 pref. Nu
3135 Apr. 1 Holders of rec. Mar. 15
Brooklyn Union Gas Co. (guar.)
$14
Apr. 1 Holders of rec. Mar. 1
Buffalo, Niagara & Erie Power Co.
$5 preferred (guar.)
$134
May 1 Holders of rec. Apr. 15
Preferred (guar.)
400. Apr. 1 Holders of rec. Mar. 15
Calgary Power Co., Ltd.. cont. (guar.). $134 Apr. 1 Holders of rec. Mar. 15
Canada Nor.Pow.Corp.. 1•411.nom- (qu.)
20c. Apr. 25 Holders of rec. Mar.31
7% preferred (quar.)
% Apr. 15 Holders of rec. Mar.31
Carolina l'ow. & Lt. Co., $7 Pref. (qu.). 88c
Apr. 1 Holders of rec. Mar. 25
$6preferred (guar.)
75c
Apr. 1 Ilolders of rec. Mar. 25
Central Illinois Light Co.6% Pref.(qu)- 14% Apr 1 Holders of rec. Mar. 15
7% preferred (guar.)
134% Apr. 1 Ho.ders of rec. Ma:. 1$
rCentral Illinois Public Service Co., 6% & $6 pr ef. div. action deferred.
.
Cincinnati Gas & Elec.Co.,5% pr. A (qua
% Apr. 1 Holders of rec. Mar. 15
Cln. Newp. & Coy. Lt. & Tr. (guar.)
$135 Apr. 15 Holders of rec. Mar. 31
Preferred (guar.)
$1.1255 Apr. 15 Holders of rec. Mar. 31
Cincinnati & Sub. Bea Tel. (quar.)--51.13 Apr. 1 Holders of rec. Mar. 20
Citizens Passenger RR.(Philadelphia)
33.40 Apr. 1 Holders of reo. Mar. 21
Cleveland Electric Illuminating Co.
Common (quar.)
300 Apr.
Holders of ree. Mar. 20
Cleveland Sty. Co., Ws. of deposit (qua $154 Apr.
Holders of rec. Mar. 24
Clinton Water Works 7% Pref. (guar.)
q Apr. 1 Holders of rec. Apr. 1
Columbus Sty., Pr. & Lt., pref. B (qu.)
Holders of rec. Apr. 15
514 May
6% 1st preferred (guar.)
Holders of rec. Mar. 15
134% Apr.
Commonwealth & So. Corp.. $6 pf.(qua $155
Apr.
Holders of rec. Mar. 10
Commonwealth UHL Corp. pt. C (go.).. $14 June
Holders of rec. May 15
CommonwealthWater & Lt.7% pf.(qu.) 134% Apr.
Holders of rec. Mar. 20
$6 preferred (guar.)
$135 Apr.
Holders of rec. Mar. 20
Connecticut Elec,Serv.. Corn.(Oust.) 75e. Apr,
Holders of ree. Mar. 15
COnsol. Gas Co.of N. Y.,5% pt.(qua
134% May
Holders of ree. Mar. 31
Consol. Gas, El. Lt.& Pr. Co. of )Salto.:
Common (guar.)
Holders of rec. Mar. 15
90c Apr.
Holders of rec. Mar. 15
5 Preferred series A (quar.)
%
14% Apr.
6% preferred series D (quar.)
Holders of rec. Mar. 15
155% Apr.
Holders of rec. Mar. 15
554% Preferred series E (quar.)
134% Apr.
Consumers Gas Co. of Toronto (quar.).. $255 Apr.
Holders of rec. Mar. 15
Consumers Power Co.,$5 Pref. 1 11ara
Holders of tee. Mar. ic
14% Apr.
(
1
Holders of rec. Mar. lb
6% Preferred (guar.)
134% Apr.
6.8 preferred (guar.)
Holders of reo. Mar. 18
1.65% Apr.
7% preferred (guar.)
Holders of rec. Mar. 15
134% Apr.
6% preferred (monthly)
Holders of rec. Mar. 18
50o. Apr.
6.6% preferred (monthly)
Holders of ree. Mar. 15
550. Apr.
Holders of rec. June 15
$5 preferred (guar.)
4
513 July
Holders of ree. June 15
155% July
6% Preferred (quar.)
6.6% preferred (guar.)
Holders of rec. June 15
1.65% July
Holders of rec. June 15
7% preferred (quar.)
134% July
6% preferred (monthly)
Holders of rec. Apr. 15
500 May
Holders of rec. May 15
6% preferred (monthly)
500 June
6% preferred (monthly)
Holders of roe. June 15
500 July
6.6% preferred (monthly)
Holders of rec. Apr. 15
55e May
Holders of rec. May 15
6.6% preferred (monthly)
550 June
Holders of rec. June 15
6.6% preferred (monthly)
550 July
Cont.Gas & El. Corp.. corn.(guar.)- - - - $154
Holders of rec. Mar. 13a
Apr.
7% preferred (guar.)
14% Apr.
Holders of rec. Mar. 136
Dayton Power & Light Co.6% pt. (qu.)_
Holders of reo. Mar 20
50e Apr.
Des Moines Gas, 8% pref. (guar.)
Holders of rec. Mar. 15
Apr.
$1
7% preferred (guar.)
8755c Apr. 1 Holders of rec. Mar. 15
Detroit Edison Co. capital stock (quar.). $1
Apr. 1 Holders of rec. Mar. 31
Duke Power Co.,com.(guar.)
Holders of rec. Mar. 15
1%
Apr.
Holders of roe. Mar. 15
Preferred (quar.)
134% Apr.
Duquesne Light Co.5% 1st pref.(qua-. 134% Apr. 1 Holders of ree. Mar. 15
Eastern Gas & Fuel Assoc.8% pt.(qua. 155% Apr.
Holders of rec. Mar. 15
434% prior preference
Holders of rec. Mar. 15
51.125 Apr.
El Paso Elec.,7% PreL.A(
% Apr. 1 Holders of rec. Mar. 31
guar)
$6 preferred 13 (guar.)
135% Apr. 1 Holders of rec. Mar. 31
Empire & Bay State Teleg 4% gtd.(go.) $1
Holders of ree. may 20
June
Sept.
Holders of rec. Aug. 21
4% guaranteed (guar.)
$1
Dec.
Holders of ree. Nov. 20
4 guaranteed (guar.)
%
31
Empire Power Corp.. 56 pref. (quar.)_.- $14 Apr.
Holders of rec. Mar. 15
Holders of roe. Mar. 180
Engineers Pub. Serv.,$6 pref.(guar.)$134
Apr.
Apr.
Holders of ree. Mar. 166
3
5% preferred (quar.)
5135
$5 preferred (qua.)
Apr.
Holders of ree. Mar. 166
$14
Holders of ree. Apr. 6
Electric, Bond & Share Co.,$6 pref.(qua 5134
Ma,
$5 preferred (guar.)
Holders of rec. Apr. 6
$14 May
Holders of rec. Mar..27
Apr.
Elizabethtown Consol Gas Co.(quar.)_ - $1
Emporia Telephone Co.(quar.)
Apr.
Holders of rec. Mar. 27
$3
Holders of rec. Mar. 27
14% Apr.
7% preferred (guar.)
Holders of rec. Apr. 26
Escanaba Pow.& Trao.6% pref.(Qua- 134% May
Holders of rec. July 27
(guar.)
14% Aug.
6% Preferred
Holders of rec. Oct. 27
1;4% Nov.
6% Preferred (guar.)
a% Preferred (guar.)
155% 2-1-'34 Holders of rec. Jan. 27
Holders of rec. Mar. 15
Fall River Electric Light Co. Nuara--- 50c
Apr.
Holders of rec. Mar. 20
Foreign Lt. & Pr. Co., 36 lot pref.(qu.). 8134 Apr.
Holders of rec. Mar. 1
Frankrd & So•Phila City Pasa•Ryaqua- 8454
Apr.
Holders of rec. Apr. 15
Franklin Telep., 235% guar. stk. (s.
-a.) $154 May
Gas Securities Co.common (monthly)_4 3501% Apr.
Holders of rec. Mar. 15
Holders of rec. Mar. 15
Preferred (guar.)
500 Apr.
Holders of rec. Mar. 15
Georgia Power Co., $6 pref. (guar.)._ - $134 Apr.
Holders of ree. Mar. 15
$5 preferred (guar.)
$14 Apr.
Germantown Passenger Sty. (guar.).--- 51.3154 Apr.
Green & Coates Street Pass. Sty.(Phila.)
(quarterly)
Apr.
$1%
Holders of rec. Mar. 20
Greenwich Water & Gas Syst. pt.(qu.)
$135 Apr.
Holders of rec. Mar. 20
Gulf Power Co. $13 pref. (guar.)
$134 Apr.
Honolulu Gas,common
200.
Illinois Power Co.6% pref.(guar.)
Holders of ree. Mar. 15
154% Apr.
7% preferred (guar.)
Holders of rec. Mar. 15
% Apr.
Holders of rec. Mar. 10
Illinois Pow.& Lt. Corp.,6% pf.(qua.- 1 35% Apr.
Holders of reo. Apr. 10
$6 preferred (guar.)
May
$154
Holders of rec. Mar. 7
Indiana dr Michigan Elee., 7% pt. (qu.) 14% Apr.
6% preferred (guar.)
Holders of ree. Mar. 7
134% Apr.
2189
Financial Chronicle
Volume 136
Name or Company.
When
Per
Share. Payable.
Books Closed
Days Inch flee.
Public Utilities (Continued).
Indianapolis Power & Light Co.
155% Apr. 1 Holders of rec. Mar. 8
64% preferred (guar.)
Indianapolis Wat. Co.5% pf. A (qua--- 134% Apr. 1 Holders of rec. Mar. Ila
International Hydro Elec. System
8755c Apr. 15 Holders of ree. Mar. 28
Preferred (guar.)
% Apr. 1 Holders of rec. Mar. 15
Iowa Pow. & Lt., 7% pref. (quara--- 155% Apr. 1 Holders of rec. Mar. 15
6% preferred (guar.)
Iowa Public Service Co., $7 1st pf. (qu.) 8194 Apr. 1 Holders of rec. Mar. 20
$14 Apr. 1 Holders of rec. Mar. 20
5655 1st preferred (Ouar.)
$155 Apr. I Holders of rec. Mar.20
$6 1st preferred ((War.)
$1% Apr. 1 Holders of rec. Mar. 20
$7 2d preferred (quar.)
250. Apr. 1 Holders of rec. Mar. 17
Jamaica Public Service Co. Ltd.(qu.)..
7% preferred (guar.)
134% Apr. 1 Holders of rec. Mar. 17
Jamaica Water Supply Co.
14% May 1 Holders of ree. Apr. 10
7)4% preferred (8.-a.)
Jersey Central Pow. & Light Co.,
14% Apr. 1 Holders of rec. Mar. 10
655% preferred (quar.)
155% Apr. I Holders of rec. Mar. 10
6% preferred (quar.)
134% Apr. 1 Holders of rec. mar. 10
7% preferred (guar.)
% Apr. 15 Holders of rec. Apr. I
Joplin Water Works,6% pref. (quar.)..
Kansas City Power & Light pref. B(qu.) $134 Apr. 1 Holders of rec. Mar. 14
% Apr. I Holders of rec. Mar. 15
Kansas Elec. Pwr. Co., 7% pref. (quar.)
155% Apr. 1 Holders of rec. Mar. 15
13% Prior' preferred
Kansas Gas& Elec. Co..7% pref.(guar.) 134% Apr. 1 Holders of ree. Mar. 15
5134 Apr. 1 Holders of rec. Mar. 15
$6 preferred (guar.)
Kansas Power & Light, 7% pref.(guar.) 134% Apr. 1 Holders of rec. Mar. 20
6% preferred (quar.)
134% Apr. 1 Holders of rec. Mar. 20
Kentucky Utilities Co.6% pref.(qu.)._. 5134 Apr. 15 Holders of rec. Mar. 27
KingsCounty Lighting Co..7% Pr. (:111.) 14% Apr. 1 Holders of rec. Mar.20
6% preferred (guar.)
155% Apr. 1 Holders of rec. Mar. 20
5% preferred (quar.)
134% Apr. 1 Holders of rec. Mar. 20
Quarterly
$135 Apr. 1 Holders ot rec. Mar. 20
Lincoln Telephone & Telegraph
155% May 20 Holders of rec. Apr. 30
6% preferred A (guar.)
5% Preferred (quar.)
134% Apr. 10 Holders of rec. Mar. 31
Quarterly
$14 Apr. 10 Holders of rec. Mar. 31
Long Isl. Ltg.Co.,ser. A.7% pf.(qua _ 14% Apr. 1 Holders of rec. Mar. 15
154% Apr. 1 Holders of ree. Mar. 15
Series B,6% preferred (guar.)
Louisville Gas & Electric Co.(Ky.)14% Apr. 15 Holders of rec. Mar.31
7% preferred (guar-)
155% Apr. 15 Holders of rec. Mar. 31
6% preferred (guar.)
5% preferred (Einar.)
134% Apr. 15 Holders of rec. Mar. 31
Intern't Marine ComMUnleation
Marconi
10235%
Co., Final
2% Apr. 15 Holders of rec. Mar. 31
Mass. Lighting Co., 8% pref. (quar.)__
136% Apr. 15 Holders of rec. Mar. 31
6% preferred (quar.)
Mass. Utilities Assoc.5% Pref. (guar.)-- 6235c Apr. 15 Holders of rec. Mar.31
$14 Apr. 1 Holders of ree. Mar. 20
Memphis Natural Gas pref. (quar.)
Memphis Pow.& Light Co.. 37 pt.(go.). $14 Apr. I Holders of rec. Mar. 11
$154 Apr. 1 Holders ot rec. Mar. 11
$6 preferred (quay.)
Metropolitan Edison Co.. 56 pref. (qu.) $135 Apr. 1 Holders of rec. Feb. 28
Minneapolis Gas Light Co.. pantie.(qu.) $14 Apr. 1 Holders of rec. Mar. 15
Minnesota Pow.& Light, 7% pref.(qua 14% Apr. 1 Holders of rec. Mar. 23
$1% Apr. 1 Holders of rec. Mar. 23
$6 preferred (guar-)
Mississippi River Pow. Co.. pter. (au) $134 Apr. 1 Holders of rec. Mar. 15
-Mississippi Valley Public Service Co.
155% Apr. 1 Holders of rec. Mar.22
6% preferred B (guar.)
Mohawk Hudson Pow.Corp..1st pf.(gu.) $14 May 1 Holders of ree. Apr. 15
Apr. 1 Holders of rec. Mar. 15
514
2d preferred (guar.)
5134 Apr. 15 Holders of rec. Apr. 1
MonongahelaValley Water Co., pf.
Monongahela West Penn Public Service
% Apr. 1 Holders of rec. Mar. 15
7% preferred (guar.)
Montreal Lt., Ht. & Pow., corn. (guar.) 137c Apr. 31) Holders of rec. Mar. 31
zw2% Apr. 15 Holders of rec. Mar. 31
Montreal Telegraph Co.(guar.)
$24 Apr. 15 Holders of rec. Apr. 6
Montreal Tramways Co. (guar.)
Municipal Gas Co.(Tex.), pref. (guar.). $14 Apr. 1 Holders of rec. Mar. 15
Nassau & Suffolk Lig. Co.,7% pf.(qua - 134% Apr. 1 Holders of rec. Mar. 15
National Pow. & Lt. Co., $6 pref. (qua $155 May 1 Holders of rec. Apr. 8
New England Gas & Electric Association
$135 Apr. 1 Holders of rec. Feb. 28a
$555 preferred (guar.)
Apr. 10 Holders of rec. Mar.31
New England Power Assn.. corn. (qu.)-- 50e
$14
Apr. 1 Holders of rec. Mar. 10
Preferred ((Mar./ New England Power Co., pref. ((Mani
6134 Apr. 1 Holders of rec. Mar. 10
N. Y.Pr.& Lt. Corp..7% prof.(Oust.)- 134% Apr. 1 Holders of rec. Mar.15
Apr. 1 Holders of rec. Mar. 15
$6 preferred (guar.)
$155
N.Y. Richmond Gas Co.,6% of.(au.)- - 155% Apr. 1 Holders of rec. Mar.15
Apr. 1 Holders of rec. Mar. 15
New York Steam Corp.,$6 pref.(Oust.). $155
Apr. 1 Holders of rec. Mar. 15
$134
$7 Preferred (quar.)
New York Telep. Co..635% pref.(guar.) 134% Apr. 15 Holders of rec. Mar. 20
Newark Telep. Co.(Ohio).6% 0. (qu.) 134% Apr. I Holders of rec. Mar.31
$155 Apr. 1 Holders of rec. Mar. 15
Newport Electric Corp., pref. (quar.).._
Apr. 1 Holders of res. Mar. 6
North American Co.. corn. (guar.)
12%
Apr. 1 Holders of rec. Mar. 6
750
Preferred (guar.)
Apr. 25 Holders of rec. Mar.31
North Ontario Pow.Co.,Ltd.,com.(gu.)- 500
135% Apr. 25 Holders of rec. Mar.31
8% preferred (guar.)
North Shore Gas Co., 7% pref. Ntutra - 14% Apr. 1 Holders of rec. Mar. 10
Nor. N. Y. Utilities. Inc.(monthly).... 12550. Mar. 30 Holders of rec. Mar. 20
Northern States Power Co. (Del.)
1% May 1 Holders of rec. Mar. 31
Common class A (guar.)
14% Apr. 20 Holders of rec. Mar. 31
7% preferred (guar.)
6% preferred (guar.)
134% Apr. 20 Holders of rec. Mar. 31
Northwestern Bell Telep.
14% Apr. 15 Holders of rec. Mar. 20
655% preferred (guar.)
Ohio Edison Co.,$7.20 prof.(Oust.).... 51.80 Apr. 1 Holders of rec. Mar. 15
514 Apr. 1 Holders of rec. Mar. 15
$7 preferred (guar.)
51.65 Apr. 1 Holders of rec. Mar. 15
$6.60 preferred (guar.)
$135 Apr. 1 Holders of rec. Mar. 15
$6 preferred (guar.)
$5 preferred (quar.)
$151 Apr. 1 Holders of rec. Mar. 15
Ohio Public Service Co.. 7% pf.(mthlY.) 581-3e Apr. 1 Holders of rec. Mar. 15
Apr. 1 Holders of rec. Mar. 15
500
6% preferred (monthly)
41 2-3e Apr. I Holders of reo. Mar. 15
5% preferred (monthly)
Ohlo Telephone Service. pref. (quar.).. $131 Apr. 1 Holders of rec. Mar. 24
Orange & Rockland County Electric
7% preferred (quar.)
134% Apr. 1 Holders of rec. Mar. 25
135% Apr. 1 Holders of rec. Mar. 25
6% preferred (quar.)
Ottawa Light, Heat & Power Co. Ltd.
$14 Apr. 1 Holders of rec. Mar. 150
Preferred (guar.)
Otter Tail Power Co.(Del.) 56 pref.(q11.) $115 Apr. 1
51% Apr. 1
$535 preferred (guar.)
Pacific Gas & Elec. Co., corn. (Oust.)..
50e Apr. 15 Holders of rec. Mar. 31
Pacific Lighting Corp., com. (Oust.)...
75e May 15 Holders of rec. Apr. 20
Preferred(guar.)
$134 Apr. 15 Holders of rec. Mar.31
Apr. 15 Holders of rec. Mar. 31
Pacific Telep. & Teleg. Co., corn.(guar.) 5155
Preferred (guar.)
$135 Apr. 15 Holders of rec. Mar.31
Preferred (guar.)
Apr. 15 Holders of rec. Mar. 31
5155
Panama Power & Light Corp.
7% preferred (guar.)
% Apr. 1 Holders of rec. Mar. 17
Peninsular Telep.. corn.(guar.)
25e
Apr. 1 Holders of rec. Mar. 15
Penn Cent. Lt. & Pr.Co., $5 pref.(qua - $154
Apr. 1 Holders of rec. Mar. 10
$2.80 preferred (guar.)
Apr. 1 Holders of rec. Mar. 10
70e
Penna. Gas & Elec. Co., 7% prof. (qu.)_ 194% Apr. 1 Holders of ree. Mar. 20
Pennsylvania Pwr. Co.. $6.60 pref.(mo.) 55e
Apr. 1 Holders of rec. Mar.20
$6.60 preferred (monthly)
55c
May 1 Holders of rec. Apr. 20
$6.60 preferred (monthly)
550
June 1 Holders of not. May 20
$6 preferred (quarterly)
5134 June 1 Holders of rec. May 20
Pennsylvania Pow.& Lt. Co..$7 p1.(qu) $154
Apr. 1 Holders of rec. Mar. 15
$6 preferred (quar.)
Apr. 1 Holders of rec. Star. 15
$155
$5 preferred (guar.)
Apr. 1 Holders of rec. Mar. 15
3154
Pennsylvania Water & Pwr.,corn.(qu.).
750. Apr. 1 Holders of rec. Mar. 15
Preferred(Initial)
514
Apr. 1 Holders of rec. Mar. 22
Peoples Gas laglit & Coke
$14 Apr. 17 Holders of rec. Apr. 3
Peoples Natural Gas. 5% pref. (quar.)
6255c Apr. 1 lIolders of rec. Mar. 15
Philadelphia Co., coin (guar.)
25c
Apr. 25 Holders of rec. Apr. 1
$6 preferred (quara
$136 Apr. 1 Holders of rec. Mar. 1
$5 cum. preference (guar.)
5154 Apr. 1 Holders of rec. Mar, 1
6% cum. preferred (s.-a.)
154% May 1 Holders of rec. Apr. 1
Philadelphia Elec.Pow. Co.,8% Pr.(qu) 50o
Apr. 1 Holders of ree. Mar. 10
Philadelphia Sub. Wat. Co., pref.(qu.) 155% June 1 Holders of rec. May 120
Philadelphia Traction Co.(s.
-a.)
y$1.90 Apr. 1 Holders of rec. Mar. 10
Plainfield Valley Water (guar.)
$134 Apr. 1 Holders of rec. Apr. 1
Providence Gas Co. (quar.)
30c Apr. 1 Holders of rec. Star. 15
2190
Name of CsnitranS.
Financial Chronicle
Per
When
Share. Payable.
Books Closes(
Days Inclusive.
Public Utilities (Concluded).
Public Eery. Co.of Colo.. 7% M.(mthly) 58 1.3o Apr.
Holders of roe. Mar.15
8% preferred (monthly)
600 Apr.
Holders of me. Mar.15
5% preferred (monthly)
41 2-3c Apr.
Holders of me. Mar. 15
Pub. Serv. Corp. of N. J., 8% pf.(me.)
.
60c Apr. 2 Holders of rec. Apr. 1
Pub. Serv. Co. of Okla.7% pref.(qu.)- 141% Apr.
Holder's of rec. Mar. 20
6% preferred (quar.)
14% Apr.
Holders of rec. Mar. 20
Queens Boio.Gas& Elec.,8% pref.(qu.) 134% Apr.
Holders ot rec. Mar.15
Richmond Water Works,6% pref.(qu.). 134% Apr.
Holders of rec. Mar.20
Ridge Avenue Passenger Ry.(guar.)._ $3
Holders of rec. Mar. 15
Apr.
Rochester Telephone (guar.)
513( Apr.
Holders of rec. Mar.20
634% prefesred ((Mara
14% Apr.
Holders of rec. Mar. 20
Rockville-Willimantic Lighting Co.
7% preferred (guar.)
Holders of rec. Mar. 15
14% Apr.
6% preferred (guar.)
Holders of rec. Mar. 15
136% Apr.
St. Joseph Ry. Light. Heat & Power
5% preferred (guar.)
'
$13( Apr.
Holders of rec. Mar. 15
Savannah Elec.& Pow.Co.,8% M.(s-a) 3% Apr.
Holders of rec. Mar.10
8% preferred A (guar.)
2% Apr.
Holders of rec. Mar.10
74% preferred B (guar.)
Holders of roe. Mar. 10
131% Apr.
7% preferred C(guar.)
Holders of rec. Mar. 10
14% Apr.
64% preferred D (guar.)
Holders of rev. Mar.10
136% Apr.
Scranton Elec. Co., $6 pref.(guar.).- $114 Apr.
Holders of rev. Mar. 7
Second & Third Streets Pass. ity. (qu.). $3
Apr.
Holders of rec. Mar. 1
Shasta Water Co.(guar.)
40e
Apr.
Holders of rec. Mar. 18
South Carolina Power Co..$8 pref.(qu.) $134 Apr.
Holders of rec. Mar. 15
South Pittsburgh Water 7% Prof. (gr.)- Hi% Apr. 1 Holders of rec. Apr. 1
6% preferred (guar.)
134% Apr. 1 Holders of rec. Apr. 1
Sou. Calif. Edison Co.. Ltd.
Original preferred
2%
Apr. 1 Holders of roe. Mar.20
Series C.64% preferred (guar.)
14% Apr. 1 Holders of roe. Mar.20
Southern California Gas
6% and 8% series A pref.(guar.)
3735c Apr. 1 Holders of rec. Mar. 31
Sou.Can.ada Pow.Co., Ltd..8% Pt.(qt1) 14% Apr. 1 Holders of rec. Mar.20
Southern Counties Gas Co. (Calif.)
6% preferred (guar.)
134% Apr. 1 Holders of rec. Mar. 31
Sou. Ind. Gas & El. Co.,7% pref.(gu.). 134% Apr.
Holders of rec. Mar. 18
6% preferred (quar.)
134% Apr.
Holders of rec. Mar. 18
6.6% preferred (quar.)
1.65% Apr.
Holders of rec. Mar. 18
Southwestern Bell Telep. Co. pf. (gr.). $134 Apr.
Holders of rec. Mar. 20
Southwestern Gas& El. Co.,7% pf.(qu) 134% Apr.
Holders of rec. Mar. 15
Southwestern Lt. & Pw. Co., 6$ pf.(qu.) $14 Apr.
Holders of rec. Mar. 15
Springfield Gas & Elec. Co., pref.(qu.). $14 Am.
Holders of rec Mar. 15
Stamford Gas & Electric Co. (quar.)-- $236 Apr. 1 Holders ot rec. Mar. 31
Standard Gas& Elec. Co.,$7 pref.(qu.). $14 Apr. 25 Holders of rec. Mar. 31
$8 preferred (guar.)
$134 Apr. 25 Holders of rec. Mar. 31
Standard Power & Light, pref. (quar.)Holders of rec. Apr. 15
134 May
Taunton Gas Light Co. (guar.)
Holders of rec. Mar. 16
$134 Apr.
Telephone Investors Corp.(monthly)___
20e. Apr.
Holders of rec. Mar.20
Tennessee Elec. Pow.Co..5% pf.(qua- 14% Apr.
Holders of roe. Mar. 15
8% preferred (guar.)
Holders of rec. Mar. 15
134% Apr.
7% preferred (guar.)
134% Apr.
Holders of rec. Mar.15
7.2% preferred (guar.)
51.80 Apr.
Holders of rec. Mar. 15
8% preferred (monthly)
600. Apr.
Holders of rec. Mar. 15
7.2% preferred (monthly)
60o. Apr.
Holders of rm. Mar.15
5% preferred (guar.)
Holders of rec. June 15
136% July
6% preferred (quar.)
Holders of rec. June 15
134% July
134% July
7% Preferred (quar.)
Holders of roe. June 15
7.2% preferred (quar.)
$1.80 July
Holders of rev. June 15
8% preferred (monthly)
500
May
Holders of rec. Apr. 15
6% preferred (monthly)
June
500
Holders of rec. May 15
6% preferred (monthly)
50e
July
Holders of rec. June 15
7.2% preferred (monthly)
May
60e
Holders of roe. Apr. 15
7.2% preferred (monthly)
June
60e
Holders of rec. May 15
7.2 preferred (monthly)
600
July
Holders of rec. June 15
Toledo Edison Co..7% prof.(monthly). 55 1-35 Apr.
Holders of rec. Mar. 15
6% preferred (monthly)
Apr.
500
Holders of roc. Mar. 15
5% preferred (monthly)
41 2-36 Aor.
Holders of rec. Mar.15
Tri-State Tel. & Tel. Co. (guar.)
$136 Apr.
Holders of rec. Mar 15
Twin State Gas & Electric Co
7% prior lien (guar.)
134% Apr.
Holders of rec. Mar. 15
Union ELM& Pr.Co.(III.).6% PL.
(qu.) 134% Apr.
Holders of rec. Mar. 15
Union ELLt.& Pr.Co.(Md.).6% pf.(qua 136% Apr.
Holders of rec. Mar. 15
Union ELLtok Pr.Co.(M0.).7% Pf.(211.) 134% Apr.
Holders of rec. Mar. 15
United Corp.,corn.(guar.)
100 Apr.
Holders of rec. Feb. 24
Preferred (guar)
750 Apr.
Holders of reo. Feb. 24
United Gas & Elec. Corp.. pref.(guar.). 14% Apr.
Holders of roe. Mar.18
United Light & Rye. Co.(Del.)
7% preferred (monthly)
58 1-3c Apr.
Holders of rec. Mar. 15
630. Apr.
6.38% preferred (monthly)
Holders of rec. Mar. 15
6% preferred (monthly)
50e. Apr.
Holders of reo. Mar. 15
United Ohio Utilities Co..6% pref.(qu.) 136% Apr.
Holders of rec. Mar.81
$8 preferred (quar.)
514 May
Holders of rec. Apr. 12
A & B (quar.)
$1
Apr.
Holders of rec. Mar.31
United Pow.& Lt.(Kans.),7% pf.(qu.) 134% Apr.
Holders of rec. Mar. 15
Vermont Lighting Corp., pref. (guar.).- $14 Apr.
Holders of roe. Mar. 24
Virginia Public Service Co.,7% pf.(qu.) 14% Apr.
Holders of rec. Mar. 10
14% Apr.
6% Preferred (guar.)
Holders of rec. Mar. 10
West Kootenay Pow.& Light Co., Ltd
$14 Apr.
Preferred (guar.)
Holders of rec. Mar. 27
West Penn Power Co., 8% prof. (
Holders of rec. Apr. 5
(Mara 135% May
7% preferred
Holders of me. Apr. 5
14% May
West Texas Utilities. $6 prof. ((Mara -- _514 Apr.
Holders of rec. Mar. 15
Western Power Corp.. 7% pref.(quar.)- 14% Apr.
Holders of roe. Mar.25
Western United Gas & Electric Co.
64% preferred (quay.)
Holders of roe. Mar. 18
144% Apr.
6% preferred (guar.)
IIS% Apr.
Holders of rec. Mar. 16
Wichita Water Co. 7% pref. (guar.).- 13F% Apr. 1 Holders of me. Apr. 1
Wisconsin Elec. Pv;r.,036% pref. (flu.). 14% Apr.
Holders of rec. Mar. 15
8% preferred (guar.)
134% Apr.
Holders of roe. Mar. 15
Wisconsin Telephone Co., Com.(guar.). $136
Preferred (guar.)
$14
Banks & Trust Companies.
Bank of Manhattan Co.(quit.)
Bank of New York & Trust Co.(qua:.).
BankersTrust Co. (quar.)
Brooklyn Trust Co., cap. stock (quar.).
Central Hanover Bank & Tr. Co.(qu.).
Chase National Bank (quit.)
Chemical Bank & Trust Co.(guar.)Commercial Investors Trust
7% 1st preferred (guar.)
54% lot preferred (guar.)
Commercial Nat. Bk.& Tr.Co.(guar.).
Continental Bank & Trust Co. of New
York (qua:.)
County Trust Co., new cap. stock (qu.)
Empire Trust Co., cap. stock (guar.). _
Fifth Avenue Bank (quit.)
First National Bank of New York (qu.).
Fulton Trust Co.(guar.)
Irving Trust Co., capital stock (quit.)..
National City Bank (N. Y.)(guar.).
New Rochelle Trust Co.
(N.V.)(qua-Public National Bank & Trust (quiz.)..
United States Trust Co.(guar.)
$2
Apr.
Apr.
Apr.
Holders of roe. Mar. 4
Holders of rec. Mar. 4
Holders of tee. Mar. lb
30c
600
%
$6
$25
$3
250
25c
$1
500
$15
Apr.
Apr.
Apr.
Apr,
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Holders of rec. Mar.21
Holders of rec. Mar. 24a
Holders of rec. Mar. 24
Holders of rec. Mar. 31
Holders of rec. Mar. 25
Holders of rec. Mar. 20
Holders of rec. Mar. 18
Holders of rec. Mar. 11
Holders of roe. Mar. 15
Holders of roe. Mar.;20
Holders of reo. Mar. 21
Fire Insurance Companies.
Allemania Fire Ins.Co.(Phila.,Pa.)(qu.)
American Ins. Co.(Newark, N.J.)(qu.)
Heston Ica. Co.(guar.)
Glen Falls Insurance Co..(guar.)
Hanover Fire Ins. Co.(guar.)
Hartford Fire Insurance Co.(quiz.)....
National Fire Ins. Co.(Hartford)(qu.).
Niagara Fire Ins. Co.(guar.)
Phoenix Fire Ins. (guar.)
Springfield Fire & Marine Ins. Co.(qu.)
United States Fire Ins. CO.(guar.)
West American Ina. Co.
250
12360
44
8%
40e
50e
600
$1
500
$1.13
300.
$1
Apr.
Holders of rev. Mar. 21
Apr,
Holders of rec. Mar. 18
Apr.
Holders of roe. Mar.20
Apr.
Holders of rec. Mar. 15
Apr.
Holders of me. Mar.20
Apr.
Holders of rec. Mar. 15
Apr.
Holders of rec. Mar. 23
Apr. 4 Holders of rec. Mar. 25
Apr.
Holders of me. Mar. 15
Apr. 1 Holders of rec. Mar. 15
Holders of rec. Apr. 20
May
500
$314
716%
$1
$134
600
45e
154%
1,4%
Apr,
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Holders of roe. Mar.15a
Holders of rec. Mar.24
1 Holders of rec. Mar. 13
Holders of rec. Mar.25
Holders of rec. Mar. 23
Holders of tee. Mar. 11
Holders of ree. Mar. 22
Name of Company
April 1 1933
Per
When
Share. Payable,
Books Closed
Days Inchon's.
Miscellaneous.
Abbott Laboratories. Inc.. corn. (guar.) 50e
Apr. 1 Holders of roe. Mar.17
Abraham & Straus, Inc., pref. (quit.).. $151 May 1 Holders of roe. Apr. 16
Acme Steel (guar.)
250
Apr, 1 Holders of rec. Mar. 20
Affiliated Products, Inc.(monthly)
100
Apr. 1 Holders of too. Mar. 17
Monthly
10c
May 1 Holders of res. Apr. 17
Agnew Surp. Shoe St. Ltd..7% Pf.(qu.).. 14% Apr. 1 Holders of tee. Mar.16
Air Reduction Co.(guar.)
75e Apr, 15 Holders of roe. Mar.31
Alles & Fisher (guar.)
10c
Apr. 1 Holders of ree. Mar. 18
Allied Chemical & Dye Corp.. pref.
(qu.) 134% Apr. 1 Holders of rev. Ma:. 10
Aluminum Goods Mfg. Co.(guar.)
Apr, I Holders of rec. Mar.21
10e
Aluminum Mfg.,Inc.,corn.(guar.)
50o
June 30 Holders of tee. June 16
Common (guar.)
50c
Sept.30 Holders of rec. Sept. lb
Common (guar.)
50o
Dec. 81 Holders of rec. Dec. 15
Preferred (guar.)
$14 Mar.31 Holders of reo. Mar. 15
Preferred (guar.)
3134 June 30 Holders of rec. June 15
Preferred (guar-)
$14 Sept.30 Holders of rec. Sept. 15
Preferred (guar.)
$14 Doe. 3 Holders of rec. Dec. 15
American Bakeries Corp.,7% prof.(qu.) 134% Apr.
Holders of mc. Mar.15
American Bank Note Co.. Pref. (guar.). 14% Apr.
Holders of rec. Mar. 136
American Can Co., prof. (guar.)
14% Apr.
Holders of rec. Mar. 18a
American Chicle Co.(guar)
50e. Apr.
Holders of rev. Mar.11
Extra
25e, Apr.
Holders of rect. Mar. 11
American Cigar Co. pref. (guar.)
$15' Apr.
Holders of rec. Mar. 17
American Discount Co.(Ga.)(quit.)... 7140 Apr.
Holders of rec. Mar. 20
American Dock Co.,8% pref.(quit.)... 2% Apr.
Holders of rec. Feb. 20
American Envelope.7% °ref.(quar.)... 134% June
Holders of rec. May 26
134% Sept. Fielders of reo. Aug 25
7% preferred (guar.)
.
7% preferred (guar.)
% Doe,
Holders of rec. Nov.25
American Express Co. (guar.)
$14 Apr.
Holders of rec. Mar.22
American Factors. Ltd.(monthly)
100
Apr. 10 Holders of rec. Mar. 31
American Hardware (guar.)
25c
Apr. 1 Holders of rec. Mar. 22
Quarterly
July 1 Holders of rec. June 17
250
Quarterly
25e
Oct. 1 Holders of roe. Sept. 16
Quarterly
250
1-1-31 Holders of rec. Dec. 16
American Hawaiian SS. Co., corn. (qu.) 25e
Apr. 1 Holders of rec. Mar. 15
American Home Prod Corp.(monthly).. 35e
Apr. 1 Holders of rec. Mar. 14a
American Optic Co. 7% let prof. (qr.). 134% Apr. I Holders of rec. Mar. 18
American Snuff Co., corn. (guar.)
3%
Apr. 1 Holders of me. Mar.16
114% Apr. 1 Holders of rec. Mar.16
Preferred (guar.)
American Steam Ship Co. (guar.)
Apr. 1 Holders of roe. Mar. 21
51
American Stores Co.,corn.(guar.)
600. Apr. 1 Holders of rec. Mar. 16
American Sugar Ref.Co..corn.(quiz.)..
500. Apr, 3 Holders of rec. Mar. 80
Preferred (guar.)
% Apr. 3 Holders of ree. Mar.
American Thermos Bottle Co.. pref.(qu) 87360 Apr. 1 Holders of rec. Mar. 20
Amer.Tob.Co.. Inc., preferred (guar.). 134% Apr. 1 Holders of rec. Mar. 10
American Wringer Co.(guar.)
3734e Apr, I Holders of rec. Mar. 15
Amoskeag Co common (s-a)
51
July 3 Holders of tee. Juno 24
Preferred (s-a)
$24 July 3 Holders of roe. June 24
Anchor Cap Corp., corn. (quar.)
15e
Apr. 1 Holders of rec. Mar.20
Preferred (guar.)
$14 Apr. 1 Holders of roe. Mar.20
Apponaug Co. common (guar.)
50c Apr. I Holders of rec. Mar. 15
Armour & Co. of Delaware
14% Apr. 1 Holders of roe. Mar. 10
7% Pref. (guar.)
Arrow-Hart & Hegeman Electric Co.
Common ((mar.)
Apr. I Holders of rec. Mar. 25
100
Preferred (guar.)
$14 Apr. 1 Holders of rec. Mar. 25
Arundel Corp. (guar.)
50e
Apr. 1 Holders of me. Mar. 24
Associated Breweries (Can.)7% pf.(qu.) 14% Apr. 1 Holders of rec. Mar. 15
Associated Electrical Industries Ltd... 4%
Associated Portland Cement,ord. rug... 7%
Apr. 1 Holders of roe. Mar. 17
American dep. rec, for ord. reg
zw7% Apr. 8 Holders of rec. Mar. 22
Atlas Thrift Corp..7% pref.(quit,).... 1740 Apr. 1 Holders of rec. Mar.25
Auburn Automobile Co.(quar.)
50c Apr. 1 Holders of rec. Mar.21
Austin, Nichols & Co.. Inc., pr. A (qu.) 25c
May 1 Holders of rec. Apr. 14
Axton-Fisher Tobacco Co., A corn.(qu.) 800
Apr. 1 Holders of rec. Mar. 15
Babcock & Wilcox (guar.)
2.4e
Apr. 1 Holders of rec. Mar. 20
Bancohio Corp. (guar.)
180
Apr. 1 Holders of rec. Mar. 21
Bank Stock Trust Shares, ser. 0-1 Mg- .344690 Apr. 1 Holders of rm. Mar. 1
Series C-2 registered
337e Apr, 1 Holders of ree. Mar. 1
Bankers Investment Trust of Am.(s.
150 June 30 Holders of rec. June 15
-a.)
$14 Apr. 1 Holders of me. Mar.27
Barber(W.H.). prof.(guar.)
Preferred(guar.)
$14 July 1 Holders of roe. June 28
Preferred (guar.)
Oct. I Holders of me. Sept.26
$1
Barnet Leather Co.. Inc.. Pf. (11quldriC)- 224%
$14 Apr. 15 Holders of recs. Mar. 31
Bayuk Cigar, 1st pref. (guar.)
Beaton & Cadwell Mfg. CO.(monthly). 12540. Apr. 1 Holders of rec. Mar.31
Beech-Nut Packing Co.. corn. (qua:.).. 760 Apr. I Holders of rec. Mar.13
% Apr. 16 Holders of rec Apr. 1
7% preferred A (guar.)
Beatrice Creamery Co., prof. (guar.)... $134 Apr. 1 Holders of tee. Mar.14
Bell View 011 Syndicate (quar.)
50e
Apr. 1 Holders of ree. Mar. 20
Extra
Apr. 1 Holders of rec. Mar. 20
$2
Bickford's, Inc.,common (guar.)
150 Apr. 1 Holders of rec. Mar. 25
82360 Apr, 1 Holders of rec. Mar. 25
Convertible preference(guar.)
Bird & Son, Inc., new stock (Initial).
- 45134 Apr. 1 Holders of rec. Mar.25
Bon Ami Co., class A (guar.)
Apr. 30 Holders of rec. Apr. 15
51
Class B (quar.)
600
Apr, 1 Holders of roe. Mar. 24
Borg-Warner Corp., 7% pref.(guava-- 14% Apr. 1 Holders of roe. Mar. 15
Bernet. Inc., class A
Jan, 12 Holders of tee. Jan. 12
250
Bourbon Stockyards (guar.)
Apr. 1 lio ders of reo. Mar. 25
51
Brantford Cordage Co.. Ltd.. pref.(qu.) 1500
Apr, 15 Holders of rec. Mar.20
Brill° Mfg. Co., Inc., corn.(guar.)
150
Apr. 1 Holders of ref,. Mar. 15
Class A (quar.)
500
Apr. 1 Holders of rev. Mar.16
British Aluminium Co.. Ltd.
zw5% Apr. 8 Holders of rec. Mar.22
American dep. rec. ord. red
British Amer.011 Co., Ltd.. cap.(guar.) (200
Apr. 1 Holders of rev. Mar. 18
British United Shoe Mach. Co., Ltd.
American dep. rec. ord. tog
w734% June 8 Holders of too. May 22
Broad Street Investing Co., Inc. (guar.)
20e Apr, 1 Holders of reo. Mar. 27
Bucyrus-Erie Co.. 7% prof
50e Apr. 1 Holders of reo. Feb. 28
Bucyrus-Monighan Co.. class A (guar.) 450
Apr. 1 Holders of roe. Mar. 20
Building Prod., Ltd., corn, A & B (qu.)..
260 Apr. 1 Holders of rec. Mar. 18
750
Burro, Inc.,8% pref.(guar.)
Apr. 1 Holders of rec. hiar. 23
Burma Corp., Ltd., Am.dep.rec.(lnt.).
4an Apr. 20 Holders of reo. Mar. 10
Ordinary register
tot)(an Apr. 20 Holders of rec. Mar. 10
Burt(F. M.)& Co. Ltd., pref.(guar.)-- (134% Apr.
Holders of roe. Mar. 15
. Apr.
Common (guar.)
Holders of rec. Mar. 15
Byers (A. M.) Co., 7% pref. (guar.).50c May
Holders of rec. Apr. 14
Calamba Sugar Estates (guar.)
400. Apr.
Holders of tee. Mar.15
360. Apr.
Preferred (guar.)
Holders of rev. Mar.15
Calaveras Cement,7% pref.(quar.).-.. 154% Apr. 1 Holders of ree. Mar. 31
Cambria Iron Co.(s.
Holders of reo. Mar. 15
Apr.
$1
-a.)
Canada Bread Co., 1st pref.(guar.)851
Apr.
Holders of reo. Mar. 15
Canada Dry Ginger Ale of Del.(guar.). 250
Apr. 1 Holders of reo. Apr. I
Canada Packers. Ltd., 7% pref. (quit.)
Apr.
Holders of rev. Mar. 15
Canada Permanent Mtge.Corp.(qUara Holders of rec. Mar.15
AM.
Canadian Canners, Ltd., conv. pf. (qu.) 150
Holders of reo. Mar. 15
Apr.
Class A preferred (guar.)£5134 Apr,
Holders of rec. Mar. 15
Canadian Car & Foundry Co.. pref.(qu.) 14401. Apr. 1 Holders of roe. Mar. 27
Canadian Cottons, Ltd., pref.(quiz.)_.. 8514 Apr.
Holders of rec. Mar. 18
Canadian General Elect.. corn. (guar.). fel
Apr.
Holders of rec. Mar. 15
Preferred (guar.)
687340 Apr.
Holders of rec. Mar. 15
Canadian General Investment, reg.(qu.) 100
Apr.
Holders of rec. Mar. 15
Coupon (quar.)
100
Apr.
Canadian Industries, Ltd.. prof. (guar.) 514 Apr. I Holders of ree. Mar.31
Canadian Oil Coo., Ltd., Prof.(guar.)
Apr.
Holders of rec. Mar.20
$2
Canadian Westinghouse Co., Ltd.(qua 8500 Apr,
Holders of roe. Mar.20
Cannon Mills Co. (guar.)
250 Apr.
Holders of reo. Mar. 18
Capital Administration Co., Ltd.
h75c Apr.
Preferred series A (quar.)
Holders of rec. Mar. 30
250
Apr.
Carpel Corp. (guar.)
Holders of rec. Mar.25
Cartier, Inc.. 7% reef
8740. Jan. 3 Holders of rec. Jan. 14
Case (J. I.) Co..7% cum. prof.
Apr.
$1
Holders of rec. Mar.11
Celanese Corp. of Amer., 7% pref. (qu.) 14% Apr.
Holders of roe. Mar. 18
Central Aguirre Assoc., common (guar.) 3754e Apr.
Holders of tee. Mar.20
Central Manhattan Properties
$1.08
Centrifugal Pipe Line Corp.eap.Stk.(QUJ
100. May 15 Holders of too. May 5
Capital stock (quar.)
be. Aug. 15 Holders of rec. Aug. 5
Capital stook (guar.)
100. Nov. 15 Holders of rec. Nov. 8
Champion Coated Paper Co. pref.(qu.). $134 Apr. 1 Holders of rec. Mar. 20
Special preferred (guar.)
:134 Apr. 1 Holders of rec. Mar.20
Financial Chronicle
Volume 136
Name of Company.
Pet
When
Share. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Chain Store Products, pref. (quar.)
37340 Apr. 1 Holders of rec. Mar. 20
Champion Fiber Co.. pref.(guar
Apr. 1 Holders of rec. Mar. 20
$1%
Champion International Co.(guar.)--- $144 Apr. 1 Holders of rec. Mar. 17
Preferred (quar.)
$1% Apr. 1 Holders of rec. Mar. 17
Chatham Mfg. Co., 7% pref. (quar.)_
134% Apr. 1 Holders of rec. Mar.20
6% preferred (guar.)
134% Apr. 1 Holders of rec. Mar. 20
Chicago Daily News,$7 pref. (quar.)__ $134 Apr. 1 Holders of rec. Mar. 20
Chic. Dock & Canal Co..7% pt. A (qr.) 144% Apr. 1 Holders of rec. Mar. 15
6% Preferred B (guar.)
145% Apr. 1 Holders of rec. Mar. 15
634% preferred C (guar.)
1%% June 1 Holders of rec. May 15
Chicago Towel, pref.(quar.)
$1% Apr. 1 Holders of rec. Mar. 20
Christiana Securities 7% pref. (quar.) 144% Apr. 1 Holders of rec. Mar. 20
Cincinnati Wholesale Grocery
6% preferred (guar.)
134% Apr. 1 Holders of rec. Mar. 15
City Investing Co., pref. (quar.)
$1% Apr. 1 Holders of rec. Mar. 28
Claude Neon Electrical Prod. Corp.
Common (guar.)
Apr. 1 Holders of rec. Mar. 20
25c
Preferred (guar.)
350
Apr. 1 Holders of rec. Mar. 20
Cleveland Union Stockyards Co.(quar.) 1234c Apr. 1 Holders of rec. Mar. 25
Clinton Title & Mtge Guaranty (s-a)-__ 20c
Apr. 1 Holders of rec. Mar. 23
Clorox Chemical Co. (guar.)
Apr. 1 Holders of rec. Mar.20
500
Cluett. Peabody & Co.. Inc., pref.(gr.). IN% Apr. 1 Holders of rec. Mar. 21
Coats(J.& P.), Ltd.. corn.(guar.)
od
Coca-Cola Bottling, A (guar.)
25c Apr. 1 Holders of rec. Mar. 15
Coca-Cola Co. (quar.)
$1% Apr. 1 Holders of rec. Mar. 11
Coca-Cola Internat. Corp.. corn. (qu.)- $3% Apr. 1 Holders of rec. Mar. 11
Colgate-Palmolive-Peet, pref.(quar.)__
Apr. 1 Holders of roe. Mar. 10
$144
Collateral Loan (guar.)
Apr. 1 Holders of rec. Mar.4
$2
Columbia Mills. Inc. (guar.)
Apr. 1 Holders of rec. Mar. 23
500
Columbian Vise dr Mtg. Co.((Man)--- 3734c Apr. 1 Holders of rec. Mar. 20
Commercial Discount Co. of Calif.
Class A, preferred (guar.)
20e
Apr. 10 Holders of rec. Apr. 1
Class B, preferred (guar.)
1734e Apr. 10 Holders of rec. Apr. 1
Commercial Invest. Trust Corp.(guar.)
50c. Apr. 1 Holders of roe. Mar. 4
Convertible pref. optional nor. of 1929 11-52 Apr. 1 Holders of rec. Mar. 4
Confederation Life Assoc. (guar.)
$1 June 30 Holders of rec. June 25
Quarterly
$1 Sept.30 Holders of rec. Sept.25
Quarterly
$1 Dec. 31 Holders of rec. Dec. 25
Consolidated Dry Goods, pref. (s.
$234 Apr. 1 Holders of rec. Mar. 25
-a.)
Conn. Gas et Coke Securities corn.(qu.)_
20e Apr, 1 Holders of rec. Mar. 15_
$3 preferred (guar.)
75e Apr, 1 Holders of rec. Mar. 15
Consolidated Car Heating (guar.)
$134 Apr. 15 Holders of rec. Mar.31
Consolidated Paper Co., 7% pref. (qu.) 1744o. Apr. 1
Continental Baking Corp. prof. (quar.)_
hl% Apr. 1 Holders of rec. Mar.20
Continental Gln. 6% prof. (guar,
134% Apr. 1 Holders of rec. Mar. 15
,
Coon (W. B.) Co. 7% Prof. (guar-I-- 134% May 1 (alders of rec. Apr. 12
Cottrell(C.B.)& Sons Co.(annual)___ $4
July 1
6% preferred (guar.)
144% Apr. 1
6% preferred ((Var.)
144% Atli 1
6% preferred (guar.)
1)4% Oct. 1
6% preferred (guar.)
134% 1-1-14
Cream of Wheat Corp. (guar.)
Apr. 1 Holders of reo. Mar. 27
500
Creamery Package Mfg. Co., pref.(qu.).. $144 Apr. 10 Holders of rec. Apr. 1
Crown Willamette Paper Co., 15t pf.(qu) 531
Apr. 1 Holders of roe. Mar 13
Crum & Forster
100
Apr. 15 Holders Of rec. Apr. 5
Preferred (guar.)
June 30 Holders of roe. June 19
$2
Cudahy Packing, common (guar.)
62340 Apr. 15 Holders of ree. Apr. 5
6% preferred (s-a)
May 1 Holders of rec. Apr. 20
3%
7% Profen ed (s-a)
334% May 1 Holders of rec Apr. 20
Curtiss-Wright Export, 6% pref.(guar.) 134% Apr. 15 Holders of rec. Mar. 31
Davenport Hosiery Mills
12440 Apr. 1 Holders of me. Mar. 21
Preferred (guar.)
$144 Apr. 1 Holders of rec. Mar. 21
De Long Hook & Eye Co.(guar.)
50c. Apr. 1 Helders of roe. Mar.20
Extra
250. Apr. 1 Holders of rec. Mar.20
Devoe & Reynolds. 1st & 2d pref. (an.) $144
Apr. 1 Holders of roe. Mar. 21
Diamond Shoe Corp. (guar.)
15c
Apr. 1 Holders of rec. Mar. 20
Preferred (guar.)
$144 Apr. I Holders of rec. Mar. 20
Diversified TrLst Shares,series B
.16983e Apr. 1
Dome Mines(guar.)
25c. Apr. 20 Holders of rep. Mar.31
Extra.
20e. Apr. 20 Holders of rec. Mar.31
Dominion Bridge Co.. Ltd. (quar.)---500. May 15 Holders of rec. Apr. 29
Dominion Glass Co., Ltd.,common (qu.) 1314f Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
134% Apr. 1 Holders of rec. Mar. 15
Dominion Stores, Ltd.. Com-(quar).... ts301)
Mar.30 Holders of rec. Mar. 15
Dominion Textile Co., corn. (quar.).__. 41
Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
Apr. lb Holders of rec. Mar.31
($144
Draper Corp. (guar.)
50c. Apr. 1 Holders of rec. Mar. 4
Dravo Corp., 6% pref. ((loan.)
25e Apr. 1 Holders of rec. Mar. 31
Driver-Harris Co., 7% pref. (quar.)---- 144% Apr. 1 Holders of rec. Mar.21
Duplan Silk Corp., Prof.(guar.)
Apr. 1 Holders of rec. Mar 13
$2
E.I. du Pci t de Nemours& Co.
Debenture stock (guar.)
194% Apr. 25 Holders of roe. Apr. 10
Eagle Warehouse St Storage (guar.)
Holders of roe. Mar.28
Apr.
- $1
Eastern Bakeries,(3)4% preferred
Holders of rec. Mar. 31
1%% Apr.
Eastern Steam Ship Lines, Inc.. pf.(gu.) 87440 Apr.
Holders of roe. Mar. 170
1st preferred (guar.)
Holders of rec. Mar. 17a
$1% Apr.
Eastern Steel Products Co.. Prof. (qtr.) 1134% Apr.
Holders of rec. Mar. 15
Eastman Kodak Co.,corn.(guar.)
75c. Apr.
Holders of roe. Mar. 4
Preferred (guar.)
$134
Holders of rec. Mar. 4
Apr.
Edmonton City Dairy,644% pref. (qu.) 134% Apr.
Holders of rec. Mar. 15
Elder Mfg. Co., 1st preferred (guar.)--$2 Apr.
Holders of rec. Mar. 22
Electric Auto-Lite, preferred (guar.)- --- $1% Apr.
Holders of roe. Mar. 25
Electric Controller dr Mfg. Co.(quar.).. 25e
Apr.
Holders of rec. Mar.20
Electric Storage Battery Co.. corn.
50c
Holders of rec. Mar. 11
Apr.
Preferred (guar.)
Apr.
50e
Holders of rec. Mar. 11
Emerson's Bromo- Seltzer
Common A & IS (guar.)
Apr.
Holders of rec. Mar. 24
500.
8% preferred (guar.)
50e Apr.
Holders of rec. Mar. 24
Endicott-Johnson Corp.,corn.(quar.) -- The.
Apr.
Holders of rec. Mar.24
Preferred (guar.)
$144 Apr.
Holders of rec. Mar. 24
Eppens, Smith & Co.(1.-a.)
$2
Holders of roe. July 25
Aug.
Equitable Office Bldg. Corp., Corn.(OIL) 25o
Apr.
Holders of rec. Mar. 15
Preferred (guar.)
144% Apr.
Holders of rec. Mar. 15
Ewa Plantation Co. (guar.)
60o. May 1 Holders of rec. May 5
Fairmont Creamery (Del.)(guar.)
25e
Mr.
Holders of me. Mar. 21
$634 preferred (guar.)
$144 Apr.
Holders of rec. Mar. 21
Family Loan Society Inc., $334 pf.(an.) 8734c
Apr,
Holders of rm. Mar. 15
Extra
37340 Apr.
Holders of roe. Mar. 15
Fanny Farmer Candy Shops,corn.(qtr.). u25e
Apr.
Holders of roe. Mar. 15
Preferred (quar.)
ue(Ola
Apr.
Holders of rec. Mar. 15
Farmer).& Traders Life Ins.(Syracuse)
Quarterly
$234
Apr.
Holders of roe. Mar. 11
Faultless Rubber Co.. corn.(quar.)....50e. Apr.
Holders of rec. Mar 15
Federated Dept. Stores, Inc.(quar.,.._.
150. Apr.
Holders of rec. Mar.21
Ferro Enamel Corp., 5% pref. (s.
1344 c Apr.
-a.).
Holders of rec. Mar. 20
Fibreboard Prod.. Inc.,6% pref. (guar.) 134% May
Holders of rec. Apr. 15
Finance Co. of Pennsylvania (quar.)___ $244 Apr.
Holders of rec. Mar. 18
First Bank Stock Corp., corn. (quar.)__
Sc
Apr.
Holders of rec. Mar. 24
First National Stores, corn.(guar.)
6234e Apr.
Holders of rec. Mar. 15a
7% first preferred (guar.)
Holders of rec. Mar. 15a
194% Apr.
Fishman (M. H.) Co., Inc.
A & B preferred (guar.)
$134 Apr. 1 Holders of rec. Apr. 1
Florsbeim Shoe Co..6% cum. pt.(qua- 1%% Apr.
Holders of roe. Mar. 15
Ford Motor Co. of Belgium
5%
Fortnum & Mason, Inc., 7% prof. (8.
-a.) 17140 Apr,
Holders of rec. Mar. 20
Franklin Process Co.. common (guar.)
25e
Apr.
Holders of rec. Mar. 24
Freeport Texas, new 6% pref. (quar.)-- 1;4% May
Holders of roe. Apr. 14
Freiman (A. J.). pref.(guar.)
194% Apr.
Holders of rec. Mar. 15
Galiand Mercantile Laundry (guar.) _81 .16 2-3 Apr.
Holders of rec. Mar. 15
Garlock Packing Co., corn. (quar.)---10e Apr.
Holders of rec. Mar. 25
Gas Security Co.,6% pref. (monthly)-50c Apr.
Holders of rec. Mar. 15
Monthly
34% Apr.
Holders of rec. Mar. 15
General American Investors Co., Inc.
$6 preferred (guar.)
$134 Apr.
Holders of rec. Mar. 20
General Baking Co., corn. (guar.)
50e
Apr.
Holders of rec. Mar. 25
Preferred ((uar.)
Apr.
$2
Holders of rec. mar. 25
General Capital Corp., corn.(qUar.)---- $134 Apr.
Holders of rec. Mar. 21
General Electric Co., corn. (guar.)
Apr. 25 Holders of roe. Mar. 10a
100
Special (guar.)
Apr. 25 Holders of rec. Mar. 10a
150
General Mills, Inc., pref.(mar.)
Apr.
$134
Holders of rec. Mar. 14a
General Motors Corp..$5 pref.(quar.)
$1%
Holders of roe. Apr. 10
May
Name of Company.
2191
Per
When
Share. Payable
Books CloseS
Days Inclusive.
Miscellaneous (Continued).
General Printing Ink Co., prof. (guar.). $131 Apr. 1 Holders of rec. Mar.27
General fly. Signal Co.. corn.(allar.)--- 25e
Apr. 1 Holders of rec. Max. 10
Preferred (guar.)
8144 Apr, 1 Holders of rec. Mar. 10
General Stockyards Corp.,corn.(quar.)_ 50c
May 1 Holders of rec. Apr. 14
$6 preferred (guar.)
$131 May 1 Holders of ree. Apr. 14
Gibson Art (guar.)
150
Apr. 1 Holders of rec. Mar.20
Gillette Safety Razor. preferred (guar.)- $144 May 1 Holders of rec. Apr. 1
Glidden Co.,7% preferred (quar.)
194% Apr. 1 Holders of rec. Mar. 18
Gold Dust, voting trust (guar.)
300
May 1 Holders of rec. Apr. 10
Gold & Stock Telegraph Co.(quar.).... $134 Apr. 1 Holders of rec. Mar.31
50o. Apr, 1 Holders of roe. Mar. 1
Goodyear Tire Sr Rubber Co.. prat.(qu.)
Goodyear Tire dr Rub.of Can.. pref.(qu) *134% Apr. 3 Holders of rec. Mar. 15
Gotham Silk Hosiery Co., let prof. (an.) $194 May
Holders of rec. Apr. 12
Gottfried Baking Co., Inc., ol. A (qiler.)
75o. Apr.
Holders of roe. Mar.20
Class A (guar.)
75e. July
Holders of rec. June 20
Class A (guar.)
75c. Oct.
Holders of rec. Sept. 20
Preferred (guar.)
Holders of rec. Mar.20
134% Apr.
IN% July
Preferred (guar.)
Holders of rec. June 20
144% Oct. 2 Holders of rec. Sept. 20
Preferred (quar-)
% ln.2'34 Holders of rec. Dec. 20
Preferred (guar.)
Govt. Gold Mining Areas Cons., Ltd.
w45%
Amer. dep. roe. reg. shares
Holders of rm. Dec. 30
25e. Apr. 1 Holders of rec. Mar. 13
Grant(W.T.) Co.(guar.)
Great Lakes Transport. pref. (quar.)___ $1
Apr. 1 Holders of rec. Mar.24
Great West Life Amur. Co., Winnipeg
(quarterly)
$5 Apr. 1 Holders of rec. Mar. 20
Great Western Electro-ChemIcal Co.
6% 1st preferred (guar.)
134% Apr. 1 Holders of rec. Mar.21
Great Western Sugar. prof.(guar.)
$194 Apr. 1 Holders of rec. Mar. 15
Grief & Bros.,class A (guar.)
8734e. Apr. 1 Holders of rec. Mar. 21
194% Apr. 1 Holders of rec. Mar.21
7% preferred (guar-)
Griggs, Cooper & Co., 7% pref. (quar.)- 194% Apr. 1 Holders of rec. Apr. 1
Guarantee Co. of No. Amer. (quar.)-_- 5134 Apr, 15 Holders of rec. Mar. 31
Extra
$244 Apr. 15 Holders of rec. Mar. 31
Guardian Bank Shs. Invest. Tr., pt.(qu) 18440 Apr. 1 Holders of rec. Mar. 15
Guardian Invest. Trust.(Hart.). Pret- -- 15e
Apr. 1 Holders of rec. Mar. 15
Convertible preferred
be
Apr, 1 Holders of rec. Mar. 15
Guardian Pub.Util.Inv.Tr.,ser.Lpf.(qu.) 15e
Apr, 1 Holders of rec. Mar. 15
Guardian Rail Shs. Inv. Tr.,ser.I,pf.(qu.) 200
Apr. 1 Holders of rec. Mar. 15
Gurd (Chas.) di Co., Ltd..Pret (quar.). $194 Apr. 1 Holders of rec. Mar. 15
Hall Baking, 7% pref. (guar.)
8734e Apr. 1 Holders of rec. Mar.20
Hammermill Paper Co..6% pref.(guar.) 134% Apr. 1 Holders of rec. Mar. 15
Hanes (P. H.) Knitting Mills, pf. (qu.) 5144 Apr. 1 Holders of rec. Mar. 20
Harbauer Co., 7% pref.(guar.)
14 % Apr, 1 Holders of rec. Mar.21
,
4
7% Preferred (guar.)
141% July 1 Holders of rec. June 21
7% Preferred (guar.)
% Oct. 1 Holders of rec. Sept. 21
144% 1-1-'34 Holders of rec. Dec. 21
7% Preferred (guar.)
Hardesty (IL), 7% prof. (guar.)
194% June 1 Holders of rec. May 15
7% preferred (guar.)
194% Sept. 1 Holders of rec. Aug. 15
7% Preferred (guar.)
% Dee, 1 Holders of reo. Nov. 15
Harrods, Ltd., ordinary register
10
1933
Amer. dep. me, for ord. rag
10
1933
Hazel-Altas Glass Co
75e. Mar. 1 Holders of ree. Mar. 15
Extra
250. tor. 1 Holders of roe. Mar. 15
Helme (Geo. W.) corn,(quar.)_
$IN Apr. 1 Holders of rec. Mar. 11
Preferred (guar.)
$134 Apr. 1 Holders of rec. Mar.11
Hayden Chemical Corp., pref.(quar.).. $144
Apr. I Holders of rec. Mar. 15
Hibbard, Spencer, Bartlett & Co. (mo.) 10c
tor. 28 Holders of rec. Apr. 21
Monthly
be
May 26 Holders of rec. May 19
Monthly
100
June 30 Holders of rec. June 23
Hickok Oil Co., 7% pref. (guar.)
134% Apr. 1 Holders of rec. Mar. 25
Holland Land (liquidating)
50c.
Holders Of res. Dec. 16
Horn & Hardart Baking Co.
Common (guar.)
$144 Apr. 1 Holders of rec. Mar. 21
Household Finance Corp.. prof. (quar.) $1.05 Apr. 15 Holders of me. Mar. 31
Common class A & B (guar.)
75c Apr, 15 Holders of rec. Mar. 31
Howe Sound Co. (guar.)
100
Apr. 15 Holders of roe. Mar. 31
Humble Oil & Refining Co.(guar.)
500
Apr. 1 Holders of roe. Mar. 2
Hunts Ltd., A& B
12%0 Apr. 1 Holders of rec. Mar.17
Huron & Erie Mfg. Corp. (guar.)
Apr, 1 Holders of ree. Mar. 15
Huron & Erie Mtge.(guar.)
Apr, 1 Holders of rec. Mar. lb
Huylers of Del., 7% pref. stpd. (guar.) $I
Apr. 1 Holders of rec. Mar.17
Preferred unstamped (guar.)
$1
Apr. 1 Holders of rec. Mar. 17
Hygmde Sulvania. corn.(guar.)
500 Apr. 1 Holders of rm. Mex. 10a
Preferred (guar.)
$144 Apr. 1 Holders of rec. Mar. 100
Ideal Cement Co., corn. (guar.)
25e
Apr, 1 Holders of rec. Mar. 15
Imperial Chem.Industries, Ltd. (fInal).z w344% June 8 Holders of rec. Anr. 13
Incorporated Investors (s.-a.)
e234% Apr. 20 Holders of rec Mar. 28
Independent Pneumatic Tool Co. ((luar.) 25e
Apr. 1 Holders of rec. Mar. 27
Indiana General Service Co..6% pt.(qu) 134% Apr, 1 Holders of rec. Mar. 6
634% preferred (guar.)
144% Apr. 1 Holders of rec. Mar. 6
Indiana Pipe Line Co., cap, stock
15c
May 15 Holders of rec. Apr. 28
r Industrial Rayon Corp.
-Dividend act Ion defe med.
Industrial Rayon (guar.)
500
Apr. 1 Holders of rec. Mar. 27
Inland Investors, Inc., corn. (guar.)12360 Apr. 1 Holders of rec. Mar. 20
Interlake Steamship Co. (guar.)
25c
Apr. 1 Holders of rec. Mar. 23
Internat. Business Machines (quar.)-$144
Apr, 10 Holders of rec. Mar.22a
International Button Hole Sew. Mach. 20e
Apr. 1 Holders of rec. Mar. 18
Extra
Apr. 1 Holders of rec. Mar. 18
10c
International Carriers, Ltd.(guar-)
Sc
Apr. 1 Holders of rec. Mar.25
International Harvester, corn
15e. Apr. 15 Holders of rec. Mar.20
International LIM Ins.(liquidating)
$1,4
International Nickel Co. of Can.
7% preferred (guar.)
1144% May
Holders of rec. Apr. 1
International Salt Co. (guar.)
37'4e. Apr.
Holders of roe. Mar. 15
International Shoe Co., corn,(guar.).-50c. Apr.
Holders of rec. Mar. 15
Preferred (monthly)
50e. Apr.
Holders of rec. Mar. 15
Preferred (monthly)
50t). May
Holders of roe. Apr. 15
Preferred (monthly)
50o. June
Holders of res. May 15
Intertype Corp., 1st pref.(quar,)
Apr.
$2
Holders of roe. Mar. 15
Investment Foundation, pref. (qua:.).. 370
Apr. 1 Holders of rec. Mar. 31
Preferred (guar.)
313c Apr. 15 Holders of rec. Mar. 31
Irving Air Chute, oom. (guar.)
10e. Apr. 1 Holders of rec. Mar. 15
Island Creek Coal Co.,corn.(quar.).... 50c
Apr. 1 Holders of rec. Mar.23
Preferred (guar.)
$134 Apr. 1 Holders of rec. Mar.23
Jewel Tea Co., Inc.,common (quar.)...
75e. Apr. 15 Holders of roe. Mar. 13
Jones. Laughlin Steel,7% oum. pt.(m.) 25e. Apr. 1 Holders of two. Mar. 13
Kahn's (E.)Sons, Co.,7% pref.(quar.)- IN% Apr, 1 Hold rs of roe. Mar.20
Kalamazoo Veg. Parchment Co. (guar.)
15c Mar,31 Holders of rec. Mar. 21
Katz Drug Co., prof.(guar.)
$1% API% 1 Holders of ree. Mar. 15
Keystone Custodian Fund, series G__-- 204012e
Keystone Watch Case Co
$3 1-3
Kimberly-Clark Corp., prof. (guar-)-- $144 Apr, 1 Holders of ree. Mar 1$
Kirby Petroleum
10e
Apr. 15 Holders of rec. Mar. 31
Klein (D. E.) Co.. Me.,corn.(quar.).
250. Apr. 1 Holders of me. Mar. 20
Knight Campbell Music Co.(Chi., 111.)7% preferred (guar.)
IN% Apr. 1 Holders of rec. Mar. 15
Kohn's (E.) Sons Co., 1st pref. (guar.)-- $144 Apr. 1 Holders of rec. Mar. 20
Koppers Gas & Coke Co., pref.(quar.)
214 Apr. 1 Holders of moo. Mar. 11
Kresge (S. S.) Co.. preferred (guar.).- $144 Apr, 1 Holders of rec. Mar.20
Krocer Grocery & Baking
7% 2nd Preferred (guar.)
IN% May 1 Holders of roe. soy. 20
LakeVIew&Star Co.(London),Interlm_sv 124%
Lambert Co.. corn. (guar.)
Apr. 1 Holders of rec. Mar. 17
$1
Landers, Frary & Clark, corn. (guar.).- 37%o. Apr. 1 Holders of rec. Mar. 22
Landis Machine. pref. (guar.)
% June 15 Holders of reo. June 6
Lawyers Title Ins. Co.(Richmond, Va.),
6% preferred (s. a )
3% Apr. 15 Holders of rec. Apr. 10
Lazarus(F. dr R.) & Co., pref.(qua:.).. $144 May 1 Holders of rec. Apr. 20
Lehigh Portland Cement Co.. pt.(go.).. 87%e. Apr, 1 Holders of reo. Mar. 14
Lehman Corp.. cap. stock (guar.)
600. Apr. 5 Holders of roe. Mar.21
Life Ins. Co. of Virginia (guar.)
75e Apr. 1 Holders of rec. Mar'. 25
Liggett & Myers Tobacco. pref. (guar.)- $144
Apr. 1 Holders of roe. Mar.10
Lincoln National Life Ina. Co.Cap.stock
600. May 1 Holders of ree. Apr. 25
Capital stock
60o. Aug. 1 Holders of roe. Ally 26
Capital stock
700, Nov. 1 Holders of ree. Oct. 26
Look Joint Pipe, preferred (guar.)
Apr. 1 Holders of roe. Apr. 1
$2
Preferred (guar.)
July 1 Holders of roe. July 1
$2
Loomls-Sazles. (guar.)
50o Apr. 1 Holders of rm. Mar. 15
Loose
-Wiles Biscuit Co., 1st 14.(qua".).
Apr. 1 Holders of rec. Mar. 23a
Lord & Taylor (guar.)
$24 Apr. 1 Holders of rec. Mar. 17
2192
Name of Corn pane.
Financial Chronicle
Per
When
Share. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Lorillard (P.) Co., com. quar.)
(
300. Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
134% Apr. 1 Holders of rec. Mar. 15
Lucky Tiger Comb.Gold Min's Co. Ulu.,
30. Apr. 20 Holders of rec. Apr. 10
Lumbermen's Ins. Co. (Phila.) (quar.)- 81% Apr. 15 Holders of rec. Mar. 31
Lunkenhelmer Co.,pref.(guar.)
51%
Apr. 1 Holders of rec. Mar.22
Preferred (guar.)
$1% July 1 Holders of rec. June 21
Preierred(guar.)
$134 Oct 2 Holders of rec. Sept.22
Lycoming Mfg. Co.,8% pref.(quar.)2% Apr. 1 Holders of rec. Mar. 27
Macy (R. H.)& Co.(guar.)
May 15 Holders of rec. Apr. 21
50e
MacAndrews & Forbes Co.,corn.(guar.)
25c Apr. 15 Holders of rec. Mar. 31a
Preferred (guar.)
1)4% Apr. 15 Holders of rec. Mar. 31a
Magnin (I.) & Co.,6% pref. (quar.)1)4% May 15 Holders of reo. May 5
6% preferred (guar.)
134% Aug. lb Holders of rec. Aug.
6% preferred (guar.)
155% Nov. 15 Holders of rec. Nov. 5
Mapes Consolidated Mfg.(guar.)
75e Apr. 1 Holders of rec. Mar. 17
Mapes Consolidated Mfg. Co. (quar.)-- 750
Apr. 1 Holders of ree. Mar. 10
Marlin-Rockwell Corp., corn. (spec.).. 25c
Apr. 1 Holders of rec. Mar.20
Mathieson Alkali Works,corn.(guar.) -- 3734e. Apr. 1 Holders of rec. Mar. ba
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 8
81%
McCall Corp.(guar.)
500
May 1 Holders of rec. Apr. 15
McColl Frontenac Oil Co., pref. (quar.)_ 18134 Apr. 15 Holders of rec. Mar. 31
McKee (A. G.) dv Co., class B (quar.)__ 50c
Apr. 1 Holders of rec. Mar. 20
McKeesport Tin Plate Co. (guar.)
$1
Apr. 3 Holders of rec. Mar. 15
MeQuay-Norris Mfg. Co., corn. (guar.)
75c. Apr. 15 Holders of rec. Mar. 31
Mead. Johnson & Co., corn. (quar.)__
75c Apr. 1 Holders of rec. Mar. 15
Mercantile American Realty Co.
6% preferred (guar.)
135% Apr. 15 Holders of me. Apr. 15
Merchants National Realty Corp.
A and B preferred (guar.)
$134 Apr. 1 Holders of ree. Mar. 25
Merck Corp., pref. (guar.)
Apr. 1 Holders of me. Mar. 17
$2
Mesta Machine (guar.)
Apr. 1 Holders of ree. Mar. 16
15e
Preferred (guar.)
81% Apr. 1 Holders of rec. Mar. 16
Metal & Thermit pref. (guar.)
$134 Apr. 1 Holders of rec. Mar. 20
Metropolitan Indus.13ankers,7%pfd(qu) 17%c Apr. 1 Holders of rec. Mar. 27
Midland Steel Prod.,8% pref. (quar.)_ _ $1
Apr. 1 Holders of rec. Mar. 25
Minneapolis Honeywell Regulator
6% preferred, series A (quar.)
134% Apr. 1 Holders of reo. Mar. 20
Minnesota Mining & Mfg. (quar.)- - •
73ie Apr. 1 Holders of rec. Mar. 20
Mo. River-Sloux City Bdge. Co. pf.(qu.) 81% Apr. 15 Holders of rec. Mar. 31
Mitchell(.3.8.) & Co., Ltd., pref.(guar.) $134 Apr. 1 Holders of rec. Mar. 17
Monroe Chemical Co., pref.(quar.)__ - _ 8734c Apr. 1 Holders of rec. Mar. 10
Monsanto Chemical Works (quar.)
31%0 Apr. 1 Holders of ree. Mar. 10
Moore Corp., Ltd., cl. A & B. pf.(qu.). _ 181% Apr. 1 Holders of rec. Mar. 20
Moore (1V m.) Dry Goods Co.(guar.) -_
El% Apr. 1
Quarterly
81% July 1
Quarterly
8134 Oct.
Quarterly
El% 1-1-34
Morris (Phil.)& Co., Ltd.(guar.)
25c
Apr. 15 Holders of rec. Apr. 4
Morris (P.) Consol., Inc.. cl. A (guar.) - 1)4% Apr.
Holders of rec. Mar. 20
Class A (guar.)
Holders of rec. Mar. 20
hl%% Apr.
Morris 5 & 10c Stores, Inc., 7% pt.(qu.)
Holders of rec. Mar. 20
% Apr.
Morris 50. & 10c.to $1 Ste..7% pt.(qu.)
% Apr.
7% preferred (guar.)
131% July
7% preferred (guar.)
1)4% Oct.
7% preferred (guar.)
1)4% 1-2-34
Mountain Producers Corp. (guar.)
200. Apr.
Holders of ree. Mar. 15a
Municipal Service Corp
$5.56
Holders of rec. Mar. 14
Murphy (G. C.) Co., pref.(guar.)
$2
Apr. 3 Holders of rec. Mar. 23
Nation Wide Securities Co
10c
Apr. 1 Holders of rec. Mar. 15
National Battery Co., pref. (quar.)---- 55c
Apr. 1 Holders of rec. Mar. 17
National Biscuit, common (guar.)
70e. Apr. 15 Holders of rec. Mar. 17
National Breweries, Ltd., common (gm)
4013 Apr. I Holders of rec. Mar. 15
Preferred (guar.)
44c Apr. I Holders of rec. Mar. 15
National Candy Co.. corn.(guar.)
25c
Apr. 1 Holders of rec. Mar. 16
1st & 2nd preferred (guar.)
El% Apr. 1 Holders of rec. Mar. 16
National Carbon, pref. (guar.)
$2
May 1 Holders of rec. Apr. 20
National Dairy Prod., pref. A & B (qu.) 81.34 Apr. 1 Holders of ree. Mar. 17
National Distillers Prod. Corp., pt.(qu.) 62%c Apr. 1 Holders of rec. Mar. 22a
National Finance Corp. of America WO 15e
Apr. 1 Holders of rec. Mar. 10
6% preferred (guar.)
15c
Apr. 1 Holders of me. Mar. 10
Extra
15c
Apr. I Holders of rec. Mar. 10
National Finance Corp.(Baltimore)
Class A & B (quarterly)
200
Apr. 1 Holders of rec. Mar. 25
8% preferred (quarterly)
200
Apr. I Holders of rec. Mar. 25
National Gypsum Co., 7% pref. (guar.) 134% Apr. 1 Holders of rec. liar. 18
National Lead Co. preferred B (guar.).- El% May 1 Holders of reo. Apr. 21
National Pacific Mtge., pref. (quar.)- -- El% Apr. 1 Holders of ree. liar. 25
r National Refin'g, pref. div. action defe rred.
National Standard Co.(Mich.) (guar-)- 30c
Apr. 1 Holders of rec. Mar.20
National Sugar Refg. Co. of N. J
50e. Apr. 1 Holders of rec. Mar. 1
National Tea Co., common (quar.)____ 15e
Apr. 1 Holders of rec. Mar. 14
New England Grain Prod., A pref (gu.)- 81% Apr. 15 Holders of me. Apr. 1
A preferred (quar)
81% July 15 Holders of rec. July 1
N Y Ship Building Corp., partic. dr fdrS.100. Apr. 1 Holders of rem Mar.20
134% Apr. 1 Holders of rec. Mar. 20
Preferred (guar.)
New York Sun, Inc., 8% 1st p1. (s.
Apr. 1 Holders of ree. Mar. 31
-a.)- 4%
New York Transit Co., cap. stk. (S-a)-- 15c
Apr. 15,Holders of rec. Mar.24
150. Apr. 1 Holders of rec. Mar. 16
NewberrY (J. J.) Co.. corm,(guar.)
Newberry (J. J.) Realty
% May 1 Holders of rec. Apr. 17
6%% preferred A (quar.)
6% preferred B (guar.)
134% May 1 holders of rec. Apr. 17
Niagara Alkali, pref. (guar.)
$1% Apr. I Holders of rec. Mar. 20
Niagara Share Corp. of Md.Class A $6 preferred (guar.)
81% Apr. 1 Holders of ree. Mar. 15
$134 July 1 Holders of ree. June 15
Class A $6 preferred (guar.)
Class A $6 preferred (guar.)
$134 Oct. 1 Holders of rec. Sept. 15
Class A $6 preferred (guar.)
$134 Jan2'34 Holders of reo. Dec. 15
Nineteen Hundred Corp.. class A ((Aar.)
50o. May 15 Holders of rec. May 1
Class A (guar.)
50o. Aug. 15 Holders of rec. Aug. 1
500. Nov. 15 Holders of rem Nov. 1
Class A (guar.)
North American 011 Consolidated
100 Apr. 1 Holders of rec. Mar. 20
North Central Texas Oil. pref.(quar.)- -- $134
Apr. 1 Holders of rec. Mar. 10
NorthI'd Greyhound Lines, Inc.,pf.(911.) 5134 Apr. 1 Holders of rec. Mar. 20
Norwalk Tire& Rubber Co. pref.(qu.).
87340 Apr. 1 Holders of rem Mar. 22
Norwich Pharmacal Co., cap. stock (qu.) 81
Apr. I Holders of rec. Mar. 20
Novadel-Agene (guar.)
81% Apr. 1 [folders of rec. Mar. 24
Preferred (guar.)
81% Apr. 1 Holders of rec. Mar. 24
Ogilvie Flour Mills Co., corn. (quar.).. 182
Apr. 1 Holders of ree. Mar.22
Ohio Finance Co. (guar.)
3734c Apr. 1 Holders of rec. Mar. 10
8% preferred (guar.)
2% Apr. 1 Holders of rec. Mar. 10
Ohio Leather Co., corn. (guar.)
250
Apr. 1 Holders of rec. Mar. 20
1st preferred (quar.)
Apr. 1 Holders of me. Mar. 20
82
2d preferred (quar.)
5134 Apr. 1 Holders of rec. Mar. 20
Old Colony Trust Assoc.(guar.)
15c. Apr. 1 Holders of rec. Mar. 15
Omnibus Corp.. pref. (guar.)
Apr. 1 Holders of rem Mar. 15
$2
Ontario Loan & Debenture Co.(quar.).. $134 Apr. 1 Holders of rec. Mar. 15
Ontario Mfg. Co., pref.(guar.)
8134 Apr. 1 Holders of rec. Mar. 20
Otis Elevator Co., corn.(guar.)
Apr. 15 Holders of rec. Mar. 31
150
Preferred (guar.)
$114 Apr. 15 Holders of rec. Mar. 31
Owens-Illinois Glass Co., Pref. (quar.)-- $134 Apr. 1 Holders of coo. Mar. 16
Pacific Indemnity Co. (guar.)
25c Apr. 1 Holders of rec. Mar. 15
Pacific Mutual Lite Ins. Co.(quar.)---50c Apr. 1 Holders of rec. Mar. 20
Pac. So'west Realty Co.,634% pref.(1111) 154% Apr. 1 Holders of rec. Mar. 22
5)4% preferred ((luar.)
1)4% Apr. 1 Holders of rec. liar. 22
Page-Hersey Tubes, Ltd., pref.(quar.)__ $134
Apr. 1 Holders of rec. Mar. 20
Common (guar.)
175c. Apr. 1 Holders of rec. Mar. 20
Penmans, Ltd., corn. (guar.)
750
May 15 Holders of rec. May 5
Preferred (quar.)
81% May 1 Holders of rec. Apr. 21
Pennsylvania Salt Mfg. Co.(guar.)---- 750
Apr. 15 [folders of rec. Mar. 31
Pa Warehousing & Sate Deposit (quar.). $1% Apr. 1 Holders of ree. Mar. 25
Peoples Drug Stores common (quar.)___
250 Apr. 1 Holders of rec. Mar. 8
Perfect Circle Co., corn.(guar.)
500. Apr. 1 Holders of rec. Mar. 17
Perfection Petroleum,6% pref.(guar.)
3734e Apr. 1 Holders of rec. Mar. 31
Pet Milk Co., prof. (guar.)
Apr, 1 Holders of rec. liar. 11
315i
Philadelphia Dairy Products Corp.
$6)4 preferred (guar.)
El% Apr. 1 Holders of rec. Mar. 21
Philadelphia National Ins. (guar.)
30c Apr. 15 Holders of rec. Mar. 31
143% Mar. 14 Holders of rec. Mar. 14
Phillips-Jones Corp., pref
z fel%% Apr. 8 Holders of rec. Mar. 11
Pinhim Johnson, American shares
Apr. 1 Holders of ree. Mar. 10
Pioneer Gold Mines of B. C. Ltd., corn.. He
Apr. 1 Holders Of rec. Mar. 31
Pioneer Mill Co., Ltd., corn. (monthly). Sc
Name of Company.
April 1 1933
Per
When
Share, Payable
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Pirelli Co.of Italy
501ire
American Shares
52.57 Apr.
Holders of ree. Mar. 27
Pittsburgh-Erie Saw Corp (guar.)
12340 Apr.
Holders of rec. Mar. 20
Pittsburgh Plate Glass Co. (guar.)
15c
Apr.
}folders of ree. Mar. 20
Plume & Atwood Mfg.(guar.)
Apr.
50c
Holders of rec. Mar. 25
Pneumatic Scale, 7% pref. (guar.)
1734c Apr.
Holders of rec. Mar. 22
Powdrell & Alexander, Prof. (guar.)---- 81%
AIR.
Holders of ree. Mar.17
Pratt & Lambert, Inc., common (quar.). 12340 Apr.
Holders of rec. Mar. 15
Premier Gold Mining Co., Ltd. (quar.)_ Mc
Apr.
Holders of rec. Mar. 15
Procter & Gamble Co.,8% pref.(guar.).
2% Apr. 1 Holders of reo. Mar.241)
Provident Adjustment & Invest. Co.
634% preferred (guar.)
% Apr.
Holders of rec. liar. 23
Prudential Investors, Inc., $6 prof. (qu.) $134 Apr. 1 Holders of rec. Mar. 31
Pullman, Inc.( guar.)
75e May 1 Holders of rec. Apr. 24
Pure 011 Co., 8% pre(
50o
Apr.
Holders of rec. Mar. 10
6% preferred
Holders of rec. Mar. 10
3734e Apr.
% preferred
Holders of rec. Mar. 10
3734e Apr.
Puritan Ice Co.. pref.(3.-a-)
Holders of reo. Deo. 31
May
$4
Quaker Oats Co. common (guar.)
Apr. 1 Holders of rec. Apr. 1
$1
Extra
Apr. 1 Holders of rec. Apr. 1
31
6% preferred (guar.)
134% May 3 Holders of rec. May 1
Rath Packing Co., corn. (guar.)
50c Apr.
Holders of rec. Mar. 22
Reece Button Hole Mach.(guar.)
10c Apr.
Holders of rem Mar. 18
Reece Folding Machine (guar.)
50 Apr.
Holders of rec. Mar. 18
Reliance Mfg.Co. of III., pref.(quar.). $1,‘ Apr.
Holders of ree. Mar.21
Republic Stamping & Enameling Co.
Common (quar.)
250 Apr. 1 Holders of rec. Apr. 3
Reynolds(R.J.) Tobacco Co.(quar.)750. Apr.
Holders of ree. Mar. 18
Class B (guar.)
75e, Apr.
Holders of rec. Mar. 18.
Rhode Island Elec. Protective Co. (gu.) $134 Apr.
Holders of rec. Apr. 1.
Rice-Stix Dry Goods Store, 1st pf.
Apr.
Holders of rec. Mar.15
$154
fame Apr.
2nd preferred
Holders of ree. Mar. 15
Richman Bros. (guar.)
Apr.
750
Holders of rec. mar. 24
Bike Krurnler, 7% prof. (quar.)
Holders of rec. Mar. 24
1)4% Apr.
Riverside Silk Mills, Ltd.. el. A (quar.). 250
Apr.
Holders of rec. Mar. 15
Robinson Con Cone (guar.)
Apr.
250
Holders of rec. Mar. 15
Rolls-Royce, Ltd., Am.dep. rec. ord. cog ztv8% May 2 Holders of rec. Mar. 31
Roos Bros., Inc. (Del.) 8634 pref
May
81c
Holders of rec. Apr. 15
Ross Gear & Tool Co.. coin. (gust.)....
300 Apr.
Holders of rec. Mar. 20
Safeway Stores, Inc., corn. (guar.)
750
Apr.
Holders of rec. Mar. 17
7% preferred (guar.)
Holders of rec. Mar. 17
1)4% Apr.
6% preferred (guar.)
134% Apr.
Holders of rec. Mar. 17
St. Croix Paper Co., corn. (guar.)
50c Apr. 1 Holders of ree. Apr. 5
St. Louis National Stockyards
5134 Apr.
Holders of rec. Mar. 27
Santa Cruz Portland Cement Co.(guar.)
$1 Apr.
Holders of rec. Mar. 24
Sayers & Scold!' (guar.)
$1 Apr.
Holders of rec. liar. 20
$134 Apr.
Preferred (guar.)
Holders of rec. Mar. 20
Scott Paper Co., 7% sec. A pref. (guar.) 134% May
Holders of rem Apr. 15
% may
s% series B preferred
[folders of rec. Apr. 15
Scovill Mfg. Co. (guar.)
250. Apr.
Holders of rec. Mar. 15
62143. May
Seeman Bros., Inc., corn. (guar.)
Holders of rec. Apr. 15
Selected Indus.. Inc., $534 prior stk.(qu) $i.% Apr.
Holders of rec. Mar. 17a
% Apr.
Shaffer Stores Co., 7% prof. (quar.)- - -Holders of rec. Mar. 25
Sharp & Dohme Co., pref. cl. A (quar.).
500 May
Holders of rec. Apr. 17
Shattuck (F. G.) Co., corn. (quar.)---- 60
Apr. 10 Holders of rem Mar. 29
Shawmut Association (guar.)
15e Apr. 1 Holders of rec. Mar. 21
Sheaffer(W. A.) Pen, pref.(guar.)
Apr. 20 Holders of rec. Mar. 31
$2
$2
July 20 Holders of rec. June 30
Preferred (guar.)
$2
Preferred (guar./
Oct. 20 Holders of rem Sept. 30
7%
Siemens & Halske (Berlin)
Simpson (Robert) Co., pref. (8.-11.)---- $3
May 1 Holders of rec. Apr. 15
Slattery (E.J.) Co.. prof. (guar.)
154% Apr. 1 Holders of rec. Mar Is
S. M. A. Corp. (guar.)
12340 Apr. 1 Holders of rec. Mar. 20
Smith (S. Morgan) Co.(guar.)
$I
Apr. 1
South Acid & Sulphur Co., Inc., p1. (qr.) $154 Apr. 1 Holders of rec. Mar. 10
South Porto Rico Sugar Co.. corn.(QM)
400. Apr. 1 Holders of rec. Mar. 10
Preferred (guar.)
2%
Apr. 1 Holders of rec. Mar. 10
South West Pennsylvania Pipe Line (all.) $1
Apr. 1 Holders of rec. Mar. 16
Southern Mills (guar.)
250
Apr. 1 Holders of rec. Mar. 18.
50
Apr, 15 Holders of rec. Apr. 1
Southland Royalty Co. (quar.)
Spicer Mfg. Corp., $3 prof.(guar.)
750. Apr. 15 Holders of rec. Apr. 3
Stahl-Meyer, Inc., pref. (guar.)
8134 Apr. 1 Holders of rec. Mar. 211
25a. Apr. 1 Holders of ree. Mar. 6
Standard Brands. InO., corn.(quar.)___
51%
$7 preferred (guar.)
Apr. 1 Holders of rec. Mar. 6
Standard-Coosa-Thatcher 7% p1. (go.). 154% Apr. 15 Holders of roe. Apr. 15
Standard Fuel Co., Ltd., 634% pref.(qu) 1154% Apr. 1 Holders of rec. Mar. 15
Standard Olt Co.(Ohlo),5% pref.(guar.) 134% Apr. 15 Holders of rec. Mar. 31
Standard Screw Co., corn. (guar.)
50c Apr. 1 Holders of rec. Mar. 20
25e
Stanley Works,corn.(guar.)
Apr. 1 Holders of rec. Mar.
37360 May 15 [folders of rec. May 15
6% preferred (guar)
6
State Theater Co. (Boston), pref. (qu.)_
$2 Apr. 1 Holders of rec. liar. 25
1300
Steel Co. of Can., common (guar.)
May 1 Holders of rec. Apr. 7
1433 0 May 1 Holders of rec. Apr. 7
4
Preferred (guar.)
Stein (A.)& Co.. pref.(guar.)
Apr. 1 Holders of rec. Mar. 15
$154
Superior Portland Cement. Inc
273.4c Apr, 1 Holders of rec. Mar.23
12540 Apr. 15 Fielders of rec. Apr. 5
Superheater Co. (guar.)
Supertest Petroleum Corp., corn.(guar.) 25c
Apr. 1 Holders of rec. Mar. 15
Preferred A (guar.)
$114 Apr. 1 Holders of rec. Mar. 15
3734c Apr. 1 Holders of rec. Mar. 15
Preferred B (guar.)*
Supervised Shares, Inc., cap. stk. Initial_ 5.0175 Apr. 15 [folders of rec. liar. 31
250 May 1 Holders of rec. Apr. 14
Telautograph Corp., corn. (guar.)
Texas Corp. (quar.)
250 Apr. 1 Holders of rec. Mar. 3
Textile Banking Corp. (guar.)
50c
Apr. 1 Holders of rec. Mar.24
25c
Thompson (John R.) Co.(guar.)
Apr. 1 Holders of rec. Mar.24
Toronto Elevator Ltd., 7% pref. (qu.)__ 1154% Apr. 15 Holders of rec. Apr. 1
Toronto General Trust Corp. (guar.).....
$2 Apr.
Holders of rec. Mar. 18
Toronto Mortgage Co. (guar.)
13%
Apr.
Holders of rec. Mar. 15
Torrington Co. (guar.)
50e
Apr.
[folders of rec. Mar. 170
Travelers Ins. Co. (guar.)
$4
Apr.
Holders of rec. Mar. 20
I'd-Continental Corp.,$6 pref.(guar.).- $155 Apr.
Holders of rec. Mar. 20
62340. Apr.
Trico Products Corp.(guar.)
[folders of rec. Mar. 10
Trust Fund Shares, ref
9.618c Apr.
Holders of rec. Mar.31
Coupon
9.6180 Apr.
Tuckett Tobacco Co., pref. (guar.) - - 31% Apr. 15 Holders of rec.
Mar. 31
United Aircraft & Transp. Corp. pt.(q11.)
750. Apr. I Holders of rem Mar.
10
Union Carbide & Carbon Corp
2.50 Apr. 1 Holders of rec. Mar. 3
r United Dyewood Corp., pf dlv. action postpo ned.
United 131scult Co. of Amer.. pt.(gm)
- $134 May 1 Holders of rec. Apr. 15
United Dyewood Corp., pref.(guar.)$134 Apr. 1 Holders of rec. Mar. 3Ia
United Fruit Co
50o. Apr, I Holders of rem
United Linen Supply Co., class A (guar.) 8734e Apr. 1 Holders of rec. Mar. 20
Mar. 20
United Loan Corp.(13klyn., N. Y.)(qu.) $134 Apr. 1 Holders of rec. Mar. 20
United Piece Dye Works 6/4% pf.(q u.). 154% Apr. 1 [folders of rem
Mar. 20
United Profit Sharing Corp.cap.stk.(11-a)
5% Apr. 29 Holders of rec. Mar.
United Shoe Mach. Corp., corn. (guar.) 623.4e Apr. 5 Holders of rec. Mar.31a
14
Preferred (guar.)
37340 Apr. 5 Holders of rec. Mar. 14
United States Banking Corp. (monthly)
70 Apr. 1 Holders of rec. Mar.
United States Foil Co.,eom.A & 13
50. Apr. 1 Holders of rec. Mar. 17
15a
$154
Preferred (guar.)
Apr. I Holders of ref. Mar. 150
25e
United States Gypsum (quar.)
Apr. 1 Holders of rec. Mar. 15
5154 Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
U.S. Pipe & Foundry Co., corn.(quar.). 12340. Apr. 20 Holders of rec. Mar. 31
1 23.40. July 20 Holders of rec. June
Common (guar.)
Common (guar.)
12140. Oct. 20 Holders of rec. Sept.30
30
Common (guar.)
1234c. 1-20-34 Holders of rem Dee. 30
1st preferred (quar.)
300. Apr, 20 Holders of rec. Mar. 31
300. July 20 Holders of rec. June 30
1st preferred (guar.)
300. Oct. 20 Holders of rec. Sept.30
1st preferred (guar.)
1st preferred (guar.)
300. 1-20-34 Holders of rem Dec. 30
United States Playing Card Co.(gust.).
25e. Apr. 1 Holders of ree. Mar.
United States Tobacco Co., com.(guar.) $1.10 Apr. 1 Holders of rem Mar. 21
13
Preferred (guar.)
154% Apr. 1 Holders of rec. Mar. 13
United Verde Extension Mining Co
100 May 1 Holders of rec. Apr. 4a
Universal Leaf Tobacco, corn.(guar.)
50e
May 1 Holders of rec. Apr, 19 •
207
Preferred (guar.)
zu.
Apr. 1 Holders of rec. Mar. 16
Vickers, Ltd
4% Apr. 10 Holders of rec. Mar. 17
Victor Monaghan Co. prof. (guar.)
31f$ Apr. 1 Holders of roe. Mar. 20
Vortex Cut) Co common (guar.)
25c
Mar, 1 Holders of ree. Mar.
15
Class A (guar.)
623-0 Apr. 1 Holders of rec. Mar.
Vulcan Detinning CO., prof. (guar.)... 154% Apr. 20 Holders of reo. Apr. 15
7
Wagner Electric Co., Prof. (guar.)
Apr, 1 Holders of rec. Mar. 200
154
2193
Financial Chronicle
Volume 135
Per
When
Share. Payable.
Name of Company.
Miscellaneous (Concluded).
Waldorf System, Inc., corn.(quay.)
250.
Walgreen Co., 695%.pref (quar.)
114%
Ward Baking Corp., pref. (quar.)
25e
Waukesha Motor Co. (quar.)
Weinberger Drug Stores, the.. cem. .
((1,1)
Wesson 011&dnowdrift Co.,Inc..em.(q11.)
West Coast Oil, preferred
West Penn Pipe Lines (quar.)
West Va. Pulp & Pap. Co.. corn.
-Western Grocers, Ltd., pref.(quar.)_Western Maryland Dairy Corp. Pt.(qu.)
Western Tablet & Stationery Corp.—
Preferred (quar.)
$114
..
Westinghouse Air Brake Co. (guar.)._
25e
Westmoreland, Inc. (quar.)
300
Weston (Geo.), Ltd., corn. (quar.)
25e
Westvaco Chlorine Prod. Corp.
7% Preferred (quar.)
%
Whitaker Paper Co., pref. (quar.)
$191
White Rock Mineral Springs CO.—
Common (quar.)
500.
First preferred (guar.)
191%
Second preferred (guar.)
s$2li
Will & Baumer Candle Co., Inc. pt.(qui $2
Winn & Lovett Grocery Co.. cl. A ((PO- 500
Preferred (quar.)
154%
Winstead Hosiery Co.(quar.)
3144
Quarterly
$1 H
Quarterly
$1;4
Wiser Oil Co.(quar.)
250
Quarterly
250
Quarterly
250
Quarterly
250
Wright Hargraves Mines, Ltd.(euar.)
n5c
250.
WrigleY (Wm.) Jr. Co.(monthly)
Monthly
250.
Yale at Towne Mfg
150
Young (J• S.) Co.. corn.(guar.)
$134
$IM
Preferred (quar.)
Books Closed
Days Inclusive.
Apr. 1 Holders of rec. Mar.20
Apr. 1 Holders of rec. Mar.20
Apr. 1 Holders of rec. Mar. 17
Apr. 1 Holders of rec. Mar. 15
Apr. 1 Holders of rec. Mar. 25
Apr. 1 Holders of rec. Mar. 15
Apr. 5 Holders of rec. Mar. 25
Apr. 1 Holders of rec. Mar. 16
Apr. 1 Holders of rec. Mar. 21
Apr. 15 Holders of rec. Mar.20
Apr. 1 Holders of rec. Mar. 20
Apr. 1 Holders of rec. Mar. 21
Apr. 29 Holders of rec. Mar. 31
Apr. 1 Holders of reo. Mar. 15
Apr. 1 Holders of rec. Mar.20
Apr. 1 Holders of rec. Mar. 15
Apr. 1 Holders of rec. Mar. 20
1 Holders of rec. Mar. 17
1 Holders of res. Mar. 17
1 Holdesr of rec. Mar. 17
1 Holders of rec. Mar. 15
1 Holders of rec. Mar. 20
1 Holders of rec. Mar.20
1 Holders of rec. Apr. 15
1 Holders of rec. July 15
1 Holderrof rec. Oct. 15
1 Holders of fee. Mar. 11
Holders of rec. June 10
July
Oct. 2 Holders of rec. Sept. 12
Jan2'34 Holders of rec. Dec. 12
Apr. 1 Holders of rec. Mar. 15
Apr. 1 Holders of roe. Mar.20
May 1 Holders of rec. Apr. 20
Apr. 1 Holders of rec. Mar. 20
Apr. 1 Holders of rec. Mar. 24
Apr. 1 Holders of rec. Mar. 24
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
Aug.
Nov.
Apr.
t The New York Stock Exchange has ruled that stock will not be quoted exdividend 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 this date and not until further notice.
a Transfer books not closed for this dividend.
d Correction. e Payable in stock.
/Payable in common stock. g Payable in scrip. h On account of accumulated
dividends 1 Payable in preferred stock.
n Meteor Motor Car Co. dividends cover first half of this year and are payable
the same dates In order to save postage.
o Westinghouse Electric & Mfg. distribution of 34 share of Radio Corp. of America
Stook for each share held. Preferred stockholders have option of receiving $3.50
In cash in lieu of above. Dividend Including the optional feature. constitutes to
Preferred holders full payment of preferential dividend for 1933.
Govt. Gold Mining Areas Cons. Ltd. dlv. Is based on Union of So. Africa Currency.
g Wisconsin Power & Light has rescinded their recent declaration of preferred
dividends and have deferred action until existing conditions are clarified.
r In view of existing conditions action on dividends is being deferred.
• White Rock Miccral Springs 2d pref. stock pays $2.50 per share on 859 shares—
equivalent to 60e, per share on 4.295 shares of common stock for which the 2d pref.
may be exchanged, and payable on the equivalent number of common if so exchanged
before the record date.
(Payable In Canadian funds.
u Payable in United States funds.
v A unit.
to Leas deduction for expenses 01 depositary.
s Less tax.
1/ A deduction has been made for expenses.
Weekly Return of New York City Clearing House.—
Beginning with March 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now make only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the New York Clearing House Association,
having been admitted on Dec. 11 1930. See "Financirl
Chronicle" of Dec. 31 1930, pages 3812-13. We give the
statement below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY. MARCH 25 1933
Clearing House
Members.
•Surplus and Net Demand
Deposits.
Undivided
Arerage.
Profits.
• Capital.
$
Average.
$
$
$
Time
Deposits,
6,000,000
20,000,000
124,000,000
e20,000,000
90,000,000
32,935,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
148,000,000
500,000
25,000,000
10,000,000
10,000,000
3,000,000
12,500,000
7,000,000
8,250,000
76,329,000
9,219,800
210,207,000
36,889,200
81,454,100 a716,286,000
211,742,000
e46,652,600
181,233,500 5737,371,000
200,062,000
20,297,500
69,031,200
398,880,000
162,147,000
22,550,000
81,483,400
262,609,000
62,412,100
262,338,000
21,195,000
5,756,000
111,132,900 e1,014,421,000
3,673,000
37,290,000
77,136,100 d425,111,000
20,467,100
23,499,000
36,058,000
5,546,200
8,053,000
2,116,600
155,147,000
22,019,400
36,901,000
8,653,000
4,406;700
32,311,000
9,673,000
33,420,000
162,713,000
26,010,000
43,130,000
95,907,000
51,952,000
19,891,000
21,295,000
51,723,000
2,422,000
96,055,000
2,916,000
47,995,000
324,000
5,227,000
1,238,000
15,479,000
2,053,000
26,708,000
617.185.000
872.130.400 5.027,957.000
716,131,000
Bank of N.Y.& Tr. Co_
Bank of Manhattan Co__
National City Bank—.
Cheralcal Bk.& Tr.Co__
Guaranty Trust Co
Manufacturers Tr. Co..
Cent. Hanover Bk.&Tr_
Corn Exch. Bk.Tr. Co
First National Bank
Irving Trust Co
Continental Bk.& Tr.Co
Chase National Bank_.
Fifth Avenue Bank
Bankers frust Co
Title Guar.& Trust Co
Marine Midland Tr. Co..
Lawyers Trust Co
New York Trust Co
Com'l Nat.Bk.& Tr.Co.
Public Nat.Bk.4: Tr.Co.
Totals
.As per offical reports: National, Dec. 31 1932 State, Dec. 31 1932; trust
companies, Dec. 31 1932; e as of Jan. 18 1933.
Includes deposits in foreign branches: a $169,477,000; b $46,972,000; c $56,918,000; d $28,235,000.
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 Public
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ended March 24:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, MARCH 24 1933.
NATIONAL BANKS—AVERAGE FIGURES.
Loans,
Disc. and
Investments.
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos.
Cash.
S
17,442,200
Manhattan—
Grace National
Brooklyn—
Peoples National_ __ _
$
130,000
S
2,749,000
5,456,000
121,000
324,000
Gross
Deposits.
$
$
1,012,700 17,493.800
45,000
4,695,000
TRUST COMPANIES—AVERAGE FIGURES.
Loans,
Disc. and
Investments,
Cash.
Res. Dep., Dep. Other
N. Y. and Banks and
Elrehwere. Trust Cos.
Manhattan—
County
Empire
Federation
Fiduciary
Fulton
United States
a
a
$
19,754,300 1,403,200 2,125,500
46,485,400 *2,473,800 5,718,800
5,715,142
53,956
407,258
10.601,235
*779,299
472,379
17,701,700 *2,422,400
650,500
67,505,457 6,263,509 17.245,069
Brooklyn—
Brooklyn
Klnirs County
79,003,000
21.739.591
3,526,000 28,166,000
1.510.770 6.562.324
Gross
Deposits.
$
$
18,012,900
2,624,300 46,816,200
535,404 5,186,700
123,000 10,445,751
160,400 16,782,700
63,288,342
III
293,000 95,314,000
23.301.212
•Includes amount with Federal Reserve as follows: Empire, $1,548,500:
Fiduciary, $321,153; Fulton, $2,248,600,
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business Mar. 29 1933, in
comparison with the previous week and the corresponding date last year:
Resources—
Mar.29 1933. Mar.22 1933. Mar. 30 1932.
$
Gold with Federal Reserve Agent
Gold redemp, fund with U.S. Treasury_
585,843,000
18,564,000
556,843,000
25,915,000
493,217,000
9,855,000
Gold held exclusively agst. F. R.notes
Gold settlement fund with F. R. Board
Gold and gold certificates held by bank-
604,407,000
98,373,000
162,537,000
582,758,000
83,097,000
152,228.000
503,072,000
144,265,000
324,589,000
Total gold reserves
865,317,000
818,083,000
971,926,000
Reserves other than gold
69,058,000
60,759,000
56,393,000
Total reserves
Non-reserve cash
Redemption Fund—F. R. Bank notes
Bills discounted:
Secured by U. S. Govt.obligations—.
Other bills discounted
934,375,000
30.889,000
550.000
878,842.000 1,028,319,000
21,094,000
32,831,000
440,000
129,980,000
40,576,000
184,712,000
63,811,000
95,187,000
42,991,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Special Treasury certificates
Other certificates and bills
170,556,000
51,955,000
248,523,000
64,130.000
138,178,000
21,079,000
Mar.29 1933. Mar.22 1933. Mar. 30 1932.
Resources (Concluded)—
Gold held abroan
Due from foreign banks (see note)
Federal Reserve notes of other banks...
Uncollecteditems
Bank premises
All other resources
Total resources
166,637,000
155.359,000
109,414,000
39,158,000
342,814,000
303.415,000
216,327,000
Total IL S. Government securities
Other securities (see note)
Foreign loans on gold
Deduct bills rediscounted with other
Federal Reserve banks
700,411,000
4,889,000
625,411,000
4,861,000
364,899,000
5,281,000
Total hills and securities (see note)...
927,791,000
942,925,000
529,437,000
1,393,000
10,949.000
107,606,000
12,818,000
32,088,000
2,362,000
4.639,000
89,114,000
14.817,000
14,034,000
2,050,751,000 2.019.892,000 1,703,816,000
Liabilities—
Fed. Reserve notes in actual circulation_
F. R. Bank notes in actual circulation_
Deposits—Member bank reserve acct._
Government
Foreign bank (see note)
Special deposits—Member bank
Non-member bank
Other deposits
Total deposits
182,085,000
175,512,000
1,397,000
15,344,000
90,983,000
12,818,000
36,604.000
Deferred availability Items
Capital paid in
Surplus
All other liabMtles
Total liabilities
Ratio of total reserves to deposit and
Fed. Reserve note liabilities combined
Contingent liability on bills purchased
for foreign correspondents
848,349,000
10,338,000
890,440,000
23,055,000
6,698,000
5,100,000
2,201,000
13,545,000
897.775,000
8.614.000
764,251.000
58,152.000
5,039,000
4,256.000
360,000
12,412,000
941,039.000
844,470,000
911,747,000
100,595,000
58,374,000
85,058,000
6,998,000
118.789,000
58,426,000
85.058.000
6.760.000
85,292,000
59,190,000
75,077,000
9,158,000
563,352,000
849,988,000
25,110,000
22,175,000
14,474,000
2,050,751,000 2,019,892,000 1.703,816,000
52.2%
50.4%
69.7%
14,897,000
14.205,000
108,695,000
• Revised figures.
NOTE—Beginning with the statement of Oct. 17 1925, two new items were added in order to show separately the amount of balances held abroad and amounts
due to foreign correspondents. In addition, the caption "All other earnings assets," previously made up of Federal Intermediate Credit Bank debentures, was changed
to "Other securities," and the caption. "Total earnings assets" to "Total bills and securities." The latter term was adopted as a more accurate description of the total
of the discount acceptances and securities acquired under the provisions of Section 13 and 14 of the Federal Reserve Act, which It was stated are the only items Included
therein.
2194
Financial Chronicle
April 1 1933
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,Mar.30,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 Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest Week appears on page 2141, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MAR. 29 1933.
Mar.29 1933. Mar.221933. Mar. 151933. Mar. 8 1933. Mar. 1 1933. Feb. 21 1933. Feb. 15 1933 Feb. 8 1933. Mar.301932.
RESOURCES.
s
$
$
$
s
$
s
$
$
2,530,940,000 2,458,432,000 2,215,268,000 1,931,858.000 2,180,967,000 2,367,987,000 2,447,357.000 2,489,982.000 2,188,647,000
Gold with Federal Reserve agents
85,073,000 105,011,000 135,058,000 138,309,000
44,598,000
48,758,000
87.495,000
Gold redemption fund with U.S.Trees—
35.744,000
44,895,000
Gold held exclusively agst. F. R. notes 2,816,013,000 2.563,443.000 2,350,328,000 2.089.965,000 2.268.462.000 2,418,743.0On 2.491,953,000 2,505,726.000 2,233,542,000
Gold settlement fund with F. R.Board—
Gold and gold certificates held by banks_
247,582,000
373.171,000
266,101,000
362,778,000
301,237,000
359,214,000
278,547,000
335,027,000
385.672.000
237,949,000
437,943,000
263,707.000
383,030,000
345,175,000
397,699.000 293,292,000
343,699,000 490,923,000
3,236,766,000 3.192,322,0003.010.777.000 3,883,539,000 2,892.083,000 3.118.393,0003,200.158,000 3,247,124,000 3,017,757,000
Total gold reserves
205,230,000
Reserves other than gold
178,895,000
137,403,000
125,432,000
174,454,000
186,251,000
187,225.000
195,227,000
216,810,000
3.441.996,0003,371,217,000 3,148.185.000 2,808,971,000 3.066.537.000 3.304.844,000 3.387,383,000 3,442,351,000 3,234,567,000
Total reserves
131,396,000
1.100,000
125,346,000
740.000
77,318,000
170,000
48,390.000
67.880,000
73.586,000
73.607,000
79,729,000
79,131,000
231,800,000
313,310.000
324,233,000 *769,602.000
346,636,000 *462,714,000
982.188,000
431.748,000
418,921.000
293.470.000
105.102,000
222.036.000
81,485,000
204.888,000
82,914,000
189.726,000
318,935,000
314,320,000
545,110,000
Non-reserve cash
Redemption fund—F. R. Bank notes
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
870,869,000 1,232,318,000 1,413,936,000
712,391.000
252.640,000 633,255,000
286,373,000
403,316,000
417,289,000
383,666,000 *179,578.000
30,784,000
31,338,000
66,362,000
422,776,000
457,872,000
422,627,01i
457,874,000
425,313,000
459,015,000
420,832,000
457.880,000
421,021,000
452,681,000
421,099,000 420,894,000
438,044,000 399,171.000
327,667,000
84,397,000
957,722,000
983,886.000
425.013,000
465.084,000
19,000,000
989,937,000
996,488,000
957.251,000
980.551,000
950.165,000
983.847,000
459,554,000
1,838,370,000 1,864,387,000 1,899,034,000 1.880.794,000 1.835,963,000 1.834.233,000 1,809,308,000 1.783,912.000
Total U. S. Government securities
327,138.000
310,235,000 *352.315,000
Total bills discounted
Bills bought In open market
U.S. Government securities:
Bonds
Treasury notes
Special Treasury certificates.
Other certificates and bills
871,618,000
5,402,000
Other securities
Foreign loans on gold
5,394,000
5,644,000
5,831,000
4.719.000
4,697,000
4,707,000
3,435.000
6,911,000
2,699,117,000 *2.892 965000 3,540,310,000 3,717,850.000 2.938.739,000 *2345644.000 2.131,282.0002.071.328.000 1,578.146,000
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks
Uncollected items
Bank premises
All other zesources
3,613,000
3,618,000
36,861,000
37,143,000
316,458.000 *421.152,000
54,037,000
54.037,000
64,960,000 *80.305,000
3,610,000
17,955,000
366,178,000
54,028,000
53,588,000
3.615,000
12,719,000
344,518.000
54,029,000
54,555,000
3,515.000
11.083.000
400.335.000
53,962.000
54.082.000
3,498.000
13.289.000
333,656,000
53,962.000
52.998,000
3.510,000
11,542.000
390,639,000
53,962,000
53.481,000
3,539,000
10.964,000
302,438,000
53.962,000
50,977.000
6,645,000
14,376,000
331,558,000
57.828,000
36.387,000
8.749,825,000 *8,986236000 7,261,322,000 7,044,847.000 6,594,133,000 *6181277,000 8.105,386,000 6,015,285.000 5,338,638,000
Total resources
LIABILITIES.
3,747,828,000 3.916.342,000 4.192,702.000 4,215.006,000 3.579,522.000 3,000,248.000 2.891,145.000 2,773,192,000 2,546,275,000
F.R. notes in actual circulation
14,228,000
9.289,000
F.R. Bank notes in actual circulation - _
3.301.000
Deposits:
1,987,311,000 1,917,818,000 *1963976,000 '1776 221,000 2.038.228.000 2,271.129,000 2.236,095,000 2,419,399,000 1,911,496,000
Member banks—reserve account
27.766,000
72,294,000 111,472,000
40,729,000
Government
37.843,000
61,542,000
27.688,000
12,128.000
52,572,000
17,409,000
41,958,000
60,799,000
14.491,000
59,422,000
Foreign banks
49.175.000
23,040,000
44.930.000
31,249.000
63,445,000
52,754,000 *40,109.000
Special deposits: Member bank
39,002,000
15,254,000
9,120,000
Non-member bank__
767,000
*4,851.000
47,441,000 *49.449,(100 *64,075,000 *57.414,000
28,741,000
49,240.000
28.704,000
23.213,000
Other deposits
23,325,000
2.203,154,000 *2.154904000 2.123.739,000 1.951,222,000 2.157,190,000 2,399,398.000 2.376.763,000 2,499,870,000 2,180,642,000
Total deposits
331,388,000 *430.841.000
149,645,000 149.793,000
278,599,000 278,599.000
25,185,000
28,40,000
Deferred availability items
Capital paid In
Surplus
All other liabilities
Total municipal warrants
292,664.000
151,034,000
278.599,000
20,128.000
329.416,000
155,624,000
259,421,000
29.260,000
54.3%
52.5%
48.9%
43.5%
50.4%
57.7%
80.7%
61.5%
66.1%
55.5%
49.1%
45.6%
53.5%
61.2%
64 3%
65.3%
70.9%
143,800,000
210.000,000
27,478,000
28,051,000
29.398,000
30.284.000
35.884,000
39,682.000
335,425,000
46,549,000
42,505,000
3
$
3
3
3
$
$
s
502,668,000
32.170,000
58.205,000
66,836.000
10,990,000
992.301,000 1.122.083.000
53,398.000
46,290,000
91.878.000
74,154,000
79,371.000
81,312,000
15.388.000
10,097.000
585.190.000
28.255.000
43,672.000
43.902,000
11.372,000
239,437,000
21.807,000
31,696.000
23,819.000
10.529.000
203.195,000
19,631.000
29.928,000
22,787.000
10,834,000
173,861,000
19,978.000
28,259,000
19.979,000
10,763.000
486.632,000
37,181,000
56.830,000
34,414,000
18,228,096
545,110,000
870,889,000 1,232,316,000 1,413,936,000
712,391.000
327.138.000
280.373.000
252.640,000
633,255,000
72,471,000
60,165,000
145.905,000
31,481,000
213,000
75,421.000
68,151,000
138.775,000
71,458.000
508,000
100.318,000
62,351,000
128,316,000
105,730,000
603,000
88.645,000
62.215,000
123.948,000
141,262,000
1,221,000
68,122.000
76.533,000
110.198,000
128,883,000
930,000
59,312,000
30,319,000
35,753,000
48.481.000
211,000
6,407,000
8,411,000
5,799,000
10,187.000
7,581.000
8,733,000
5,148.000
9,870,000
28,602,000
10,970.000
15,810,000
10,742,000
238,000
310,235,000
352,309,000
403,316,000
417,289.000
383.668,000
174.076.000
30.784.000
31,338.000
66,362,000
31,000,000
60,100,000
183.347,000
210,875,000
472,400,000
50,120.000
52,750,000
60,000,000
68,050,000
170,227,000 193,337,000
248,140,000 133,715,000
455,399,000 671,085,000
146.786,000
58,750,000
204,117,000
144,945.000
441.888,000
141,231,000
33.750,000
89,801,000
215.697.000
476.972,000
89,950,000
138.686,000
92,250.000
197,797,000
441,888,000
89,950,000
169,301,000
83,250,000
174,497,000
453.167.000
73,550.000
50.000,000
203.031.000
203.897,000
433,369,000
6,143,000
3,800,000
66,916,000
89,550,000
293,195,000
957,722,000
Total bills discounted
Total U. S. certificates and bills
388.938,000
150.916.000
278,599,000
20,025,000
396,353.000
33,408,000
42,898,000
62,495,000
9,958,000
1-15 days bills bought in open market
18-30 days bills bought in open market
81-80 days bills bought in open market
81-90 days bills bought in open market
Over 90 days bills bought in open market
1-16 days municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
61-90 days municipal warrants
Over 90 days municipal warrants
404,198,000 *331,695,000
150,303.000 150.474.000
278,599.000 278,599,000
20.883,000
24,321,000
57.8%
$
Maturity Distribution of Bills and
-Term Securities
Short
1-15 days bills discounted
18-30 days bills discounted
‘11-130 days bills discounted
41-90 days bills discounted
Over 90 days bills discounted
Total bills bought In open market
421.801,000
160.120,000
278,599,000
27,899,000
6,749,825,000 *8.986236000 7.261,322,000 7,044,647,000 8.594,133,000 *8181277,000 6
.106.386.0002.015.2
85,000 5,338,638,000
Total liabilities
Ratio of gold reserve to deposits and
F. R.. note liabilities combined
Ratio of total reserves to deposits and
F. R. note liabilities combined
Rediscounts between Federal Reserve
banks
Contingent liability on bills purchased
for foreign correspondents
1-16 days U.8. certificates and bins
16-30 days U. S. certificates and bills.....
31-80 days U. S. certificates and bills
61-90 days U. S. certificates and bills
Over 90 days certificates and bills
384
.676.000
150,210,000
278,599,000
28,095.000
983,886,000 1,008,937,000
998,468.000
957,251,000
960,651,000
950.165,000
963,847,000
459,554,000
5,288,000
5,280,000
5,535.000
5.565,000
4.894,000
4,872,000
4,789,000
3,000
3,397.000
13,000
5,591,000
1,000,900
84,000
30,000
84,000
30.000
51,000
58,000
51,000
25,000
25.000
25.000
25,000
25,000
52,000
68,000
5,402,000
5,394,000
5,844.000
5,631,000
4,719,000
4,897.000
3,435,000
6.711,000
4,797,000
Faders! Reserve Notes—
,7
Issued to F. R. Bank by F. R. Agent—. 4,092,852,000 4,314,448,000 4,728,517,000 4,550,680.000 3.805,118,000 3,249,887,000 3,133.628,000 2.992.411,000 2 88.959,000
345,026,000 398,108,000 435,815.000 335.674.000 285,594,000 249,839.000 242,483,000 219.219,000 242,684,000
Held by Federal Reserve Bank
In actual circulation
Collateral Held by Agent as Security
for Notes Issued to Bank—
By gold and gold certificates
Gold fund—Federal Reserve Board
By eligible paper
U. S. Government securities
3,747,828,000 3,918,342,000 4,292,702,000 4,215,008,000 3.579,522.000 3.000.248,000 2,891,145,000 2,773,192,000 2
,546,275,000
1,248,105,000 1,262,847.000 1,091,383,000 805,571,000 835,532,000 988.742,000 1.066.412,000 1,132,237.000 854,067,000
1,282,835,000 1,195,585,000 1,123,885,000 1,128,085.000 1,345.435,000 1,379.245,000 1,380,945,000 1,337.745,000 1,334,580,000
715,594,000 877,152,000 1,512.877,000 1,754,975,000 1.032,689.000 435.547.000 265,334.000 235,255,000 661,043,000
868,700,000 1,000,700,000 1.009,300,000 888,400,000 661.900,000 473,700,000 445.100.000 318.200.000
4.115.234.000 4.336.284.000 4.737.445.000 4,573.031.0(X) 3.875,456,000 3,277,234.000 3,157.791,000 3.021,437,000 1.849.690.00;
Revised figures.
Financial Chronicle
Volume 136
2195
Weekly Return of the Federal Reserve Board (Concluded).
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAR. 29 1938
Two Ciphers (00) omitted.
Federal Reserve Bank of
-
Total.
Cleveland. Richmond Atlanta.
Boston. New York.
Chicago. St. Louis. Minneap. Kan.Clig. Dallas. San Fran.
RESOURCES.
Gold with Fed. Iles. Agents..
2,530,940,0 160,344,0
Geld redm.fund with U.S.Treas
85,073,0 6,477,0
-
$
585,843,0 132,000.0 231,470,0 143,145.0 86,890,0
18,564,0 8,929,0 7,709,0 3,117,0 4,756,0
781,462,0 118,670,0 52,140,0 87,280,0 24,033,0 127,663,0
14,861,0 1,696,0 3,161,0 3,749,0 1,686,0 10,368,0
Gold held excl.asst.F.R.notee 2,616,013,0 166,821,0
Gold settlem't fund with F.R.Bd 247,582.0 5,969,0
Gold & gold ctfs. held by banks_ 373.171,0 30,313,0
604.407,0 140,929,0 239,179,0 146,262,0 91,646,0
98,373,0 10,068,0 18,079,0 10.538,0 7,909,0
162,537,0 21,655,0 33,299,0 8,921,0 8,536,0
796,323,0 120,366,0 55,301,0 91,029.0 25,719,0 138,031,0
35,762,0 16,516,0 12,736.0 4,425,0 12,198,0 15,009,0
45,697,0 2,898,0 3,807,0 .20,202,0 6,662,0 28,644,
865,317,0 172,652.0 290,557,0 165.721,0 108,091,0
877.782,0 139,780.0 71,844,0 115.656,0 44,579,0 181,684,0
Total gold reserves
3,236,766,0 203,103,0
Reserves other than gold
205,230,0 16,078,0
Total reserves
3,441,996,0 219,181,0
Non-reserve cash
Redem.fund-F.R.bank notes.
Bills discounted:
See. by U.S. Govt.obligations
Other bills discounted
29,135,0 10,911,0
6,605.0
934,375,0 192,824,0 301,673,0 175,091,0 114,696,0
3,238,0
6,844,0
7,793.0 14,910,0
906,917,0 150,691,0 75,082,0 122,500,0 52,372.0 196,594,0
6,054,9 10,398,0
24,671,0
6,379,0
100,0
5,949,0
5,893,0 17,982,0
231,800,0 7,612,0
313,310,0 12,774,0
129.980,0 34,191,0 25,460,0 4,366,0 3,592,0
40,576.0 67,470,0 36,863,0 16,349.0 22,485,0
8,731,0
14,273,0
517,0 1,874,0
2,138,0
3,682.0 10,190,0 19,554,0
557,0 12,779.0
5.265,0 63,829.0
170,556.0 101,664,0 62,323.0 20.715,0 26,077,0
23,004.0
5.820,0 10,707.0 21,428,0
5.822,0 76,608,0
131,396,0
1.100.0
7,457,0
150,0
310,235,0 54.924,0
422.776.0 21,799,0
457.872,0 27.516,0
957,722,0 53,797.0
Total U.S. Govt.securities. 1,838,370,0 103,112.0
5,402,0
30.889,0
550,0
4,851,0
250,0
8,450,0
50,0
2,423,0
182,085.0 29.850,0 36,363,0 9.918,0 10,157,0
175.512,0 33,260.0 47,434,0 12,936,0 13,064,0
2,513,0 46.921,0
.4511
45,050,0 13,956,0 17,289.0 12,559,0 18,019.0 25,731,0
58.765.0 17,555,0 12,689.0 15.112.0 10,463,0 33.566,0
342,814,0 65,031,0 92,743,0 25,295,0 25,544,0
177.736,0 34,321,0 24.808,0 29,549.0 20,458,0 65,626,0
51,955,0
9,514,0
6.872,0 13,057,0 14,877.0
77,191,0 13,850,0 10,749.0
7,812,0
700,411.0 128.141,0 176,540.0 48,149,0 48.765,0 281,551,0 65,832,0 54.786,0 57,220,0 48.940,0 124,923,0
4,869,0
Total bills and
2,699,117,0 178.422,0
Due from foreign securities
3,618.0
banks
270,0
Fed. Rea, notes of ether banks.37.143,0
264,0
Uncollected Items
316,458,0 37,864,0
Bank premises
54,037,0 3,280,0
All other resources
64,960,0
602.0
Total resources
9,370,0
545,110.0 20.386,0
Total bills discounted
Bills bought in open market_
U. S. Government securities:
Bonds
Treasury notes
Special Treasury Certificates..
Certificatesand bills
Other securities
Bills discounted for, or with
(-),other F. R. banks
69,058.0 20,172,0 11,116,0
525,0
8.0
927.791,0 239,844,0 245,735,0 81.921,0 89,719,0
123.0
137.0
348,0
388,0
1.397,0
15,344.0
621,0 1.479,0 2,265.0 1,857,0
90.983,0 23,794,0 30,367,0 26.781,0 7.800,0
12,818,0 3,181,0 6,929,0 3.237,0 2,422,0
36,604.0 4,501.0 1,916.0 7,384,0 5,306,0
381,746.0 85,502.0 76,250.0 86.460,0 57.275,0 248,452.0
246,0
480.0
102.0
10,0
15.0
101.0
5,463,0 2,325.0 1.676,0 3,205.0
363,0 2,281,0
36,537,0 12,407.0 6,915.0 15,951.0 10,394,0 16.665.0
7,595,0 3,285.0 1,746,0 3,559.0 1,741.0 4,244,0
1,276,0 1,053,0 1,928,0 1,200,0 1,505.0 1,685,0
6,749,825,0 447,490.0 2,050,751,0 47,0254,0 596,947,0 302.870,0 232,321,0 1,364,685,0 261,757,0 166,030,0 238,926,0 129,645,0 488,149,0
LIABILITIES.
F.it notes In actual circulation. 3,747,626.0 243,483,0
F. It. bank notes in act'l cIrcurn
14,228,0 1,468,0
Deposits:
Member bank-reserve account 1,987,311.0 115.474,0
Government
72,294,0 13,251,0
Foreign bank
17,409,0 1,174,0
Special-Member bank
63.445,0 2,194,0
Non-member bank
15,254.0
Other deposits
47,441,0 1,005,0
848,349.0 277,038,0 368,087,0 187.127,0 154,066,0
10.338,0 1,641,0
745,0
959,982,0 155,974,0 102,224,0 126,763,0 44,206,0 280,327,0
36,0
890,440,0 108,546,0 129,732,0 57.396,0 41,848,0
23,055,0 2,795,0 5,499,0 2,655,0
544,0
6,698,0 1,689,0 1,592,0
627,0
563,0
5,100,0 5,303,0 14,809,0 6,582,0 4,606,0
2,201,0 1,009,0
661,0 1.424,0
634,0
256,0 2,999,0 3,068,0 2,816,0
13,545,0
271,131,0 62,301,0 39,732.0 77,285,0 55,430,0 137,995,0
11,673,0 2,140,0 2,110,0 2,995,0 2,825.0 2,752,0
370,0
547,0
2,091,0
466,0 1,126,0
466,0
190.0 4,089,0
752,0
839,0
14,879,0 4,102.0
468,0
3.0
3,749,0 3,250,0 1,673,0
182.0
275,0 10,477,0
6,576,0 3,429,0 1,235,0 1,760.0
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
941,039,0 119,598,0 155,292,0 71,752,0 51,011,0
100,595,0 25,977,0 28,285,0 25,740,0 . 9,224,0
58,374.0 15,840,0 13,956,0 5.135,0 4,641.0
85,058,0 29,242.0 28,294,0 11,616,0 10,544,0
918,0 2,288,0 1.500,0 2,835,0
6.998,0
310,099,0 75,769,0 45,959,0 83,441,0 59,189,0 156,907,0
36,080,0 14,493,0 6,860,0 15,835,0 11,892,0 18,808,0
15,558,0 4,258,0 2,847,0 4,002,0 3,790,0 10,526,0
39,497.0 10,186,0 7,019.0 8,263,0 8.719.0 19,701,0
3,469,0 1,041,0 1,121,0
622,0 1,849,0 1,880,0
Total liabilities
2,203,154,0
331,388,0
149,645,0
278,599,0
25,185,0
133,098,0
37.599,0
10,718,0
20,460,0
664,0
6,749,825.0 447,490,0 2,050.751,0 47,0254,0 596,947,0 302.870,0 232,321,0 1,364,685,0 261,757,0 166,030,0 238,926,0 129,645,0 488,149,0
Memoranda.
Reserve ratio (per cent)
Contingent liability on bills purchased for torn correspondents
57.8
58.2
52.2
48.6
57.6
67.6
55.9
71.4
65.0
50.7
58.3
52.2
45.0
46,549,0
3,469,0
14,897,0
4,990,0
4,705,0
1,854,0
1,663,0
6,179,0
1,616,0
1,093.0
1,378.0
1,378,0
3,327,0
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent al-
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City.
Total.
Two CiPhers (001 omitted.
5
$
$
8
5
8
$
5
5
$
i
Federal Reserve notes:
Thstled to Fit.nk. by F.R.Agt. 4,092,662,0 266.182,0 948,142,0 289,591,0 384,576,0 195,992,0 166,343,0 1,053,613,0 167,212,0 107,531,0 139,141,0
Held by Feti'l Reserve Bank_ 345,026,0 22.699.0
99,793,0 12,553,0 16,489,0 8,865,0 12,277.0
93,631.0 11,238.0 5,307,0 12,378,0
In actual circulation
3,747,626,0 243,483,0 848,349,0 277.038,0 368,087,0 187,127.0 154,066,0 959,982,0 155,974,0 102,224.0126,763.0
Collateral held by Agent as security for notes issued to bks.
Gold and gold certificates__ 1,248,105.0 57,327,0 393,743,0 86,050,0 74.470,0 41,640,0 20.890,0 383,462,0 35,970,0 25,140,0 10,480,0
Gold fund-F.It. Board
1,282.835,0 103,017.0 192,100,0 45,950.0 157,000,0 101,505,0 66,000,0 398,000,0 82,700.0 27,000,0 76.800,0
Eligible paper
32,513,0
715,594.0 70,323,0 202,530,0 76,120,0
93,639,0 18,016,0 18,400,0 17,866,0
.8. Government securities_ 868,700,0 37,500,0 160,000,0 82,000,0 64,008,0 24.000,0 34,561,0
90,000,0
46.000,0 179,000,0 34,000,0 37.700.0 40.000.0
Total collateral
A 11K wain Ons is, A
OAR A7A 0 200 1200 185 478 n 00 RAS n 1117_451O 1.054.101.0 170.686.0 108.240.0 145.146,0
FEDERAL RESERVE BANK NOTE STATEMENT.
Federal Reserve Agent atTwo Ciphers (00) omitted.
Federal Reserve bank notes:
Issued to F. R. Bk.(outstdg.)
Held by Fed'I Reserve Bank_
In actual circulation
Collat.pledged agst.outst. notes:
Discounted & purchased bills.
U.S. Government securities
Total.
$
21,049,0
6,821,0
Boston. New York.
5
5
Phila.
$
Cleveland Richmond Atlanta.
8
8
$
5
3
2,040,0
572,0
12,249.0
1,911,0
5,000.0
3,359,0
1,600.0
855,0
14,228,0
1,468,0
10,338,0
1,641,0
745,0
2,300,0
12,249.0
2,598,0
8,000.0 '
4
44.206.0280,327.0
17.033,0 101,900,0
7,000.0 25,763,0
6,434,0 81,184,0
18,500,0 120,000,0
48,967.0 328.847,0
2.300.0
12.249.0
8.000.0
3
4
Dailas•
$
San
Fran.
$
189,0
5,000,0
2.598,0
CURRENT NOTICES.
-UNION BANK OF SWITZERLAND FINDS QUOTA RESTRICTIONS UNSUCCESSFUL IN REDUCING UNFAVORABLE TRADE
BALANCE.-Despite the fact that the Swiss Government increased the
height of import tariffs and imposed various quota restrictions to protect
industry and agriculture during 1932, the country's unfavorable trade balance nevertheless rose from 902,000,000 in 1931 to 962,000,000 francs in
the
following year. The conclusion that these barriers have therefore been ineffective in their main purpose is drawn by the Union Bank of Switzerland
in its annual report, recently issued
In reviewing the business and financial situation in Switzerland during
1932, the bank noted a 62% increase in the number of unemployed to an
aggregate of 81,900 at the end of the year.
In connection with a decrease in total assets from 819,100,000 francs to
712,914,663 francs, the directors of the bank recommended a statutory
Change which would enable the institution to lower its capitalization to a
nominal amount of 20.000,000 francs.
-James Talcott. Inc., have been appointed factors for Pennsylvania
Plush Weavers, Inc , Easton, Pa. Ford Mfg. Co., Waterford, N. Y..
Manufacturers of knit goods, The Wood 'River Woolen Co., Inc., Hope
Valley, It. I., manufacturers, and J. E. Brenner & Co., Inc., New York
City, distributors of cotton goods.
8
36,0
5,087,0
25,249,0
30.336.0
Total collateral
8
48,147.0 326,182.0
3,941,0 45,855,0
•
Chicago. St. Louis, Minneap. KanDittl
$
Dallas. San Fras.
160,0
124.0
--- -- -
5,189,0
•
ENGLISH FINANCIAL MARKET
-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Sat.,
Mon.,
Tues.,
Thurs.,
Wed.,
Frt.,
Mar. 25. Mar. 27. Mar. 28. Mar. 29. Mar. 30. Mar. 31.
Silver, per oz__ 1714d.
177-166. 1714d.
17 11-16d. 179-166. 1714d.
Gold, p.fine oz 120s.7d. 120s.1014d. 120s.910.120s.1114d. 1208.510. 1208.4d.
Consols, 21-4%• 7514
7634
7634
7634
7634
7614
British 314%W. L
101
10114
10134
10114
10114
10134
British 4%1960-90
11134
11234
11334
11134
11154
11134
French Rentes
(in Parls)3% fr. 71.20
71.50
71.40
72.00
71.20
70.30
French War L'n
(in Paris) 5%
1920 amort
109.60
109.90
110.10
110.60
110.60
109.40
The price of silver in New York on the same days has been:
Silver in N. Y.,
perjoz. (cts.)
273-8
12734
2734
2734
2714 1
r 2734
Financial Chronicle
2196
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.-
Sinai-m 41
-
Ore
itll
Below we furnish a daily record of the transactions in
Liberty Loan and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
•
t
>
lt
Tanniterrial
April 1 1933
PUBLISHED WEEKLY
Terms of Subscription-Payable in Advance
6 Mos.
12 Mos.
Including Postage$10.00
$6.00
Within Continental United States except Alaska
11.50
6.75
In Dominion of Canada
South and Central America„ Spain, Mexico, U. S.
7.75
13.50
Possessions and Territories
Great Britain, Continental Europe (except Spain), Asia,
8.50
15.00
Australia and Africa
The following publications are also issued:
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COMPENDIUMSBANE AND QUOTATION RECORD
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The subscription price of the Bank and Quotation Record and the
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-On account of the fluctuations in the rates of exchange,
NOTICE.
remittances for foreign subscriptions and advertisements must be made
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CHICAGO Orricz-In charge of Fred. H. Gray, Western Representative.
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WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce. New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor, Jacob Seibert; Business Manager, William D. Riggs;
Treas.. William Dana Seibert; See.. Herbert D.Seibert. Addresses of all, Office of Co.
Wall Street, Friday Night, March 31 1933.
Railroad and Miscellaneous Stocks.
-The review of the
Stock Market is given this week on page 2181.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended Mar. 31.
Range for Week.
Sales I
for
Week.
Lowest.
I
Par. Shares. $ per share.
Railroads1
40 Mar 31
Central RR of N J_ _100
20 2% Mar 30
Chic St PM &0 pfd100
40 1435 Mar 31
Colo & Sou lot pref..100
110 4 Mar 31
100
Cuba RR pref
30 10 Mar 30
Green Bay & West _ _100
Highest.
5
1
12
3
10
60
150
100
Indus. & Miscell.Artloom Corp pref_ _100
Asso DryGds lot pfd101)
2d preferred
100
Bigelow Sant Carp Co-*
Brown Shoe pref...l00
Burns Bros pref
_100
800 50 Mar 27 50%
SOO 21% Mar 27 24%
700 17% Mar 27 22
60 634 Mar 28 615
10 10834 Mar 3010814
100 314 Mar 27 3%
25
Chile Copper
COMM Cr pref (7).25
CushmSons pfd(7%)100!
Dresser Mfg cl A
Class B
Fed Min & Smelting 100
Food Machinery
Franklin Simon pfd_100
30
180
10
100
100
100
100
it
•
Hamilton Watch
Hat Mfg pref
100
Helme(G W) pref_ _100
Keith-Albee-Orph pf100
Kelsey Hayes Wheel
1
Class B
Laclede Gas pref_ 100
50 3
20 615
30 11634
100 8
Mar 27 3
Mar 28 635
Mar 30 11634
Mar 28 8
100 2
10 51
Mar 27 2
Mar 30 51
S Gypsum pref. 100
Linty Leaf Tob pref_100
Utah Copper
10
Walgreen Co pref. _100
Wheeling Steel pf_100
•No Dar value.
Lowest.
$ per share. $ per share
40 Mar 31 40
Mar
24 Mar 30 2
Jan
153-1 Mar 27 14
Jan
414 Mar 25 2% Jan
10 Mar 30 10
Mar
Havana E.ec Ry pfd 100
100
Ill Cent pref
Leased
_ _100
Cent Am_
Int Rys ofLines_- _ _ *
Certificates
100
Preferred
Pat Coast 2d pref_100
South Ry M & 0ctfs100
Mengel Co pref____100
Newport Industries_
Outlet Co pro!.. _.100
Phoenix Hosiery pf_100
Slow-She!!St & Ir pf100
Range for Year 1933.
135 Mar 27 135 Mar 27 115
16 Mar 31 16 Mar 31 16
35 Mar 27 38 Mar 30 31
1% Mar 27 1% Mar 27 11(
1% Mar 31 1% Mar 31 1%
535 Mar 27 514 Mar 27 5%
1 Mar 29 1% Mar 29 1
10 Mar 29 10 Mar 29 8
Highest.
Spar share.
48
Feb
3% Feb
1935 Feb
414 Mar
10
Mar
Feb 14 Jan
Mar 214 Feb
Mar 384 Feb
Mar 24 Feb
Mar 2
Jan
Jan 8
Jan
Feb 2
Feb
Jan 12
Mar
Feb 51%
Feb 2434
Jan 22
Feb 8
Mar 110
Jan 415
Jan
Mar
Mar
Jan
Jan
Feb
Mar
Mar
Mar
Feb
Mar
Mar
Mar
Jan
9
2035
80
8
3%
19%
6%
23%
Jan
Jan
Feb
Jan
Feb
Mar
Mar
Feb
Mar.27 3
Mar 28 63.4
Mar 30 11631
Mar 28 8
Jan 334
Mar 6%
Mar 116%
Jan 14
Feb
Feb
Mar
Jan
Mar 27 2
Mar 30 50
Mar 2
Mar 61
Mar
Jan
Mar 25 22
Mar 27 1%
Mar 27 105
Mar 31 25
Mar 28 8%
Jan 32
Mar 214
Feb 105
Mar 40
Feb 12%
Mar
Jan
Feb
Feb
Mar
20010315 Mar 28104 Mar 29 10114
50100 Mar 29 100 Mar 29 99%
30 35 Mar 28• 35 Mar 28 35
100 7834 Mar 29 7815 Mar 29 7814
100 18 Mar 28 18 Mar 28 15
Jan 10715
Mar 103
Mar 38
Mar 88%
Feb 22%
Jan
Feb
Feb
Jan
Jan
7 Mar 28
1834 Mar 25
75 Mar 31
7 Mar 28
234 Mar 28
15 Mar 31
694 Mar 27
1934 Mar 29
Mar 28 4835
Mar 29 18
Mar 29 15
Mar 28 615
Mar 30 10815
Mar 27 135
734 Mar 28
1815 Mar 25
75 Mar 31
7 Mar 28
234 Mar 28
15 Mar 31
694 Mar 27
193.4 Mar 29
170 29 Mar 28 3114
1.100 1% Mar 29 135
10105 Mar 27105
50 25 Mar 31 25
20 10 Mar 28 10%
7
18%
74
(115
2%
15
6%
12
Quotations for United States Treasury Certificates of
Indebtedness, &c.
-Friday, Mar. 31.
Maturity.
Du.
Rate,
B1.1.
Asked.
Dee. 15 1933._.
Sept. 15 1933...
June 15 l933__.
May 2 1933.Aug. 11934...
Feb. 1 1938__.
r..... it 113:1R
51%
114%
14%
2%
234%
24%
24s .s.
992,s,
100
10023,
1002,2
100
98
011
100
100032
1001031
100.0,2
10031
,
980,2
ow..
Maturity.
Du.
Rate.
Bid.
May 2 i934... 3%
June 15 1935_ . 3%
Apr. 15 1937 _. 3%
.
Aug. 1 1936_ _. 314%
Sept 15 1937_ _. 334%
Aug. 15 1933___ 4%
ru.e 15 1033
41‘01_
Asked.
101
1012,1
10010,2 101
96",,100
100103 1002222
100012 100.132
100112 1001,2
itnn., min..
U. S. Treasury Bills-Friday, Mar. 31.
Rates quoted are for discount at purchase.
Bid.
Apr. 12 1933
Apr. 19 1933
Apr. 26 1933
msy 10 Hut
May 17 1933
Asked.
1.50%
1.50%
1,50%
1.50%
1.50%
0.10%
0.25%
0.25%
0.50%
0.50%
May•24 1933
May 31 1933
June 7 1933
June 21 1933
June 28 1933
Bid.
Asked.
1.50%
1.50%
1.50%
1.50%
1.50%
0.50%
0.50%
0.75%
0.75%
1.00%
Daily Record of LI; S. Bond Prices. Mar.25 Mar.27 Mar.28 Mar.29 Mar.30 Mar.31
- - -- --High 1001032 100,,n 100,532 100,7as 1002,s, 100"s
First Liberty Loan
394% bonds of 1932-47- Low. 100w, 100032 100032 100.
032 100012 1001,3,
Close 10012n 100Ha, 100"n 100on 100on 1002,51
(First 348)
.43
201
394
178
410
342
Total sales in 31.000 units.
{
Converted 4% bonds of Higi
Total sales in $1.000 units_ _ _
Converted 4Si% bontls(High
of 1932-47 (First 434s)i Low(C10130
Total sales in $1.000 units-,
Yeeond converted 4%% ROM
bonds of 1932-47 (First Low_
Second 415s)
Total sates in $1,000 units-{High
Fourth Liberty Loan
44% bonds of 1933-38._ LOWClose
(Fourth 4158)
Total sales in $1.000 unitsHigh
Treasury
IL0W.
434s, 1947-52
Close
Total sales in $1.00 units-,
0
{Men
Low_
4s, 1944-1954
Close
Total sales in $1,000 units-.
(High
{Low_
3918. 1946-1956
(Close
Total sales in $1.000 units-(High
Low_
11,18. 1943-1947
(Close
resat sales in S1.000 units...
(High
Low_
38,1951-1955
Close
Total sales in $1.000 units...
(High
Low.
349. 1940-1943
Close
Total sales in $1.000 units._
(High
SLow_
334a. 1941-43
Close
Total sates in $1.000 units...
{High
Low.
3ifs. 1945-1949
Close
Tani Mi.In 81.000 PROP.__
__ _.
___
___
___
__
___
- ,1
1011232 101on 1010 10122,8 1012,n 10122,1
-101Has 101",, 101,28, 1011,82 1012,n 101"s
101 , 1011,32 1011032 1013032 1011032 1011731
32
46
29
40
113
40
60
- -- -- --- --------- -____
____
____
____
____
__
___
___
1011.32 101,4n
101",, 101"n
h,
101,2n 101,
247
73
1072n 1072n
10622n 1062232
1061432 1062132
188
50
1031732 104
103,
h: 103"28
103", 10321,8
323
186
1022n 102
,,
101", 1012,
1013032 1011032
45
12
100',,100 n
,
9921,
100
100'it
100
147
33
96248 96,9
961288 962n
962032 96232
165
116
,
100 32 100 n
,
1002n 100
100 st 1002,2
,
86
15
100 88 100h,
,
992132
100
100433 100h8
- 28
52
98032 98
971732 971732
970132 971032
• 305
215
___
101"if
101"n
101,28:
221
1072n
10624n
10703:
173
104
103"st
104
87
102232
1012,
18
101•032
62
100 88
,
100
100'31
201
Hun
962n
981,
82
261
100 n
,
1002,8
100 32
,
110
100 88
,
100132
100 88
,
158
981033
971012
98.032
470
___
101 on
101"n
1011,
88
197
107on
107 a,
,
107082
147
10412n
104 n
,
104 82
,
709
10222n
102,,
,,
10210,2
67
100"n
100212
100he
30
96i3 t
9611n
96,889
755
1001,
8,
100282
100"82
35
100"88
100532
100on
99
9822n
98132
98132
540
____
10 2,s,
101"if
1012,88
583
10722n
107282
107022
45
10411n
104 88
,
10428,
646
10212n
102"82
1021,12
85
1002,
82
1001232
1002,
8,
13
962,88
9612n
9620n
198
1002,n
100on
100,,aa
14
100"n
100.032
100,,
n
36
98",,
98032
9812:
943
_ _.
10 2,
81
1010231
1012,
si
131
10828,
1072hs
1071,s1
210
10422si
1042:8
10410n
400
10222n
1022ha
1022032
53
100"n
100"31
1001,81
84
962,
81
961281
96"n
210
100 41
,
100",,
100"11
86
100"81
1001031
100"n
108
98,131
9810ii
98121:
120
-The above table includes only sales of coupon
Note.
bonds. Transactions in registered bonds were:
101032 to 1012332120 Treas. 48
14 435s
1041032 to 1041011
96032 to 96032 I
2 Treas. 3s
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 3.41 35,@
3.4234 for checks and 3.41 4P3.43 for cables. Commercial on banks.
/
sight, 3.41%@3 % 60 days, 3.413,: 90 days. 3.407,, and documents
.42 :
_payment, 60 days, 3.41%. Cotton for payment, 3.4134.
for
To-day's (Fridays) actual rates for Paris bankers' francs were 3.92 11-16
Amsterdam bankers' guilders were 40.29@40.35.
@3.92 15-16 for short.
Exchange for Paris on London, 87.02, week's range. 87.35 francs high
and 86.92 francs low.
The week's range for exchange rates follows:
Checks.
Sterling, ActualCables.
3.434
High for the week
3.434
3.41 5-16
Low for the week
3.4134
Paris Bankers' Francs
3.9334
High for the week
3.9334
3.9234
Low for the week
3.9234
Germany Bankers Marks
23.87
High for the week
23.89
23.81
Low for the week
23.83
Amsterdam Bankers' Guilders
40.35
High for the week
40.354
40.24
Low for the week
40.2734
-The review of the Curb Exchange is
The Curb Exchange.
given this week on page 2183.
A complete record of Curb Exchange transactions for the
week will be found on page 2213.
CURRENT NOTICES.
-A survey of foreign dollar bonds has been prepared by Theodore Prince
& Co. classifying these issues according to investment and speculative
possibilities. Comparisons of present credit ratings are made with those
existing in 1927.
-The Continental Bank & Trust Co. of New York has been appointed
trustee and fiscal agent for $80,000 of 88 Washington Street Apartment
Building 10
-year cumul. income sinking fund mortgage bonds, dated Jan. 26
1933.
John E. Greenia, Nathan Fleischer and Harry Senior have formed a
co-partnership under the firm name of °remits & Co., with offices at 120
Broadway, New York, to deal in unlisted stocks and bonds.
-The firm name of Gorges. Roberts & McFarlane, Inc., has been
changed, as of April 1 1933 to Roberts Brothers. Inc. Offices will be
continu6d at 11 Broadway, New York.
Swirt, Brent & Co., Inc.. 52 Wall Street, New York. announces the
opening of a Pittsburgh office in the Union Trust Building under the
management of Horace A. Moffet.
-Allied-Distributors, Inc., has prepared a special circular on 18 operating public utility preferred stocks quoted on a common stock basis.
-F. L. Salomon & Co., members of the New York Stock Exchange,
announce the removal of their offices to 50 Broadway.
Bristol & Willett, New York, have issued circulars on Scovill Mfg.
Co. and on the Babcock & Wilcox Co.
Lyman T. Burgess has become associated with R. J. ROSS & CO. as
Manager of their sales department.
-G. L. Ohrstrom & Co., Inc., are distributing copies of a circular on
Starrett Investing Corp.
-Jackson Bros., Bowel & Co.. have issued a circular on silver futures.
s
2197
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
far
FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Mar.25.
Monday
Mar.27.
Tuesday
Mar.28.
3 per share
4212 4378
*58 61
2218 2214
1038 1078
1278 1278
*24
2912
*801s 8812
*8
12
*318 538
*3778 42
2858 3012
773 787
8
12
814 83*
*48
65
2858 2878
*12
1
*2
4 1
*2
212
414 414
112 13
4
214 212
418 414
8 per share
42
433
4
5812 59
215 213
4
1018 103
4
1212 1212
*2412 2712
80% 8018
*8
12
*318 578
*353 42
8
28 4 3012
3
79
8078
12
12
8
814
*50 65
2712 2878
*12 1
3
4
3
4
17
8 178
*438 412
114 112
214 214
324 414
$ per share
42
441s
55
55
2114 22
10
1058
1214 1258
*25
2712
*80 8812
*8
12
*31
514
*35
42
2814 2918
7712 7758
*12
3*
8
8%
*51
65
2758 2858
*12 1
*3
4 1
*124 178
*414 412
*
613
714
4
*5
*4
*15
*214
5414
2234
*212
*813
*512
*212
834
*13
4
*312
*1212
4
614
5
25
212
5512
2313
413
57
8
7
434
9
312
6
13
1358
g
714
918
16
1134
3034
173
8
1013
1315
*518
634
*814
*13
*11
2934
•1412
912
'
*112 5
•18
/
1
4
*12 118
74 8
5
19% 19%
*23* 3
412 412
*15
14
1912 2014
*212 3
4
4
*105 110
143* 1478
*2112 233*
10
10
*1
/
4
3
*5
8 1
12012 122.
*78
791
147 1514
*1
2
1712 177
*12
2
*6
712
*9
10
*74 8
*5
8
*2618 28
*2514 29%
*2312 291
*1
11
*114 15,
*314 11
*4% 29
14
14
3
8
153*
63
4
8
*16
43*
*1
*612
713
4
*63
•134
*2
658
.25
•138
*25
8
161
/
4
64
8
287
458
112
10
723
4
65
2
212
65
8
812
112
3
•1278
•---414
*423*
1318
*6
*134
*II
573*
12
Wednesday
Mar.29.
Thursday
Mar.30.
Friday
Mar.31.
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 1932.
Highest.
Lowest.
Railroads
Par $ per share $ Per share $ per share S per shots
177 June 94 Jan
Atch Topeka & Santa Fe__100 345 Feb 25 4718 Mar 16
Preferred_
100 55 Mar 28 88 Feb 9
35 July 86 Jan
Atlantic Coast Line HR---NO 1613 Feb 25 26% Feb 11
934 May 44 Sept
Baltimore & Ohio
33
4June 213 Jan
814 Feb 27 125k Feb 9
100
6 June 4113 Jan
Preferred
3
934 Feb 27 15 4 Feb 9
100
Bangor & Aroostook
9h June 353 Aug
50 20 Jan 5 2634 Jan 27
4
Preferred
100 6858 Jan 4 85 Jan 27 60 June 91 Sept
4 July 19114 Sept
Boston & Maine
7 Mar 1 12 Mar 15
100
/
4
8
27 July 101 Mar
5 Mar 16
Brooklyn & Queens Tr..No par
312 Mar 29
2314 June 58 Mar
Preferred
No par 40 Jan 5 45% Jan 18
1118 June 5014 Mar
-No par 2134 Feb 25 31 Feb 3
58,000 Bklyn Mauls Transit
36 preferred series A_No par 64 Mar 2 8078 Mar 27
2,900
/
1
4
31% June 78 Mar
218 Aug
1,000 Brunswick Ter & Ry SecNo Par
12 Apr
38 Jan 3
12 Jan 11
25 a758 Mar 30 143 Jan 6
15,900 Canadian Pacific
71 May 2058 Mar
/
4
8
Caro Clinch & Ohio stpd_ _100 52 Feb 28 55 Jan 31
39 July 70 Feb
26 24 Feb 23 3012 Feb 9
/
1
4
35.900 Chesapeake & Ohio
93 July 31% Jan
4
118 Feb 10
Chic & East III fly Co
33 Aug
4
100
12 July
118 Feb 10
100
5 Aug
24 Feb 27
400 6% preferred
% May
114 Jan 11
53 Aug
114 June
3 Jan 11
112 Feb 23
800 Chicago Great Western--100
213 May 1512 Jan
338 Feb 21
100
Preferred
900
838 Jan 10
113
114 Feb 27
112
4% Aug
34 June
238 Jan 9
l5
1,900 Chle Milw St P &Pao--No par
18
8
*114
8
*114
114
114
31 Jan 11
112 Feb 28
100
8 Aug
118 May
24 214
/
1
214 214
Preferred
2,300
2
13
4 2
218
3
8
312 37
3 Feb 24
334 437 4
2 May 1413 Aug
614 Jan 11
328 8,700 Chicago & North Western_100
*53* 6
Jan
4 Dec 31
914 Jan 11
514 Feb 27
100
612
Preferred
812
500
512
512 *478 6
55
8
.55
8
58 Jan 11
8
212 Mar 30
112 M.ay 163 Jan
212 212 1,200 Chicago Rock Isl Jr Pacille_100
212 3
33
4 3
/
1
4
*33
4 4
*33
4 4
*5
434 Mar 31
100
514
812 Jan 1
5
5
314 Dec 2712 Jan
preferred
412 412
5
5
7%
600
438 412
4
4
2 May 2412 Jan
7h Jan 1
312 Mar 31
100
*4
5
4
4
*312 4
312 312
600
6% Preferred
*15
412 June 2912 Sept
25 *15
100 1514 Feb 24 1513 Feb 2
25 *15
*15
25
25
Colorado & Southern
*15
25
*178 212 *178 212 *218 212 *218 212
1 Dec 1113 Jan
212 Mar 3
114 Feb 24
212
212
100 Congo' RR of Cuba preI 100
5234 5512 5213 5414 5314 5518 5218 5314 4713 53 33,800 Delaware a Hudson
32 July 9218 Sept
100 373* Feb 25 5814 Jan 1
217 23
23
2134 2278 22
812 June 457 Sept
2112 2214 193* 217s 22,200 Delaware Lack & Western50 1714 Feb 25 2738 Jan 1
11 May
*213 412 *2% 412
9 Jan
3 Feb 1
3
3
2 Feb 28
100 Deny & Rio Cr West pref.-100
278
*2
278 *2
53
*513 534
2 May 11% Sept
612 Jan 1
478 478 *4
5
5
4 Feb 25
412
53
100
800 Erie
*513 6
*513 612
512
512
534
534
8
734 Jan 1
458 5
21* May 157 Aug
438 Mar 31
First preferred
100
500
*258 434 *23* 43*
2 May 1013 Aug
514 Jan 1
*234 33* *212 43
3
3
100
3 Feb 28
Second preferred
100
513 May 25 Jan
858 834
838 9
8
7
73 10,200 Great Northern prof
4
7 4 83
3
684 Feb 27 113 Jan 1
73
4 8
4
100
*134
2 May 10 Sept
*18
2 Jan
13
4
4 312 *13
100 Gulf Mobile & Northern--100
*13
4
313
154 Mar 31
13
4
312
4
312
*312 6
212 Dec 1512 Sept
514 Marl
*312 6
*3
6
Preferred
100
100
212 212
*3
6
212 Mar 31
13
13
1214 1212 13
2
8 May 30 4 Jan
1,500 Hudson & Manhattan_ _ _ _ 100 1113 Feb 27 1534 Jan 1
1218 1238 1112 12
13
1234 1314 13
434 June 2478 Sept
6,400 Illinois Central
1134 13
1312 13
100 1018 Feb 25 1512 Mar 1
133
4 1278 13
514 514 *17
20
4 May 1412 Jan
7 Feb 1
514 514 *518 7
RR Sec Ws series A_1000
80
*518 8
514 Mar 27
638 7
578 63
214 June 145 Mar
618 63
*
614 678 20,200 Interboro Rapid Tran v t 8_100
4
8
714 Mar 2
418 Feb 27
612 612
9
9
*812 914 *8
100 Kansas City Southern
10
214 June 1514 Sept
*8
100
612 Feb 27 11 Feb
1014 *
8
9
*13
16
*13
16
*13
16
200
x12
12
13
13
5 June 2514 Sept
Preferred
100 z12 Mar 31 16 Feb
*1012 12
1118 1118 11
11
1012 1,200 Lehigh Valley
1012 1012 10
5 June 2914 Sept
8
858 Feb 24 147 Jan
60
2878 30
2834 3038 2914 304 287 2912 2738 295 11,100 Louisville 433 Nashville-A0° 2114 Jan 3 3258 Mar 2
8
7% May 3814 Sept
8
*13
16
*1314 16
*14
17
*15
1678 •15
9 Sept463* Mar
Manhattan Ay 7% guar__100 12 Mar 16 1878 Jan 2
17
938 1018
914 93
16,100 Maul'fly Co mod 5% guar.100
3
4 10
4 June 20 4 Mar
102
6 Jan 3 11 Mar 3
4 1018 1034 1018 11
*112 5
17 Mar 3
100 Market St RY prior Dref-_100
17
17
9 Jan
218 Dec
*1% 414 *112 414 *112 414
2% Feb 3
*%
14
*%
14
*15
58 Aug
14
12 Jan
*15
14
Minneapolis dr St Louis-100
*15
28 Jan 19
14
18 Jan 23
*12 118
% Dec
Minn St Paul A; SS Marle_100
*12 118
*12 118
*12 118
*12 Ds
114 Jan 11
%Mar 20
45,Sent
4,700 Mo-Ran-Texas RR_ _-_No par
718 73
/
4
7
/ g
1
4
8
814
8
8
78 81
11 May 13 Sept
/
4
8
87 Mar 20
53 Jan 3
4
1814 19
314 June 24 Sept
164 1734 2,100
173 1814 18
4
Preferred series A
100 11% Jan 3 2058 Mar 20
1824 173 18
4
27
278
Jan
113 May 11
114 21
23* 23*
7.500 Missouri Pacific
100
I% 214
13
4 212
428 Jan 11
114 Mar 31
4% 43*
134 27 11,700
4
Cony preferred
418
2l May 26 Jan
7 Jan 10
100
24 4
134 Mar 31
3
21
4 3
*18
14
*18
14
*1
8
14
18
18
*18
14
18 Feb
78 Sept
200 Nat Rys of Mexico 20 pref_100
14 Mar 15
% Jan 3
183* 1978 18% 193* 183* 1978 1814 188 1618 19 68,600 New York Central
3658 Jan
834 Jun
100 14 Feb 25 2112 Jan 11
*212 21g
11 May
41 Feb 9
9 Sept
/
1
4
400 NY Chic & St Louis Co
*214 3
23
21* Jan 25
100
212 21
4 234 *212 3
4
314 3'2 1,200
312 313
4
2 June 1558 Jan
*3% 4
312 32
100
314 Jan 3
Preferred series A
614 Feb 9
100 102
103 103 *103 105
170 NY & Harlem
103 103 103 103
8214 May 127% Aug
50 100 Mar 31 120 Jan 28
117 14
14
147
8 May 315 Jan
12,100 NY N H & Hartford
100 1118 Feb 27 173* Jan 11
133* 1434 1378 143* 1334 1418
*2112 23
21
2112 *2012 21'2 20
22
117 July 78% Jan
600
20
22
Cony preferred
100 19 Mar 1 303 Jan 11
4
35 July 153 Sept
95, 9 4
812 913 3,400 N Y Ontario & Western
3
934 10
912 95,
93* 97
8
100
4
73* Jan 4 1178 Feb 9
18 Dec
1 Feb
*3
5
N Y Railways pref
3
4
*14
*14
3
014
5
4
*14
3
4
3
4
No Par
18 Mar 15
1 Jae 20
8
•5
8 I
*58 I
100 Norfolk Southern
*58 1
33 Sept
4
14 Dec
113 Jan 11
% Jan 3
100
"8 1
5
%
5/
3
121 121
57 June 135 Sept
100 111121Vfar 2 130 Mar 15
118 11813 118 118 *11513 120
119 119
900 Norfolk & Western
7912 791
791
7912 *77
100
__ 7912 7012 *77
100 z7818 Jan 31 831 Jan 5 65 July 8112 Dec
Preferred
143 15 *781218 137 10,900 Northern Pacific
137 143
8
512May 2538 Sept
1412 15
14% 15
100 1013 Feb 27 173s Jan 11
31 Sept
*1
1
114 *114 4
4
114 *1
*1
4
1 Mar
2 Jan 12
1 Jan 25
100
60 Pacific Coast
6l±June 23% Jan
/
4
171* 18
1718 1812 171 173* 1618 173* 21,600 Pennsylvania
17
18
4
50 133 Jan 3 1912Mar 16
*12 2
*h 2
*12 2
*12 2
*78 2
514 Sept
78 May
78 Feb 17
Peoria & Eastern
100
1% Jan 17
*6
7
1% June 18 Aug
*5
*512 712 *512 6
814 Feb10
Pere Marquette
612 *55
378 Mar 3
100
7
812 *8
*812 9
811
818 812
312 June 26 Anil
100
6 Jan 3 123 Feb 10
Prior preferred
30
813 812 *8
74 71
6
6
6
7
212 June 24 Aug
4% Feb 28 1012 Feb 10
Preferred
100
130
8
718 714 *7
/
4
*5
8
*5
8
*5
8
8
*5
8
*5
6 Dec 2112 Aug
Pittsburgh & Weet Virginia 100 10 Mar 15 10 Mar 15
*2612 2814 *2612 2814 2612 2612 *26
281
26
26
912 June 5214 Sept
200 Reading
50 24 Feb 27 3258 Jan 11
*2514 2958 *2514 30 *2514 30 *2514 298 *2514 295
15 July 33 Jan
1st preferred
50 2612 Jan 4 31 Jan 14
*23% 291 *2312 271 *2312 271 *2312 273* 2312 2312
200
15 May 38 Sept
20 preferred
50 2312Mar31 28 Jan 13
118
*1
1
1
*1
118 *1
658 Jan
400 St Louis
1
I
58 May
112 Jan 5
78 Jan 30
-San Frani:boo--100
its
118 l's
118
118
114 114
118
138
*114 158
914 Jan
1 May
178 Jan 17
/
4
11 Feb 27
100
800
lat Preferred
*314 11
*314 11
*314 11
*314 8
*314 6
St Louis Southwestern-100
3 May 13% Sera
514 Mar 15
314 Mar 15
*4% 29
*4% 29
*418 29
*418 29
*4% 29
858 Dec 2012 Jan
Preferred
100
*14
14
1
14
14
3
8
1 Sept
15 Jan
38 Jan 5
No par
900 Seaboard Air Line
*14
5
8
14
1
14 Jan 3
3 Mar25
*14
7
*3
8
7
*5
8
7
78 Jan 10
500
*5
8
7
8
*5
8
7
14 Jan
Preferred
100
13* Sept
1314 155* 30,000 Southern Pacific Co
151
1518 16's 15
1478 161
15
16
100 1118 Feb 25 1978 Jan 11
612 June 375 Jae
634 7
6
658 11,300 Southern RallwaY
612 65
8
7
71
634 7's
212 May 1812 Sept
834 Mar 16
418 Mar 2
100
77
738 8
8
81
4,500
8's
818 8%
818 8%
Preferred
934 Mar 16
578 Jan 3
100
3 July 233 Sept
4
*16
287 *16
*16
*16
29
29
287 *16
Texas & Pacific
100
287
8
13 Nov 35 Sept
*43* 6
*47
57
55
*5
514
*5
6
300 Third Avenue
* 53*
4% Feb 25
100
378 May 14 Mar
654 Feb 3
*1
11
*34 11
*1
11
*1
11
*3
4
Twin City Rapid Trans No par
112
1% Jan 10
412 June
13* Jan 20
11 Dec
/
4
*7
65
8 65,
*65
8 7
10
*612 7
7
7
60
Preferred_
100
63* Mar 31
7 June 2412 Jan
73* Mar 16
6612 715 42,100 Union Pacific
70% 7234 71
74
703* 733* 6914 71
100 6414 Mar 2 807 Mar 16
8
273* July 9413 Feb
63 53
6212 63
600
6212 6212 6212 62's 62 62
Preferred
100 62 Mar 31 681 Feb 10
*
40 May 715 Aug
*13* 2
*14 2
134 14 *13* 2
*134 2
200 Wabash
100
2% Jan 10
112 Jan 4
% June
414 Aug
112 2
238
35 Jan 11
*2
214 214 *2
Preferred A
100
800
214 *114 3
8 Jan
112Mar 31
1 June
512 534 1,700 Western Maryland
6
*53
4 6
100
578 6
6
6
614
4 Feb 27
113 May 111 Sent
73* Feb 10
8
212
*3
712 *5
*13
4 53
*5
7
*5
77
71 Feb 9
20 preferred
51a Jan 12
1
100
2 May 1.14 Sept
13
8 li
4
500 Western Pacific
114 114
*114 13, *114 13* •114 13
114 Feb 3
100
12 June
2 Jan 9
4214 Aug
35 Jan 11
23* 23* *212 23g
700
Preferred
100
22 212 *17
212 214
8 3
178 Mar 2
8% Aug
3 Mar
4
*127
8
16
89 *____
414
413
50 *4258
133
4 1314
612
6%
2
*134
918
918
5812 5613
*3
4
*114
1
1358 133
4 133*
*1
2
*1
1
1
1
17
2
113
*113
*112 3
112 112
15
5
*1278
16
89 *____
414
43*
42
50
133* 1314
62
8 *6
2
2
93
8 *A
58
56
1
h•
1418 14%
2
*1
1
1
•138
17
*158
3
15
5
112
$ per share
4212 443
5538 56
2214 2214
10
1012
1218 1234
25
25
*80 8812
*8
12
312 412
*35
42
283 2934
4
77
7712
12
12
7 8 818
7
*51
65
27
/ 283
1
4
4
*12 1
3
4
3
4
134 178
414 414
16 •131s
89 ........
434
43*
423* *41
133* 1212
6
61
/
4
2
2
*834
9
58% 57
*3
4
1
1413 14
*1
2
1.18
118
2
113
3
*13
8
113 *114
$ per share
413* 425
8
55
558
207 2114
97 1014
12
12
*2514 26
*80
8813
*8
12
*312 412
*30
42
2812 2928
*76
7718
12
h
a758 8
65
*51
2758 2814
.12 1
3
4
3
4
*138 178
41
418
$ per share
8
3914 427
5512 551
19% 21
938 1018
11
12
26
26
*80
8712
8
8
*312 412
42
*30
2718 2912
x75
7534
.12
h
75
8 77
8
65
*51
2718 2814
*12 1
*3
4 1
158 158
4
4
Shares
47,600
1,400
4,500
24,300
2,300
200
10
200
600
Industrial & Miecellaneou
No par
Abraham & Straus
*1314 16
*1314 16
16
Preferred
100
89
89 *65
89 *65
314 414 13,000 Adams Express
41
No par
4% 4%
41
41
52
Preferred
70
100
45 *41
9
1112 2,500 Adams Mills
No par
1314 1112 12
1,100 Address 5f ultigr Corp--No par
6
6
618 618
618
No par
400 Advance Rumely
*1% 2
4 2
*13
2
84 83
4 1,000 Affiliated Products Inc_No par
83
4 8114
9
No par
4
583
4 563 577 x54% 57 8 11.900 Air Reduction Inc
100 Air Way Elm Appliance No pa
7
8
h
h
*2
4 1
137 141 34,600 Alaska Juneau Gold Min1
141
141* 14
11
A P W Paper Co
No par
11: •1
12 *1
No par
1
1
6,100 Alleghani Corp
118
1
1%
Prof A with $30 warr_-_100
11s lIz 1,600
112 11
138
Prof A with $40 warr___100
100
13* 13
•13* 3
3
jIg
I%
Prof A without wan_ __.100
114 114 *I
800
• 1110 and asked yr es, no sales on this day. a Optional sale. s Sold 15 days. r Ex-dividend.
P,I
g Ex-rights
13% Feb 23
80 Mar 3
3 Feb 28
41 Mar 31
9 Mar 31
6 Mar 29
134 Feb 21
734 Mar 1
Feb 25
12 Feb 28
1118 Jan 14
I Jan 5
1 Jan 4
138 Mar 31
138 Mar 31
114 Mar 30
1678 Mar 16
80 Mar 3
5 Mar 16
/
1
4
5114 Jan 24
1534 Jan 9
1018 Jan 3
25 Jan 11
8
1012 Jan 2e
64% Jan 11
114 Jan 5
143* Mar 28
114 Jan 27
11 Jan 11
318 Jan 8
212 Jan 4
234 Jan 6
10 June
68 July
158 May
22 June
12 June
8% Dec
114 June
414 May
307 July
8
12 June
734 June
72 Dec
35 May
34 May
38 June
ig June
2438 Aug
98 Mar
9% Sept
73 Sept
3038 Mar
14 Sept
47 Aug
1612 Mar
6312 Sept
312 Sept
16% Jan
4 Mar
35 Sept
814 Sept
8 Sept
8 Sept
I
loft
,,d
New York Stock Record-Continued-Page 2
2198
April 1 1933
tar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS
LIST, SEE SECOND PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NO?' PER CENT.
Saturday
Mar. 25.
Monday
Mar. 27.
Tuesday
Mar.28.
Wednesday
Mar.29.
Thursday
Mar.30.
Friday
Mar.31.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan 1.
On basis of 100
-share lots.
Lowest.
Highest.
S per share $ per share $ per share S per share $ per share IS Per share Shares Indus.
& MIscell. (Con.) Par 3 per share $ per share
578 57
8
54 8
3
*5
.5
8
5
6
5
.412 512
290 Allegheny Steel Co_ .__No par
5 Mar 30
814 Jan 9
a7612 7834 7414 7814 7412 7812 753 78
4
76
767
8 75
773 57,500 Allied Chemical & Dye_No par 703 Feb 27 897 Jan 12
4
4
8
•11814 120 •11814 120 *11814 120 *11814 120
11814 11814 *11814 120
100
Preferred
100 11814 Mar 23 1217 Feb 1
8
712 8
7 4 73
3
4
712 74
73
4 73
4
712 73
4
712 712 1,400 All)*-Chalmers affg___ _No par
6 Feb 27
94 afar 16
*6
712 *6
712 *6
712 *6
612 .6
612 .53
4 6
Alpha Portland Cement No par
53 Jan 10
4
612 Mar 21
.8
8 1
*-'
13
8
*5
*5
8
13
153
8
*3
4
1
•3
8
1
Amalgam Leather Co._No par
58 Feb 21
1 Jan 4
•63
8 9
*61* 712 .652 712 .63
8 9
*65
8 9
*64 9
100
7% Preferred
5 Feb 23
638 Feb 2
2112 2112 *21
2112 2112 2112 21
2118 2118 2114 2114 2114 1,900 Amerada Corp
No par 1812 Mar 2 2218 Mar 15
1138 113
4 11
11
1014 103
4 1014 1014 *1038 103
4 103 11
4
1,800 Amer Agric Chem (Del) No par
714 Mar 1
1134 Mar 24
1112 1112 1014 1014 1014 101 1
11
11 .103 113
8
8 1018 1014
900 American Bank Note
10
8 Mar 2 1378 Mar 16
.34
394 .36
397
8 36
36 .34
397 *34
8
394 *34
50
Preferred
394
50 3412 Feb 27 397 Jan 13
8
*13
4 212 •13
4 212 .23
8 212
23
8 238 •2
238
238 212
500 American Beet Sugar.
1 Jan 30
.,No par
25 Mar 18
8
*8
812 •7
812 *7
812
8
8
.8
812
84 10
150
7% preferred
100
23 Jan 5 10 Mar 31
4
*1012 113
4 11
1112 *1112 12
11
115 81118 1112 113 114 1,000 Am Brake Shoe & Ydy_No par
8
8
918 Mar 3 1278 Mar 17
*6018 603
4 6012 6018 60
6018 60
6014 .60
8014 6018 61
230
Preferred
100 60 Mar 28 75 Jan 12
553 563
8
8 5434 56
545 57
8
55 4 5714 553 5614 5418 567 40,000 American Can
3
8
8
25 4912 Feb 25 623 Jan 11
4
119 119 *H5 117
11514 117 *115 122 .H5 120 .115 11712
500
Preferred
100 112 Feb 27 1283 Jan 2S1
4
9
9
9
9
9
83 84
94
8'21,600 American Cur & }Ay_ __No par
8
8
8 14
618 Jan 23
912 Mar 15
.1712 193 *167 19 .1712 19
4
8
*1612 1812 .17
1812 *17
19
Preferred
100 15 Feb 28 20 Jan 13
.15
8 13
4 *15
8
13
4 .13
8 13
4 •15
8 13
4
13
4
13
4
200 American Chain
15
8
152
138 Mar 31
No par
314 Jan 10
.412 7
.34 7
*318
7
*4
*318
7
.318 7
7
7% preferred
100
312 Mar 1
8 Jan 17
.363 38 .363 38
4
4
363 37
4
37
.36
37
37 .36
37
400 American Chtcle
No par 34 Mar 2 40 Jan 21
*212 312 *212 3
.212 3
.212 3
.212 3
212 212
100 Amer Colertyne Co
10
2 Feb 24
4 Feb 9
.15
1514 15
15
1512 16
16
1612 16
183
4 1614 17
5,000 Am Comm'l Alcohol Corp...20 13 Feb 27 223 Jan 5
2
*12 1
•12 1
*12 1
*1, 1
*12 1
*12 1
4.mer Encaustic TIling_No par
1 Jan 5
114 Jan 10
.438 43
4
43
8 43
8 .414 412
414 414 *414 412 .414 412
400 Amer European Sees __No par
4 Feb 23 1032 Jan 6
518 514
434 518
412 5
43
4 44
412 43
4
418 412 9,200 Amer & Forn Power_ __No par
37 Feb 27
8
812 Jan 11
912 912
1012 1012
912 1012
83
4 9
83
4 914
818 812 3,400
Preferred
No par
818 Nlar 31
147 Feb 9
8
3
.5 4 8
6
6
512 53
8
514 514 .5
53
4
5
5 12 1,000
2d preferred
No par
5 Mar 31
93 Jan 11
4
712 712
7
4 712
7
7
718 74
7
7
4 63
86 preferred_ ..
4 1,100
63
_ _ No par
812 Feb 28 12 Jan 11
.412 512 *412 512 •412 512 *412 51
.412 512 .412 512
Amer Hawaiian S ______ _ _ _ 10
S
418 Jan 5
518 Mar 23
.212 33
8
3
3
3 8 33 .34 4
3
3
*3
4
.3
400 Amei Hide & Leather_No par
312
212 Mar 2
4 Mar 17
•1412 17
17
17
19
19
*1512 1812 17
17 .15
1812
Preferred
300
100 1312 Feb 11 1912 NIar 15
.31
32
3112 317
8 313 313
8 32
3212 3112 317
8
8 3118 3114
1,800 Amer Home Products__No par 2912 Mar 1 3914 Jan 11
.43
4 514
43
2 412
43
8 412
412 412 3,800 American Ice
43
8 41
412 412
No par
612 Jan 12
33 Feb 24
4
28
.27
28
3112 .26
3112 .26
31'2 28
3112
28 .25
200
6% non cum pref
100 25 Feb 15 34 Mar 16
63
8 812
64 612
614 63
2
64 64
614 612
53
4 618 3,500 Amer Internet Corp_ __No par
414 Feb 27
83 Jan 11
8
*3
8
1,
3
8
3
8
*3
8
12
38
38
38
700 Am L France & FoamiteNo par
3
8
38
53
38 Jan 5
12 Mar 15
.2
3
•2
3
.2
.2
3
3
3
.2
*2
3
Preferred
100
114 Jan 3
214 Jan 2
,
738 712
74 752
714
778
74 74
75
8 8
4 814 2,900 American Locomotive__No par
73
57 Jan 3
8
812 Mar 16
24 .21
.22
23
213 213 .213 23 .2212 24 .22
4
4
8
24
100
Preferred
100 173 Jan 3 24 afar 17
4
94 1018 10
10
93 104 *97 1012
4
1012 1012 1,400 Amer Mach & Fdry Co.No par
4
9 4 93
3
8
83 Feb 27 1312 Jan 11
4
•13
4
17
8 .134 2
*14 14 .158
178 .158
17
8 *152 14
Amer Mach & Metals...No par
1 Jan 27
2 Jan 4
412 412 .418 5
418 418 .44 47
8 *418 44 *44 44
400 Amer Meta) Co Ltd___No par
318 Feb 24
54 Mar 16
.1914 22
1914 1914 .194 22
.1914 22
19
1914 .19
22
210
8% cony preferred
100 1512 Jan 4 21 Jan 12
.1912 20
*1912 20 .1912 20
19
19
*19
1912 20
20
40 Amer News Co Inc. __No par 17 Jan 20 30 Feb 6
412
4
412
44
5
4
4
414 434
5
4
43 14,500 Amer Power & Ligh- _ _No par
8
i
4 Feb 27
914 Jan 11
1238 123
2 12
1212 x1112 12
12
12
11 12 1134 11
1112 1,500
56 preferred
No par II Mar 31 2412 Jan 11
1012 11
912 934
1012 11
x1012 1012
94
9 8 104
7
93
2 2,500
55 preferred
No par
914 Mar 31 2112 Jan 12
6
814
612 612
618 612
618 812
4
618 63
612 63 19.200 Am Bad & Stand San'y No par
4
452 Feb 27
75 Jan 11
8
75
8 8
8
8
8
2
8
8
712 752
83
712 73
4 2.300 American Rolling NfIII
25
534 Mar 2 10 8 Jan 11
1
.21
2212 .21
22
22
*21
22
22 .2114 22
.21
22
100 American Safety Razor No par 204 Jan 9 z247 NIar 15
g
*12 114
*12
*12 114
114
114
114
.12
*12
.12
18 Mar 20
114
American Seating v t e_No par
152 Feb 2
14
14
*18
14
*3
2
14
14
*4
*4
100 Amer Ship & Comm_ __No par
"18
14
14
3 Jan 5
8
Is Feb 1
*1212 13 .124 1312 *1218 1312 .1218 1312 .1218 1312 .
1218 1312
Amor Shipbuilding Co.No par 1112 NIar 3 13 Feb 1
1412 15
147 1512 1412 1512 1434 1518 1434 1538 141 1518 7,400 Amer Smelting & Refg_No par 1034 Feb 25 18 Mar 16
8
8
.3812 4012 38
3812 39
39
3812 39
39
39
383 3912 1,400
4
Preferred
100 31 Jan 10 42 Mar 16
*28
29
*2712 29
*2712 29
2712 2712 *2612 2712 26
26
300
2d preferred 6% Cum...100 2012 Jan 2 303 Mar 17
4
.364 3812 .36
3712 .36
3712 *364 3712 .36
3712 *3612 374
American Snuff
25 3212 Jan 10 /3912 Mar 16
103 103 .103 _
_ __ •103 _
•103
_ 103 103
103 103
50
Preferred
100 10212 Jan 9 101 Feb 23
.64 612
614 814
614 614 *64 84
614 83
2
614 814
1,200 Amer Steel Foundries_ No par
45 Feb 28
8
8 Mar 16
.3752 41
*375 40
8
3752 375 *373 40
8
8
*375 40 .375 40
8
8
10
Preferred
100 373 Mar 28 58 Jan 9
8
3212 323
8
4 3214 324 317 317
8 33
33
3312 3312 3312 34
1,000 American Stores
No par 30 Feb 27 3514 Jan 27
3318 34
3312 343
4 3312 3514 34
3518 343 3512 34
2
3618 19,000 Amer Sugar Refining
100 2112 Jan 11
3 365s Nfar 20
.85
8818 8818 90 90
90
90 90
90
903 .90
4
91
700
100 80 Jan 19 9112 Nfar 20
Preferred
.712 8
7 8 74
5
74 S
*712 8
714
74
74 712 1,300 Am Sumatra Tobacco_ _No par
6 Jan 13
018 Jan 31
913 9314 904 9252 8914 9212 8952 923 08914 91
4
8
874 9118 130,100 Amer Telep & Teleg
100 873 Mar 31 109 8 Jan 11
4
3
55 4 57
3
5512 57
8
553 583
2
56
4 565 57
56
56
57
3,500 American Tobacco
25 49 Feb 23 8334 Jan 24
593
4 585 60 4 5914 61
583 594 59
4
8
3
5912 60
5814 6112 16,000
Common class B
25 5034 Feb 25 654 Jan 24
10611 10814 106 106 .104 110 .105 110 .105 110
.105 110
Preferred
200
100 1023 Mar 1 117 Jan 14
4
.412 7
.412 6
.412 6
*412 6
6
6
6
6
200 Am Type Founders.
5 Jan 3
..No par
9 Jan 13
•1012 15
12 .11
12
15 .11
12 .11
15
.11
15
20
Preferred
100 1012 Feb 28 1878 Jan 1 1
113 113
4 1118 1112 1134 12
2
12
1212 1112 1112 1114 12
2,900 Am Water NVks & Elec_No par
1118 Mar 22 1912 Jan 9
•103 11
8
4
.1012 10 4 1012 103 .1012 11
3
103 1012 10
1018 1,800
2
Common vot tr ctfs_No par
163 Jan 9
10 Mai 31
4
.35
4
.35
45
4518 .35
45 .35
45
35
35 •
33
45
100
1st preferred
No par 35 Mar 24 58 Jan 12
.412 5
2 *412 5
4 8 43
3
5
412 478
5
434 434
500 American Woolen... No par
612 Mar 16
312 Mar 2
26
*25
247 25
25
8
25
257 257
2
8 2514 257
8 233 2512 1,500
4
Preferred
100 224 Feb 16
:93 NIar 16
4
14
*14
*14
12
*14
*14
12
12
*14
*14
Am Writing Paper ctfs_No par
3
8
3
8
12 Jan 3
3 Feb 8
8
.2
314
314 *2
314 .2
8
314 .2
314 .17
8 314 .17
Preferred certifIcates No par
214 Feb 10
3 Feb 17
4
•212 312
.212 3
212 212 .212 3
*212 3
200 Amer Zinc Lead & Smelt.. _ _1
212 212
43 Mar 16
8
214 Feb 28
*18
2218 .18
2812 .18
2812 .18
2812 .18
2812 .18
2812
Preferred
20 Feb 24
25 20 Feb 2
4
65
8 63
634 7
612 67 16,400 Anaconda Copper Mining 50
64 714
63
2
4 712
65
8 7
2
93 Mar 16
5 Feb 28
.318 618 .312 612 *312 618 *312 812 •
312 64 *312 64
Anaconda Wire Si CableNo par
44 Jan 31
412 Jan 8
*1212 127
*1112 125
12
8 1218 1218 12
8 113 113
4
4 1112 1112
600 AnChor Cap
8 Jan 20 1512 Mar 16
No par
.65
70 .65
70
65 .65
65
70 .65
70 .65
69
10
58.50 cony preferred.No par 6212 Jan 11 66 Jan 30
5
*3
5
*3
3
5
*3
*212 5
.2 4 5
.212 5
Andes Copper Mining_ _Nc par
4 Jan 23
25 Feb 7
8
•1112 1312 *1114 1314 *1112 1312 .12
1314 .12
1312 12
12
100 Archer Daniels MIdIA_No par
954 Mar 3 14 Mar 16
.9812 100
*9812 100
*9812 100 .9812 100
9812 9812
*9812 100
100
7% preferred
100 95 Feb 23 100 Mar 18
.46
50 .46
*4712 49
49
4712 4712 46
.45
46
49
200 Armour Si Co (Del) pref. 100 41 Jan 3 54 Mar 16
15
8
134
13
158
17
8
17
8
8
13
4
17
8
13
4
17
8
14 13
4 3,500 Armour of Illinois class A__25
23 NIar 16
8
118 Feb 28
7
8
1
1
1
118
.1
1
1
1
78
1
1
3,600
Class B
112 Mar 18
3 Feb 20
4
25
1218 1218 .115 113
8
4 113 114 115 117
8
4
8 1114 1112 1012 1112 1,800
Preferred
4
7 Feb 27 133 Mar 17
100
.15
8 2
.13
4 2
13
.118 2
4 *Us 2
13
4
•1 18 2
100 Arnold Constable Corp_No par
14 Jan 19
184 Mar 28
•212 3
2
212 .138 2
2
2
2
4 3
2
.13
200 Artloorn Corp
2 afar 27 212 Feb 20
No par
•1
114 .1
114
*1
111
1
114 *1
1
.1
100 Associated Apparel Ind No par
114
114 Jan II
7 Mar 2
8
*4
4
412
418
414 478
4 8 412
3
43
4 431
43
8 44 1,400 Associated Dry Goods
512 Mar 16
1
312 Feb 20
*614 15
.712 15
'812 15
15
.8
*812 15
.812 15
Associated Oil
83 Mar 24 18 Feb 14
4
25
.43
8 612 *43
2 612 .43
.432 5
8 5
.44 5
.43
8 5
All 0 Si %V I SS Lines_.No par
412 Mar 22 c43 Feb 2 i
4
.412 8
.412 8
*412 8
*412 8
.412 8
*412 8
Preferred
512 Jan 14
4
43 Mar 21
100
1518 153
8 15
154 145 15
1514 15
8
15
2 5,300 Atlantic Refining
154 145 153
8
8
25 123 Feb 28 1714 Jan 5
9 4 1112 .10
3
.1018 11
11
.1014 11
•10
1012 .10
1012 1,100 Atlas Powder
9 Feb 14 1314 Nfar 21
No par
6212 623 '6212 6312 *6212 6312 6212 6212 6212 6212 61
4
6212
380
Preferred
100 81 Jan 5 66 Jan 11
.134 212 *15
8 312 .2
312 •152 312 •152 312 .15
All,, Tack Corp
8 312
112 Feb 27
2 Mar 20
No par
34
34
33
333
4 32
337
8 324 343
s 3218 3272 32
3212 4,200 Auburn Automobile__ _No par 3114 Feb 28 5612 Jan 11
.1
1 18 *1
118 .1
114 *1
118 .1
111 .1
118
Austin Nichols
7 Feb 2
8
13 Feb 16
No par
8
65
8 67
8
64 64
85
8 67
618 812 35,600 Aviation Corp of Del (The)_5
8
8
64 67
814 612
8 Mar 16
512 Feb 27
53
*5
8
5
5 18
5
5
452 44
412 412 1,400 Baldwin Loco NVorks No par
438 412
64 Jan 10
37 Feb 25
8
.97 1312 *1018 1212 *103 12
8
2
.1038 1112 1052 103 .1058 12
8
Preferred
40
100
2
934 Feb 28 153 Jan 12
73
73
73
.72
73
79
•72
79 .72
70
110 Bamberger (L) Si Co pref. _ 100 6814 Feb 28 7312 Feb I
79 .72
.7
17
8
8
8
"4
*3
3
112
4
*3
4
17
Barker Brothers
•32
17
8
.4
3
17
8
38 Jan 4
17
8
No par
7 Feb 27
8
312 33
4
4
312 33
312 33
4
312 33
4
3 8 33
5
4 4,900 Barnsdal Corp
312 33
4
414 Jan 10
3 Mar 2
5
all.. •12
_ .12
1812 13
18
15
16
16
18
260 Bayuk Cigars Inc
No par
314 Jan 6 18 Mar 31
5018 50'i "5018 52
0
50 - 5
50
5018 .50
1st preferred
50
100
50
52
100 27 Jan 18 5012 Mar 21
*93 10
4
912 93
914 914 .914 10 4 .93 1012
900 Beatrice Creamery.
4
50
3
7 Mar 2 12 Jan 10
8
912
914
*577 60 .5814 594 *58
2
58
58
5812 577 574 .54
Preferred
200
5712
2
100 45 Feb 24 6212 Jan 6
4758 4778 .47
*473 49
49
.47
8
4812 *4514 48
*4511 4712
200 Beech-Nut Packing Co
20 45 Jan 6 60 Jan 27
.312 4
*312 4
.312 4
.312 4
*312 4
300 Belding Herninway Co_No par
4
33
5 Mar 16
4 33
312 Feb 20
6318 .623 6318 .823 63
.63
4
4
8318 8318 .6318 843 .6318 643
200 Belgian Nat Rvi part pref.__
2
8
83 Mar 24 8512 Jan 5
838 812
818 812
818 812
818 812
818 818
5
7 4 814 9,400 Bendix Aviation
3
618 Feb 27 11 12 Jan 11
1114 1114 1114 1112 1112 113
.10 4 1112
3
1114
4 1112, 1112 11
1,200 Best & Co
No par
4
9 Mar 2 133 Nfar 16
8 13
1314 1312 1312 133
133
8 13
1312 13
1312 13
133
4 8.700 Bethlehem Steel Corp..No par 1018 Mar 2 167 Jun 11
8
29
30
.2918 3012 2914 2914 29
29
2918 30
29
1,000
2918
7% preferred
100 2514 Feb 28 3612 Mar 16
83
4 .614 63
.64 63
8 .814 63
4
4 •6
634 63
63
8 83
4
8
200 Blaw-Knox Co
8 Mar 16
No par
312 Feb 28
20
.5
.6
20
20
.6
20
.5
*6
20
.6
Bloomingdale Brothers_No par
20
7 Jan 5
658 Feb 28
.5512 _ _ .5512
_ *5512 - - .5512
_
.54
_ .5512 _. _ _ _ _ _
Preferred
100 53 Jan 25 5412 Mar 20
4
if
- 11
103 103
4
11
103 -- 2 11
- -312 4
.11
107 11
8
1053 - --*
912Nfar 2 143 Jan 11
1,100 Bohn Aluminum Si Br_No par
4
56 .53
56 .52
.54
56 •
53
56
56
56 .53
.53
Bon Aml class A
No par 52 Feb 23 55 Jan 30
Booth Fisheries
No par
______
let preferred
100
O F,2 - -1- - 2
2
214 -20
0. IN -H1T2 Ills -.61. IN - iOT8 1i
207 11,400 Borden Co (The)
8
25 18 Feb 27 203 Jan 11
8
78 8
5
8
73
4 73
4
7 4 77
3
8
712 75
712 8
73
2,600 Borg Warner Corp
4 74
93 Jan 11
4
512 Feb 28
10
*14
5
Botany Cons NfIlls class A..50 ---- --- - - - ---- -,-- -8
*14
5
8
5
8
•14
ki
5
8
*14
*14
4
.14
*3
314
318
3
3
312
3
3 14 *3
318
3
1,300 Briggs Manufacturing_No par
3
518 Jan 11
25 Feb 21
8
•Bld and asked prices, no sales on thIs day, a Optional sale. z Ex-dividend. a Ex-rights
c Cash sale.
Range fo Precious
Year 1932.
Lowest.
Highest.
$ per share $ per share
5 May 15 Sept
4212 June 8814 Sept
9612 Apr 120 Dec
4 June 153 Sept
8
412 July 10 Jan
14 Apr
212 Sept
4 Dec 10 Mar
12
Jan 223 Sept
4
312 June 1512 Sept
5 May 2212 Sept
28 June 47 Feb
14 Apr
27 Aug
8
1
Apr
93 Aug
4
612 June 177 Sept
8
40 July 90 Feb
295 June 737 Mar
8
8
9312 June 129 Mar
318 June 17 Sept
15 Dec 50 Aug
17 Apr
8
714 Sept
7 June 26
Jan
18 June 38 Nov
2 July
814 Sept
11 Slay 27 Sept
3 Dec
4
5 Jan
23 Apr 153 Sept
4
4
2 May 15 Sept
5 May 3812 Jan
23 May 2114 Aug
4
33 June 33
4
Jan
3 May
612 Aug
1 May
67 Sept
8
47 Slay 27 Sept
2
25 June 5138 Mar
33 Dec 2152 Mar
8
35 Dec 68 Mar
212 June 12 Sept
14 Jan
34 Aug
1 July
414 Aug
35 July 1514 Aug
8
1718 Dec 49 Sept
712 June 2214 Jan
1 June
33 Mar
4
112 June
914 Aug
612 June 32 Aug
14 July 33
Jan
3 June 1714 Sept
1514 June 58
Jan
10 July 494 Jan
34 June 1214 Sept
3 May 184 Sept
1332 June z2914 Mar
3 June
4
33 Sept
4
la Apr
7 Sept
8
10 June 254 Jan
518 May 2714 Sept
22 June 85
Jan
15 July 65 Feb
213 June 3612 Aug
4
90
Jan 106 Sept
3 May 1512 Sept
34 Jul
80
Feb
20 May 363 Mar
4
13 Jun
3914 Jan
45 May 90 Aug
23 Apr 104 Aug
4
893 July 13738 Feb
4
4012 June 8634 Mar
44 June 8934 Mar
9514 June 11812 Oct
4 June 25
Jan
1012 July 70 Jan
11 May 3412 Mar
11 May 31 Mar
28 June 75 Jan
152 May 10 Sept
1512 Jan 397 Sept
8
4 May
214 Aug
2 JulY
8 Aug
114 May
67 Sept
8
10 June 35 Aug
3 June 193 Sept
8
3 Apr 15 Sept
54 May 174 m ar
40 May 75 Sept
13 Slay
8
9 Sept
7 Apt
1512 Sept
85 Aro 10014 Oct
24 May 61 Aug
58 June
24 Sept
3 June
8
2 Sept
3'2 May 157 Aug
8
1 May
35 Aug
8
13 Dec
8
53 Sept
4
5,June
3 Aug
3 May 11 Sept
612 July
1612 Aug
43 Dec 1214 Aug
8
53 Dec 1512 Jan
4
85 Feb 2178 Sept
8
7 I)ec 2512 Feb
4512 June 7912 Jan
1 July
34 Aug
283 May 1513 Jan
4
4
12 Feb
14 Sept
112 June
87 Dec
8
2 May
12 Aug
8 May 3712 Aug
62 July 99 Feb
12 Apr
312 Aug
33 June
2
7 Sept
2 Dec 13 Feb
30 Dec 59 Jan
1012 Nov 434 Jan
62 Dec 95 Jan
2914 May 454 Dec
258 Jan
83 Sept
4
57/2 June 623 Dec
2
412 May 183 Jan
4
53 June 247 Feb
4
8
714 June 295 Sept
8
1614 July 74
Jan
35 June 10 Aug
8
64 June 14 Feb
49 Dec 61
Jan
47 June 224 Jan
8
31 June 55 Nov
18 May
1 Aug
14 Nov
14 Jan
20 July 4318 Mar
33 May 1414 Sept
8
14 Apr
114 Sept
278 June 113 Mar
4
New York Stock Record-Continued-Page 3 '-'----''--.--717
"1
KIr 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
Mar.25.
Monday
Mar.27.
$ per share
87
.8
.69
70
*29
30
4
5
.214 23
4
*3
4
,.27
28
1
1
4
4
4,118
114
Sales
for
the
Week.
5 per share
*8
87
8
*68
70
*29
30
412 5
.218 212
*3
312
.27
28
7
8
7
8
4
4
114
114
Tuesday
Mar.28.
Wednesday
Mar,29.
Thursday
Mar.30.
Friday
Mar.31.
5 per share $ per share 5 per share 5 per share Shares
.8
87
8
200
8
8
88 .8
*75
8 88
•67
67
6812
400
70
69 .68
70 .67
.29
31
*28
31
.2912 3012 *2912 3012
45
9 43
4
45
8 43
4
45
8 45
8
412 412 4,500
*218 212 .2% 212 .238 2% •21
27
8
*3
312
200
3
3
*27
8
34
3
*27
8
33
4
.27
28
2012 26
27
27
*25
120
28
*7
8
1
•7
4
1
7
8
500
*78
1
7
8
4
4
*312 4
*33
8 4
100
*312 4
.1%
114
118
118
114
*118
400
114 *118
17
,8
212
•1
212
*1
212
112
____
112 .1
*1
212 *1
*314 412 *3
412 .314 412. .314
400
434
28 3
3
3
718 73
4 .7
712
718
718
712 712
73
8 75
8
712 712 2,400
•218 3
*218 23
4
2
2 18 *218 234
2
2 14
800
218 218
4
4
.318 4
*318 4
•318 4
318 318 '
*318 4
300
•127 17
8
127 127 *1212 18
8
s
*1212 18
100
*1212 18
.1212 18
*1
1 18 .1
118
1
1
1
1
400
118
1
1
.1
42
12
.12
58
%
•12
3
4
100
*12
*17
3
4
3
4
*12
*I% 212 *13
8 212 .138 212 .134 212 .15
8 212 .134 212
11
11
11 18 1118 1034 1118 11
11
103 103
4
4 1014 1058 1,200
*3014 40 .3014 40
___
*31
40 .31
*31
40
*31
39
934 10
391114 2,800
1034 11
10
1012 103
4
1012 105
98 10
*14
12
*3
8
12
200
3
8
3
8
12
.14
14
14
*14
12
.214 212
214 214
214 214
214
1,400
214
212 *218 212
2
37
.3
37
8
3
3
.3
3
312
400
3
.3
312 *3
11
1134 1012 11
4,000
1034 107
4
8 1012 1034 1014 1014 293 10
.1534 173 .153 17
4
8
16
16
16
8
300
.153 16
16
16
16
.
518 634 .5,8 634 .518 68 *512 6
100
.512 6
512 512
*26_
•26
_
*26
___ .15
_ __ _ _ _
__ *15
_
•15
443 - 3- 4418 157- 433 413 4
445 - 17
8
4 4718 4434 17
. - 431g --- 106,900
8
4614
49
4914 .4714 508 4712 4734 48
100
48
*48
5012 477 48
7 4 73
3
4
712 73
4
8
8
73
4 73
734 814
4
712 7% 2.500
55
*53
4 6
55
8 534
512 512
800
4
55
8 .53
4 6
53
4 53
*3
4
2
•12 2
.
3
4 2
.
3
4 2
4 2
*12 2
•__
8 4,_ _
8
2 •_ _
8
2 •__
8
2 •_.
8
2 4
8 ,__
3
8
*1 2 2
;
.15'2 2
*1;2 2
*I1-2 2
*i.i2 2
*112 2
2034 2034 2018 207
8
2034 22
8 207 22
2114 22
2138 2212 3,800
*234
31 4 *23
8 314 .238 314
100
23
8 234 .214 314 .214 314
.55
60 .56
60
•56
60 .52
60
*52
60 .52
60
814 84
818 814
8
914
814 9
9,200
834 87
834
834
.1 18
112 .114
13
8
I%
138 •I18
1 18
600
114
118
112 .118
*4
12
4
4
*4
12
.4
*4
12
12
.4
100
12
934
*97 1018 10
s
10
*10
1014 10
10
1,000
9
34 934 •734
*45
48 .45
46 .____ 46 ._ _ 46
471.2 *45
46
46
10
14
1612 1312 1312
3.900
8
123
4
9% 10
912 10
9781 10
1812 183
4 174 1812 177 1814 177 185
8
8 175 173
8
4 17
18'o 5,400
.3
33
8
3
3
3
3
2 4 23
3
4
218
212
212 212
900
*518 63
4 *5
64 *5
634 •512 63
634 .5
4 *512 6
71
.718 814
712 712 *7% 813
718
120
7
7
7
734
12 812 *8
.
7
812
812 9
9
9
9
9
900
918 918
.212 3
214
212
3
3
212 3
*23
8 3
218 23
8 1,700
14
93
9 2 97
,
8
914 03
4
9
938
8% 912 19,700
93
4
912 912
lz
12
"2
100
3
4
".2
5
8
*12
52
*12
52
•12
52
*412 5
.412 5
.412 5
.412 47
8 *412 47
•412 47
8
10
11
.10
14
*1018 14
.1018 14
.1018 14
.1018 14
900
*9012 100
.9012 100
*9012 100 .9012 100
*9012 100
*9012 100
84
84
*8312 843
4 83% 85
84
84
8 1,600
8212 833
83% 837
*45
4512 *45
4512 45
45
*45
4512 45
300
45
45 12 4512
*9
912
914 93
8
918 918
83
4 918
7
83
4
7
712 5,300
*50
60 .54
59 .54
57
54
54
500
51
5312 493 50
4
*312 4
*312 412 *312 4
312 312
8
600
312 312
33
8 33
-- r - 6510 *---- 6518 .65 •____ 6513 .____ 65 • --- 65
.
912 103
4 *912 103
4 *912 103
4 *912 103
4 *912 1014 .912 10 4
,
412 434
412 412
412 412
412 412
412
412
4
4 12 2,800
2914 30
2914 30
2834 2912 283 29
4
3.900
2812 287
8 2614 29
63
4 64
634 634 .634 77
600
74
4 5
8
63
*63
4
8
65
8 65
102 11
1012 11
1014 11
1038 11
1012 22,160
105 103
8
4
9
.59
6012 .57
6012 *5912 6012 .601g 68
400
6012
60
62
62
•518 57
8
518 518
518 518
5
518
5
2.100
5
434 5
•16
18
.16
1814 1614 1614 18
1814
1,400
1612 1614 1614 .16
1812 1812 1812 1812 1812 1812 *1812 19
1812 1812
*1812 19
460
70
70
70
70
70
660
70
70
70
70
70
70
70
21
21
20 4 203
3
4 207 21
8
203 20 4 2018 2038 20
8
20
2,700
3
*93,8 9418 93
9418 *8612 93 .90
93 .9012 93
923 .90
4
200
.110 _
.110
•110
_ _ •110 .
_ .110
*110
12
1238 1218 1214 1178 12313
- 4 1214 1i8 1214 - - -12 128 1312 64,400
- 715
8
112
1 12
112
15
8
13
4
15
8
112
112
1 12
15
8
134 38,200
*23
24
24
2412
2412 25
24
243 243
4 2414 25
25
2,300
*278 9
.278 9
9
.3
.278 9
9
.3
.27
9
.
8
81 %
8
8
8
8
8
8
8
8
73
8 73
4
500
*612 10
*012 10
.65 10
.612 10
8
.612 10
.65 10
8
.414 5
*414 5
•4
5
5
4
.4
4
5
*4
100
•--,,, 3812 •-___ 38 .____ 36 .____ 36 *__ _ _ 36 •____ 36
.
214 3
*214
3
*23
8 3
.23
8 3
•23
8 3
.2118 3
618 63
4
63
4 7
7
7
7
7
63
65
8 65*
7
2,100
43% 44
43
43% 4234 4412 4314 443* 423 435
4
4014 433 37,200
4
91
91
91
91
91
9014 91
901z .89
90
90% 91
1,800
*3
334
3
3
3
3
3
3
3
33*
.23
4 3
1,100
534 53
514
53
8
5%
512
55
8
58
5
518
512
5% 53 12,700
8
.9634 100 .9612 100
9818 9818 .9612 10318 .9612 10318 *9612 10318
100
I.
Is
*12
5
8
1,400
'8
3
8
3
8
12
*3
8
3
8
12
3
8
*112
15.t
112
112 .114
13
*114
13
4 *114
13
4 .114
134
100
"2
31
*12
8
3
4
200
*12
*12
3
4
5
8
"2
'2
1*
*314
4
*314 45
314 314 *31 1
4"
314
311
3
318
600
5
8
5
8
12
5
8
2,800
•
I2
5
8
5
8
•12
12
5
8
12
*12
30% 3934 *3918 40 .39
40
39
39 .3814 39
388 387
8
500
417 4278 413 427
4
8 4214 43
4318 413 413
4
42
4 4012 421
9.100
33
4 4
312 35
414
418 418 2,000
312 312 *312 412 *33
11
1134
103 11
8
1138 117
1012 11
1134 1134
8 11
115
8 7.300
112
1 12
1
118
13
8
118
118
114
1
118
134
118 2,500
5 2 53
,
4
58 53
7
55
8 58
4
57
8 6
54 58
3
53
6
5.400
53
5312 5112 5312 5112 5312 5212 537
8 5218 538 5314 55
19,900
•13012 131 .13012 131
13012 13012 .130 13012 130 130 *127 130
30
238
212
238
23*
258 23*
212 212
212 212
23
23
4 2.100
28
28
1263 2712 27
4
2614 26% 2,500
2712 27
2714 2612 27
214 212
218 234 *212
27
8
214 214 *23
8 2%
23
23* 2,100
2134 2134 21
21 18 2014 21
2014 20 4 20% 2114 2018 2012 3.000
3
2834 2912 .2618 2912 *2914 2912 29
29% *275 2914 27
8
27
700
.112
112
112
12
112 .1
112
.112 I%
13* •112
112
200
.9
11
.1)
1112 .9
103
1012 .914 1012 *9
8
9
9
100
16
17
16
16 .1618 18
18
18
185* 1612 18
18
170
•lz
7
8
'12
'
1
78
4.500
*12
78
*12
7
8
12
5
8
3
4
7
8
23
4 23
4
23
4 23
23
4 23
23* 2541
23
4 314
314
4
16.800
*2112 23
*2112 23
2112 2112
2912 30
2212 23
223* 26
425
.23
25 .23
25 .23
25
25 .2212 25
2612 .2212 2612
100
.9
10
*9
10
912
200
014 914 .9
.9
912
93
8 934
4
333 333 .33
4
34
337 *33
34
8
33I2 333* 335* 33
33
400
134
134
1134
13
.4
1%
13
4
112
1%
112 1%
15
13* 7,800
*214
212
23
8 23* .238 212
2%
2
23
21g
2% 218 3.300
77
400
*614 77
6
8 .614 77
618
7%
.6
8
.6
814
614
*13
4 212 .13
212 .18
212
212 .13
4
4 212 *14 212 *13
3
4
118
12
34
_
_
•114
8
55
.9
.18
.2614
.j
125
•I2
3
*114 3
*114 3
*114
.614 0
*814 9
8
*814
55
54
55
52
547
8 5312
20
.9
.9
20
.9
20
1812 1814 1812 183 183
8
8 18
2714 .261.4 2714 •26% 2714 *2614
13
123 1314
4
13
1314 13
13
.1112 1212 .1112 1212 .115
8
'1104 12
115* 115* •1118 117
113
4
3314 333
8 32
33
313 3314 31%
4
*3
1
s
15
8
*3
4
15
8
*3
4
15
8
*3
4
-- --------------14.600
•114 3
3
9
.814 8%
54
54
54
.9
20
20
18
1814 18
2714 .26% 27
4
1334 1312 133
13
•115 13
8
11% .1118 12
3214 2912 3112
15
8
*3
1
15
8
.114
814
•49
*9
18
*263
4
*
1127
.12
1114
29
•8
4
3
300
81 1
56
1,200
20
183
8 2,100
27
1314 9,800
13
1178
600
36,800
30
13*
•Bid and asked prleee, no sales on this day. a Optional Sale. z El-dividend
_
-
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100-share lots.
Lowest.
Highest,
PER SHARE
Range for Precious
Year 1932.
Lowest.
Highest.
Indus. SC Miscell. (Con.) Par $ Per share $ per share $ per share $ per share
Briggs & Stratton
No par
714 Feb 28
912 Mar 15
1012 Jan
4 May
Brooklyn Union Gas_ _ _No par 6418 Mar 2 82 Jan 11
46 June 8912 Mar
Brown Shoe Co
No par 2812 Mar 3 33 Jan 6
23 July 36 Feb
Bruns-Balke-Collender_No par
134 Mar 3
5 NIar 25
118 July
412 Sept
Bucyrus-Erie Co
10 - 2 Feb 27
312 Mar 16
112 June
714 Sept
Preferred
6
23 Feb 23
4
418 Jan 11
212 May 1018 Sept
100 2012 Mar 31 36 Jan 4
7% preferred
35 June 80 Sept
No par
Budd (E G) Mfg
7 Feb 7
8
12 Apr
2 Jan 11
318 Sept
100
7% preferred
3 Mar 16
5 Jan 11
Jan
312 July 14
Budd Wheel
214 Jan 11
No par
1 Feb 8
412 Jan
34 May
Bulova Watch
%Mar 2
13 Feb 2
8
No par
118 Apr
312 Jan
Bullard Co
43 NIar 16
No par
212 Feb 1 i
4
218 May
8 Sept
Burroughs Add Nfach_No par
618 Feb 14
834 Mar 16
614 June 1314 Aug
Bush Term
33 Jan 5
4
No par
2 Feb 27
3 Dec 2134 Mar
Debenture
100
3 Feb 24
914 Jan 11
7 Dec 65 Mar
Bush Term Bldgs on pref_100 1012 Feb 28 2312 Jan 5
1214 July 85
Jan
Butte dr Superior Nfining___10
III Jan 18
1 Feb 10
17 Sept
12 July
Butte Copper & Zinc__ ___ 5
1 Mar 16
2 Sept
. ar 31
1 NT
12 Apr
Butterick Co
No par
11. Jan 14
2
.
2 Jan 30
5% Sept
134 June
Byers Co (A M)
No par
812 Feb 25 15 Jan 11
7 May 2434 Sept
Preferred
100 3018 Mar 2 4614 Jan 19
3514 May 69 Sept
Callfornia Packing_ __ No Par
414 June 19 Sept
73 Mar 2 1212 Mar 16
4
Callahan Zinc-Lead
18 June
118 Sept
12 Mar 16
14 Jan 19
10
77 Sept
Calumet & Ueda Cons Cop_25
112 May
314 Mar 16
2 Feb 7
Campbell W & C Fdy__No par
914 Aug
212 June
312 Feb 1
2 Feb 28
Canada Dry Ginger Ale
6 June 15 Sept
5
712 Feb 25 113 Mar 25
8
Cannon Mills
4
No par 14 Feb 2 18 Mar 16
1018 June 233 Sept
Capital Adminis cl A __ _No par
412 Feb 24
218 Apr
912 Sept
634 Nfar 1 i
Preferred A
19 June 32 Aug
50 2518 Jan 18 26 Jan 16
Case (J I) Co
100 3012 Feb 27 5214 Mar 16
163 June 65% Sept
4
Preferred certificates
Jan
100 41 Feb 27 60 Jan 11
30 May 75
Caterpillar Tractor_-_No par
Jan
512 Mar 2
912 Mar 16
434 June 15
Celane,e Corp of Arn__No par
418 Feb 27
114 June 1234 Sept
9 Jan 11
Celotex Corp
No par
12 Mar 15
1 Mar 17
334 Jan
% Aug
Certificates
No par
38 Feb 4
58 Dec
214 Feb
38 Feb 4
Preferred
100
3 Jan 11
112 Jan 5
118 Dec
712 Mar
Central Aguirre Asso__No par
14 Jan 3 23 Marl ,
738 June 2012 Sept
Century Ribbon Mills_No par
614 Jan
214 Feb 3
3% Jan 19
23 June
8
Preferred
100 52 Feb 27 63 Jan 12
55 Dec 85 Jan
Cerro de Pasco Copper.No par
57 Jan 4 1018 NIar 16
8
312 June 1512 Sent
Certain-Teed Products_No par
1 Jan 9
58 Dec
33 Feb
8
13 Mar 17
8
45 Dec 185 Aug
7% preferred
5 Feb 2
,
100
4 Mar 27
City Ice & Fuel
748Nlar 3 1212 Jan 16
11
Oct2812 Feb
No par
Preferred
Nov 68 Jan
29 x5214 Feb 15
100 46 Mar
4334
8
Checker Cab Mfg Corp
5
8 Mar 28 207 Jan 18
1612 Aug 3018 Sept
Chesapeake Corp
4
No par 14% Jan 3 20% Feb 10
48 June 0203 Sept
4 Feb 17
Chicago Pneumat Tool_No par
218 Mar 31
1 May
6% Jan
512 Feb 28
212 June 1214 Sept
712 Jan 21
Cony preferred
No par
6 Dec 14 Mar
87 Feb 17
8
Chicago Yellow Cab_ _ _No par
6% Jan 4
1212 Sept
5 Jun
918 Mar 31
Chickasha Cotton 011
10
5 Mar 2
llzJune
8 Sept
4 Jan 12
Childs Co
2 Feb 28
No par
4
5 June 213 Sept
Chrysler Corp
5
73 Mar 3 1714 Jan 4
4
218 Jan
14 July
1 Mar 1 c
City Stores
14 Feb 28
No par
8% Jan
314 July
6 Feb 27
Clark Equipment
5 Mar 24
No par
10 Apr 22 Mar
Cluett Peabody & CoNo par 10 Jan 27 1312 NIar 16
90 June 96 Feb
100 90 Jan 4 90 Jan 4
Preferred
6812 Dec 120 Mar
Coca-Cola Co (The)__ No par 7312 Jan 3 r88 Mar 15
Class A
No par 4434 Jan 6 46 Feb 11
4134 July 50 Mar
3112 Mar
1014 1)e
Colgate-Palmolive-Peet No par
7 Mar 30 13 Jan 11
65 June 95 Mar
100 49% Mar 31 81 Jan 18
6% preferred
Collins & Altman
4
8
23 Stay 107 Mar
5 Jan 5
No pa
318 Feb 28
Non-voting preferred_ _ _ 100 --------------------55 June 80 Mar
1212 Oct
Colonial Beacon Oil Co.No par
9 Jan
1012 Feb 21 12 Jan 4
14% Sept
Colorado Fuel & fron_No par
2% Jul
718 Jan 11
4 Mar 31
Columbian Carbon v to No par 2318 Feb 27 353 Jan 16
1312 Stay 417 Mar
8
4
Columb Pict Corp v t c_No par
65 Mar 27 1034 Jan 6
414 May 147 Aug
8
Columbia Gas & Elec__No par
414 June 21 Sept
4
173 Jan II
9 NIar 31
Preferred seriesA
40 Apr 79% Aug
100 59 Mar 2 77% Jan 16
Commercial Credit ___ _No par
37 June 11 Mar
8
4 Feb 27
618 Mar 11
Class A
113 July 28 Sept
4
50 16 Feb 27 24% Feb 9
Preferred B
25 1818 NIar 21 2018 Mar 1
1012 June 21 Sept
40 June 75 Nov
61.4% first preferred_ _ _100 70 Mar 24 7612 Feb 10
Comm 'avast Trust__ _No par 18 Mar 3 25 Jan 30
107 June 277 Mar
8
g
Cony preferred
5512 June 82 Nov
No par 84 Jan 4 977 Jan 31
6 I4% tat preferred
88 June 102 Dec
100 103% Jan 18 11112 Mar 1
312 May 13% Sept
Commercial Solvents-No par
9 Feb 25 1312 Nfar 16
518 Aug
27 Jan 11
8
Commonw'Ith dc Sou__ No par
134 June
112 Mar 24
8
273 June 6812 Mar
56 preferred series_ __No par 22 Mar 24 50 Jan 12
12 Sept
Conde Nast Publle'ns_No pa --------------------5 May
612 June 1214 Sept
938ar 16
Congoleum-Nalrn Ina_ _No pa
7% Jan 31
4 May 11 Sept
7 Jan 5
Congress Cigar
No par
612 Feb 24
Consolidated Cigar_ _ No par
4 Feb 16
334 Dec 2412 Jan
6 Mar 16
17 June 60 Mar
Prior preferred
10
39 Mar 3 471 Jan 11
538 Jan
1 June
414 Jan 20
Consol Film Indus
1
13 Jan 4
4
234 June 113 Mar
4
No par
57 Mar 21 11% Jan 23
8
Preferred
Consolidated Gas Co_ _ _No par 4014 Mar 31 6314 Jan 11
3112 June 683 NIar
4
7212 June 9934 Dec
Preferred
No par 90 Mar 3 99 Jan 3
8
4 Dec 107 Jan
Consol Laundries Corp_No par
512 Jan 10
212 Mar 3
9 Aug
614 Mar 16
Consol 011 Corp
4 June
No par
5 Mar 3
79 Feb 101 Sept
100 9512 Mar 1 10014 Jan II
8% Preferred
Consolidated Textile_ _ _No par
15 Aug
8
3 Star 16
4
14 Mar 1
14 Mar
Container Corp class A
%June
212 Feb
20
118 Jan 10
13 Mar 16
4
Class B
1% Jan
14 Feb 15
11 May
84 Mar 16
No par
43 Jan 12
Continental Bak class A No par
3 Mar 1
8 Sept
28 May
12 Apr
7 Jan 11
8
Class 13
12 Jan 5
138 Aug
No par
100 36 Jan 3 4118 Mar 18
Preferred
247 June 473 Mar
Continental Can Inc
20 3514 Feb 23 457 Mar 16
1734 June 41 Mar
Cont'l Diamond Fibre
514 Jan 11
312 Feb 25
3 Apr
5
812 Sept
Continental Insurance- - -2.50 1012 Mar 28 17% Jan 11
62 May 2514 Aug
Continental Motor*_ _:No par
1 N1ar 27
334 Sept '
23 Jan 9
4
5 May
8
Continental Oil of Del_No par
47 Mar 3
5
63 Mar 16
8
93 Sept
8
35g June
Corn Products Refining_ ___25 453* Feb 25 5912 Mar 16
243 July 553* Sept
4
3
Preferred
Oct
100 11712 Mar 15 145 4 Jan 21
9912June 14(8
Coty Inc
414 Jan 20
No par 02 NIar 24
112 May
734 Sera
Cream of Wheat Ms- - No par 23 Feb 25 287 Jan 26
8
1312 June 2612 Oct
Crosley Radio Corp.__ _No par
214 Mar 28
3% Jan 9
214 May
714 Sent
Crown Cork & Seal_
No par 1114 Feb 27 2312 Mar 16
r77 May 23% Dec
8
$2.70 preferred
No par 2412 Feb 27 2912 Mar 24
173 June 3012 Nov
8
Crown Zeilerback v t c_No par
118 Jan 3
3 Aug
112 Mar 16
%June
Crucible Steel of America_ .,100
9 Mar 2 16 Jan 3
6 May 2314 Jan
Preferred
100 16 Feb 27 24 Jan 10
14 1)ec 49% Jan
Cuba Co (The)
No par
12 Feb 21
1% Mar 15
312 Sept
12 June
37 Aug
Cuban-American Sugar.,.. _ _10
118 Jan 16
4 Mar 31
3 May
8
Preferred
100 10 Jan 9 30 Mar 16
312 May 26 Aug
Cudahy Packing
50 203 Feb 21 29 Mar 16
20 May 3512 Mar
4
Curtis Pub Co (The)_ _ _No par
Jan
612 Mat 3 11% Jan 13
7 June 31
Preferred
No par 30 Feb 23 485* Jan 13
Jan
3734 Dec 86
Curtiss-Wright
I
112 Feb 23
3% Sept
7 May
8
212 Jan 6
Class A.
43 Sept
1
2 Mar 30
112 Star
3% Jan 9
Cutler-Hammer Inc_No par
414 Jan 6
3% May 12 Sept
812 Jan 30
Davega Stores Corp
5
1% Feb 23
6 Feb 3
214 Oct7% Sept
Davison Chemical
No par
12 Mar 27
478 Jan 10
1 May
914 Sept
Debenham Securities
234 Jan 21
234 Dec
1 June
23* Jan 20
Deere & Co pref
97 NIar 17
614 Feb 24
614 June 1514 Jan
20
Detroit Edison
Jan
54 July 122
100 513 Mar 22 7113 Jan 5
4
1)evoe dr Raynolds A...No par
10 Mar 1
4
163 Oct
13 Jan 6
7 May
Diamond Match
No par
1712 Feb 28 1914 Jan 91
Apr 19% Sept '
12
Participating preferred_..25 2618 Feb 27 28 Jan 281 2012 May 263 Dec
4
Dome Mines Ltd
No par
12 Feb 28 15 4 Feb el
1278 Dec
3
712 Jan
Dominion Stores LtdNo par
1012 Feb 27 1534 Jan II
1812 Sept
1114 June
Douglas Aircraft Co Ina No par
1014 Feb 14 13% Jan 2&
5 June
185* Sept
Drug Inc
No par 29 Mar 31
23 May 57 Feb
3814 Jan 12
Dunhill I nternational _ _No par; ---------------------34 Dec
312 Sept
y Ex-rights.
2200
A
New York Stock Record-Continued-Page 4
April 11933
cp FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FOURTH PAGE PRECEDING.
--------PER SHARE
PER SHARE
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Sales
STOCK
Range Since Jan. 1
Range for Previous
for
NEW YORK STOCK
On basis of 100-share lots.
Year 1932.
Saturday
Monday
Tuesday
Wednesday Thursday
the
Friday
EXCHANGE.
Mar.27.
Mar.25.
Mar.28.
Mar.29.
Mar.30.
Mar.31.
Week.
Lowest.
Highest.
Lowest.
Highest.
$ per share $ per share S per share $ per share $ per share S per share Shares Indus. & Miscell. (Lon.) Par 3 Per
share 3 Per share S per share $ per share
.10
*10
14
14
14
*10
*10
14
*10
1014 10
10
100 Duplan Silk
10 Mar 31 15 Jan 3
No par
612 June 15 Sept
9914 90
*84
9924 *833 9914 *85
4
9812 *85
95
*8524 98
30 Duquesne Light 1s1 pref. __100 99 Mar 2', 102 Jan 30
87 May 1015 Nov
8
*112 258 *118
112 *118 2
*118
118
13
4
*118 2
118
1,000 Eastern Rolling Mals_ _No par
1 18 Mar 30
218 Mar 23
1 June
612 Sept
56
56
55
5512 5512 5412 56
5638 5412 553
4 5214 5418 3,400 Eastman Kodak (N J)_Nr par 5018 Feb 25 613 Jan 16
8
3514 July 873 Jan
4
.115 126 *115 126 *115 126 *115 126 *115 126 *115 126
6% cum preferred
100 120 Feb 10 130 Mar 20
99 Jan 125
Oct
*334 412 *37
8 4
4
4
*37
8 414
412
412
412 412
400 Eaton Mfg Co
318 Mar 2
No par
6 Jan 11
3 June
9 8 Sept
7
337 3534 3414 353
8
343 36
3512 37
8
4 3418 347
8 3318 35
60,000 El du Pont de Nemours____ 20 3218 Mar 2 43 Mar 16
22 July 5934 Feb
102 10214 1007 10112 1003 1003 *997 100
8
8
8
8
*997 100
997 100
8
8
1,000
100 997 Feb 6 106 Jan 5
6% non-voting deb
8
803 June 10518 Aug
4
03
8
12
*3
8
12
*3
8
12
*3
8
l2
No par
*3
8
38 Feb 4
Eltingon Sand
22
"13
12
12 Jan 27
13 June
218 Sept
4 7
*4
*43
4
7
*4
4
*43
7
4 7
*4
7
100
8 yi% cony 1st pref
4 Mar 29
100
4 Mar 29
214 May 1212 Jan
1112 1112 1114 123
115 12
8
113 113
4
4 1114 1112 3,700 Flee Auto-Lite (The)-------5 1114 Star 28 207 Jan 11
8 1134 12
8
812 June 323 Mar
4
. 8 112 *7814 8122 *7814 80
113
7814 7814 *____ 80 •____ 83
10
Preferred
100 7814 Mar 29 88 Jan 5
61 June 10014 Feb
112 112
13
8 112 *118
112 *114
112 •118
112 *118
300 Electric Boat
3
112
I Jan 3
178 Mar 20
12 June
212 Jan
112
•13
112 112
8
112 112 *13
8 1 22
13
13
8
8
13
13
8
8
700 Elm & Mus Ind Am shares_ _ _
1 Feb 14
4
13 Jan 6
7 June
8
4
Jan
4
414
418
414
33
358 418
4 4
4
4
358 378 9,700 Electric Power & Light No par
318 Feb 27
77 Jan 11
8
23 July
4
16 Sept
8 8 952
5
87
g 93
8
85
8 9
812 9
83
8 85
8
8
814 3,800
8 Mar 31 2012 Jan 12
No par
Preferred
103 July 64
4
Jan
83
8 85
8
8
83
8
74 8
3
*712 818
718 712 *718 8
2,000
36 preferred
7 Feb 27 183 Jan 12
No par
4
87 July 5512 Jan
8
2412 2412 24
2412 2412 25
24
24
2412 2412 2418 2412 1,600 Elm Storage Battery_ _No par 21 Feb 16 2512 Jan 11
125 June 331 1 Mar
8
Elk Horn Coal Corn_ __No par
18 Jan 4
18 Jan 4
la Jan
3 Aug
4
*27
30
02614 31
*2614 31
*2614 307 *2614 31
8
*28
31
Endicott-Johnson Corn-- _50 26 Feb 27 32 Star 18
16 July
714 Sept
*100 4 11618 *107 11618 *1063 11618 *107 11618 *10712 11618 *10712 11618
3
4
100 107 Feb 17 10818 Mar 16
Preferred
98 May 115 Nov
*418 6
412 412 0418 414
*418 578 *414 5
418 414
4 Feb 23
400 Engineers Public Serv__No par
912 Jan 11
4 June 25 Feb
•16
27
*16
27
27
*13
*12
27
*16
24
*16
24
8
55 cony preferred_ __ No par 207 Feb 23
1 12 Jan 24
16 July 51
Feb
*18
22 .16
22
*15
*14
30
22
*16
25
*16
25
4
No par 223 Mar 23 35 Jan 27
5534 preferred
,
18 July 57 Mar
7
7
7
7
7
.634 7
7
7
7
612 712
1,000 Equitable Office Bldg _ _No par
612 Star 27 11 Jan 3
1012 Dec 19 Jan
414 *4
412 412 *4
*412 518
414 *4
414
4
4
4 Star 31
200 Eureka Vacuum Clean_No par
47 Feb 1
8
2 June
714 Mar
03
03
"4
"4 1
1
4 1
7
8
1
4
1
1
7
8
112 Jan 11
200 Evans Products Co
3*Mar 1
5
lz May
212 Sept
•10
25
25
25 .10
*10
*10
25
*10
25
10 Jan 4 10 Jan 4
*10
Exchange Buffet Corp_No par
25
924 Jan
113 Jan
4
*3
8
7
8
7
8
*3
*313
8
7
8
*3
. 26
8
Fairbanks Co_
7
8
*3
8
7a
"8
73
1 Sept
134 Sept
•1
3
*1
3
*1
3
*1
3
*1
3
*1
3
100
1 Feb 23
1 Feb 2:3
Preferred
1 June
4 Aug
.2
312 *23
4 312 *23
4 312
3 8 33
3
212 Star 23
8 *23
3 8 Jan 26
5
100 Fairbanks Morse & Co. No par
4 312
4 312 *23
214 Dec
618 Aug
*1114 15
1112 111 *1114 137 *1112 14
*1114 14
8
1112 1112
30
100 10 Feb 25 1518 Mar 17
Preferred
10 Dec 473 Mar
4
*13
118
*13 118
*13 11
*12
118
*13 118
53 Jan 26
200 Fashion Park Assoc___No par
3
4
1 Feb 6
3
4
17 Sept
8
12 June
*4
614
5
5
05
61
*5
612
5
15
5
5 Mar 27 1014 Jan 20
*518 612
400 Federal Light & Tree
814 Dec 22
Jan
*41
*41
45
50
•41
45
45
45
*41
45 .41
No par 41 Mar 3 54 Feb 11
45
Preferred
30 June 64 Mar
50
*112 21.1
*112 214 *1
214 *114 214 *114 214 *114
214
14 Mar 16
Federal Motor Truck_ _No par
212 Mar IS
112 May
358 Feb
.1
114 *1
114 *1
114
1
1
34 Feb 27
118 Jan 27
200 Federal Screw Works__No par
*3
"4 1
4
1
12May
238 Aug
218 218
2
2
2
2 18
13
4
13
4
134
13
4
158 Feb 25
13
4
17
8
312 Jan 5
1,300 Federal Water Serv A_.No par
214 1)ee 103 Mar
8
.83 103
8
4 *83 10 4 *83 10 4 *1133 103
4 *83 103
8
s
3
8
3
712 Feb 27 1012 Jan 11
2
4 .83 1014
8
Federated Dept Stores_ No par
612 June 153 Sept
4
115 1218 1014 113
8
2 1012 11
10 4 115
3
8 11
4
113
8 11
6 May 273 Jan
11 12 6,100 Fidel Phen Fire Ins N Y...2.50 1014 Mar 27 183 Jan 11
4
712 *514 712
712 712 *514 8
712 712
*514 712 *514
5 Mar 22
210 Fifth Ave Bus Sec Corp.No par
712 Mar 23
53 June
4
812 Mar
*9
1612 *9
1612 *9
1612 *9
1612 *9
1612 .9
1
No par --------------------7 Mar 1612 Sept
Filene's Sons
1612
100 8112 Feb 14 86 Jan 16
.
18122 1- - 8112 .____ 8112 •____ 81 •____ 81 •____ 81
'
Preferred
75 Jun
94
Jan
*loi4 1112 io
101.4
912 10
912 Feb 27 1438 Jan 12
1,200 Firestone Tire & R.ubber___10
912 912
9
52 9 8 *912 10
5
1012 Jun
187 Aug
8
4912 4912 *49
50
*4414 4814 *4418 4818 4414 4414 44
44
400
100 42 Mar 3 6338 Jan 13
Preferred series A
45 July 68 Aug
48
48
*4712 50
4814 483 *47
4
483
8 4714 4714 473 4812 1,600 First National Storm..No par 43 Mar 2 56 Jan 4
4
35 July 5412 Dec
Fisk Rubber
la Feb
3 Aug
4
100
1st preferred
14 Feb
23 Aug
8
100
1st pref convertible
18 Oct2 Aug
*612 73
4 *612 8
.712 8
*712 8
*712 8
*712 8
7
8 Jan 27
Florsheim Shoe class A_ No par
712 Feb
414 Apr 10 Feb
*8312 95
*8312 95
*8312 95
*8312 95
*8312 95
*8312 95
100 89 Feb 28 97 Jan 10
63 July 99 Nov
6% Preferred
*3
43
43
4 *3
4 *3
43
4 .3
43
43
4 *3
4 *3
43
4
212 Feb 28
43 Mar 18
4
No par
FolIansbee Bros
2 June
814 Sept
•63t 733
4i2 Feb 28 1018 Jan 11
7
712 712
718
4 7
7
758 *63
63
4 634
500 Foster Wheeler
No par
3 Slay
157 Sept
8
*218 23
3
4
212 212 *212 2 4 *212 23
2 Feb 27
4 *212 23
No par
4 *212 23
4 Jan 12
100 Foundation Co
4
I July
714 Aug
18
18
17
*1714 18
17
1618 1612 1612 163
1714 18
1 135 Mar 1 21 Mar 16
4 1,000 Fourth Nat Invest w w
8
1014 June 223 Sept
8
114
114
114
114
114
13
8
3
4
114
34 Mar 29
No par
3
4
I
7
8
16,600 Fox Film class A
3
4
212 Jan 10
1 July
57 Aug
8
*2134 22
2114 213
4 217 2218 2112 2112 21
8
21
10 1618 Feb 28 263 Jan 6
21
2118 1,300 Freeport Texas Co
8
10 Slay 22858 Nov
*10
2478 *10
247 *10
8
247 *10
8
247
8
10
10
9 Jan 9 13 Mar 16
10
10
70 Fuller (G A) prior pref_NO par
212 May 26
Oct
*4
53
4 *4
4 *4
53
53
4 *4
53
4 *4
No par
4 Jan 19
53
4 .4
53
36 2e1 pref
4
718 Jan 17
3 Jun ' 32 Feb
13
13
8 *1
8 *1
•1
13
13
8
138 *1.
8
118 *1
4,1
I Feb 27
Gabriel Co (The) cl A._No par
13 Jan 26
8
312 Sept
14 June
*7
8
8
7
*7
7
*7
*7
8
•7
8
612 Jan 20
30 Gamewell Co (The)_ _ __No par
9 Jan 27
512 Dee 17 Jan
*312 33
3
*312 4
338
8
4
314 -314
3 8 33
314
318
318
25 Feb 28
1,100 Gen Amer Investors._ _No par
8
412 Star 17
ltJiine
512 Sept
*47
48
50
583 *47
4
48 48
*47
*47
55
*47
55
No par 42 Feb 23 55 Star 15
100
Preferred
26 June 71 Sept
1818 1812 18
1812 173 1812 1818 1914 1813 10
4
4
8
19
11,700 Gen Amer Tank Car._ _No par 133 Feb 28 205 Mar 16
18
912 June 353 Star
4
*53
8 63
4 *55
8 658
55
8 57,
8
57
8 57
8
43 Mar 3
8
300 General Asphalt
No par
55
8 614
8 55
8 *55
77 Jan 11
8
43 June 1512 Jan
4
•1412 15
8
1412 1412 143 1412 143 143
8
8 143 1412 135 1414 2,600 General Baking
8
8
3 13 Jan 3 16 Mar 17
1012 June 1115 Mar
8
_ *100 _ _ *100 _
*993 . _*102
4
4
993 993 *9934
4
4
993 Star 30 10514 Jun 26
No pa
10
158 preferred
90 Jun
106 Sept
23
- 4 *25 _- *23
238 -3
24
8 - - *25
23
4
218 Feb 6
8 - _24
4
3
314 Jan 12
500 General Bronze
23 ---252 23
4 23
5
4
12 June
5 Aug
•112 23
4 *112 218 *112 2 4
4 *112 23
112
114
112
114
3
Mar 31
par
214 Mar 18
400 General Cable
No
114
14 May
5 Sept
.27
8 37
8 *214 37
8 *214 37
8
7
8 5214 3 2
23
23
8 23
8 23
8
4 Star 16
400
Class A
214 Feb 27
No par
112 Slay
11 12 Sept
*812 10
*812 9
812 812 *63
270
100
4 8
7% cum preferred
612 Star 30 12 Mar 16
612 654
67
8 7
33 June 253 Sept
4
4
30
*3014 31
3014 2934 30
30 30
2912 2912 *29
30
800 General Cigar Ire
No par 29 Jan 3 3314 Feb 6
20 June 3838 Star
*10312 10814 *10312 105
10312 10312 104 104 *104 10814 *104 10814
110
100 100 Mar 15 112 Jan 25
7% preferred
75 June 106 Dec
1312 137
8 1312 137
8 1314 133
135
8 123 13
4 13
4
par
39,000 General Electric
1212 13
8
Feb 24 165 Jan 11
1012
No
812 Ma
2618 Jan
1112 1152 115 113
8
4 115 113
4 1112 113
8
4 115 113
8
Special
4 7,200
4 1112 113
1 . 1114 Star 16 12 Jan 12
1033 July
1178 Sept
243 253
4
8 247 2514 245 2514 24-58 2514 25
8
8
2518 2412 2514 11.000 General Foods
4
No par 21 Feb 24 283 Mar 16
195 Slay 4012 Mar
8
7
8
I
3 Mar 1
8
4
No par
3
4
7
8
34
7
8
112 Jan 3
7
38 Jilly
3
4
3
4
3
4
3
4 3,400 Gen'l Gas & Flee A.
3
4
23 Feb
4
712 *3
*3
*3
*4
5
6
6
6
*318 6
100
5
Cony pref series A No par
4
43 Feb 25
924 Jan 16
3 June 243 Jan
4
*318 14
*2
*2
14
14
*318 14
*4
14 *____ 14
$7 pier class A
No par 1014 Jan 4 14 Feb 23
514 July 30 Aug
*4
11
*67
*67 11
*67 11
8 97
2
8
8 *67
8 *67
No par
8 98
8
$8 pref class A
97
7
7 Star 24 1434 Jan 11
514 July 40 Feb
_ *2614 _ __ *263
4 . *267
4
__ *267 - _ _
__ *263
8
8
Gen Hal Edison Elec Corp__
8
2414 Jan 9 257 Mar 2
1818 Apr25 Star
.2634- 4014 461, 4014 438 4014 - 4
012 405 -- 8 403 -- 4 403 8 407
No par 3512 Mar 3 42 Star 16
8 4012 2,100 General Mills
4 403
28 Stay 4812 Sept
93 4 9331 .
3
. 193
94
9212 9212 *9212 9312 *9212 931 *9212 94
200
100 9210 '5*ar 24 98 Jan 10
Preferred
76 July 9612 Dec
113 12
8
1112 1178 115 1214 115 1214
8
8
8
113 115
8
10 10 - Feb 27 147 Jan 11
4
8 1118 113 99,500 General Motors Corp
75 June 245 Jan
8
8
6712 6712 *67
71
69 697 *65
*6814 70
8
No par 6512Mar 3 7714 Jan II
6914 6512 67
[8
5614 Jul
700
$5 preferred
8714 Star
*518
518 Jan 9
ri4 Feb 3
Vs *51g
Gen Outdoor Adv A.__No pa
718 *5113
4 June
533 *518 55
8 .51
53
3 *Ws
1 , 5313
9 Feb
*25
8 3
*25
8 3
*23
8 3
8 *27
212 Mar 1
25
8
8 27
3
318 Feb 10
*27
400
8 3
Common
25 Nov
8
No par
4
Jan
.418 5
418 418
4
*4
*4
5
5
314 Jan 4
53 Jan 11
*4
8
5
70 General Printing Ink__ _No par
212 July
14
Jan
__ .26 . _
•30
__ *2512 _ __ *2512
31 Mar 18 40 Jan 5
*2512 _ __ *2512 . _
No pa
1111 preferred
__ - __
2712 June 60 Feb
*23 _8 3
23 _- 8
*23 8 25
4 3
23 - 4
8 23212 Feb 21
212 21
434Star 16
212 28 1,200 Gen Public Service___ _No pa
5
7i8 Aug
I May
*1714 19
*1714 19
19
*1814 183
*18
8 173 18
4
18
No par 1314 Jan 3 207s Feb I
183
8
618 July 283 Jan
800 Gen Railway Signal_
8
92
*75
*75
92
75 75
*75
92
92
*75
.75
4
10
100 693 Jan II 77 Feb 6
92
65 July 90 Jan
6% preferred
*12
*12
12
5
8
5
8
12
12
12
13
5
8
as Feb 111
78 Jan 11
900 Gen Realty & Utilities
1
12
12
14 May
214 Sept
*6
•6
612
7
7
*6
6
*6
6
6
7
512 Jan 19
7 Jan 11
6
300
$6 preferred
No par
6 June 163 Sept
4
*252 4
314 31.
*318 4
*314 4
*318 4
212 Feb 27
618 Jan II
200 General Refractones. _ _No par
318
318
134 June 153 Sept
8
20
*15
*12
20
*914 18
938 Feb 17 15 Mar 24
*914 17
*914 18
*914 17
Gen Steel Castings pref No par
8 Star 27 Aug
1412 143
2
4 143 15
1418 1412 143 143
4 1414 1414
8
1314 1414 10,400 Gillette Safety Razor...No par 127 Feb 24 2014 Jan 11
8
1038 Jun 2414 star
67
68
69
*68
66
900
68 68
673 68
4
Cony preferred
*6714 6812 66
No par 62 Star 3 75 Jan 9
45 June 7212 Aug
li
112
112
112 112 *114
112
112
112 .114
112
17 Star 16
8
112 1,000 Gimbel Brothers
3 Feb 9
4
No par
7 June
8
334 Aug
7
912 *7
7
.6
8
*512 8
.512 8
100
*512 8
Preferred
912 Jan 5
100
514 Mar 1
638 Dec 31
Jan
452 5
5
412 412 1,100 Glidden Co (The)
5
5
5
*412 5
5
5
618 Star 16
3 4 Star 2
3
318 June 1038 Sept
No par
,
.5012 64 4 *5012 55 .5012 55
4912 Star 16 5612 Jan 1.3
*5012 55
*5012 55
*5012 55
Prior preferred
35 Apr 76 Sept
33
8 35
8
34 38
3
7
3 8 3 8 *35
7
7
3 Feb 16
47 Jan IS
8
8 37
8
No par
33
4 33
4
358
353 3,600 Gobel (Adolf)
252 May
8 Aug
1414 1412 14
143 15
4
1412 1418 143
8 135 1418 13
8
14
12 Feb 27 167 Jan 6
8,100 Gold D1.194 Corp v t c_ No par
8
814 May 205 Sept
8
.983 101.14 *983 101, *983 10158 *983 10114 *983 10114 •983 10114
4
4
4
4
4
4
4
56 cony preferred_No par 100 Jan 18 103 Jan 4
70 July 101 12 Dec
24 43
43
8 43
8
418 418
4
414 414 *414 458
414 414
8
3 Star 2
618 Jan 12
800 Goodrich Co (B F)._ _.No par
2 May 123 Sept
[4
2
*10
1312 *918 1312 *914 1212 *93 1212 12
12
*10
200
8
1312
Preferred
100
9 Feb 28 1814 Jan 12
7 May 3:04 Sept
133 14
4
133 137
4
g 137 15
8
914 Feb 27 183 Jan 12
1412 143
8 135 143 12,500 Goodyear Tire & Rubb.No par
4 1414 145
4
8
4
512 May 2934 Aug
3212 3212 .33
34
*32
34
33
34
34
33
34
No par 2714 Mar 2 45 Jan 12 r193 June 6911 Aug
3412 1,200
1st Preferred
4
1013 1018 *918 10
812 87
.912 10
8 2,100 Gotham Silk Hose
852 918
133 Jan 5
*918 10
4
812 Mar 31
714 Jan 3034 Sept
No Par
*30
58
58 .30
*30
*30
58 *__ 58 ._ _ __ 58
58
100
Preferred
5014 Jan 7012 Oct
114
114
13
114
8
114
114
13
11 1
8
118 Feb 27
118
I
114
212 Jan 11
118
114 5,000 Graham-Paige Motors
I May
45 Jan
8
418 418 *418 434 .35
•418 5
8 43
4 *4
300 Granby Cons M Sal & Pr. -100
4
4
414
378 Mar 2
614 Slar 16
33 June 115 Sept
8
8
*33
8 43
4 *418 43
352 Mar 2
4 .33
4 *33
100 Grand Union Co tr etta.No par
4 43
4 4 4 *33
4 43
4
4
3
33
4 33
614 Jan 6
314 June
93 Mar
4
*2522 28)
*2512 2614 *2512 27
2 2512 2512 *2212 2612
*2512 27
8
100
No par 225 Mar 1 3412 Jan 9
Cony pref series
22 June 3514 Star
1 I i8 Mar 24 1318 Feb 10
-_
100 Granite City Steel
•Illg
11113 1112 *1118 1318 *1118 1328 *1118 1212 *1118 1222
No par
834June 17 Sept
5
1812 19
*183 1912 1912 19 4 185 183
4
*1812 19 8 1812 1812
3
800 Grant (W T)
No par 1534 Feb 28 2134 Jan 9
8
4
1412 May 3014 Mar
518 Feb 27
7 Jan 5
523 553
53
554 53
514
8 2.600 Gt Nor Iron Ore Prop No par
,
514
4
514
51s 5 4
513 514
5 June 1314 Jan
12
12
113 1214 12
4
127
8 123 1318 1234 133
4
8 127 133 15,400 Great Western Sugar..No par
8
4
67 Jan 10 133 Mar 31
8
314 Apr
4
12 Aug
8512 8512 *8512 88
*8512 88
88
*86
86 86
50
*87
88
Preferred
100 7212 Jan 3 94I2 Mar 16
48 June 83 Aug
*7
8
I
58 Mar 3
3
4
3
4
7
8
3
4
7
8
7
8
No par
3
4
54
114 Jan 5
3
4 2,600 Grigsby-Grunow
12 Apr
3
4
23 Sept
4
*5
1
8
1 Star 31
2,10(1 Guantanamo Sugar_ .._ _No par
3
4
3
4
"8
*523
3
4
14 Jan 23
3
8
3
4
3
4
3
4
18 Star
7
8
1 Sept
*1012 12
*103 12
8
*1012 12
8
.10
8
12
100 Gulf States Steel
115 115 •105 13
8
63 Feb 27 1912 Jan 5
4
No par
212 June 2118 Sept
*17
*165 25
8
*1612 25
25
1612 1718 1812 1812
40
*1612 25
100 1614 Jan 16 28 Jan 3
Preferred
12 July 40
Oct
8
•1514 Ins *1578 1738 •1.57 1738 .1578 1738 *1578 1758 *1578 17511
Hackensack Water__
25 15 Star 18 183 Jan 12
15 May 23
4
Jan
27
27
*26
*26
*26
27 .26
27
*26
27
27
*26
19 May 28 Apr
8
7% preferred CI8.98 A___25 2612 Jan 10 287 Jan 12
158
15
112 *114
8 *114
112
114
114
112
112 1 12
118 Feb 28
800 Hahn Dept Stores
NO par
112
214 Jan 11
5 July
8
414 Aug
*912 12
12
912 912 *912 12
59
12
1218 *10
100
Preferred
912Mar 2 1414 Jan 11
*10
100
7111 July 28 Aug
8 354 *312 33
Hall Printing
3 414 *33
IC
318 Feb 27
4 *33
8 33
4
414 Feb 7
*314 414 *33
8 414 *33
312 July
1112 Jan
*15
*15
20 •15
20
20
15
*15
Hamilton Vetch pref
20
20
20
•15
100 15 Feb 11
IS Jan 11
20
Oct30 Star
50 .46
*46
50 .46
50
*46
*46
50
50
20 Hanna (St A) Co :7 pt_No par 4512 Jan 4 52 Jan 31
48
48
33 May 70
Jan
912 .8
.8
912 *8
100 Harbison-Walk Refrao.No par
912
9
8
8
618 Feb 25
978 Mar 16
812 *8
*8
7 May
18 Sept
12
*28
12
4,18
12
*18
12
*28
12
*18
12
•18
Hartman Corp class El_No par
14 Feb 16
12 Jan 10
Is Dec
2 Sept
5/1
*14
*14
Class A
4
No par
*14
5
8
53
%
is Star 18
8 Julne
*14
8
7 Jan 5
8
*14
%
.
14
4 Star
•Bid and asked prices, no sales on this day. a Optional sale. z Ex-dividend. y Ex-rights
New York Stock Record-Continued-Page 5
2201
Or FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST,
SEE FIFTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Mar.25.
Monday
Mar.27.
Tuesday
.
lifar 28.
Wednesday
Mar.29.
Thursday
Mar.30.
Friday
Mar.31.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100-share tots.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
Highest.
Lowest.
$ per share $ per share $ per share $ per share $ per share $ per share Shares Indus. & Miscell.
(Con.) Par $ per share $ per share $ per share $ per share
____ -_-- ---- --_
-__
Hawaiian Pineapple Co Ltd_20 ____ ____ __ ____ ____ _
112 Nov
10 Jan
----- 18 .1
.1
1
118 ----- -34.
118 *1
200 Hayes Body Corp
lb
No par
3 Feb 27
4
312 Sept
17R Jan ii
14 June
7512 7512 73
75
*73
743 '70
4
75
75 .72
75
75
700 Helme (CI W)
25 6912 Jan 16 £0 Mar 16
50 June 815 Sept
8
.4
7
*4
7
7
*4
*4
7
*4
7
*4
Hercules Motors
7
No par
3 Mar 20
514 Jan 18
43 June
4
812 Jan
183 193 *18
4
8
187 *18
8
1812 1712 18
1612 17
1614 1612 1,600 Hercules Powder
No par 15 Feb 27 2014 Mar Is
137 Aug 2912 Sept
8
90
9212 93 93
8818 8818 *88
90
88
88
*8512 8912
360
100 8712 Jan 11 9513 Feb 6
Jan
7012 June 95
*45
4612 45
45
*35
40
3518 3814 38
*38
40
1,000 Hershey Chocolate_ ___No par 3518 Mar 29 573 Jan 11
38
4
4312 July 83 Mar
*6712 74
*72
7212 7212 70
74
72
300
6712 6712 '85
897
Cony preferred
8
No par 6712 Mar 30 80 Jan 9
57 June 83 Mar
_
__
Hoe (R)& Co class A_No pa -------------------14 API*
13 Jan
4
.418 512 *418 43
4 *4
43
4 *4
5
5
*4
43
4 *4
Holland Furnace
No par
312 Jan 4
7 Jan 30
314 Dec 1212 Aug
*218 3
234
234 .218 3
*218 3
*218 3
*218 3
100 Hollander & Sons (A) No par
214 Mar 2
318 Jan 18
8
23 Dec 103 Star
4
•163 166 a165 170
170 174
17234 1723 *169 172
4
1713 1713
4
4 1,700 Homestake Mining
100 145 Jan 16 174 afar 28 110 Feb 163 Dec
15
8
15
8
113 *114
112
112
*114
4
15
15
8
15
200 Houdaille-Hershey cl B No par
8
4
1 Mar 2
412 Sept
212 Jan 10
1 May
*4714 473
8 473 4738 •473 4912 *47 8 4912 *475 4913 *4718 48
8
8
5
8
100 Household Finance part p1_5
47 Mar 22 5114 Jan 12
4214 June 5718 Jan
*11
1112 11
11
*11
12
11
11
700 Houston 011 01 Tex tern ctt*100
1114 1112 1114 1112
814 Mar 3 153 Jan 11
83 May 2814 Sept
4
4
214 212
214 214 *214 212
1,400
214
214
214 214
214
214
Voting trust ctfs new____25
17 Feb 28
8
314 Jan 11
118 May
53 Sept
8
*814 93
8
918 918 *812 9
83
5
8 8 8 •814 812 x818 83
8
800 Howe Sound v t c
512 Jan 3 10 Mar 16
25
47 Dec 1612 Jan
8
314 33
8
33
8 312 *312 4
312 312
5
312 312
312 3 8 2.100 Hudson Motor Car__ _ _No par
3 Feb 28
513 Jan 11
4
27 May 113 Jan
8
*17
8 2
2
2
178 2
17
8 2
'178 2
"17
8 2
300 Hupp Motor Car Corn
10
138 Mar 3
11 Slay
53 Jan
318 Jan 11
8
*14
5
8
*14
3
8
*14
5
8
100 Indian NIotocycie
*14
14
2
2
14
*14
3
8
No par
14 Mar 18
3 Jan 6
4
218 Sept
3 June
8
*1
112 *I
112 *1
112 *1
112 •1
112 •1
Indian Refining
112
10
114 Feb 25
234 Nov
Apr
2 Jan 4
1
31
3112 31
31
31
31
*3012 31
1,400 Industrial Rayon
30
3014 "2812 29
No par 2738 Mar 2 3838 Feb 9
718 June 40 Sept
25
2513 25
2513 2512 26
*25
26
245 25
8
1,800 Ingersoll Rand
2312 24
No par
1914 Feb 27 313 Jan 11
8
4
143 Apr 447 Sept
8
*1312 14
1312 1312 *121 4 14
1212 121 *13
137 "13
8
200 Inland Steel
137
8
No par 12 Feb 27 16 Jan 12
8
10 June 277 Sept
23
4 23
4 *2
212
238 23
8
212 21
218
800 Inspiration Cons Copper_ __20
212 212
218
3 May
4
2 Feb 25
378 Mar 16
73 Sept
4
113 113 *114
112 *114
138
114
11
*114
400 Insuranshares CUs Inc_No par
113 *114
8
13
114 Mar 29
37 Jan
8
1 June
212 Jan 16
212 212
214
214
214
214 21
214
*214 23
1,300 Insuranshares Corp of Del___ I
214
4
214
214 Mar 27
413 Jan 10
314 July
818 Sept
"4
1l8
*3
4
*3
1
4
110
*3
4 11
*3
4
Intercont'l Rubber_ ___No par
1
1
*3
4
%Mar 21
113 Jan 3
318 Aug
14 Apr
*212 314 *212 3
*212 3
*212 3
100 Interlake Iron
3
3
No par
"212 3
218 Mar 1
312 Jan 12
714 Sept
153 July
118
114 *114
112
114
114
13
8
13
8 *118
112 15
112
8 1.700 Internat Agricul
No par
14 Apr
7 Feb 17
8
4
13 Mar 24
313 Aug
612 *6
8
87
8 "5
8
*514 71
*5
7
'5
63
200
Prior preferred
8
100
5 Jan 3
612 Mar 24
4
33 Apr 15 Aug
*90
91
8714 90
8814 8814 88
88
88
1,000 lot Business N1achines_No pat 753 Feb 28 9713 Jan 10
88
88
87
4
5212 July 117 Mar
33
4 334 *312
37
3 *312 4
400 Internet Carriers Ltd
312 312
*3
3
53 37
312 33
8
I
27 Jan 16
8
418 Feb 9
114 May
512 Jan
9
9
8
9
*818 9
812 8
,2
4 812 1,000 International Cement__No par
73
812 812
618 NIar 2
9I2 Mar 16
8
4
33 June 183 Jan
*13
34
*I2
3
4
.1.,
5
2
12
12
12
12
.12
58
400 Inter Comb Eng Corp_ _No par
3 Feb 27
8
34 Jan 10
17 Jan
8
12 May
.4
5
*4
5
4
4
4
*312 412 .312 4'z
4
300
Cony preferred
No par
314 Feb 27
8 Jan 5
413 Nov21
Jan
2214 233
8 2218 2318 213 233
4
4 223 233
8
8 2112 2314 66,400 Internal Harvester_ _No par
4 2214 227
135 Feb 28 25 4 Mar 16
8
3
1038 July 3418 Aug
•8812 9023 *8812 9112 *8812 91
*89
0112 0018 90u_
9112 92
Preferred
600
100 80 Jan 5 92 Mar 16
(5884J0n 108
Jan
314 314
314 314 *314 312
318 318
3
1,300 Int Hydro-El Sys cl A_ _No par
3
23
4
23
4
23 Mar 31
618 Jan 11
4
25 June 115 Mar
8
8
•15
8 2
17
3
17
8 •153 2
2
2
*158
178 *153
17
200 lot Mercantile Marine_No par
8
114 Jan 4
2 Mar 18
414 Aug
7 JUne
8
818 812
8
83
8
8
814
8
83
8
818
814
77
8 814 21,900 Int Nickel of Canada_ No par
634 Feb 27
913 Mar 16
312 May 1212 Sept
*74
86
79
79
7812 7812 '74
82
*76
82
8018 *75
200
Preferred
100 72 Jan 11 84 Mar 16
50 June 86 Mar
*3 -- - *214 __
*3 _ _
*3
6
"3
Internal Paper 7% pref
5
'3
D2 Jan
5
100
43 Jan 25
4
13 June 12 Sept
8
"1
1
14
I
I
1
'I
*7g 1
*7
8
1
200 Inter Pap & Pow cl A_ _No par
*7
3 1
34 Feb 14
118 Jan 11
43 Aug
8
12 June
"s
ki
"
14
12
*14
12
*14
*14
12
.14
12
Class B
12
38 Jan 18
78 afar 15
No pa
2 Aug
14 May
*14
12
*14
12
*14
12
*14
12
*14
3
8
Class C
*14
'8
14 Apr
No par
112 Sept
12 Jan 10
14 Jan 6
*214 3
212 212 *214 3
212 212
3
3
Preferred
"214
300
412 Jan 16
3
100
218 Mar 22
13 Dec 1238 Sept
4
*37
8 912
37
8 4
"5
912
5
5
•37
8 5
*37
8 5
100 lot Printing Ink Corp_No par
312 Feb 28
5 N1ar 15
3 Dec
834 Mar
*43 _ __ *43 _ __ *43
__ *43 . __ '43
_ .43
_ __ _ _ __
Preferred
10
3812 Feb 23 43 NJ ar 22 r2454 Jan 45 Nov
16
1614 1434 16
1334 _1413 133 14
4 133 -4 1‘f
4,500 International Salt
133 14
4 4Nfar 2S 1858 Jan 9
No par
14
133
9 June 2312 Feb
.2823 29
*2814 281
2813 2812 *2812 29
*2812 29
*2812 29
100 InternatIonal Shoe_ _ _ _No par 243 Jan 3 1912 NIar 16
2014 July 443 Jan
3
8
1518 1514 15
15
157 185
8
8 17
17
157 157 *137 157
8
8
8
3 1,300 International Silver
100
712 July 26 Sept
9 4 Feb 25 18 Mar 16
3
3112 3112 3113 3112 31
33
3112 32
3114 313
4 3018 313
530
7% preferred
4
618 618
100 2412Mar 2 40 Jan 4
26 May 65 Feb
6
61
6
63
8
6
614
57
8 6
53
8 578 17,400 Inter Telep & Teleg_ No par
4
25 May 153 Sept
8
518 Feb 28
812 Jan 11
17
8
17
8
13
4 13
112 112
4
112 113
1l2 112
112
112
900 Interstate Dept Stores_No par
li2 Mar 2
112 May 11
Jan
27g Jan 11
"12
20 .12
20
*12
20 .12
20 .12
*12
20
20
Preferred ex-warrants. .100 20 Jan 4 25 Jan 10
18 June 5212 Jan
"2
334 *218 33
.218 33
*218 314 '218 33
Intertype Corp
4 .218 3
54
No par
17 Jan 24
213 Dec
8
7 Apr
37 Mar 18
8
*15
157 *15
3
157 *1518 151
1512 1512 15
1512
15 '15
500 Island Creek Coal
1
11 Feb 27 111 Mar 20
1014 Apr 2012 Aug
.2512 28 .2512 271 *2578 27
*257 27
8
2513 257
8 25
25
300 Jewel Tea Inc
No par 23 Feb 27 287 Feb 9
1518 May 35 Feb
16
3
1612 1512 161
1512 16
153 1612 153 163
4
8
4 1512 1614 4,100 Johns-Manville
No par
1214 Mar 2 233 Jan 11
*40
4
49
10 May 333 Sept
8
*41
47
*41
47
*41
50
*4012 50 .4012 50
Preferred
100 47 N1ar 24 62 Feb 1
*44
45 July 9934 Jan
46
44
44
4412 4412 44
45
44
70 Jones & Laugh Steel pref_100 35 Feb 1 50 Jan 11
•44
50
Jan
*1061
30 July 84
*10614 _ __ *10614 _ •10614 _ .*10614 44
. _ 106 10814
50 K C P& List pref ser B No par 106 Mar 31 110 Jan 17
.3 .- 4 *3
9012 Apr 1133 Jan
4
33
431
8 *3
.611 *3
314
'23
300 Kaufmann Dept Stores $12.50
23 1
4 318
4
258 Mar 15
314 Jan 26
3 Slay
914 Mar
*77
3 83
8
73
4 77
8
712 712 .8
8
*713 8
*714
400 Kayser (J) & Co
8
17 Feb 27
25
3
87 N1ar 15
3
43 July 143 Sept
4
8
*118
13
8 •114
13
3 *114
13 . 13
8
8
13
8 •114
100 Kelly-Springfield Tire
1 12 *114
112
5
7 Mar 2
,
2 Jan 6
-_
- --Certificates of deposit
13 Stay
1 Jan 10
- 14 Sept
2
3 Jan 9
4
8% preferred
100
63 Jun
8
2412 Sept
8% prof certifs of deposit_
_ _- __ ____ __ ____ ____ __
7 June 24 Sept
8% preferred
100
20 Jan 5312 Oct
Kelsey IIayes Wheel _No par
38 Jan 3
3 Jan 6
8
4
418
414 Jan
14 Dec
4
4
4
4
4 18
4
418
4
3,800 Kelvinator Corp
4
No par
318 Feb 28
53 Jan 9
8
234 Stay 103 Feb
35
8
35
33
33
*33
35
*33
35
.33
35
*33
35
29 Kendall Co pt pf ser A _No par 30 Jan 10 3714 afar 20
17 July 38 Feb
613 65
8
918 03
8
918 93
8
918 93
8
878 918
83
4 918 18,400 Kennecott Copper
No par
738 Feb 28 1112 Mar 16
*7
47 Jun
8
1914 Sept
1218 •7
113
4
7
Q7
8 7
7 13 *6
.612 7
7
600 Kimberley-Clark
No par
67 Nf ar 28 10 Jan 25
8
*112 2
612 Dec 1912 Jan
*112 2
*112 2
.112 2
.112 2
112
112
200 Kinney Co
.513 7
No par
114 Jan 23
12 Apr
112 Mar 31
*512 7
5 Sept
*512 7
85%, 7
*512 7
•512 7
Preferred
No par
45 Feb 14
8
8 Jan 23
3 June 19 Aug
614 65
8
63
8 6t2
618 614
618 63
8
614 638
6
83
8 8,300 Kresge (SS) Co
10
512 Nfar 2 103 Jan 10
4
'82
653 July
19 Jan
92
90
90
*92
90 e94
94
90
90
8814 8814
100
7% preferred
100 8814 Mar 31 100 Jan 5
'27
88 May 110 Mar
293 *2712 2914 •28
4
291 1 *2714 2914 '2814 2914 28
2818
200 Kress (S II) & Co
No par 27 Jan 17 29 Jan 23
18 June 37
Jan
Kreuger & Toll (Am ctfs)____ 1-32 Jan 26
122Nlay
918 Jan
14 Jan 3
18
1812 1712 1834 1718 1778
18
183
8
8
8 173 18
173 177
8 5,500 Kroger Groc & Bak__ _No par 1412 Feb 2
8
193 Mar 16
10 May 187 Star
26
8
2614 2614 2634 263 2634 26
8
2613 2512 2534 2538 26
3,000 Lambert Cr, (The)
No par 2218 Mar 2 3412 Jan 12
25 May 563 Jan
4
'''112 31 2 *112 312 *112 312 *112 3,2 .112 312 *112 312
Lane Bryant
No par
3 Feb 8
3 Feb 8
2 May
514 514
75 Aug
8
512 512 *5
512 *5
53
538 53
8
8
s
700 Lee Rubber & Tire
45, 43
3 4 Mar 2
3
5
612 Jan 12
*7
1 4 Apr
,
818 Sept
83
4 *7
03
4
718
718 *7
83
4 *718 83
4 *7
83
4
100 Lehigh Portland Cement_50
57 Jan 5
8
*4273 65
8 Mar 17
35 Apr 11 Aug
8
*427 65
8
*4278 65 "427 65
4
8
*427 65 .427 65
8
7% preferred
100 34 Feb 9 45 Mar 16
40 Dec75 Jan
1-58 '1
•1
13
8 *1
13
8
1
1
1
1
1
1
1,700 Lehigh Valley Coal_ _No par
1 Jan 13
112 Jan 11
1 Slay
43 Aug
4
*213 3
.212 3
*213 3
*23
4 3
'23
.23
4
4 3
3
Preferred
50
3 Jan 10
3 8 Jan 11
3
114 July
11 12 Aug
4114 41 1 a 40
4014 40 8 4018 41
1
41
4078 413 40
8
41
1,700 Lehman Corp (The)___No par 3712 Feb 28 473 Jan 11
3Ol3June 517 Sept
4
•18
1812 1812 1812 1814 1814
8
1858 1712 1773 1714 1714
1853
800 Lehn & Fink Prod Co
5 14 Feb 27 188 Jan 27
6 May 2414 Mar
.8
63
4
6
6
*57
8 6
6
6
553
55
8
514
512
600 Libby Owens Ford Glass No par
434 Mar 1
712 Mar 16
33 May
4
93 Sept
56
8
56
.56
5712 5612 5612 .5512 5712 .5512 57
563 58
4
800 Liggett & Myers Tobacco_ _ 25 49 Feb 18 82 Jan 25
5713 573
3214 Jun
8 5712 577
6512 Oct
8 57
573
4 577 58
8
5714 5712 583 583
4
3 8,300
Series B
25 4914 Feb 16 833 Jan 25
•121 129 •1227 129
8
3418 May 6714 Sept
8
1227 1227 .120 1273 122 122 *12112 1275
8
a
8
300
8
Preferred
100 121 Mar 22 132 Feb I 100 May 132
143 143
3
8 133 1414 *1312 1334 1312 1312 1133* 1334 *1312 1414
Oct
4
500 Lily Tulip Cup Corp__No par 1312Nfar 29 18 Jan 12
•1212 13 2 '123 1312 "123 1312 1312 1312 *13
14 June 21 Mar
,
4
4
1312 1312 1312
200 Lima Locomot Works_No par 10 Jan 17 15 Mar 16
.81 i
812 Apr 193 Aug
9
*814 9
8
"814 9
81, 814
814
84
,
300 Link Belt Co
8
8
No par
8 Feb 2
914 Jan 4
175 177
8
8
612 June 14 Mar
1712 18,
8 1714 173
4 1753 173
8
153 155
8
8 163 17
8 6,401 Liquid Carbonic
No par
1014 Feb 25 1812 Mar 23
97 1053 10
8
9 Stay 22 Mar
1014
9 8 107
7
8 1018 1078
1018 1018
97 1018 11,500 Loew's Incorporated_ _ _No par
8
812 Mar 22 2112 Jan 4
393 40
4
3812 3812 38
1314 Slay 3734 Sept
38
*353 3812 3713 381 '3712 38
8
1,000
Preferred
No par 3712 NIar 30 5612 Jan 13
•17
8 2
2
39 July 80 Sept
2
2
2
2
2
2
2
2
2
70) Loft Incorporated
*79 21 1
No par
184 Feb 24
312 Jan 6
17 June
8
*78
5 Sept
214
*7
8 214
*7
8
214
*7
*7
214
8 '2,
8
4
Long Bell Lumber A No par
12 Feb 28
*2313 25
118 Feb 3
14 May
231 1 2312 233 24
27 Aug
8
4
21
243
4 24
2453 2312
25 1914 Feb 27 27 Jan 10
'11712 120 *1171* 120 '1171,2 120 .11712 120 *11712 120 '11712 2312 2,200 Loose-Wiles Biscuit
1818 July 363 Feb
8
120
7% 1st preferred
100 115 Jan 9 120 Jan 14
1212 127
8
1212 127
96 July 118
Oct
123 125i 123 127
3
8
8 123 127
8
8 123 13
8
11,900 Lorillard (P) Co
No par 103 Feb 16 14 Mar 16
8
*90
99
*90
9 Stay 183 Sept
8
99
*93
99
*93
*93
98
*93
99
98
7% preferred
100 8712 Feb 23 98 Jan 25
.3
4
7
8
*58
7318 Jan 10818 Sept
3
4
3
*5
8
3
3
4 .8
5
3
*3
8
100 Louisiana oil
3
4
No par
58 Jan 5
1 Feb 7
*312 5
12 Jan
214 July
*312 5
*312 5
.418 5
*418
5
'4,
8
5
Preferred
100
3l2 Feb 24
•145 1714 *143 161 *143 171
4 Jan 21
8
3 Dec 18 Jan
8
3
8
1512 15,
2 1512 1512 145 15
600 Louisville Gas Jr El AN* par
143
8Mar 31 193 Jan 6
*412 6
8
*4i2 53
812June 233 Mar
3 *412 53
8
8 *43
412 412
4 558
412 41
200 Ludlum Steel
1
4 Feb 28
612 Jan 11
1 12 Jan 113 Sept
8
•1438
_ .143 _
8
_ 143 1438 •1212 143
8
143 .1212
8
8
__
100
Cony preferred
No par
1438 Mar 28 1712 Jan 20
*10 _-- •10 10 *1212 1014
11
612 Jan 26 Sept
II '10
11
.912
58 *912
*913 10 4
MacAndrewa & Forbes
,
10
912 Feb 16
*62
1012 Jan 25
80
913 Aug
*62
80
1514 Feb
*62
80 "62
*62
SO
80
"62
AO
6% preferred
100 75 Feb 9 75 Feb 9
19-5, 1954 183 1912 1914 203
5712 May
8
80 Sept
8
8 193 2018 2,500 Mack Trucks Inc
8 2012 20 8 .1912 203
,
No par 1312 Feb
30, 31
4
3018 31
10 June 283 Sept
2978 3034 31
4
3114 a30
3113 307 3112 3,500 Macy (11 111 Co Inc- - -Na par 2414 Feb 27 2312 Mar 16
8
25 353 Jan 10
4
17 June 6012 Jan
•13
4 3
'13
4 2
*13
4 2
*13
4
2
13
15
4 *15
8 2
8
200 Madison Sq Gard V t c_No par
158 Mar 30
2 Jan 10
*618 612
218 Jan
618 618
412 Sept
(Ps 618
8 *813 83
6 4 6,
4 .618 67
,
400 Magma Copper
4
No par
538 Mar 2
3
*7
1
1
853 Mar 16
1
.7
8
1
412 Apr
*7, 1
1334 Sept
.7
8
1
*7
8
1
100 alallInson (II R) & Co_No par
7 Feb 15
8
112 Jan 6
*3
12 Jan
8
31
4 Sept
*14
7
8
*14
7
8
*14
7
8
Manatl Sugar
*14
7
8
*14
7
8
100
14 Jan 4
1 Mar 17
*7
8
114
*5
8
114
214 Sept
.
5g
Is Mar
1
1
15
8 2
1
•114 2
140
Preferred
100
38 Jan 6
•2
234 Mar 16
4
*218 4
14 Apr
*218 4
314 Sept
*218 4
.218 4
"218 4
hlandel Bros
No par
112 Jan 3
'6
314 Mar 15
8
1)ec
*614 8
1
434 Sept
*6
7
•6
"6
7
.6
7
7
Manhattan Shirt
25
534 Jan 9
8 Jan 31
3'tiune
7
*5
8
8
9 Aug
*53
7
8
•3
3
73
*3
8
Maracaibo 011 Explor_No par
7
8
•3
7
8
•1
7
8
8
8
1* Jan 18
711
3 Mar 16
4
75
8
3 June
8
113 Aug
714 712
718 714
63
8 7
614
7
514 614 10.800 Marine Midland Corp
10
514 Nfar 31
1112 Jan 9
*73
4 81 1 •73
l%',J,,ne 1418 Aug
4 814 *73
4 8
.73
4 818 *714
100 Marlin-Rockwell
818
73
4
4 73
No par
6 Feb 2.
534 Slay
8 Jan 11
4
*5
8
133 Sept
3
1
*53
3
4 .
5
8
3
4
5
8
5
8
12
5
8
12
12 1,000 Marmon Motor Car_ No par
12 Feb 2,
178 Jan 11
12 Apr
3112 Sept
6
6
57
8 57
8
518 6
5 4 57
3
1,300 Marshall Field & Co_ _ _No par
3 • 8 838 *534 614
57
414 Jan 30
8 afar 16
163 163 .1514 16
4
4
3 July
1313 Jan
1512 1512 *1512 16
*1512 16
1512 1614
Nlathieson Alkali WorksNo par ii Feb 27
800
1813 Mar 16
.•10114 _ _ .10114 _ _ .10114 _ _ •10114 . __ 10114 1011 1
9 June 207 Mar
8
Preferred
10
100 10018 Jan 20 103 Feb 9
•10114-•10 4 3 1112 11
893 Apr 105
4
Jan
11
11
if "11 13 12 1-2
12
12
700 May Department Stores _25
93 Feb 24 133 Feb 10
4
4
.118
13
912 June 20
4 *118
Jan
13
4 •118
154 .1 13
*118
112.
11
13
4 .1 18
Maytag Co
No par
13 Feb 10
4
27 Jan 23
3
*312 43, *312 43
1 July
6 Aug
8 •3,2 453 •312 438 •312 4
*312 4
Preferred
No par
314 Mar 1
•1618 17
553 Jan 13
3 AM' 1012 Sent
"1618 17 "16, 17
8
.1613
17 *1618 17
17
17
100
Prior preferred
No par 1512 Jan 19 17 afar 17
2218 Dec 35, Jan
4
•Bid and asked prices, no sales on tt113 day. a Optional ale. c Cash sale. s Sold 15
days. x Ex-dividend. y Ex-righta.
New York Stock Record—Continued—Page 6
2202
re FOR
April 1 1933
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SIXTH PAGE PRECEDING.
•
MOH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Saturday
Mar.25.
Monday
Mar.27.
Tuesday
Mar.28.
Wednesday
Mar.29.
Thursday
Mar.30.
Friday
Mar.31.
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 1932.
Lowest.
Highest.
$ per share $ per share $ per share $ per share $ per share $ per share Shares Indus. & Miscall.(Con.) Par $ per share $ per share $ per share $ per share
No par 13 Mar 3 184 Feb 7
900 McCall Corp
14
/
1
/
1
8 144 1412 1414 1414 14
153* 158 15 - 1514 141* 143
10 May 21 Jan
el,
14
3
4
7
Ig
3
4
8
3 Mar 27
4
3 Jan 12
300 McCrory Stores class A No par
612 Dec 16 Apr
4
3
4
s
s
38
Class B
134 *1
114 Jan 13
No par
11 *1
/
4
112 *1
6 Jan 5
•1
134 *1
112 •1
5 Dec 19 Jan
112
100
212 Mar 17 21 Jan 9
Cony preferred
*212 4
*212 4
*212 4
*212 4
*212 4
*212 4
20 Dec 62 Feb
*33* 5
3 Feb 2
/
1
4
McGraw-Hill Pub Co_No par
372 Feb I
*312 5
*312 6
*312 5
*312 5
*312 5
212 May
712 Jan
12.800 McIntyre Procupine Mine,. 5 18 Mar 16 233* Feb 6
19% 1918 19 4 193 2018 1914 20
1812 1914 184 1914 19
8
3
13 May 211* Dec
5312 5414 5112 5212 5112 523* 50 52
/
1
28 June 6214 Feb
5014 8,800 McKeesport Tin Plate_No par 444 Jan 4 57% Mar 16
49 4 5012 49
3
212 212
214 *214 212
134 Mar 2
5
700 McKesson & Robbins
3 Mar 15
2
2
2
2
212 212 *2
11June
/
4
612 Sept
Cony pref series A
50
33* Mar 3
400
418 418
41 414
/
4
412 412 •414 484
*412 48
634 Mar 16
412 412
312 May 23 Feb
*1
/
4
ae
3
8
*14
3
8
14
*14
se
*14
2
8
%
No par
300 McLellan Stores
1 Jan 3
14 Feb 24
14
32 July
4 Mar
*3
*3
5
512 *3
5
/ *3
1
4
512 *3
512
512 *3
100
218 Jan 16
8% cony prat set A
7 Jan 3
7 Dec 36 Mar
8114 Feb 27 107s Jan 11
No par
100 Melville Shoe
*914 1012 10
*9
/ 10
1
4
*878 10
*87 10
8
*878 10
10
778 Dec 18 Jan
514 534
1
2 Max 1
4
/ 5
1
4
53 Mar 25
4
9,800 Mengel Co (The)
5
538
/
1
4
53* 5
1 July
48 514
5 Aug
48 514
7 Feb 24
5
200 Mesta Machine Co
9 Jan 31
*814 88 *814 8%
9
9
*818 9
5 May 194 Jan
/
1
4
814 814 *814 9
/
1
-Goldwyn Plot prof--27 1312Mar 1 19 Jan 21
Metro
17
17 *14
15
15 *14
600
16
17 315
1312 1312 *15
14 June 2214 Jan
314 Mar 16
132 Mar 3
5
218 212 *214 234 *23* 212
*2
/ 212
1
4
400 Miami Copper
214 214
23
238
614 Sept
112 June
334 Mar 2
43* 43*
53* Mar 16
*414 432
412 43* 2.500 Mid-Continent Petrol- No par
4 8 412
3
43
8 43*
43* 412
3 4 Apr
3
8% Sept
47
3 Mar 2
/ 5
1
4
*418 5
684 Jan 6
700 Midland Steel Prod- — -No par
438
438
414 414
*4
5
*412 5
2 June 1232 Sept
100 28 Mar 3 4018 Jan 23
32
*24
32 *24
32
32 *24
32 *24
*25
34 *24
8% cum 1st pref
25 June 65 Sept
Minn-Honeywell Regu_No par 133* Mar 1 1772 Jan 10
*11
16
1332 *11
*11
16
16
133* *11
*1318 138 *11
11 June 2313 Jan
214 Mar 16
78 Feb 3
1
1
118
118 118
114 132
6.400 Minn Moline Pow Impl No par
1
1
1
114 114
33* Aug
3* June
*812 12
No par
6 Feb 7 12 Mar 16
Preferred
*7
1412
*7
10
4 *814 10
*814 1213 *814 113
4 Dec 143* Aug
7 Jan 23 10 Feb 9
Mohawk Carpet Mills_No par
512 June 14 Sept
*834 93* *83
4 914 *834 918
4 93* *83
4 93* *83
4 93* *83
400 Monsanto Chem Wks_.No par 25 Mar 3 31 Jan 10
8 29 29
*2812 30 *2812 30 *2812 30 *2812 297
29% 2914
133* May 3034 Mar
83* Feb 25 15 Jan 11
312 May 1612 Sept
4
1218 1318 44,900 Mont Ward & Co Inc—No par
123* 1312 1272 1332 1234 1312 127 133* 123 13
No par 25 Jan 8 2612Mar 21
20 May 354 Mar
Morrel (J) & Co
*25
31
*25
31
31
*25
31
*2478 31 •25
*25
31
18
18
*18
14
14
*1
/
4
14
*Is
14
14
*18
14 Jan 5
Is Jan 9
14
200 Mother Lode Coalition_No par
12 May
84 Aug
*14
*14
3
8
3
8
*14
3
8
2
8
14
14
3
8
32 Jan 5
/ Apr
1
4
14 Jan 5
700 Moto Meter Gauge&Eq No par
11 Sept
/
4
14
14
734 Mar 1 148 Jan 11
1214 13
123 13
4
732 June 293* Sept
1212 123
4 123 123
8
123 123* *II% 1214 2,100 Motor Products Corp—No par
8
31/4 Jan 6
No par
*2
2
2
214
112 Mar I
214
*2
218 *2
2
2 June
1,300 Motor Wheel
2
2
6% Sept
2
6 Jan 6
112 Mar 21
218 214 *238 212
214 212
/
1
4
No par
238 213
2 June 1332 Jan
212 238 2,500 Mullins mfg Co
238 238
5 Mar 21 16% Jan 10
No par
Cony preferred
512 512
518 518
5% 51 *514 53
*518 612
5 June 2712 Sept
310
4
/
4
512 573
713 Jan 26
*512 912 •51 8
5 Mar 30
No par
*512 8
5
*513 8
/
4
7 Aug 1518 Sept
400 Munsingwear Inc
514
514
5
/
1
4
13* Feb 25
334 Jan 6
10
2
2%
2
2
*2
212
2
212
2% July
972 Mar
13* 2
13
4 13
4 3,200 Murray Corp of Amer
9 Feb 9
8 Jan 25
*63
No par
Myers F & E Bros
*6
*6
8
8
*6
8
*6
8
718 June 19 Feb
*133
8
8
No par 111 Feb 28 1518 Jan 11
8 May 1934 Sept
/
4
1318 1278 13
1318 138 13% 133* 127 1318 5,400 Nash Motors Co
13
13% 13
8
2% Jan 10
118 Feb 28
10
2% *2
*2
214 *2
114 May
200 National Acme
218 214 *2
214
218
514 Sept
214 *2
11 Jan 27
/
4
It May
2 Mar 15
*132 17
*132 2
*132 2
National Hellas Hess pref-100
*132 17
*138 17
*138 17
6 Sept
10 3112 Feb 25 4134 Mar 16
204 July 46% MD
/
1
37
357 3612 3434 3512 35
3514 38
373* 3783 36
353* 11,300 National Biscuit
100 118 Mar 3 1387 Jan 10 101 May 14214 Oct
•123 134 *125 134 *124 134
*
7% cum pre(
125 134 •12412 129 *125 129
912 Mar 16
5' Mar 2
z614 Dec 1834 Sept
718
78 7%
712 718
•7
712
73* 7% 3,700 Nat Cash Register A-- _No par
7
712
1488 June 3132 Mat
No par 1012 Feb 27 1814 Jan 9
123 1314 1234 1314 11,900 Nat Dairy Prod
4
133* 1418 1312 138 1312 137
133* 14
13 Jan 4
*14
12
14
14
*18
is Mar 15
12
*18
12
*I8
24 Aug
/
1
14 June
100 Nat Department Stores No par
*18
12
12
3 Jan 21
11 Feb 23
/
4
100
*132 212 *I% 212 *13* 212 *13 212 *13
114 Dec 10 Aug
Preferred
8 212 *13
8
212
23
/ 2334 2312 2472 24 2412 2412 26
1
4
13 June 274 Atli
26
273
8 243* 26% 28.200 National Distil Prod...—No par 1672 Feb 15 273 Mar 30
/
1
40 24 Feb 8 3414 Mar 31
34
3414 2.600
32
34
*2934 3012 30 4 33
3012 31
*28
31
2012 May 3212 Fet
$2.50 preferred
3
518 Jan 11
5 Feb 2
332 July
•5
6
5
5
614
100 Nat Enam & Stamping_No par
*5
612 *5
*5
6
*5
6
812 Sept
100 4314 Feb 23 60 Jan 24
45 July 92 Jan
55
*55
64
*55
65
56
56
200 National Lead
55
*554 62
/
1
*55
62
87 July 125 Ma
100 101 Mar 1 110 Feb 6
Preferred A
*102 10912 *102 10912 *102 .10912 *102 10912 .102 10912 *102 10912
100 75 Feb 23 81 Feb 11
61 July 105 Ja
Preferred B
92 *80
92
*80 92 *80 92 *80 92 *80 92 *80
73
7 Mar 31 1514 Jan 11
71 13,100 National Pow dc Lt--__No par
814 812
84
/
1
2
7
8
/ 81.
1
4
83* 84
61* June 203 Sep
833 8%
2
1878 17
171 1714 178
/
4
2,900 National Steel Corp...No par 15 Feb 27 22 Jan 11
17
•17
1812 16% 17
1312 July 337 Sep
163* 17
5 Mar 23
60
612 Mar 16
*518 6
518 513
*518 6
5
5
*518 6
3'2June 13 Sep
800 National Supply of Del
.5% 6
100 17 Feb 23 2212 Jan 9
19 .17
1912 19
Preferred
20 *19
20 *17
1312 May 3918 Au
20
20
•19
20 *19
10
47
218 Mar 27
314 5
812 Jan 6
5
534
3
33*
4
434 19.900 National Surety
218 48
5
412 July 19% Au
No par
64 Jan 4 1314 Mar 20
1112 1212 1112 1214 11,400 National Tea Co
1218 13
12
1212 1134 1218 113* 13
312 May 10% Au
No par
112 Jan 16
Neisner Bros
*2
3
*2
3
*2
3
*2
3
82
3
212 Jan 27
*2
3
112 Apr
512 Jar
4 Feb 28
43* 434 4% 5% .43
434 434 *432 512
472 478
618 Mar 16
8 5%
500 Nevada Consol Copper_No par
212May 1014 Sep
No par
2 Feb 1
8 312 *238 312 *23
312 *23
3
/ •2
1
4
*2
312 *2
384 Jan 16
Newton Steel
8 Sep
/
1
4
8 312
13* Jun
*me 9
No par
612 Mar 22
*618 9
*618 9
*6% 9
9 Jan 31
N Y Air Brake
*618 9
•613 7
414 Jun
1412 Sep
*35
*33* 9
*36
*33* 9
100
*332 6
9
6
New York Dock
•
3% 6
--- 31 Dec 10 Seta
100
612 Mar 30
61 Mar 30
/
4
*513 25
*512 25
Preferred
612 612 *54 612
.512 25
20 Apr 30 Au
100
*512 25
/
1
12 June
32 Jan 30
No par
1 Jan 23
8
8
8
8
*5
8
8
4
%
%
*53
7
8
3% Au
*12
3
4 1,800 N Y Investors Inc
*3
8
7
8
53
18 Jan 4
614 Mar 18
512 53
53
4
13* Dec
53* 5 4
4
5 4 57
3
614 Fe
8 5.100 NY Shipbldg Corp partstk._1
512 Al
3
514 53
53
53
53
100 31 Jan 9 5934 Mar 18 20 June 57 Mal
5434 53
*53
543 *53
4
preferred
53 53
*53 55
7%
90
No par 80 Mar 24 101 Jan 9
8912 *79
8014 8014 8014 8014 *7813 8913 *79
70 May 100 Or
891z
*8014 82
30 NY Steam $6 pref
No par 96 Mar 30 110 Jan 11
96
96
*93
96
96 *92
90 June 10912 Ma
958
*92
9712 9712 9712 *92
$7 1st preferred
20
/
4
*
4 18% 1834 187 187
18% 19% 1818 183
3.600 Noranda Mines Ltd...—No par 1732 Jan 14 211 Feb 3 1034 May 2138 Sep
4
8 183 19
*1812 19
1632 177 17,300 North American Co---No par 1638 Mar 31 3112 Jan 11
133 June 4314 Set
8 173* 1834 1712 1812 177 183* 1712 18
4
183* 187
,
3514 351 3512 3512 *3414 37
/
4
50 32 Feb 28 46 Jan 12
33
33
*3414 37
25% July $48 Sep
Preferred
35
35
700
5
4 Feb 27
712 Jan 4
11 May
5
5
5
5%
3.200 North Amer Aviation
518 518
518 514
518 514
518 518
63* Dei
/
1
49 July 88 Sep
*52
55
54
5412 5412 54
400 No Amer Edison pref__No par 5012 Mar 24 744 Jan 16
5318 53 53
"5114 5318 *51
8 Mar 20
6 Feb 7
200 North German Lloyd
61
612 *5
64 64 *58
/
1
/
1
23* June
64 614
/
1
*67
2 712
*614 71
8 Jar
3113
3113 *30
3112 *30
15 June 33 Aug
3112 *30
3112 *30
Northwestern Telegraph._ _50 2912 Feb 2 3012 Feb 17
*30
311 *30
2 Jan 12
/
1
4
11 Feb 23
/
4
34 Feb
112 114
114
114 114 .1
114 114
/
4
500 Norwalk Tire & Rubber No par
114 11
*114 113
24 Aug
/
1
43 Feb 27
58
7 Jan 11
/
1
4
No par
512 55
5
/ 53*
1
4
5 Jan II Aug
512 5e 6.200 Ohio Oil Co
57
8
4
3
512 53
512 5 4
4
3 Mar 17
/
1
4
218
218
218 214 2,700 011ver Farm Equip-- —No par
214 213
12 Apr
118 Feb 27
214 212
218 232
232 238
4 Aug
2 May 1014 Aug
/
1
4
884 Mar 17
3 Feb 28
/
1
4
No par
Preferred A
6
6
*512 612
6
6
400
*5
*412 51
512 512
512
27 Mar 18
8
134 Mar 2
21* 28 •218 238
112 Jan
500 Omnibus Corp(Tbe)vte No par
*233 232 *232 288 *233 28g
*23* 21
434 Mal
5 Jan 23
4
gra jar
3 June
2 Feb 28
/
1
4
Oppenheim Coll & Co. No par
218 434 *218 434 *214 434 *214 434 3214 43
*218 45
51 Jan 12
138 Jan 3(
314 June 15 SePI
*114 10
*114 10
*1.14 10
Orpheum Circuit Inc pref 100
*114 10
*114 10
*114 10
$1134 1178 3,100 Otis Elevator
9 May 2212 Jar
1178 12
1134 12
No par 1012 Feb 27 14 Mar 16
4 1178 12
115 1178 1134 113
*
*9538 101
90 May 106 No
100 97 Mar 18 102 Jan 27
10
*96 101
*97 101
97 97
Preferred
*97 101
*97 101
4% Jan 11
114 Mar 1
178 2
2
218
114 May
214 2
14
218
218
No par
2.500 Otis Steel
2
/ 214
1
4
*214 213
9 Sep,
/
1
4
31 May 203* Sept
214 Feb 28 107 Jan 11
438 412
100
47
8 478 *414 5
260
414 414
5
5
Prior preferred
.412 6
4378 4318 4312 41
'
4234 4312 43
12 June 4214 Nol
431
9,800 Owens-Illinois Glass Co____25 31I2Mar 3 4514 Mar 16
4278 4438 4312 44
4
25 x203 Mar 31 3114 Jan 11
$2034 228 8.300 Pacltio Gas de Electric
1678 June 37 Fel
4 2318 24
2414 2313 2412 2314 2334 2314 233
24
2714 2573 263
203 June 4712 Aug
4
No par 2514 Mar 31 43% Jan 11
4
8 2514 2584 3.200 Pacific, Ltg Corn
8 253 257
4 27
28
2814 274 273
97 Mar 23
6 Feb 21
100
210 Paelflo Mills
838 8313
813 812
314 May 14 Aug
814 814 *734 9'2
813 912
*838 9
/
1
4
100 65 Mar 3 8134 Jan 12
58 June 10484 Ma
190 Pacific Telep & Teleg
70
7114 70
7112 71% 70
72
7218 7218 72
"7218 74
27 Jan 9
8
13 Mar 24
4
178 2 20,900 Packard Motor Car__ _No par
172 2
17
514 jar
112 July
2
I% 2
134 17
8
13
4 17
6 12 Jan 5 1212 Jan 11
__ ____ ____ ____ ____ ___ _ ____ __- ...... Pan-Amer Petr & Trans
*1112 24
*111 24
/
4
6 July 14 Sep,
/
4
5 1112 Mar 2 121 Feb 18
Claas B
,_ _..... _ ,_ ..._ _
714 July 1412 Sep
_ __._ ___ _ __.:.
*1112 1212 *1113 1212 ____
6 Jan 20
7
/ 712 *712 812 *5 _-1
4
2 Apr 10 Sep,
712 Feb 20
No par
100 Park-Ttiford Inc
812 *5
712
712 *5
1S 12 .614 _33 Mar 21
600 parmeiee Transportren_No par
12 Jan 3
12
8
14 June
*3
3
8
%
2 Jal
3
2
3
8
*as
12
*3
2
12
3
8
%
11 Feb 17
/
4
/ Jan 19
1
4
100 Panhandle Prod & Ret_No par
/ Dee
1
4
*313 118
*se 1%
*32 118
*3
8 1 18
%
*38 118
%
114 Jar
is
14
12
233 Jan 4
18 Mar 30
10
14 ____ -. - 24,800 Paramount Publlx
12
12
12
12
12
12
112May 1112 Jat
112 Mar 15
34 Jan 9
1
lis 1,500 Park Utah C M
3 Apr
8
lis
118 113
118 114
118 118 *118 114
113 118
2 Sep
14 Jan 4
3 Jan 4
4
14 May
No par
11 1,300 Pathe Exchange
14
14
14
*14
3
8
114 Aug
*14
3
8
14
14
3
8
31
/
214 Jan 4
114 Jan 25
134
114
114 *114
114 June
No par
300
Preferred class A_
4 *133 134
112 112 *112 13
•112 184
584 Fel
618 618 1,000 Patin° Mines & Enterpr No par
712 Mar 15
5% Jan 16
614 614
3% July
/ *618 612
1
4
6 4 614 *614 7
,
6
/ 6
1
4
9 Sep,
/
1
4
*2
4 1
11 Jan 10
/
4
*2
4 1
34 Feb 16
*2
4 1
3
% June
Peerless Motor Car
*8
4
7
8
*114
7
8
7
8
*4
3
484 Ap
16 June 3234 Ma,
32 .318 3218 3114 3114 1,000 Penick & Ford
3112 32
No par x2512 Feb 27 3278 Mar 16
3112 31
3038 3112 *31
13 May 3412 Mai
2234 2178 2214 8,200 Penney (-1 C)
No par 1014 Mar 2 2714 Jan 16
2214 2234 2238 2234 22
2238 2218 2273 22
200
60 June 91 Ma
Preferred
100 90 Jan 4 c10412 Feb 17
*98 10112 *98 10112 10114 10114 *98 10112 *98 10112 9812 9812
1% Mar 16
ad Jan 25
Penn-Dixie Cement-- _No par
114 *1
114 *1
% Apr
114
114 *1
*1
114 *I
11* •1
2 Aug
/
1
4
514 Feb 2
418 Mar 2
3 Nov
Preferred settee A
100
8 618
*472 714 *47
8 131s *473 618 *47
8 714 *47
8 714 *47
8 Sep
3
Peoples Drug Stores—No par 10 4 Jan 25 13 Jan 9
12 Oct 1612 Mal
*1014 1612 *nu 1612 *1014 1612 *1014 1612 .1014 1612 *1014 1612
5018 July 95 pet
6Si% cony preferred-- —100 70 Feb 17 75 Jan 18
.
— *60 _ _ _ . - —
_ *60
_ .5212
_ _ *50
__ _ *50
48
39 July 121
1,600 People's0 L & C (Cble)_ _100 46 Mar 31 78 Jan 9
*48 1912 46
49
50 -5013 49 51 - 51
*50.51
53
Jat
613 Feb 2
6% Jan 6
5 Dec 1212 JAI
100 Pet Milk
do par
612 *6
512
612 612 *6
*612 713 *612 712 *612 712
632 Feb 11
45* Jan 3
538 538 2,000 Petroleum Corp of Am_No par
•512 53
4
28 May
4
78 Seri
518 518 *538 512
518 514
53* 538
37 June 11%
712 Mar 16
41 Jan 4
/
4
25
-Dodge Corp
6
518 2,800 Phelps
6
618
5% 6%
612
6
6
614
618 618
SeP
18 June 41 Ma
200 Philadelphia Co 6% pref- — 50 27 Mar 21 32 Jan 20
*2812 30
30
30 *30 3012 30
30
30
30 *25
*25
48 June 76 Sep
$6 preferred
No par 49 Mar 27 49 Mar 27
100
49
49 •____ 57 •-- 56 *--- - 55 *-- _ _ 55
*49 50
2 June
412 Jan II
24 Feb 27
/
1
24 1,600 Phila & Read C& I.— _No par
28
24
27
77 Sep
2
212
24 24
3
278
23
2%
2 2 27
7
8
3
9
an 24
8 Feb 23
7 June 13 Aui
700 Phillip Morris & Co Ltd----10
814 814
814 814
83
4 83
4
*812 914 *812 834
*812 9
4 Mar 1
3 Feb 8
3 Apr 1234 Sep
/
1
4
Phillips Jones Corp----No par
412 *3
412 *3
*3
412 *3
41
42
412 *3
*3
100
10 Apr 32 Fel
*1634 75
Preferred
4
4
4
4
•1634 75 *163 75 *163 75 *163 75 *163 75
55
61 Mar 16
/
4
484 Jan 4
2 June
No par
532 534 4,152 Phillips Petroleum
512 52
54
3
57
8 57s
5 4 58
3
54 6
3
81 Sell
/
4
Phoenix Hosiery
2 Nov
25* Jan 14
13* Mar 15
5
314 *2
314 *2
314 *2
314 *2
314
314 *2
*2
91 Aui
/
4
1% Mar 3
Pierce-Arrow class A__No par
114 June
23 Feb 27
*112 3
*112 3
*112 3
9 jai
.112 3
3
*11
*112 3
82 Jan 4
14
/ Jan 3
1
4
25
14 Jan
700 Pierce 011 Corp
*14
3
3
14
3
8
4
14
34 Sep
*14
3
8
3
8
*14
14
37 Feb 27
512 Feb 11
100
312 Jan
100
Preferred
414 414
*414 5
*35
8 578 *414 514 *414 578 *414 5
9 All
13 May
1 Feb 11
/ Jan 23
1
4
No par
200 Pierce Petroleum
3
4
3
4
4
7
8
18 Sep
*8
*3
4
7
8
7
8
*14
4
%
*3
*8
4
7
8
93* Feb 24 1514 Mar 17
912 Dec 221 Jai
* 1212 1212
500 Pillsbury Flour Mills.—No par
/
4
*1314 1312 1314 1314 1212 1213 *1233 1318 *1212 127
8
21 June 3134 Ma
Pirelli Coo!Italy Amer shares 34 Jan 30 347 Jan 30
3414 *3214 38
40 *32
40 *31
40 *31
40 *31
*34
7 Mar 18
4 Feb 25
100
68
*5
654 *5
*5
7
Pittsburgh Coal of Pa
*5
7
.3 May 1138 Sep
7
7 ' *5
*5
17 Dec 40 Jar
Jan 28 20 Feb 28
100 17
17
17
Preferred
100
*17
25
25
25 *17
25 *19
25 •17
•18
212 Mar 18
*113 214 *13
4% Aei
2 Apr
214 *134 214
1% Feb 15
4 214 *18
100 Pittsburgh Screw & BoltNo par
2
2
21
*2
91* June 2484 Bell
Pitts Steel 7% cum pref
100 1014 Jan 6 1812 Mar 22
1814 *16
184 *16
/
1
1814 •16
1814 •15
1814
1814 *15
•15
1 Mar 28
8 Feb 6
2
25
5 Dec
8
100 Pittsburgh United
2
1
*3
4 1,
*8
4 112
*3
4 112
1
133
33 Sep
4
112 *I
*1
100 1534 Feb 27 24 Jan II
14 May 44 Sep
*1518 17
Preferred
10
*1518 17
18
1712 *15
4
163 164 •15
"165i 19
*Bid and asked prices. no sales on this day. a Optional sale. a Ex-dividend and ex-rights. a Sold 15 days. z Ex-dividend. c Cash sale
4111,-
New York Stock Record-Continued-Page 7
2203 1
prFOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SEVENTH
PAGE PRECEDING.
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Mar. 25.
Monday
Mar. 27.
Tuesday
Mar. 28.
Wednesday
Mar. 29.
Thursday
Mar. 30.
Friday
Mar. 31.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE.
$ per share S per share $ per share $ per share $ per share $ per share Shares Indus. & hfiseell. (Con.) Par
112
.
3
4 111
*3
4
"4 112
100 Pittston Co (The)
.3
4
DE
I12
.3
4
3
4
3
4
No par
•7
714
7
7
712 712
73
714 8
4 8
712 712
1,300 Plymouth Oil Co
5
.24 212 *218 213 .218 213
*218 3
2
23
2 18 *134
4
200 Poor & Co class B
No par
*2
212 .218 23
8 *218 238 *218 238
218
218
218 .2
200 Porto Ric
-Am Tab cl A_No par
*3
3 1
.
5
8 1
5
8 1
3
4 .
3
4
100
Class B
3
4
4
*5
.8
8
5
No par
512 57
8 .5
512 *5
6
*514 53
4 .458 513 .412 512
300 Postal Tel & Cable 7% pref 100
.53
8 7
.514 7
.514 7
.55
8 75
8 *5
__
*5
_ -- ______ Prairie Oil & Gas
25
•7
8
*63
4 8
.74 8
.7
8
.7
_8
.7
8
Prairie Pipe Line
25
1
4
*3
4
4
1
1
.78
1
300 Pressed Steel Car
1
*3
4
8
7
No par
7
2
.3
4
.3
4
*3
4
*3
4
.3
4
*3
4
Preferred
100
25
2512 245 25
8
2412 25
25
2414 4,500 Procter & Gamble
24
254 2412 25
No Par
.99 100
100 100
*99 100
100 100
*9312 100
*9312 100
40
5% pret (ser of Feb 129)100
*3
3
12
*3
8
12
*3
8
12
*3
8
12
*3
8
12
*3.
8
12
Producers & Refiners Corp__50
*2
4
.2
4
412
4
*2
4
•
2
4
.2
4
Preferred
50
354 3712 3538 363
37
38
4 3512 363
4 3512 3612 34
8,200 Pub Set' Corp of N J__ _No par
36
.734 757
8 74
74
*73
75 .73
75
*73
74
7412 *73
100
55 preferred
No par
.85
95
*88
923 .86
4
923
4 86
86
*8212 84
85
85
300
8% preferred
100
.96 100 .96 100 .96 100 .96 100
96
96 .93
100
96
7% preferred
100
.108 120 .110 115 .110 115 .1104 115 *110 115 .110 115
100
8% preferred
._ 97 •92
981 .92 J 08
*92
98
98
*92
*92
Pub Ser El & Gas pf $5..No par
98
2212 233
8 22
2258 22
23
2218 2314
224 2314 223 2312 19,000 Pullman Inc
8
No par
3
3
3
3
318 314
3
34
314 314
34 318 3,800 Pure 011 (The)
No par
3012 3012 3014 31
*3014 37
•30
31
31
31
31
3114
380
8% cony preferred
100
8
8
7 8 75
5
8 *75
8 8
*74 73
4
712 71
73
8 712 1,500 Purity Bakeries
No par
4
414
4
418
4
4 14
4
44
334 418 39,800 Radio Corp of Amer__ _No par
4
4
•173 18
4
18
1814 173 1812 *1812 183 .1812 183 .1812 1834 1,000
4
4
Preferred
50
9
93
4
918 912
9
97
8
912 95
Preferred B
8
9
912 9'2
9 12 3,200
No par
114
114
112
112
15
8 15s *114
1
118 2,100 Radio Keith-Orph
114
112
114
No par
•612 71
*612 7
612 64
818 614 *6
65
8
614 614
800 RaYbestos Manhattan_No par
.7
73
*7
7 4 *7
3
7 4 *7
3
712 *7
71
*7
Real Silk Hosiery
712
10
.3512 45
*3513 4434 354 3512 *35
45
45
Preferred
*35
*35
20
45
100
.3
3 1
.
8
8 1
.
3
8
1
*3
8 1
100 Reis(Robt)& Co
No par
4
3
8
*14
1
*2
9
2
2
.2
5
*2
5
.114 2
•114
40
1st preferred
2
100
314
3
3
3
318 318
3
3
3
318 2,800 Remington-Rand
3
3
1
*814 10'2
818 11
10
10
.818 117
8 .84 117
*83 1178
100
8
1st preferred
100
*63 161
4
.63 1612 •63 1613 .63 161
4
.63 161
4
4
2d preferred
4
*63 1612
4
100
*113 13
*112
15
8
112
.112 13
112
*112
112
15
11
8
400 Reo Motor Car
5
54 5
7
5 8 57
5
8
5 2 57
,
8
8 3,900 Republic Steel Corp_ __No par
518 55
53
8 57
8
512 512
1114 111 *11
13
1112 1112 .11
12
8
1112 105 103
6% cony preferred
4
.11
600
100
*13 20
4
*134 20
.13
4 53
4 .13
4 53
4 *13
Revere Copper & Brass_No par
4 53
4 .13
4 53
4
•218 6
*2
6
*218 6
.218 6
*218 6
*218 6
Class A
No par
8
8
8
8
•7
.8
734
73
4 *7
87
8 •718 8
200 Reynolds Metal Co
No par
*3
4
*3
414
3
3
*3
45
8
3
45
3
8
.3
400 Reynolds Spring
No par
3018 30'2 297 303
8
8 293 303
4
3038 30
8 30
3038 293 304 21,500 Reynolds(R J) Tob class B10
4
*60
61
*60
61
60
60
*60
61
*60
210
60
61
Class A
60
10
*3
3
1
14
3
3
14
14
*14
12
*14
12
*14
12
600 Richfield Oil of Calif__ _No par
*8
11
.8
11
.8
11
.8
.8
*8
11
11
11
Ritter Dental Mfg
No par
314
3
212 27
8
3
3
*278 3
*23
4 3
1,500 Rossia Insurance Co
.8 3
27
5
*183 187 *183 185
8
8
8 18
18 .183 1812 1814 183
8
900 Royal Dutch Co ON V shares)
8 1818 1814
9
9
4
812 9
812 93
8
878 9
2,800 St Joseph Lead
.84 912
814 87
10
8
33
3358 3212 33
32
33
3212 321
8
3212 3212 315 3212 1,600 Safeway Stores
No par
•78
80
78
78
*77
80 .77
78
30
77
6% preferred
*77
77
78
100
85
85
86
8614 85
8612 87 87
220
85
7% preferred
.85
85
87
100
*258 412 .25
8 4
.25
8 312 .25
100 Savage Arms Corp__No par
258 258 .214
8 31
3
*4
4
*3
4
1
*4
3
4
3
4
4 .
100 Schulte Retail Stores__No par
•34
3
4 1
1
.63 147
8
8 *63 147
8
8 .63 147
8
8 .63 147
2
Preferred
.63
8 612
2 612 .63
100
.2818 283 *2818 283
4
4 2818 2818 .2818 283 *28
10 Scott Paper Co
No par
283 .2818 283
4
4
*1814 183
4 18
18
*1734 1814 175 177
8
1712 184 173 174 14,800 Seaboard 011 Cool Del_No par
4
*112 2
*112 2
*112 2
.112 2
Seagrave Corp
*112 2
No par
.
112 2
167 183
8
8
8 1718 177
1678 1818 174 18
17
173
8 153 1758 43,000 Sears. Roebuck & Co No par
4
.134 214 .13
4 214 *13
2
4 214
2
100 Second Nat Investors
*13
4 214 .13
1
4 214
*25
29
•25
30
•25
33
*2512 293 *26
1
Preferred
294
293 .26
4
*14
4
14
14
18
14
18
18
18
*18
I
14 6,700 Seneca Copper
No par
15
8
158
Vs
15
8
15
8
15
8
152
152
112 1,500 Servel Inc
112
112 118
1
*714
712
714 714 *73
8 712
714 712
1,700 Shattuck (F G)
712
712
No par
714
714
278 278
3
3
.218 3
*218 3
400 Sharon Steel Hoop
*212 252 •212 3
No par
3
3
2 4 23
3
4
23
4 23
4 .23
No par
4 314
800 Sharpe & Dohrne
23
4
4
23
23
4
23
4
.23
30
*23
30 .23
30 .23
30
30 .23
Cony preferred ser A.No par
30 .23
412 45
8
412 412
44 43
8
43
8 438
4
43
8 a4
No par
418 5.930 Shell Union Oil
.28
2931 .2812 30
2812 2812 .28
600
33
30
Cony preferred
30
100
305
8 33
---- - ,s- --3: - s- ---- _ _
___. _ _
. _ _ ____ _ __ _ _ _
Shubert Theatre Corp_No pa
512 0'2
5.4 612
512 - 4
6357
8 - 8
5
57No par
El4 - -14 5 -514 3.100 Simmons Co
6
.6
'5
6
*5
57
57
8 *5
8 *5
518 518
54
600 Simms Petroleum
10
.312 4
312 312
33
4 33
4
3 8 328
5
358 35
8
35
8 38
25
5
700 Skelly Oil Co
.26
27
14 27
27
27
27 .26
2712 .26
28
500
100
2712 26
Preferred
.112 2
*112 218 *15
8 218 .158 24
158
15
8
15
8
000 Snider Packing Corp__No par
158
613 64
614 63
8
64 63
8
63
8 612
8
614 65 18,000 &cony Vacuum Corp
612 63
4
25
62
62
615 62 .6114 62 .61
8
62
61
61
.6013 62
_100
500 Solvay Am Invt Tr
22
223
8 2214 227
8 22
2314 2212 2314 223 23
8
2114 233 17,300 So Porto Rico Sugar-N0 par
8
pref.114_ *11412
__ .115 125 *114 125
120 120
1193 1193
76
4
100
Preferred
183 1914 1812 19
4
.
18
1812 1838 1813 183 181
25
8
18
185
8 7.300 Southern Calif Edison
*1
5
.1
5
*1
5
*1
5
.1
5
.1
Southern Dairies cl B_ _No par
5
*I
412 *4
412
4
412 *4
4
*4
42
*4
412
100 Spalding(AG)& Bros_No par
.2518 54
.2518 54
254 254 .2518 54 .254 54
*2518 54
100
1st preferred
10
.112 93
4 *412 93 .
4
4'2 93
4 *412 93
4 .44 03
Spang Challant&Co IncNo par
.412 93
4
.20
33 .20
33 •20
33 .20
33 .20
33 .20
100
33
Preferred
•7
8
1
7
8
7
8 .
7
8 1
.
7
8
1
300 Sparks WIthIngton_ _ __No par
7 '7
8
7
8
7
8
*13 114
*12 114
*12 114
*12 114
.12 14
.
No par
12
Spear & Co
114
*818 814 .812 814 *812 814 .818 814
818 818 .8
100 Spencer Kellogg & Sons No par
9
*5
612 .5
612 .5
514 *5
612 .5
612 *5
Spicer Mfg Co
No par
612
*113 1418 *112 1418 .12
4
4
1418 *12
1418 •12
1418 .12
Cony preferred A. No par
1418
•2
3 4 .2
3
33
4 .2
33
4 .2
334 .2
33
4 *2
Splegel-May-Stern Co_No par
33
4
165 167
8
8 164 1718 1614 163
4 1614 163
4 1614 1658 16
1612 23,600 Standard Brands
No par
*121
_ •12I
_ •121
_ _ •121
_ _ •121
_
_
*121
__ _
No Par
Preferred
.1
_-112 *1
_-11
.1
112 *1
112 .1
18 *1
3
Stand Comm Tobacco_No par
1-38
77
8 8
712 814
718 712
64 712
64 63
4
513 612 10,000 Standard Gas & El Co_ No pa
.13
1312 1212 13
12
1218 1214 1214 107 1214
8
83
4
Kt 3,900
No par
Preferred
.25
28 .20
BPs 25
25
.24
2412 24
24 .15
22
300
56 cum prior pref
No par
.30
343 .30
4
3112 31
31
*2812 31
2514 2814 221
2314
700
___
$7 cum prior pref. _No par
*ss
1
.513
7
8
.5
8
7
8
.5
7
8
700 Stand Investing Corp._No par
13
5
1
5
8
5
*9712 98
9714 973
8 0712 9712 *96 8 0712 *064 0711
9738
2 07
600 Standard 011 Export pref100
2318 2
312 2214 23
2212 23
2212 227
8 2158 2278 2158 2238 7,400 Standard oil 01 Cali_ _ No par
•133 1418
4
1334 133 *1312 16
1313 1312 .13
1334
16 .13
400 Standard 011 of Kansas.___10
253 26
4
253 26
4
255 26
8
2558 26
254 257
8 253 257 19,300 Standard 011 of New Jersey_25
8
8
*4
7
.4
7
•4
7
.4
7
.4
7
*4
7
Starrett Co (The) L S__No par
.
3
4
I
"4
7
*3
4
7
8
5
8
3
4 .4
3
400 Sterling Securities ci A_No par
7
8
5
8
3
4
.15
8 27
8 *15
8 27 .
112 27
8 *13
4 272 .112 178 .112
13
Preferred
4
No par
.20
2312 *20
271 .20
2712 .20
271 .20
2712 •15
25
Convertible preferred_ __ _50
318 34
3
3
3
3
3
3
.27
8 3
25
8 24 1,400 Stewart-Warner Corp
10
67
8 64
63
4 63
612 65
8
65
8 63
63
8 658
63
8 613 3,000 Stone & Webster
No par
2
2
17
8 2
17
8 2
17
8 2
178
2
17
8 2
11.500 Studebaker Corp (The) No par
•1314 14
1214 1358 12
12
11
13
1018 12
97 1012 1,030
8
Preferred
100
.35
36
*35
36
.35
36
.35
36 .35
36
*3514 36
Sun 011
No par
*92
96 .92
96 .93
96
9612 9612 .93
___ '93
5
_
10
Preferred
100
*918 93
4
918 91
*9
012
9
9
.834 912
812 _- 83
4
600 Superheater Co (The)__No par
•114
112 *114
118
114
158
118
112
1
1
•1
112 1,200 Superior Oil
No par
3
3
.234 3
.234 3
258 24 •258 3
218 218
300 Superior Steel
100
•114 3
*138 3
*13
8 3
*13
8 3
*13
8 3
.
Sweets Co of Amer (The)___50
158 3
.3
8
14
*3
8
5
8
.3
8
5
8
.3
8
5
8 .
3
8
Symington Co
7
8
.3
No par
8
7
8
.7
8
1
4
7
*31
7
8
*3
4
7
300
*3
4
Class A
7
8
No par
14
3
4
.834 9
*83
4 9
.83
4 9
*83
4 9
834 83
4
85s 85
8
300 Telautograph Corp
No par
214 214 *2
214 .2
214
214 21
*214
212
800 Tennessee Corp
2
214
No par
123 1278 1238 123
8
8 1212 1218 1238 1258 1218 123
8 12
123
8 6,500 Texas Corp (The)
25
18
183
8 1818 1814 18
1812 183 1858 18
8
1814 17
4,500 Texas Gulf
No par
18
_
•112 15
8
158
158
158
15
8
158
158
112
112
112 15
8
Sulphur800 Texas Pacific Coal &011
10
43
8 45
8 .414 412
438
438
44 43
8
414 414
312 418 5,700 Texas Pacific Land Trust __1
*7i4 814 *714 8
*714 77
8 *714 8
714
714
7
7
No par
200 Thatcher Mfg
*2758 32
.2752 32
.2758 32 .275 32 .277 32
8
8
*277 32
No par
8
$3.60 cony pref
*214 4
.214 4
.213 312 •23
8 312 .23
23
8 23
8 314
8
100 The Fair
No par
34
34 .34 _ _ *34
60 .34
60 .34
34
34
60
7% preferred
20
100
•112
13
8 •118 18 •118
3
114
112
112 •1
114
1
1
300 Thermold Co
No par
•121s 15
*1218 15
*1218 1438 •1218 15 .1218 15
*121g 14
Third Nat Investors
1
•Old and asked prices, no sales on this day. x Ex-dIvldend. ii Ex-rights. c Cash sale
-410114*--
PER SHARE
Range Since Jan. 1
On basis of 100
-share lots.
Lowest.
$ per share
3 Jan 20
4
63 Feb 24
4
2 Feb 24
14 Mar 23
58 Feb 27
4 Feb 27
55 Mar 21
8
7 Mar 22
58 Jan 21
3 Jan 27
195 Feb 28
8
9713 Mar 16
14 Jan 3
3 Feb 2
34 NIar 31
70 Mar 2
85 Mar 30
96 Mar 30
115 Mar 20
9318 Mar 3
812 Jan 4
212 Mar 2
30 Mar 3
57 Feb 24
8
3 Feb 23
1314 Feb 28
612 Feb 28
1 Mar 31
5 Feb 23
512 Feb 27
25 Jan 4
14 Jan 3
118 Jan 3
213 Feb 23
712 Feb 27
8 Feb 27
13 Feb 28
8
4 Feb 27
9 Feb 28
114 Jan 10
214 Mar 2
6 Feb 27
112 Feb 28
2612 Jan 3
60 Jan 5
14 Feb 21
612 Feb 25
212 Mar 27
175 Nfar 2
8
64 Feb 27
28 Mar 3
7313 Feb 23
0014 Feb 15
238 Jan r
5 Mar 3
8
8 Jan 25
28 Jan 21
15 Feb 13
118 Feb 25
1212 Feb 25
114 Feb 28
21 Feb 24
18 Mar 28
14 Feb 4
618 Mar 1
112 Feb 23
212 Feb 27
2114Mar 2
312 Feb 17
2812 Mar 28
____ ____ __
438 Feb 28
47 Feb 28
8
3 Feb 20
22 Feb 28
%Mar 31
6 Mar 23
58 Feb 25
154 Jan 12
112 Jan 4
18 Mar 28
114 Feb28
4 Jan 18
2518 Mar 28
412 Feb 18
1712 Feb 9
34 Feb 28
1 Jan 10
8 Mar 3
5 Jan 3
1134 Mar 21
1 Feb 28
1334 Mar 2
121 Feb 18
1 Jan 3
5's Mar 31
834 Mar 31
23 Feb 25
21 Mar 31
12 Mar 31
9212 Mar 3
1912 Mar 3
1312 Mar 29
2234 Mar 3
4 Feb 16
5 Jan 11
8
14 Feb 10
20 Max 2
212 Feb 24
534 Feb 27
112 bier 20
97 Mar 31
8
35 Feb 25
89 Mar 16
712 Feb 17
3 Jan 4
4
2 Feb 28
1 Mar 22
se Jan 9
3 Jan 16
1
818 Feb 17
13 Feb 28
8
104 Feb 28
1514 Feb 20
1 3 Mar 3
8
312 Mar 31
5 Feb 15
275 Feb 8
8
23 Mar 31
8
33 Feb 28
1 Feb 28
10 Mar 1
Highest.
PER SHARE
Range for Precious
Year 1932.
Lowest.
Highest.
$ per share $ per share $ per share
1 Jan 27
12 Dec
3 Sept
912 Jan 11
83 Nov
8
1212 Sept
23 Jan 18
4
64 Sept
112 bray
313 Jan 19
658 Sept
114 May
1 7an 11
4 Nlay
23 Aug
4
73 Jan 11
8
13 July 1712 Sept
4
6 Feb 11
312 June
912 Sept
818 Feb 11
512 June 1214 Sept
114 Jan 5
3 June
4
4 Aug
414 Feb 18
258 June 17 Sept
2912 Jab 4
197 June 423 Jan
8
4
10412 Jan 12
81 July 10312 Dec
4 Jan 9
12 May
15 Star
8
5 Jan 16
1 May
93 NIar
4
5514 Jan 11
28 July 60 Mar
62 June 907 Sept
8812 Jan 31
8
10138 Jan 24
7113 June 10218 Aug
11212 Jan 12
9212 May 114 liar
125 Jan 9 100 July 13014 Mar
10312 Jan 11
83 June 10312 Dec
2434 N1 ar 22
1012 June 28 Sept
378 Jan 10
278 June
613 Aug
62 Jan 12
50 Jan 80 Aug
8
43 May 157 Mar
8
10 Jan 11
6 Jan 5
212 Nlay 1312 Sept
19 Mar 16
10 June 327 Jan
8
8
338 Nfay 235 Sept
117 Jan 5
8
35 Jan 9
4
112 June
8
73 Sept
43 July x1234 Aug
8
712 Jan 11
97 Jan 25
218 July
8
812 Sept
47 NIar 16
7 June 30 Sept
4 Mar 30
112 Sept
18 Apr
2 Feb 2
Cl Dec
75 Sept
8
412 Mar 16
1 May
712 Aug
114 Jan 31
4 June 29 Aug
13 Feb 4
5 June 3112 Aug
23 Feb 9
8
378 Sept
112 Apr
714 Jan 10
8
17 June 137 Sept
8
15 Jan 11
5 June 287 Sept
8
212 Feb 17
614 Sept
1 July
214 Max 2
2 Dec 1211 Aug
9 Jan 27
55 July 114 Sept
8
612 Jan 10
3 Feb 124 Sept
335 Jan 21
8
2612 June 4014 Jan
64 May 7118 June
623 Jan 21
4
12 Jan 5
14 June
13 July
8
10 Mar 16
4 July 12 Oct
518 Jan 11
112 May
911 Aug
215 Jan 6
1218 Apr 233 Sept
8
4
1112 Mar 16
45 July 1734 Sept
8
425 Jan 11
8
3018 July 5914 Mar
88 Feb 1
60 May 90 Oct
96 Feb 2
69 June 99 Oct
5 Feb 9
73 Feb
8
114 July
Jan
4
112 Jan 5
12 Dec
7 Jan 9
Oct 30 Jan
5
32 Mar 16
18 May 42 Feb
2014 Jan 5
8
658 Apr 203 Dec
Apr
2 Jan 6
23 Jan
4
1
2218 Jan 11
97
sJune 373 Jan
8
3 NIar 16
3 Aug
12 July
35 Jan 23
2114 Jun
364 Aug
12 Jan 5
1
18 May
Aug
lt2 June
214 Jan 11
538 Jan
10 Jan 5
5 May 123 Mar
4
4 Jan 6
734 Sept
112 July
4 Jan 6
17 June
8
7 Sept
2618 Jan 31
1112 July 3014 Jan
55 Jan 6
8
212 Apr
83 Sept
4
4412 Jan 10
18 May 6514 Sept
____ ____ __
ls JIM
118 Aug
234June 1338 Sept
814 Jan 11
64 Jan 12
314 Apr
713 Aug
33 Jan 18
4
53 Sept
4
212 Feb
27 Mar 21
12 Jan 3312 Sept
74 Sept
318 Jan 4
17 Dec
8
77 Jan 11
514 May 1214 Sept
8
67 Sept
68 Jan 6
35 Jun
4
412 Apr 183 Sept
237 Mar 20
8
8612 Nlay 11212 Dec
120 Mar 30
28 Jan 11
153
323 Feb
4
4Ju1i
114 May
3 Feb
114 Feb 28
412 July
12
55 Jan 13
8
Jan
31 Feb 3
25 1)ec 95 Jan
412 Feb 18
83 Mar
4
9 4 Mar
3
15 Nov4812 Jan
1812 Feb 8
5 Sept
2 Jan 13
1 Stay
4 Jul
1 Nfar 16
13 Apr
4
9 Jan 13
8 Stay 11 Sept
3 Dec
87 Sept
518 Jan 11
8
20 Jan 31
912 June 18 Sept
3 JIM 10
5 May
8
5 Aug
1818 Mar 16
83 June 174 Aug
8
123 Jan 5 110 June 123 Dec
114 Jan 10
2 Jan
4 July
153 Jan 11
4
75 June 344 Mar
8
25 Jan 11
914 June 4114 Jan
41 Jan 3
21 July 6212 Aug
4812 Jan 10
28 June 75
Jan
14 Mar 15
214 Aug
4 June
101 Jan 6 x81 June 10012 Dec
26 Jan 16
1518 June 317 Sept
8
175 Jan 16
8
7 Apr 1612 Aug
3138 Jan 9
197 Apr 373 Sept
8
8
6 Mar 16
834 Sept
3 July
118 Jan 27
12 May
214 Sept
24 Mar 16
4 Sept
58 July
233 Jan 11
4
1312 June 26 Aug
334 Jan 5
17 May
8
812 Sept
105 Jan 11
8
45 July
8
71 Sept
4
514 Jan 6
212 May 133 Sept
4
347 Jan II
8
30 Nov 1044 Star
37 Jan 6
243 Apr 3978 Oct
4
98 Feb 2
68 July 92 Dec
1018 Mar 16
7 June 1418 Sent
134 Feb 7
14 Jan
2 Sept
44 Jan 12
214 May
914 Sept
35 Mar 15
8
11
15 July
8
Jan
4 Jan 5
14 Mar
1 Sept
4 Jan 13
3
2 4 Aug
12 May
914 Jan 16
6 July 134 Mar
318 N1ar 16
44 Sept
1 May
1418 Jan 11
914 June 184 Sept
25 Jan 18
12 July 263 Feb
4
14 Jan 4
112 Apr
4 Aug
53 Mar 16
8
212 June
812 Sept
912 Mar 16
2 Apr 10 Nov
275 Feb 6
8
2218 Apr 32 Dec
34 Mar 17
212 Dec
814 Sept
45 Feb 9
38 July 85
Jan
158 Mar 17
%June
4 Sept
1612 Jan 3
10 May 1712 Dec
New York Stock Record-Concluded-Page 8
2204
April 1 1933
gar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE EIGHTH PAGE PRECEDING.
-PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Mar.25.
Monday
Mar.27.
Tuesday
Mar.28.
Wednesday
Mar.29.
Thursday
Mar. 30.
Friday
Mar.31.
Sales
far
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100 share lots.
Lowest.
Lowest.
Highest.
$ per share $ Per share 8 per share $ per share Shares Indus.& Miscall.(Cond.)Par 8 Per share $ per share $ per share $ per share
25
63 Mar 18
4
100 Thompson (J R)
*612 712 *5
83 Mar 17
4
(2 712 *613 714
712 .65
74 Nov 163 Mar
4
5 8 Jan 6
3
200 Thompson Products 1ncNo par
*614 7
712 Jan 12
*614 7
23 June 10 Feb
4
*614 7
*64 612
38
22 Mar 3
Thompson-Starrett Co_No par
7 Feb 10
8
4 June
214 Aug
*3
8
3
4
*3
8
3
4
*4
5
8
3
4
33.50 cum pref
No par 12 Jan 10 1212 Jan 23
*1218 1378 *1218 133
100
20
8 124 1218 *12
12 June 174 Sept
4 Feb 11
34 Jan 13
2 Apr
4 6,200 Tidewater Assoc 011.-No par
35
8 3a
35
8 34
35
8 33
3 8 33
5
4
5
55 Sept
8
100 26 Mar 30 4418 Jan 12
Preferred
27
900
26
265 *26
8
27
2612 27
263
4
20 Feb 80 Sept
No par _ _ _ _
Tide Water 011
*83 15
*83 15
4
.83 15
4
4
5 June 16 Aug
*83 15
4
Preferred
loo aFeb i - -fel; HI 30 Feb 62 Sept
aii
200
*45
48
47
47
*47
50 .4714 49
10
112 Mar 22
113 112 2,900 Timken Detroit Axle
112
15
8
13
4
17
8
17
8
313 Jan 12
15
8
2 July
634 Sept
3
1612 5,600 Timken Roller BearIng_No par 13 4 Feb 23 1758 Mar 16
.1618 165
8 1512 1612 1518 153
8 15
7 4 July 23 Jan
3
Tobacco Products Corp No par ____ ____ __ ____ ____ __
27 Jan
8
83 Mar
8
No par --------------------658 Jan
Class A
9 Mar
43
8 412
438 412
412 453
438
458
44 412
258Mar 2
414 44 5,900 Transamerica Corp--No par
6 Jan 4
218 Jan
718 Sept
Transue & Williams St'l No par
.2 4 414 *23
3
312 Jan 4
278 Mar 21
4 43
4 43
4 *23
4 43
4 *23
4 43
4 *23
4 43
4
4 *23
214 July
812 Sept
318 318
313 822
3
34
318 312
113 May
412 Mar 16
23 Feb 27
4
314
3 14 4,700 TM-Continental Corp_ _No par
34 ' 3
5113 Sept
*4858 4918 *465 5018 a465 465 *425 5018 *425 49
No par a4658 Mar 28 59 Jan 10
8
8
8
8
6% preferred
100
*425 48
8
8
42 Jan 72 Sept
*2314 2312 *2314 2338 2314 2314 *2234 233
8 223 223
300 Trico Products Corp--No par 2018 Feb 25 23 4 Mar 23
4
4 2214 2214
1938May 3112 Mar
3
*12 1
*22 1
*13 1
.4 1
412 1
5 Feb 18
8
Truax Traer Coal
No par
*13 1
34 Feb 27
14 May
34 Jan
10
212 212 *218 212
3
3
4 Jan 6
2 Mar 3
800 Truscon Steel
33
4 314
312 312
33
4 33
4
2 Apr
714 Aug
34 Jan 18
No par
114 Jan 4
1
*3
4 118
200 Ulen & Co
1
*3
4
I
1
*3
4
3
4
3
4
7
8
13 May
*3
4
318 Aug
914 Feb 24 1413 Mar 16
12
12
12
12
12
*1014 12
11
12
*11
13
1214
1,000 Under Elliott Fisher Co No par
738 July 243 Sept
8
512 Jan 13
718 74 *53
818
812 *7
88 Feb 9
4
200 Union Bag & Pap Corp_No par
512 June 115 Aug
714 714 *7
4 812
*718 812
8
19,800 Union Carbide & Carb_No par 1934 Feb 24 283 Jan 11
23
1513 May 383 Mar
8
8
233
4 227 2358 2212 2318 2212 2318 2212 23
2218 2318 .
8
25
1012 1012 10 4 103
8
812Mar 2 115 Jan 4
4
3
3
4 103 10 4 1014 1012 1012 1012 10
1012 1,500 Union Oil California
8 July 153 Sept
8
No par 1013 Feb 21 1212 Jan 19
123
4 12
1278 *12
1278 *12
12
•12
200 Union Tank Car
.1118 12
*11
12
113 June 1914 Jan
4
2014 21
2014 21
4
2014 213
612 May 345 Sept
4 2 5 22
8
08
194 213 47,700 United Aircraft & Tran_No par 1613 Mar 2 283 Jan 11
2012 21
8
.544 57
*544 57
50 5112 Mar 1 593 Jan 5
*5012 57 .5012 553
*5014 57
8
6% pref series A
100
4 5512 5512
3014 May 58 Dec
1712 *1438 173 *15
*1414 1713 *15
100 1313 Feb 24 1813 Mar 18
4
17
*1518 173
11 July 2812 Mar
200 United Biscuit
4 1518 1514
100 93 Mar 22 97 Feb 7
*93
97
*93
97
*93
97
Preferred
*93
75 July 103 Mar
97 .93 105
*93 105
1178 117
No par 1014 Feb 25 15 Jan 5
8
8
8 117 1218 113 113
8 115 117
4
4 1112 115
65 June 18 Sept
8
1112 3,000 United Carbon
8 11
14 Jan 4
18 Jan 3
United Cigar Stores
1
18 Nov
134 Jan
34 Jan 13
Preferred
100
612 Feb 2
218 May 20 Jan
44 Mar 31 1018 Jan 11
5 4 618
3
57
8 6
No par
53
4 6
312 June 14 Sept
63
8 57
8
8
514 55
8
47
5 53 60,000 United Corp
284 2812 2812 285
8 28
8
Preferred
No par 26 Mar 31 373 Jan 6
28
20 June 3938 Sept
277 284 2712 273
8
275
8 3,600
4 26
*7
8
1
112 Jan 9
3 Feb 17
4
100 United Dyewood Corp---100
3
4 112
3
4
3
4
3
4
3
4
7 Apr
8
*8
8 112
*32 112
318 Sept
*2
.2
3
2
3
4 Jan 12
1 Mar 31
2
2
23 July
8
2
*2
214
67 Aug
1
13
4 1,300 United Electric Coal_ No par
8
4
3214 327
8 313 33
3113 333
No par 2314 Jan 3 3513 Mar 10
4 3214 3314 3214 33
1014 June 325 Aug
10,200 United Fruit
3112 34
8
1518 1513 143 1514 144 1518 15
4
3
914 June 22 Sept
15
143 24.300 United Gas Improve_ _No par 14 Mar 31 20 4 Jan 11
4
145 15
8
14
*___
9014 *8618 90
8
Preferred
No par 907 Mar 22 100 Jan 9
70 June 99 Dec
*86
*86
8912 *8618 8912 *863 8912
90
4
*Ty 2
*12 2
13 Jan 23
12 Jan 23
100
*12 2
12 Dec
United Paperboard
*12 2
*12 2
*12 2
84 Aug
3i2 Mar 3
612 Jan 3
United Piece Dye Wks_No par
33 June 117 Sept
8
*3 4 43
3
4 *33
4 412 *34 44 *312 412 *312 412 *312 412
8
*60
65
100 60 Mar 28 7413 Jan 25
60
*60
65
8412 June 9313 Jan
*60
65
60
834% preferred
10
*55
75
*55
70
47, 1
8 may
4
3 Jan
138 Jan 5
34 Feb 28
*7
8 1
*7
8 1
*7
8 1
100 United Stores class A_ _No par
1
1
*78
1
*4514 5318 *4514 49
Preferred class A___ No par 45 Mar 21 5118 Feb 3
*44
27
*4312 49
49
*4312 49
*4312 49
Jan 4814 Mar
2212 2234 22 22
*22
11 May 31 Sept
Universal Leaf Tobacco No par 22 Feb 16 26 Jan 11
700
2218
2312 *2214 2312 *2218 2312 22
*H
15
4
*11
*11
15
*11
15
40 Universal Pictures 1st pfd_ 100 103 Feb 1 15 Jan 21
*6
11
11
13
104 Dec 50 Jan
11
I3 Mar 23
4 Jan 5
Universal Pipe & Rad- _No par
*12
3
4
"2
58
*12
5
8
22 Apr
218 Aug
"2
5
8
"2
5
8
"2
5
8
84 Mar 1
103 Jan 5
8
78 8
7
20
713 73
2,800 U S Pipe & Foundry
4
714 June 1818 Sept
71 2
712 712
714
73
4 x714
712 758
4
No par 13 Mar 15 143 Feb 10
*1314 133 *1314 137
4
lot preferred
1312 *13
114 June 1638 Aug
8 1314 1314 *13
100
4
137 *123 1312
8
413 Jan 20
2 Feb 23
US Distrlb Corp
No par
*1
314 *1
312 *118 312 *118
312 *1
2 June
312 *118 312
518 Dec
38 Jan 30
3 Jan 30
2
U S Express
100
14 Jan
*14
*14
3
4
*14
3
4
*14
3
4
*14
3
4
3
4
114 Sept
*14
3
4
7 Feb 16 12 Mar 16
No par
*848 1112
9
9
*85 1112
8
87
8 9
*9
10
34 May 1534 Sept
600 U S Freight
85
8 85
8
318 Feb 23
Foreign Secur__ _No par
5 Mar 15
338 3 8
358 358
138 June
312 312
314
33
8 1,000 US &
8
3
4 33
8 *314 33
5
614 Sept.
Preferred
No par 3612 Mar 28 50 Jan 5
*3912 4212 3912 3912 3612 3612 *364 43
400
393 393 *37
4
26 June 84 Sept
43
4
21
2118 21
20 18 Feb 25 2314 Mar 18
2114 2112 2112 21
22
22
2212 21
3,300 US Gypsum
1012 June 27 Sept
22
2
2 18 *158 2
213
112 Mar 30
*2
212 *2
3 Jan 5
14
15
8
15
8 1,400 U 8 Hoff Mach Corp_ _No par
158
34 Apr
6 Sept
20
2014 197 2012 20
8
2I38 21
1314 June 3614 Sept
8
2214 207 2218
193 223 18,000 U S Industrial Alcobol_No par 1312 Feb 28 2714 Jan 10
4
8
*314 312 *314 34 *313 34
238 Mar 1
No par
434 Mar 16
314 312 *318 33
600 U S Leather v t c
4 .318 33
114 May
714 Sept
4
414 Feb 25
Class A v to
No par
*63
4 73
4 *04 713 *714 7 4
9 Mar 16
7
712
7
7
74 7 4
3
3
3
90(2
314 June 16 Sept
*29
45 .29
*29
45
*28
45
Prior preferred v to
45
100 30 Feb 23 50 Jan 13
*29
45
*29
45
4414 June 7018 Sept
Impt__ __No par
213 Feb 28
55 Mar 16
8
• 8 418
37
2 June 1184 Sept
4 1,100 U S Realty th
33
4 33
4 *33
312 312
4 4
34 312 *314 33
314 33
2 8 Feb 27
7
No par
312 312
4
8
53 Jan 12
4
37
s 37
33
8 312
33
4 37
8
318 314 2,300 U S Rubber
14 June 1014 Aug
7
7
7
7
*63
4 8
512 Feb 23 12 Jan 13
100
712 73
1st preferred
318 June 20 4 Aug
8 1,400
4
614
73
718 714
3
2018 2014 2013 213
1312 Jan 3 2314 Mar 18
50
4 203 2112 2114 213
4
10 June 223 Aug
5,700 US Smelting Ref & Mln
4 2112 2218 214 22
4
4314 4314 4314 423 43
8
*4214 424
8 425 4248 43
Preferred
50 3913 Jan 4 4314 Mar 28
4
31 July 4578 Aug
390
4212 43
100 2338 Mar 2 3354 Mar 16
2734 285
28
8 273 284 2758 29
2918 277 285
4
2114 June 525 Feb
65.975 U S Steel Corp
8
8
8 265 29
8
100 53 Mar 2 6712 Mar 16
Preferred
5858 5912 59
80
6014 58
80
607
8 59
5112 June 113 Feb
6014 12,000
593
4 59
No par 59 Jan 9 x71 Mar 16
67
6712 *663 88
87 87
*67
68
400 US Tobacco
4
55 June 66 Apr
*667 68
8
*663 68
4
2 Mar 29
212
212
418 Jan 11
28 2 8
3
113 May 1038 Jan
8 4,400 Utilities Pow & Lt A-._No par
214 23
3
8
2
2
21
2
2 18
23
8
03
5 Jan 30
8
38 Jan 8
No par
14 Mar
*12
12
12
*12
5
8
14 Sept
12
12
3
8
12
5
8
12 1,506 Vadsco Sales
*2434 251s 243 243 *2312 27
100 1518 Jan 11 2434 Mar 20
*2318 27 .2312 27
4
Preferred
4
12 June 20 Jan
100
*2312 27
54 may 2334 Sept
758 Mar 2 1414 Jan 11
4
1012 *103 11
*103 117
4
8 10
104 1014 1014 1014 1014 107
8 1,400 Vanadium Corp of Am_No par
24 Feb 16
13 Jan 4
4
*21s 35
8 *218 35
2 Dec
Van Raalte Co Inc
No par
8 *218 3 8 *218 35
8 5218 35
5
8 *21s 344
7 Feb
*25
*25
42
*25
42
.25
42
5% non-cum pref
100 24 Jan 27 3812 Feb 17
42
42
*30
1512 July 423 Sept
*30
42
4
114 Mar 24
5 Feb 23
8
Is Mar
114 *1
Us 118 *1
Ps
Ds
600 Virginia-Carolina Chem No par
1
118
1
1
1
238 Aug
614 Mar 24
8
318 Feb 1114 Aug
33 Mar 2
8% preferred
100
400
43
4 43
4
57
8
64 814 *54 84 *5
414 414 *5
54
3 Mar 31 5012
8
7% preferred
6 0 JA pe 800934 SeptNov
2
0 un r
a 25
n 5
100 35
100
8
4012 *3518 404 *35
*35
4012 *35
*37
41
353 353
8
41
60 Virginia El & Pow $6 pf No par 69 Mar 31 855 Jan
8
7012 7012 *6913 73 *Ws 73
*7212 73
691s 6918 69
6918
5
4
1714 17
183 163
714 July 344 Aug
100 123 Feb 25 20 8 Jan 6
150 Vulcan Detinning
*1614 17
17
8
8 1612 1612 16
1614 1612
87 Jan 20
8
718 May 19 Jan
8
55 Mar 29
No par
55
8 7
63
4 67
8
7
718
*67
8 714
63
8 63
4 *57
8 64 1,800 Waldorf System
2 Jan 10
1 Feb 2
112 *1
*118 112
3 June
4
No par
200 Walworth Co
112
112 *1
112 *1
118 *118
1
44 Aug
312 Jan 13
218 Mar 15
Ward Baking class A-No par
214 May 1014 Jan
8 *214 27
8 *214 27
8 *214 27
*214 314 *214 27
8
8 *214 27
1
54 May
*7
8
7
8
14 Jan 8
7
8
Class B
3 Mar 3
4
600
No par
*7
8 1
4
8
25 Jan
8
*7
8
1
7
8
7
8
12 May 4013 Mar
Preferred
100 1218 Mar 15 15 Jan 12
*812 147
1478 *9
147
8 *9
8 *9
8 *812 147
g *812 147
144
4June
214 Jan 4
1 Feb 25
5
114
13
8
114
114
114
114
114
114
118
118
13 21.700 Warner Bros Pictures
8
114
412 Sept
63 Jan 21
8
414 Feb 7
4 June 20 Feb
No par
83.85 cony pref
812
812 *3
812 53
84 *3
812 *3
*3
812 *3
112 Jan 13
5 Mar 21
8
12May
Warner Quinland
*5
8
1
No par
*5
8 1
*5
8
1
*5
8 1
*3
4 11
*3
8
1
214 Aug
114 May
43 Jan 11
4
212 Feb 26
No par
900 Warren Bros
33
4 33
4
312 3 8
5
33
4 4
*34 4
4
4
*34 4
vs Sept
712 Feb 14 1178 Jan 11
.74 814 *713 814 *712 814 *712 814 *712 814 *74 814
2 June 1712 Jan
Convertible pref.__ _No par
5 Feb 20
9 Jan 17
Warren Fdy & Pipe__ No par
714 May 144 Sept
714
714 *514
*514 714 *514 714 *514 714 *514 714 *514
218 Mar 1
1 Jan 18
No par
200 Webster Eisenlohr
114
114
*114
2
118 .114 2
•112 2
114
114 *118
2 Jan
5 May
8
7 Mar 3 14 Mar 16
818 July 20 Sept
1,500 Wesson Oil& Snowdrift No par
1112 1112 11
8 1012 10521
11
105 105
8
104 11
*103 11
4
423 July 5813 Sept
Cony preferred
No par 40 Mar 3 49 Jan 3
4
*42
47
*42
50
*42
45
*42
50
*42
45
*42
50
123 June 50 Feb
8
8
195 2012 195 2014 1912 21
8
4 175 1912 31,579 Western Union Telegraph 100 1714 Feb 25 31 Jan 11
8
183 193
4
193 21
4
4
924 Apr 1818 Sept
1512 1578 154 157
1512 xI514 1538 5.100 Westingh'se Air Brake_No par 113 Jan 3 1678 Feb 11
8 1514 1538 153 153
22
4 15
4
8
155 June 4313 Sept
8
4
24 8 2518 2418 2478 233 2518 24
5
4
2514 233 2412 223 2432 14,300 Westinghouse El & Mfg__ -.50 193 Feb 25 313 Jan 11
4
5212 June 82 Sept
1st preferred
50 6012 Feb 2 7212 Jan 11
30
*6712 6812
89
*8812 69
68
6812 *6712 6812 69
*6812 69
5 Jan 10
312 Feb 27
Weston Elea Instruml_No par
212 Apr
*314 4
*314 4
914 Feb
*314 4
*314 5
*314 53
4 *314 5
8
Class A
No par 10 Mar 31 147 Feb 7
100
134 Apr 19 Jan
1012
1712 10
•10
1712 *10
1713 *10
174 *10
174 *10
25 May 80 Sept
40 West Penn Elec Class A_No par 34 Mar 22 5112 Jan 13
4
*323 36
.33
*323 36
4
38
38
37
38
*33
38
38
100 3838 Mar 27 63 Jan 13
22 June 76
Preferred
320
40 40
*383 4014 3812 401 2
8
*3912 41
4012 41
383 41
8
Jan
20 June 70 Jan
8% preferred
100 3413 Mar 31 52 Jan 12
140
35
8
8 35
3514 353 353
*35
35
3614 *3513 36
3458 3412
80 June 111
70 West Penn Power pref._ _ _ 100 96 Mar 18 110 Jan 12
100 100 .100 101
100 100
•98 105 .98 105
Oct
*98 105
100 83 Mar 30 101 Jan 11
6812 June 1013 Mar
6% preferred
90
*82
85
83
84
4
•84
85
85
85
86
86
*85
86
438 Mar 16
312 Nov
2 4 Mar 31
3
100 West Dairy Prod cl A-No par
4
23
4 23
1612 Mar
4 314
*212 3 4 *23
*218 4
*212 4
8 33
4 *23
3
17 Mar 17
8
1 June
4 Mar 3I
Class B v to
No par
78 1,600
78
438 Mar
•118 114 *118 114
118
1
118
*12
1
118
5 Mar 3
8 Jan 24
3 June 1258 Mar
•612 713 .622 713 *613 7
100 Westvaco Chlorine ProdNo par
7
.622 713 *623 722
7
8 Jan 11
5 June 15 Sept
723 Jan 4
Wheeling Steel Corp -No par
*7
8
*7
8
*7
8
•7
8
.7
8
*7
8
64 June 2714 Sept
White Motor
50 14 Jan 26 14 Jan 25
*1214 23
*1214 25
*1214 23
*1214 23
*1214 25
*1214 23
193 Nov 24 Oct
4
Certificates of deposit
4
11 July 2812 Mar
700 White Rock Mtn Spr ctINo par 113 Mai 29 16 . Jan 11
i'll Iiii "iiia - 3- »ii" liii -His 118
1i- ;ii12 12
II- ii1i2 -12 Jan 20
3 Jan 3
8
White Sewing Machlne_No par
14 Apr
214 Aug
*12
3
*12
8
4
.
13"/ $34
*12
3
4
*12
3
4
*12
3
4
4
118 Jan 14
14 Mar 18
ells z 213 *Ds 212 *118 212 *Da 214 *Ds 214 *118
Cony preferred
8 Apr
No par
4
2 4 Sept
3
212
5
3 Jan 4
2 Mar 2
23 May
4
200 Wilcox 011 & Gas
*212 278
814 Aug
212 213 *213 278 *213 27
213 213 *214 212
8
1814 Jan 12
1313 June 2012 Mar
Wilcox-Rich cl A conv_No par 15 Mar I
*15 il __ •15 ____ *15 ____ *15
174
173 .15
8
175 *15
8
2 8 Jan 4
3
'is Mar 30
5
148
18 *____ ____ 105,200 WIllys-Overland (The)
14
5 May
8
Is
54
3
8
3
8
37 Sept
kt
24 _- 3
18
8
6 June 25 Jan
100 12 Feb 14 174 Jan 24
Cony preferred
_
•118 R914 *118 914 *114 914 *114 914 *114 6_ _
15 Jan 10
8
4.124 ja 138
7s Jan 3
No par
138 132 112 112 112 112 *114 112 138 18
%June
500 W112012 & Co Inc
134 Mar
3618 Mar 16
4 Jan 3
5
54 1,100
8
53
8 58
8 451, 53
518 53
8
*52 • 512 *518 512
8
15 May47 Sept
,
No par
8
Class A
100 19 Mar 2 2523 Mar 16
11 June 31 Mar
8
Preferred
*2112 2278 *2114 227 *2112 2278 2134 213 *213 2223 *21
100
4
8
4
227
10 2523 Feb 25 3718 Jan 5
4
2812 287
8 283 2912 283 2918 4Mar 22 June 4558
8
28121 29
273 17,100 Woolworth (F W)Co
4
273 2812 27
6 May 24 Sept
3 Mar 2 16 Jan 11
100
Worthington P & M
*12
123 .1214 13
4
*1112 1212 *11
4
113
4
*12 '1 134 *113 13
1412June 41
100 14 Mar 15 23 Feb 9
Preferred A
16
15
15
14 4 15
3
*16
20
16
700
16
18
151 15
Jan
12 May 31 Sept
100 14 Feb 28 1818 Jan 11
*1258 25
Preferred B
14
•13
20
100
14
20
*1312 20
*1212
*1313 20
9 Jan :11
818 Feb 28
34 Apr 1812 Sept
*814 11
*814 11
30 Wright Aeronautical_ _ _No par
*814 11
11
814 814 .6
*814 11
2514June 57 Jan
,No par 3412 Feb 28 397g Mar 16
8
*3718 374 3612 37
8
4 365 38
1.800 Wrigley(Wm)Jr(Del)
375 373
8
4 375 373
38438
914 Mar 16
7 Jan 20
25
613 July 15 Sept
100 Yale & Towne Mfg Co
87
8 *8
*8
85
8 *8
8 8 87
7
8
87
8
*8
9
*8
9
414 Jan 11
218 Mar 2
13 June
8
23
23
4 27
8
24 3
23
4 23
4 4,100 Yellow Truck & Coach el 13.10
23
4 23
4
4 27
8
33
7a4 Sept
8
12 May 4018 Sept
100 18 Mar 2 237 Feb 7
.185 21
8
Preferred
*125 21
8
*1858 21
1.1852134 *185 21
*125 21
8
8
34 Mar 30
824 Jan 31
3 June 117 Sept
*34i
i,
614 *313 47
8 *313 47
100 Young Spring & WIre-No par
8 .34 618
8
5
312 34 *3 e 618
712 Feb 28 1312 Jan 11
4 May 2712 Sept
914
*94 1014 *9 4 1014 *1018 1013 1018 1018
914
3
400 Youngstown Sheet & T_No par
918 94
1 Jan 16
12 Feb 27
zenith Radio Corp----No par
*5
8
3
4
*3
8
8
4
2 Jan
It May
*5
s
8
4
*5
8
3
4
8
3
4
*5
4
*5
8
3
513 Mar 16
4 Dec
352( Feb 28
1
43
43
8 43
4
4
43
8 45
8
43
8 43
412 43
4
433 5
9 8 Mar
7
s 412 4,900 Zonite Products Corp
$ per share $ per share
7
7
*7
73
4
612 612
*812 7
*
4
3
4
*
4
3
4
*1218 135 *1218 1358
8
358 35
38 38
5
5
8
2714 2714
*274 28
*83 15
4
*83 15
4
*47
*47
50
50
4
178
17
8
17
8 *13
1658 1678 163 17
8
.
Highest.
PER SHARE
Range or Previous
Year 1932.
•Bid and asked prices, no sales on this day. a Optional sale. a Bold seven days. z Ex-dividend. a Ex-rights. a Ex-wa,rrants.
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
-except for income and defaulted bonds.
On Jan. 1 1909 the Exchange method of gaoling bonds was changed and prices are now "and interest"
...
a
?.._
41
E
Week's
Price
3.,'
BONDS
s
.Zc
Range
Week's
Price
BONDS
gz!
Friday
Range or
N. Y. STOCK EXCHANGE rE
Since
,..0:i
Range or
Friday.
EXCHANGE fl
N. Y. STOCK
...a, Mar. 31.
cc c•`'
Sale.
Last
Week Ended Mar. 31.
Jan. 1.
Last Sale.
-s e, Mar. 31.
Week Ended Mar. 31.
2205
Range
Since
Jan. 1.
Mon No. Low
High
Bid
Ask Low
High
4412 am.%
12
50
67 a46
Dominican Rep Cust Ad 543'42 M 0 46
2
37
38
41
4 - -- 36
1940 A 0 363
993041103154i
1st ser 543 of 1926
5 03414 4002
38
4
,
2d series sink fund 548_1940 A 0 363 38 33114
101%4102 in
23
60
35
,
85 2
9933311023'1i Dresden (City) external 78_1945 MN 53 Sale 53
93 1013
i
1047 .1 .1 9814 Sale 9778
998 29
1011%21011i,, Dutch East Indies exti (39
995
44
9314 101
4
40
1962 M S 983 Sale 9818
-year external 68
913 100
15
4
983
-year ext 54s____Mar 1953 M S 975 Sale 97
30
100,3341033°33
2
97
9212 9938
07
30-year exti 54s__Noy 1953 M N 9818 100
103148.11144,
35
10
43
35
35 Sale 35
993411071':2 El Salvador (Republic) 8s A_1948 .1 J
_
__ _ _
60 Dec'32 __ _ _
__ 35
.1 J
Certificates of deposit
981.441051,4i
487
4
8
46
533
- _-9
87
4 8
971441022344 Estonia (Republic of) 7s____1967 .1 J 45
60
5812 67
7
93334498.st Finland (Republic) ext 63_1945 M 5 60 Sale 5812
6018 72
14
647
8
615
External sinking fund 78__1950 M S 6112 65
,
98 102 'n
68
57
6012 24
External sink fund 648_1956 M 5 60 Sale 59
963%41021in
5818 28
57
62
External sink fund 534s._1958 F A 5818 Sale 58
951314100'n
5578 61
9
5712
8
Stun Loan 648 A_-1954 A 0 5712 Sale 557
Finnish
58
11
61
55
External 648 series B____1954 A 0 5712 Sale 5712
State & City-See note below.
4 82
343
2518 51
4
4
4
973 973 Frankfort(City of) a 11 64s__1953 MN 2518 Sale 2518
.33 ____
may 1957 M N -------- 973 Feb
NY City 448
141 120 12702
122
French Republic extl 748_ _1941 J D 122 Sale 120
11312 48 a11212 12312
1949.1 D 113 Sale 113
External 78 of 1924
Foreign Govt. &Municipals.
1718 3412
9
3012
1947 F A
1718 Sale 1718
Agile Mtge Bank a f 6s
28
1718 r3512 German Government Interna5
Sinking fund 68 A._Apr 15 1948 A 0 1718 Sale 1718
504 2174
41
6414
6878
83
7
6512
tional 35-yr 548 of 19301965 J I) 4212 Sale 41
_
_ 1963 M N 654 Sale 6512
Akershus (Dep() ext
8
727 775
4
6312 863
4
8
7% 103 German Republic extl 73_1949 A 0 66 Sale 6312
6
758
614 8
58_Antioquia (Dept) coil 7sA .1945 J .1
11
German Prov & Communal Ilks
7
4 11
73
1945.1 .1
7 Sale
7
External s t 79 ser B
131 03412 554
41
(Cons Agile Loan) 634s A_1958 -1 D 37 Sale a3412
1012
712
1
712
1945.1 .1
614 15
712
External a f 78 ser C
53
64
52
51
5218 58
6
1954 NI N
1014 Graz (Municipality) 8s
7
7 sate
5
7
1915 J .1
7
External a f 7s ser D
4
8
9 5 Gt Brit & Ire(U K of) 548_1937 F A 1043 Sale a10414 10514 627 103 106%
6
9
8
6 Sale
6
1957 A 0
External a 178 1st ser
10514 10514
F A --------10514 Jan'33 __
Registered
1012
5
5
7
5 Sale
5
External sec s f 7s 2d ser 1957 A 0
310 072
77
77
4
4
93
84% fund loan £ opt 1960_1990 M N a763 Sae 7614
5
4 17
73
5 Sale
5
External sees t 7s 3c1 aer 1957 A 0
Greater Prague-See "Prague"
7514 83
8 13
777
77
Antwerp (City) external 5s 1958 J D 7718 78
18 Nlar'33 ___016
2812
1818 32
5012 Greek Governments I ser 79_1964 NI N
41
5012 13
Argentine Govt Pub Wks Os.1961) A 0 48 Sale 48
1712
1712
1612 21
1968 F A
1518 17
:1
Sinking fund sec 69
Argentine Nation (Govt of)783
4 13 071
743
'52 A 0 74% 7434 7312
Haiti (Republic)8 f 6s series A.
51
41
5014 87
Sink funds Os of June 1925-1959 J I) 4712 Sale 1612
4112 64
36
59
4012 5012 Hamburg (State) (is
1946 A 0 3612 Sale 36
5012 78
8
1959 A 0 477 Sale 478
Exti 8 f 6s of Oct 1925
60
34
1
3414
4
475
Heidelberg (German) extl 710'50 J .1 2518 333 3414
81 0404 51
51
External 8165 series A.,...1957 NI 5 49 Sale
61
47
5
4
563
Belsingfors (City) ext 648 1966 A 0 5512 Sale 5512
4
5012 106 0403 51
External 6s aeries 13_ _Dec 1958.1 D 48 Sale 4612
2312 12
15% 2312
3
40 8 508 Hungarian Munie Loan 748 1945 J J 2138 2212 21
64
50
1960 M N 48 Sale 47
Exti a t Os ot May 1926
19
73
24
24
Externals t 79__ _ _Sept 1 1946.1 1 2212 Sale 2178
501 104 04018 5012
External s t 6s (State Ry)_1960 NI 5 4712 Sale 473
3212
24
24
5
4014 507 Hungarian Land Si Inst 74s '61 MN 24 Sale 24
41
50
Exti Os Sanitary Works_ _1961 F A 4738 Sale 47
254
31
24
3
255
1912 26
1961 M N
501
Sinking fund 749 ser B
41
5014 71
Exti Os pub wks May 1927 1981 M N 48 Sale 48
3114 45
1
8
313
3114
35
3114
4612 Hungary (Kingd of) 51 748_1944 F A
38
24
46
Public Works exti 549_1962 F A 4312 Sale 4312
78
76% 7814
8
6
1960 NI N 773 793 7712
8
497 5612 Irish Free State extl 8 f 5s
5612 Mar'33 ____
_1945 51 5 5012 59
Argentine Treasury 58
111
97
94% 101
783 467
71% 783 Italy (Kingdom of) exti 7s....1951 .1 D 96 Sale 95
E_-Australia 30-yr 5s. .July 15 1955.1 J 7612 Sale 7618
101
8
967 101
5
7214 783 Italian Cred Consortium 78 A'37 M S 100 Sale 99
784 72
External 59 of 1927__Sept 1957 M 5 77 Sale 77
93
9018 97
7
1947 M S 93 Sale 93
External sees f 7s ser B
6818 7404
7414 194
External g 448 of 1928_1956 M N 7314 Sale 7114
00
30
8
8412 95 2
,
Italian Public Utility extl 79_1952 J 1 a8638 Sale a863
908 34
8612 95
1943 J D 90 Sale 8612
Austrian (Govt) 0 f 78
8478
54
5612 39
Internal sinking fund 75_1957 J .1 54 Sale 54
60
116
45% 60
Japanese Govt 30-yr 51 648_1954 F A 58 Sale 58
69
48
44 a44
I3avaria (Free State) 643_1945 F A a44 Sale a41
4712 213
3512 493
4
Extl sinking fund 548_ 1965 M N 4612 Sale 4612
9812 102
76
1949 NI 5 99 Sale 9812 100
I3eIglum 25-yr exti 614s
Jugoslavia (State Mtge Bank)
98
92 12 110
89
1955.3 J 9218 Sale 92
External a!Os
12
2
20
4
1238
8
1957 A 0 123 143 12
Secured s f g 7s
9912 1074
1955 J D 10218 Sale 10112 10212 220
External 30
-year a t 7s
5412 64
4
55
5412
Leipzig (Germany) s f 7s..1947 F A ____ 53
1956 MN 102 Sale 10112 10212 64 100 108
Stabilization loan 78
8 12
573
194 6012
Lower Austria (Prov) 734s._1950 J D ____ 597 5612
Bergen (Norway)4 11 0101 1053
4
-year 68...1934 NI N 10138 Sale 10112 1013
75
75
Jan'33 ____
Lyons (City of) 15
75
Extl sink funds 55_ _Oct 15 1949 A 0 60
80
8
6 010114 10518
63
14
7518 Marseilles (City of) 15-yr 68_1934 MN 10138 Sale 10112 1015
6418
63
M S 60
72
External sinking fund 59 1960
85
9
78 14
9,2 77
D
738
Nledellin (Colombia)64s...1954 J
4078 62
60
28
Berlin (Germany)8 f 634s...1950 A 0 3412 Sale 28
218 3
3
2%
218
2% Sale
Mexican Irrlg Asstng 449_1943 M N
55
57
38
32
Externals f 6s_ _June 15 1958 J D 2912 Sale 32
Apr'30
__ 26
Mexico (US) extl 5801 1899 .£ '45 Q J ____
23
1612
15
Bogota (City) extl 51 85....1945 A 0 1518 Sale 151s
6
if:
138
Mar'33 --- 8
35
5
314 _1945 ____
5
Assenting 58 of 1899
412 538 412
Bolivia (Republic of) exti 88_1917 M N
8
412 74
_ --_
__
5 Dec'32 ____
Assenting 58 large
4%
2
312 612
External secured 7s (ftat)_1958 J J
418 43
4 4
4 3
iT
2
214
238 314 214
612
____
8
35
Assenting 4s of 1904___ ._
418
412 334
412 19
1969 M S
External a f 78(flat)
_
314 Dec'32 ____ __
_ _
____ __
Assenting 48 of 1910_ ..
Bordeaux (City of) 15-yr 68.1931 MN 1015s Sale 1015
8 10138
2 a10114 10514
5
;
i;ii 3
2
'4
3
34
31
RI ---Assenting 45 of 1910 large
Brazil (U S of) external 88 1941 .1 D 244 Sale 24%
2512 42
1638 2612
1
212
214 312
212
____
4
2512 127
153 2512
Assenting 48 of 1910 small_ __ _ __ ____
External s f 6 4s of 1926 1957 A 0 2318 Sale 2318
.
*
4
143 2512
Tress 88 of'13 assent (large)'33 J .1
2512 228
External s t 6 48 of 1927 I957 A 0 2414 Sale 24%
*
•
*
*
Small
1918 Sale 183
2012 60
1952 J D
8
78 (Central Ry)
1212 23
63
80
90
83
5712 7212 Milan (City, Italy) exti 640 1952 A 0 8212 Sale 804
62
62
1935 NI 5 5712 sale 5712
Bremen (State of) exti 7s
6412 7712 Minas Geraes (State) Brazil
4 35
693
1957 M S 68 Sale 68
Brisbane (City) 8 f 53
12
51
2338
23
2112
1958 M S 2112 Sale
4 61
693
External s t 649
Sinking fund gold 58
1958 F A 67% Sale 67
637s 694
2212 18
1112 2338
70% 78%
1959 M S 2112 Sale 2112
Ext sec 648 series A
7812 20
4
-years t Os
4
20
1950 J D 763 Sale 763
16
1238 21
3
16
19
1952 J D 16
29
2418 297 Montevideo (City of) 7s
4
94
Budapest (City) extl a f 69_1962 J D 2712 Sale 2712
18
11
1
16
16
15
13
42
1959 NI N
4
4114
External 3 f 6s series A
37
45
42
Buenos Aires(City)8452 B 1955.1 J 40
9 64
753
7112 76
3714 4418 New So Wales (State) exit 5s 1957 F A 74 Sale 7318
1960 A 0 2412 '25
4338 Mar'33 ____
External 8 f Os ser C-2
45
754
75
71
Sale 73
Apr 1958 A 0 7412
External 8 f 88
3412 46
4722 42 Mar'33 ____
External 51 Os ser C-3__ ION A 0 40
8112 87
a8514 56
1943 F A a8514 Sale 8318
42
24
18
24
Norway 20-year ext Os
Buenos Aires (Prov) exti 68_1961 M 14 23 Sale 2218
8 49
857
8118 87
24
1944 F A 8512 Sale 83
39
21
24
20-year external 6s
Stint (Sep 1 '33 coup 011)1961 M S 21 Sale 21
8412 44 03012 8812
24
1952 A 0 8512 Sale 8112
21
-year external 68
1738 24
30
4
1961 F A 223 Sale 2238
External 8!649
7912 15 a7412 85
8
227
1965 J D 7914 Sale 78
4
22
8
227
-years f 548
223u 2212
40
on)1961 F A 21
Stpd (Aug 1 '33 coup
16 a7212 83
78
%
4
21
2
197 2318
External 8 f 53_ _Mar 15 1963 M S 773 Sale 7612
1812 107 20
Bulgaria (Kingdom) a f 78..1967 .1 .1
5
7514
7438 78
7514
81
2314
7
Municipal Bank extl 8f 59_1987 J D 73
2212 2712
Stabil'n s t 74s__Nov 151988 NI N 2'212 Sale 2212
,
77 2
4
753 Feb'33 ---- a75
82
Municipal Bank extlef 5.9_1970 J D 73
373
33
16
5212
4
33 Sale 33
13
1414
1212 1634 Nuremburg (City) extl 69_1952 F A
9 Sale 1314
(-aides Dept of(Colombia)734s'40 J J
4534 70
35
468
1953 M S 45 Sale 45
4
80% 135
79
Oriental Devel guar 68
88
Canada (Dom'n of) 30-Yr 43_1960 A 0 80 Sale 793
3112 4218
9
397 Sale 3812
3912
1058 NI N
119 017 1014
a9414
8
958
Exti deb 54s
1952 M N 95 Sale
58
83
80
13
83
8114
85
953
1955 M N 81
75
8
953 9434
931 100 4 Oslo (City) 30
,
-years f 63
1930 F A 05
448
78
5
74
86
1954 J .1 74 Sale 74
Carlsbad (City) 8 t 811
100
993 102%
I
4 9
97
l23j 10
1314 Panama (Rep) extl 53.4s...1953 J D 100 1021 100
9
9
Canes Val (Dept) Colom 74s'46 A 0
2812 15
2'218 46
Extl 5188 ser A _ _May 5 1963 M N 2712 Sale 27
Agile Bank (Germany)Central
9
73
4
83 1038
3
88 718
59
166
47
47
extl 75'47 M S
75
Pernambuco (State of)
Farm Loans f 78_ _Sept 15 1950 M S 51 Sale
2
612
812 10
612
612 8
8
493 136
1959 NI 5
3618 87
Peru (Rep of) external 7s
Farm Loan 51 68--J111Y 15 1960 .3 J 4012 Sale 3618
112 13
4
4
738
414 Sale
4912 296
36
6(17
Nat Loan extl s f 68 1st ser 1960 J D
8
A 0 38 Sale 36
Farm Loan s f 68...Oct 15 1960
404
414
412 10
414 Sale
7
60
202
46
7512
Nat loan extl 8!6s 2d ser_1961 A 0
Farm Loan (laser A Apr 15 1938 A 0 50 Sale 46
557
5312 59
11
1940 A 0 5312 Sale 5312
Pt 10
a578 1114 Poland (Rep of) gold 68
612 8
614
_ _1942 M N
Chile (Rep)-Ext1 8 f
5434 143
514 5812
8 23
85
5
5
1947 A 0 5314 Sale 5114
5 Sale
10
Stabilization loans f 7s
7s_External sinking fund 68_ _1960 A 0
5914 69
6338 161
8
514
612 18
1950 J .1 617 Sale 60
External sink fund g 88
514 Sale
514 10
Ext sinking fund 68__Feb 1961 F A
1
912 18
15
15
8 34
63
512 10
8
53 Sale
512
Porto Alegre (City of) 88-1981 .1 D 1318 17
J .1
Jan 1961
Ry ref ext s t 6s
1
834 17
14
14
10
15
6
6
6% 13
6 Sale
Extl guar sink fund 734s._1966 J J 124
Ext sinking fund 6s_ _Sept 1961 M 5
9012 93
9
91
559 938 Prague (Greater City) 74s_ .1952 MN ____ 95 91
7311 32
8
512 612 57
External sinking fund 69_1962 M 9
4434 74
3914 63%
57 Sale
NI 5 4012 Sale 3914
7
25
_1963 rd N
58
Prussia (Free State) eta 634851
538 10
External sinking fund Os_
441 224
314 8112
1014 24
1952 A 0 3312 Sale 3118
714 1018 10
a918 13
External s t (is
Chile Mtge lik 648 June 30 1957 .1 D
131
88
97
92
1112
123
1238 16
10
1112 15
Queensland (State) extl 8 t 76 1941 A 0 8918 Sale 8918
St 634s or 1020__June 30 1001 j D
85
78
8212 33
8
87
8
A 8212 Sale 80
1947 F
25-year external Os
8
738 1114
714 9
Apr 30 1961 A 0
Guar a f 65
53 8 7112
39
68
88
88
9
14
8
9
1062 MN
835 115 Rhine-Main-Danube 7s A _1950 Si S 5378 Sale 538
Guar a f 68
22
13
1234
5
14
12
5
54 14
414 8
5 Sale
Rio Grande do Sul mai 8 t 88_1946 A 0 13
1900 NI S
Chilean Cons Munic 78
13
818 1812
15
1512 1212
1212
12
3
12
External sinking fund 86..1968 J D 12 Sale 12
1612
Chinese (11ukuang Ry) 58 1951 J D
1812
9
1212 69
11 Sale II
82
8212
3
1966 NI N
8112 8512
External s f 73 of 1926
(Oslo) 20-yr a t 68 '54 M 5 8212 88
Christiania
814 183
4
2
1212
4
163 12
4214 88
12
3712 573
External s f 7s mink loan_1967 J D
2
Cologne(City)Germany6481950 M S 39 Sale 3712
9
1112 16
32
1619
108 016
1678 Sale 016
-year s f 80_1946 A 0 1035 1112 11
3714 Rio de Janeiro 25
Jan 1961 J J
Colombia (Rep) Os
858 13
1012 56
32
912
139
1035 Sale
1612 37
1953 F A
0 1718 Sale 1612
External a f 649
Ext s f (is of 1928_ _Oct 1981 A
8
927
8 65
855
82
25
5
8
247 25
19
30
1952 A 0 8538 Sale 8338
Rome (City) exti 648
634s of 1947 A 0 15
Colombia Nage Bank-5
9012 10114
a97
25
2112
20
6
1964 M N a97 Sale a97
15
1935 2914 Rotterdam (City) extl 63
Sinking fund 7s of 1926___I940 MN
39
32
14
36
4
20
19
3514 35
22
35
1834 30
15
Roumania (Monopolies) 78 1959 F A
Sinking fund 7s of 1927.__1947 F A
8
655 7212
6112 25
4
603
6814 Mar'33 ____
59
73
1953 J J ____ 65
Saarbruecken (City) Os
1952 1 D 6138 64
Copenhagen (City) 58
1018 15
4 53
603
12 Nlar'33 _ -__
58
1012 14
678 Sao Paulo(City)s t 8s_ _Mar 1952 MN
1953 M N 6038 Sale 59
25-year g 448
11
714 1312
5
934
13
4
93 Sale
13 Sale 13
4
103 1618
6
External ri t 6 4s of 1927 1957 M N
Cordoba (City) eta I f 7,._A957 F A
20
2514
2
4
23
4
21
2814 243
2434 2812 San Paulo (State) mai 8 t 89.1936 .1 .1 197 217 21
Externals! 7s____Nov 15 1937 Si N 25
153u 15
1312 18%
26
3
2512
Sale 1334
28
2434 3012
External sec 8 f 88
1950 J .1 14
Cordoba (Prov) Argentina 7s 1942 J J 27
4 27 all% 153
153
4
External s f 78 Water L'n_1956 NI 5 143 Sale 1414
Costa Rica (Republic)918 15
• 1433 64
2634
1
268
1438 Sale 12
2312 27
4
External a f (33
1968 J J
78 Nov 1 1932 coupon on_1951 MN 263 29
50% 59
SO
15
1
531
154 16
14
15
4
191
Secured a t 7/
1940 A 0 50% Sale 6014
3
78 May 1 1936 coupon on.1951_
4
8712 08634
88
23
14
123 17
33 0563 89
4
4
Santa Fe (Prov Arg Rep) 78_1942 Ni S 123 Sale 123
4
Cuba (Republic) 58 or 1904.1944 m E3 80
4112 775
115
86
15
8418
57
87
8418 93% Saxon Pub Wks(Germany) 713'45 F A 438 Sale 4112
External &sof 1914 ser A Mg F A 81
3753 8912
a66 __
523 116
a66 075
Gen ref guar 034s
1951 M N 42 Sale 373
1919 F A a66 Sale a66
External loan 44s
71
24
6018 7412
32
64
6512 753 Saxon State NItge lust 78_ _1945 J D 6018 Sale 6018
Sinking fund 549 Jan 15 1953 J J 66 Sale 6512
6014 88
3458 103
8 10
615
6112 60%
3212 43
Sinking fund g 6 48._Dec 1940.1 D 57
Public wks 64s June 30 1945 J D 3212 Sale 3212
8
125 22
9
3151
1312 16
14
Serbs Croats & Slovenes 88_1962 M N
Cundlnamarca (Dept) Colombia
4
123 211
14
4
/
20
1414 23
1014 16
4
External sec 78 ser B
1962 M N
14 Sale 123
1214 Sale 12%
1959 M N
External a f 634*
45
40
93
70
92
43
2
9914 Silesia (Prov of) extl 78
92
1958 J D 41 Sale 40
Czechoslovakia (Rep of) 88...1951 A 0 ____ 94
5012
33
907s
39
40
8
907 9912 Silesian Landowners Assn 63.1937 F A 34 Sale 33
1
2
2
1952 A 0 ____ 903 907
aer 11
Sinking fund Ss
4 100 108
SO
33
101
75
9238 Solasons (City of) extl 60_1936 NI N 10012 103 100
7712 Sale 77
Denmark 20-year exti 63___ _1942 .1 .1
5012 13
75
1612 57%
21
7512 72
69
87% Styria (Prov) external 72_1940 F A 5012 Sale 48
73
1055 F A
External gold 54s
i
914 987
105
9312 71
85
58% 74 4 Sweden external loan 6 40_1954 NI N 93 Sale 923
3
4
0 6412 Sale 63
External g 448__Apr 16 1962 A
8
8 82 01025 105
1037
Switzerland Govt eat! 548_1946 A 0 1033 Sale 10314
4
Deutsche Ilk Am part et! 69_1932
9031
77
18
86
RO Sale 79
Stamped extd to Sept 1 1935_ _. ____
r Cash sale. a Deferred (Mace Y. I Accrued Interest payable at ex .Lange rate of 51.8865. • Look under list of Matured Bonds on page 2210.
--State and City Securities -Sales of State and City securities occur very rarely on the New York Stock Exchange and usually only at long Intervals, dealings in
NOTE.
such securities being almost entlr'lY at private sale over the counter. Bid and Asked quotations, however, by active dealers In these securities will be found on a 8u bsequent page under the general head of -Quotations for Unlisted Securities."
High No.
Ask Low
Bid
U. S. Government.
First Liberty LoanJ D 100333: Sale 100.4: 100.442 1501
34% of 1932-47
J D 101,54410142 02,642Feb33 __ _
Cony 4% of 1932-47
J D 1012744 Sale 10111321012031 305
Cony 44% of 1932-47
.1 D 101 1011.4o l0Pn Mar'33 ____
2d cony 44% of 1932-47
Fourth Liberty Loan
A 0 1012 44 Sale 1011,321013332 1501
.
44% of 1933-38
1947-1952 A 0 107,34, Sale 10620421083n 790
Treasury 445
1944-1954.1 D 1041C42 Sale 10313421043332 3069
Treasury 48
.1021.4, 312
1946-1956 M S 102,,ti Sale 1013,
Treasury 348
1943-1947 .1 D 10131742 Sale 9934210021H 522
Treasury 34s
Treasury 3s___Sept 15 1951-1955 M S 962044 Sale 96342 963544 1693
10034: 346
Treasury 348 June 15 1940-1943 1 D I001344 Sale 100
.421001'42 696
Treasury 343 Mar 15 1941-1943 M S 1003042 Sale a993
Treasury 34s June 15 1946-1949 J D 98,042 Sale 97142 983.44 2583
Low
•
2206
New York Bond Record-Continued-Page 2
11111111ou
MAIM r,....
sIONDS 111 lonikir r.,' cf,
'
Pried
N. Y. STOCK EXCHANGE 'i Z.,
Friday.
Week Ended Mar. 31...1
.., C. Mar. 31.
_
Foreign Gost.l& Municipals.
Rid
Ask
Sydney (City) 5!Ills
7178 Sale
1955 F A
Taiwan Elec Pow a 1 530_1971 .1 J 3812 395
8
Tokyo City bs loan 01 1912.1952 M S 323 3414
8
External at 5SO guar
1961 A 0 44 Sale
Tolima (Dept of) extl 78
1947 M N
8
11
Trondhjem (City) 1st 530_1957 MN 68
72
Upper Austria (Prov) 7s
1945 J D ____ 57
External St 6340_June 15 1957 J D 44 Sale
Uruguay (Republic) esti 8s 1946 F A 2914 Sale
Externals f 6s
1960 M N
1914 22
External s t6s--- May 1 1964 M N
1812 Sale
Venetian Prow Mtge Bank 78 .52 A 0 9614 98
Vienna (City of) extl at 68_1952 M N
5814 Sale
Warsaw (City) external 7s 1958 F A
3618 Sale
Yokohama (City) exti 68.- A961 J D 433 Sae
8
Week's
Range or
Last Sate.
.:,.1
.E=1,
c5tb
Range
Since
Jan. 1.
Low
High No, Low
717
8
73
36
66
3812
4012 34
3318
3414
3414
5
26
44
45
28
3312
812
87
8
3
812
72 Mar'33 _-__
81
61 Feb'33 ____
50
44
44
1
44
2914
29
29
2
21
223
8 23
21
1812
23
21
1812
9612
9684
9
94
57
607
8 28
56
35
3712 24
35
4358
r46
25
3571
/
High
73
427
8
3614
46
137
8
7514
6212
r56
4018
3114
32
988
8
6818
417
8
495
8
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 31.
' Price
144 0
.... 3
''''E
Friday
....,e_ Mar. 31.
April 1 1933
Week's
Itange or
Last Sate.
..1_
=Z.:
c'C' j.3
,
Range
since
Jan. 1.
Bid
Ask Low
High No. Low
If
24 Sale 21
27
95
21
38
2012 393 28
4
28
1
28
43
__ __ 58
35 Dec'32
20
34
33 Mar'33
55- ---33
1312 17
14
15
10
II
17
14
15
15
15
6
13
22
---_ . _ 6112 Dec'32 ____
94 - - 9412
97
9412
1 -9
-ii, 9914
41
42
41
42
10
38
483
4
3612 Sale 3612
40
3
35
45
43
48
43
45
21
40
62
42 Sale 42
4414 26
40
52
____ 44
4012
4012
3
38
bb
1214 Sale 1214
1512 139
1211 22
33 Sale
4
33
4
412 125
,a31,, 63
4
3812 40
Railroad
3912
40
3
34 - 433
4
--------47 Aug'32 ____
Ala Gt Sou 1st cons A 58_1943 J D 40
8
70 105 Sept'31 ___ ____ ____
3812 4034 40
188 cons 4s ser B
4114 21 -57- -4 2
1943 J D __-- 8012 Feb'32 ____ __
-6,--------60 Sept'32
Alb dr SUfla 1st guar 33is. _1946 A 0 79 ---4 80
823
80
6
___ 47 47 Jan'33
Alleg & West 1st gu 48
1998 A 0 65 ____ 65 Mar'33 _-__
65
65
46 Sale 46
Alleg Vol gen guar g 48
47
1942 M S 9218 Sale 9218
15
9312
6
90
9814
4012 52
6914 Sale 6812
Ann Arbor lot g 4s_ __July 1995 Q J 24
693
4 14
28
28
2818
9
233 2818
58
4
70
_
--------68 Mar'33 __
Atch Top & 9 Fe
-Gen g 45_1995 A 0 8914 Sale 8914
59
68 8
,
917 246
8
8814 97
49
55
Registered
5012
A 0 ___- --- 9012 Jan'33 ____
51
5
9012 9112
457 57,
8
4
173 Sale 17
8
Adjustment gold 4s__July 1995 Nov 79 178
8
80
8114
6
813
8 15
2212
8114 8714
17
173 Sale 1614
8
Stamped
1712 43
July 1995 MN 79 Sale 79
80 8 14
,
79
1512 2012
8812
1712 Sale 1634
18
Registered
MN
32
___ 80
80 Aug'32 ____
lb
2012
712 Sale
Cony gold 45 of 1909_ _1955 J D 76 Sale 76
712
1012 223
81
76
11
76
712 253
8
Cony 4s of 1905
1955.9 D 78 ____ 7658 Mar'33 ---765 8312 Chic R I & P fly gen 48
8
.1 J 53 Sale 53 .
1988
Cony g 4s Issue of 1910
57
1960 J D --------80 Mar'33 ---28
5218 65
73
80 8
3
Registered
J J --------6412 Sept'32 _
Cony deb 43ls
1948 .1 D 87 Sale 87
8812 10
8412 95
Refunding gold 4s
1934 A 0 2112 Sale 21
Rocky Mtn Div 1st 4s_ _ A965 J J ___. 82 84 Mar'33 ---,
2314 iii -i5- -- 3 4
62
8312 85
Secured 43ls series A
1952 M S 2112 Sale 21
Trans
-Con Short L 1st 48_1958 J J 80
223 209
4
92
90
92
1812 293
10
90
9612
Cony g 43is
4
1960 M N
714 Sale
Cal-Ariz lot & ref 430 A_1962 M S 90 Sale 8812
63
4
97 111
8
90
10
8812 9714 Ch St L & N 0 5s_June 15 1951 J D 7112 78
634 1612
A tl Knoxv & Nor 1st g 5s 1946 J D 60
72
72
2
--- 10312 Feb'31 ____
78
Reglstered
J D ____ ____ 6412 May'32_ 72
Atl & Charl A List 4)15 A 1944 J .1 6512 75
71
Oct'32 ____
_
-_
Gold 3308
June 15 1931 J D 41
-- -- 8512 May'31
1st 30-year Is series B
- 1944 J J 687 7212 687
8
8
70
6
3712 7512
Memphis Div 1st g 4s____1951 J D 45
62
46 Jan'33 ---- _ig
Atlantic City 1st COM 4s_._1951 J J --------78 Sept'32---- ____ --__ Chic T II & So East lot 55.196) J D 40
-6CI
42
A ti Coast Line 1st cons 4s July '52 M S 71 Sale 707
42
44
7
8
7118
6 0 -36
77
Inc gu 5s
497
8
Dec 1 1960 M S 1614 22
General unified 4.3.0 A_ _ _1964 .1 D 5312 55
18
20
6
5512 Mar'33 ---18
30
61
Chic Un Sta'n 1st gu 4 As A_1963 J 1 9218 Sale 92
56
I. & N coil gold 48---Oct 1952 M N 5114 Sale 4912
9712 53
5114 17
92 101 18
45
58
1st 55 series B
1963 .1 J 9712 Sale 97
Atl & Dan 1st g 4s
101
1948.9 .1
15
12
16
16
16
95 106
1
1314 2212
Guaranteed g 5s
1944 J D 9612 Sale 9512
2d 4s
99
24
1948.9 .1
818 16
1412 Feb'33 ---023 1015
4
1st guar 63is series C
8
8
18
1963.9 J 11012 111 11014
Atl & Yad 1st guar 48
111
1949 A 0 1212 25
19 1033 114
20 Feb'33
8
20
Chic & West Ind con 4s1952.9 J 6414 Sale 6414
Austin & N NV 1st gu g 5s 1941 J J ____ 9212 104 Mar'31 ---- ____ 28
6518 14
59/ 69
8
____
____
1st ref 530 series A
1962 M S 693 Sale 693
4
4
7512 12
Choc Okla & Gulf cons 58
76 2
,
50
1952 M N 44
Balt & Ohio lot g 4sJuly 1948 A 0 7612 Sale 75
70 Sept'32 ____ _ 69
77
37
75
86
Cin II & D 3d gold 4 As__ _1937 J J
Registered
91
July 1948 Q J ---- ---- 76
88 Feb'33 ---Jan'33 ---88- 188
72
80
C a St L & C 1st g 4s__Aug- 1936 Q F _85_ 96
1__
•
20
-year cony 4)1s
2
9558 Feb'33 ---1933 M S
*
95
Registered
958
August 2 1936 0 F --------97
*
Stpd (10% part reduc)
Oct'32
•
M S
•
Cin Lob dc Nor 1st con
MN 76
80
83 Jan'33
Refund & gen Is series A_1995 .1 D 38 Sale 38
3978 90
3318 443 Cln Union Term 1st gu 48_1942
8
4As___2020 J 1 96
98
1st gold Is
98 Mar'33 ...._ 8
July 1948 A 0 823 Sale 8258
8438 18
8018 9012
lot mtge Is series B
97 10012
2020 J J 10012 Sale 99
Ref & gen 68 series C____1995 J D 4212 Sale 4212
1003
4 32
457
8 81
3712 5012
1st mtge g Is series
9612 10514
1957 M N 100 Sale 100
FL E & W Va Sys ref 4s_ _1941 M N 67 Sale 67
10112 194
69 2 21
,
6112 7518 Clearfield & Mali 1st C
9614 1038
8
gu 5s1943 J J --------75 Sept'32
Southw Div 1st 5.9
1950.9 J 625 Sale 6212
8
63
53
55
Cleve Cin Cid & St L gen 45_1993 J D 70
70
Tol & Cin Div 1st ref 4s A _1959 J .1 - 50
80
75 Mar'33
4912
50
3
4912 5618
General 5s series 13
1993 J D 84
91
8858 Mar'33 ___ _
Ref & gen 55 series D__ WOO M S 3612 Sale 3612
3818 69
3484 4314
885 885
Ref & impt 6s ser C
8
8
1941 1 J ____ 70
Cony 4.30
70 Nov'32 ___ _
2612 Sale 2612
1960 F A
3114 485
26
34
Ref & impt 55 ser D
19632 J 52 Sale 52
Bangor & Aroostook 1st 5s 1943 J J _--- 9312 88
5218 15
935
8
4
88
96
Ref & impt 4).4s ser E
1977 J J 423 Sale 4238
8
Con ref 4s
1951 J J 65
453 172
72 663
4
8
6712
3
7318
40 a49
Cairo Div 1st gold 4s- --1939 1 J 85 Sale 85
Battle Crk & Stur 1st gu 38_1989 J D --------61 Feb'31 ---- _85
85
1
_
Cin W dc M Div 1st g 45 1991 J i ---- 64,2
85
83
Beech Creek 1st gu g 45_
1936 J J ____ 87
80 Mar'33 ---797 Feb'33 ____
8
ill- _-8212
St L Div 1st coil tr g 4s__ _INO NI N 68
823 647
8
4
2d guar g 5s
73
73 Feb'33
1936 .1 J --------100
Jan'30 ---- ____ ____
Spr & Col Div 1st g 48_
73
75
1940 M S 70 ---_ 76 Dec'32 ---_
Beech Crk ext 1st g 33-is
1951 A 0 71 -- -- 88 Mar'31 ---- ____ ____
W W Val Div lot g 4s_ _ _1940 J 1 ____ ____ 5618
Belvidere Del cons gu 3318_1943 .1 J
Aug'32
____
---- ----Big Sandy 1st Is guar
1944 .1 D 80
95 90 Feb'33 -8714 - 9712 C C C & I gen cons g 68_1934 .1 J 100 101 101
Boston & Maine lot bs A C_1967 M S 5714 68
60
Mar'33 ---- IN 10154
62
13
57
Cley Lor & W con 1st g 58_1933 A 0 ____ 95
74
1st kl 58 series II
Sale 61
95 Mar'33
1955 MN 61
63
9
5818 74
Cleveland & Mahon Vale Is 1938 1 J 50
1st g 44s ser JJ
90 101 Sept'31
1961 A 0 55
667 5912
8
60
10
55
Clev & Mar 1st gu g 430...-1935 MN __ 98
70
Boston & NY Air Line 1st 48 1955 F A ---- 58
587
8
587
8
5
5412 6312 Clew & P gen gu 43 ser B1942 A 0 9114 --- 99 Feb'33
-is
Bruns & West 1st gu g 48_1938 J J 843
91 June'32
-- 848 Mar'33 --4
8484 8481
Series B 3 yis
1942 A 0 --------88 Jan'33
Buff Roch & Pitts gene 58._1937 M S --_- 95
4-88
88
2
85
8912
Series A 430
1942 1 J 9114 100
Consol 430
98 Mar'33 --_1957 M N 3814 393 3814
4
4084 98
96
3.13 443
4
Series C 335s
4
98
1948 MN 84
Burl C R &Nor 1st & coll 58_1934 A 0 413 49
8612 84 Mar'33
4
50 Mar'33 ---4614 54
84
Series D 33is
80
1950 A F --------83 Oct'32 --__
_Gen 430 ser A
1977 F A ---Canada Sou cons gu IsA__ _1962 A 0 70
-- 81
Oct'32
- -85
847 Feb'33 ---8
82
8512 Cleve Sim Line 1st
77
Canadian Nat guar 4 tis- -- -1954 M S 793 Sale 794
77 Feb'33_-,- -ii803
8 21
4
4
7914 873 Cleve Union Term gu 430_19(31 A 0 _,„. -s
4
lo"'
lot 5 YSs 1972 A 0 6214 66
30-year gold guar 434 s
6314
1957 I J 79 8112 32
Sale 793
64
8
22
793 8734
61
8
lots! 5s series B
341973 0 59 Sale 58
713
4
A
Guaranteed gold 4)1s_ _ _1968 J D 7714 8012 80
59
9 , 4 693
81
42 080
158 s f guar 43
877
.63
8
8
Guaranteed g 5s
July 1969 J .1 8412 Sale 8412
54
86
23
26 .8412 0312 Coal River Ry -Os series C1977 A 0 5212 Sale 4914
4914 65
1st gu 4s_ _ _1945 .1 D 85
_ 85 Dec'32 _"
Guaranteed g 58
Oct 1969 A 0 84 Sale 84
2 I
86
;
52
84
933 Colo & South ref & ext 4348_1935 MN 72 -- -7 72
4
7 8
9
Guaranteed g 5s
Mar'33 _-_- -i12- - - 2
1970 F A 84
92
85
86
16 .28438 9314
8IuGeneral mtge 430 ser A1980 MN 52
5512 52
Guar gold 431s. June 15 1955 J D 803 Sale 803
4
4
83
53
4812 58
8084 00
Col dt 11 V lot ext g 48
1948 A 0 ---- ---- 8518 Mar'33 ---Guar g 430
793 803 80
1958 F A
8
s
8112 133
8518 8518
80
877 Col & Tol 1st ext 48
8
1955 F A --------8413 Dec'32
Guar g 430
Sept 1951 M S 8018 Sale 7934
96
82
793 8784 Conn & Possum Riv
4
1st 48 1943 A 0 --------90 Dec'30
Canadian North deb s f 78__1940 j D 9812 Sale 9812
997 112
8
9718 1047 Consul fly non-cony deb 43_1954 1 J 32
8
4012 Feb'33 ____
25
-year s f deb 630
1946.9 .1 95 Sale 95
973
8 28
-.
9412 107
Non-cony deb 45
..'8 --14. 2
1955 1 1 32 ---- 4012 Mar'33 ____
10-yr gold 430_ _Feb 15 1935 .1 J 91
92
90
9212 24
40
90
99
Non-cony deb 4s
15
1955 A 0 32--- 4612 Sept'32
Canadian Pac fly 4- deb stock
5012 Sale 5012
%
5318 120
49
6812
Non-cony deb 48
50
1956 J J 32 Coll tr 430
45 Dee'31 __---- -1996 M S 5815 Sale 58 s
,
59 2
,
9
5612 787 Cuba Nor Sty lot 5358
8
1942 i D 13 Sale 11
as equip tr ctfs
1919 J J 825 Sale 8218
8
8334 27
131g
8012 0012 Cuba RR 1st 50-year
ii "ii." W 58 g_19522 J a1614 Sale 1512 al614
Coll tr g Is
Dec 1 1951 J D 5912 Sale 583
4
63
3
32
15
5884 8584
lot ref 730 series A
29
8
1936 J 0 158 Sale 1512
Collateral trust 430
1960.9 .1 57 Sale 56
155
8
5712 45
3
54
15
77
lot lien & ref 6s ser B
29
1936 J 0 1218 167 16 Mar'33 ____
Car Cent lot cons g 4s
8
10
1049.9 J
___.. 15 Mar'33 ---16
15
15
25
Caro Clinch dr 01st 30-Yr 58_1938 1 D 83
84
8538 15
84
91
Del & Hudson lot & ref -15_1943 M N 72 Sale
1st & cons g 65 ser A_Deo 15'52 J D 70 72
72
7484 26
713
72
4
4
72
80
58
68
81
4
1935 A 0 ____ 953 9312
8
Cart .ir Ad 158 gu g 4s
1981 J D
75 60 Feb'33 --93 2
,
2
93 2 07
58
60
Gold 530
1937 M N 81
84
Cent Branch U P 1st g 45.._1948 .1 D 25
36
8212
28
32
4
11
81' 9312
2
28
D RR & Bridge 1st gu g 48 1936 1 A 92 ___- 82
38
3
Central of Ga lot g 5s_Nov 1945 F A 42 Sale 42
9214 Dec'32 ____ _
42
1
32
42
Den dr R G 1st cons g 48
1936 i J 30 Sale 30
Consol gold 53
1945 MN
32
10, 11
8
12
101s
11
120 sib '314
03 20
4
.
;Consol gold 4.30
1936 J J
Sale
Ref & gen 530 series B 1959 A 0 ---4
34
37
8 4 Feb'33 ____
15
4
912 Don & It 0 West gen Is Aug 1955 F A 3312 Sale 323
27
40
1112
Ii
Ref & gen Is series C
1312 65
212
3 Sale
I959 A 0
318 31
212 818
11
Ref & impt 5s ser B__ Apr 1978 A 0 13
163
4
1512 14
Chatt Div par money g 48_1951 J D 12
17
14
23 Mar'33 --2
23
23
11
Des 51 & Ft D 1st gu 4s__ _1935
22
Mac & Nor Div 1st g 58_1916 1 J ---- ---- 9314 June'31 ____
____ ____
Certificates of deposit
J J
112
'Mid Ga & A tl Dly pur m Is '47 1 J ------- 10212 Nov'30 ____
13
4 2
2
____ ___ _ De8 Plaines Val 1st gen 4%5_1947
18
2
2i2
M S 30
45
Mobile Div 1st 858
45 Aug'32 ____
1946 J J
- 30
24 Dec'32 _-__
Det & Mac 1st lien g 4s
55
0 1 D __.- - 34
Oct'32 ___
-- -- - Second gold 4s
1995 J D ___. -30
Cent New Engl 1st gu 481961 J J ____ 63
25 Dec'32
81 Feb'33 ----_ ---- - - - 61
683 Detroit River Tunnel 43.0 1981 M N 75 ---_ 85 m ar
4
Cent ItR &Ilkg Ga coil 53.1937 M N
of29
Feh:33 ______
33
25
35
28
7
Dui Missabe & Nor gen 55_1911 J J 10014
32
25
_ 10314
Central of N J gen g bs
1987 J J 86 Sale 86
89
15
9512 Dul & Iron Range lot 5s__1937
86
- -CI-'
1
•0 ____ 101
-- - 997 Mar'33 ____ ;0114 1.03 4
Registered
8
1987 Q J --_- 90
90 Feb'33 ____
00
90
997 10212
Dul Sou Shore & Atl g 55......1937 1 J
8
12
General 45
13
12 Mar'33 _1987.9 J ____ 7712 7712 Mar'33 --_
77
12
77,
20
2
Cent Pae 1st ref gu g 4s
1949 F A 6912 Sale a6712
72
33 /26712 8612 East fly Minn Nor Div 18t 48'48 A 0
- 84 Feb'33 _
Registered
F A
783 Jan'33 --4
84
783 783 East T Va & Ga Div 1st 58_195(3 MN 804
4
81
71
Through Short List gu 48_1951 A 0 6612 69
7411 73
73,2 10
6612
73
8612
1
Elgin Joliet & East 1st g 58_1911 M N
6612 80
8-i
_- 8712 80 Mar'33 _
Guaranteed g Is
1960 F A 513 Sale 50
8
577
8 33
50
80
El Paso dt 9 NV lot Is
61
84'2
1905 A 0 --------61 Feb'33
Charleston & &I...eh lot 75...1936 .1 J
98
_ _ _ _ Ill June'31 ____ ___
__-_ Erie &Pitts g gu 3Sis ser B 19402 J
61
72
---- 92
Chefs & Ohio 1st con g 58_1939 M N 10112 Sale 101
8612 Aug'32
r103
116 101 1063
Series C 334s
---8
1940 J 1 ---- ---- 888 Feb'33 ____
Registered
8
1989 M N --------10224 Dec'32 ____ ____
_ Erie RR 1st cony g 4s prior_
iiiis - - 888i
J J 71 Sale a70 2
General gold 4Hs
1992 M 8 94 Cale 94
,
7212 43
96
69
7612
9312 10312
- _Registered
1996 1 .1
RegisteredM S --------95 Dec'32 37
-_-_
1st consol gen lien g 4s_ _ _1996 1 J --------5712 June'32 _:::. --0-48 Sale 45
Ref &Impt 414s
1993 A 0 8214 Sale 8214
4684 isu
16
8514 _____- 935
4 12 -41,2
8214
Registered
4
1996 1 J --------41
Ref Sc Impt 434s ser B
1995 J J 82
Jan'33 ____
89
8212
8412 25
41
9312
Penn colt trust gold 48__ _1951 F A 99
41 9912 99
Craig Valley 1st bs__Nlay 1940.9 J -- 100 98 Mar'33 --__ a8014 98
99
4
99
91
50-year cony 45 series A 1953 A 0 4112 443
99
Potts Creek Branch 1st 4s_1946 J J 80
4 40
43
14
__ 995 Aug'32 --____
8
3012 43
_
Series B
1953 A 0 4112 443 40
4
R &A Div 1st con g 43_1989 J J 77 18
43
11
905 Mar'33 ---- .28814 -8
303 43
8
Gen cony Is series D
96
1953 A 0 --------40 Mar'33 ____
2d consol gold 4s
1989 J J
77
84
8514 Mar'33 --40
84
8812
ltd & impt 53 of 1927._ _1967 MN 22 Sale 22
4018
Warm Spring V 1st g 5s 1941 M S ____ 100
2612 212
Oct'32 ____ ____
02
_
213 31
4
Ref & impt 58 of 1930
1975 A 0 2112 Sale 21
Chic & Alton RR ref g 38_1949 A 0 35
263 212
3814 3712
4
40
12
35 --- 8
425
21
Erie &Jersey 15t s f 6s__1955
31
J 2312 25
Chic Burl & Q-III Div 3348_1919 J J 83 Sale 823
8212 Mar'33 __
4
8134 8212
8312 17
823 91
4
Genessee River 1st s f 68_1957
J 80 Sale 80
Registered
J 1 --------84 Dec'32
801s
4
__ Fla Cent & Pen 1st cons g 55 1913
75
8318
J
7 2 197 15 Jan'33 ____
,
Illinois Division 4s
8
1949 J 1 90
____ 903
8
15
9114 _____- -29 (18815 9812 Florida East Coast 1st 4 Sis_1959 J D 40
16
4412 423 Mar'33 ____
General 4s
8
1958 M El 87 Sale 87
425 4512
89
8
20
87
9312
1st & ref 58 series A
1974 II S
4 Sale
1st & ref 43is ser B
37
8
1977 F A
7412 82
4
75
7
75
3
2
75
8514
Certificates of deposit ____-..
5
..
212 312 218
1st & ref Is ser A
1971 F A 80
312 11
85
82
8518 23
2
82
937 Fonda Johns & Gloy 1st 4)1s 1952 MN
712
8
312 6
Chicago dc East III 1st 6s.....1934 A 0 25
712 Mar'33 ____
55
48 Mar'33 ____
4
48
58
5
(Amended) 1st cons 43is1982 MN
212 4
912
C & E III fly (new co) gen 58_1951 M N
712 Sale
712
212 44
812 17
712 125 Fort St 13 D Co 1st g 43-0_1911 .1 J --------87 Mar33 .._ __
8
Chicago & Erie lot gold 53_1982 MN a89 Sale a89
Nov'32
aa801
89
943 Ft W & Den C 1st g 5SO_ _1961 J D 90 100
4
88 Mar'33 ___- -rill
1;01-2
r ash sales. a Deferred delivery. •Look under list of Matured Bonds on page
2210.
7g_ 81_
-
Chicago Great West 1st 4s__1958 M S
Chic Ind & Loulsv ref 6s____1947 J .1
Refunding gold Is
1947 J J
Refunding Is series C
1947 J 1
1st & gen Us series A
1966 M N
lot & gen 68 series B_May 1966 J J
Chic Ind & Sou 50-year 48..1956 .1 J
Chic L S & East 1st 4 Yis
1969 .1 D
Chi M & St P gen Is ser A..1989 .1 J
Gen g 330 ser 13___May 19892 .1
Gen 430 ser C
May 1989.9 J
Gen 430 ser E
May 1989.9 J
Gen 434's ser F
May 1989.9 J
Chic Milw St P & Par Is A_ _1975 F A
Cony ad) Is
Jan 1 2000 A 0
Chic & No West gen g 31'0s1987 MN
Registered
Q F
General 45
1947 MN
Stpd 4s non-p Fed Inc tax '87 MN
Gen 4315 stpd Fed Inc tax_1987 M N
Gen 5sstpd Fed Inc tax...1987 M N
Sinking fund deb Is
1933 M N
Registered
M N
15
-year secured g 634s .1936 M S
1st ref g 5s
May 2037 1 D
1st & ref 4%s stpd May 2037 J D
1st & ref 43.0 ser C_ _May 2037 J D
Cony 4)05 series A
1919 MN
New York Bond Record—Continued—Page
240NDS
N. Y STOCK EXCHANGE
Week Ended Mar. 31.
Price
Friday,
Mar, 31.
Week's
Range or
Last Sale.
•CI
&.1'
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 31.
Bid
Ask
Frem Elk & Mo Val 1st 6s__1933 A 0 55
62
Gale bons & fiend let 5.9___1933 A 0 60
74
Ga & Ala Ry 1st cons 50 Oct 1945 J J
514 65
Ga Caro & Nor let gag 5s 1929—
Extended at 6% to July 1 1934 J J
6
193
4
Georgia Midland 1st 3s_ _ _1946 A 0 18
27
Only & Oswegatchie 1st 5.4_1942 J I)
Or R & I ext 1st gu g 410__1941 J J
Grand Trunk of Can deb 70_1940 A 0 99 Sale
15-year a f 60
1936 NI
9514 Sale
Grays Point Term 1st 5s
1947 J D
Great Northern gen 7s ser A.1936 J J 51 Sale
1st & ref 4K s series A_ __ _1961 J J 6814 69
General 530 series B
1952 J J 43 Sale
General 5s series C
1973 J J 273 Sale
4
General 410 series D
1976 J J 4(1
44
General 4149 series E
1977 J J 4014 Sale
Green Bay & West deb ctfs A___ Feb 25
42
Debentures ctfs 11
Feb
314 8
Greenbrier Sly let gu 4s____1940 M N
Gulf Mob & Nor 1st 530 B 1950 A 0 -2612 31 1st mtge 5s series C
1950 A 0 273 sale
4
Gulf &S I 1st ref & ter 5sFeb 19522 J
hocking Val 1st cons g 410_1999 J J
II ousatonic Ity eons g 5s____1937 MN
It & C lot g 5s int guar___1937 J J
liouston Belt & Term 1st 53_1937 J J
Ilouston E & W Tex 1st g 5s-1933 M
1st guar 5s
N
1933
had & Manhat 1st bs ser A.1957 FA
Adjustment income bs Feb 1957 A0
Illinois Central 1st gold 4s 1951
J
1st gold 310
1951 22
Extended lot gold 33s
1951 AO
1st gold 3s sterling
1051 M
Collateral trust old 4s
1952 AO
Refunding 4s
1955 MN
Purchased lines 310
1952 J J
Collateral trust gold 4s
1953 MN
Refunding bs
1955 MN
15-year secured 614e g_ _ _1936 J J
40-year 4fi s
Aug 1 1066 FA
Cairo Bridge gold 4s
1950 J D
Litchfield Div let gold 33_1951 22
Louise Div & Term g 334s 1953 J J
Omaha Div 1st gold 3s
1951 I? A
St Louis Div & Term g 33_1951 J J
Gold 310
1951 J J
Springfield Div 1st g 310_1951 22
Western Lines 1st g 4s
1951 FA
III Cent and Chic St I. & N ()—
Joint 1st ref 5s series A
1963 JD
1st & ref 410 series C_1963• D
Ind Bloom & West lot ext 4s 1940 AO
Ind III & Iowa 1st g 4s
1950 J J
Ind & Louisville 1st gu 0_1956
Ind Union Ity gen Ss ser A._1985
Gen & ref 5s series ii
1965
hit & Grt Nor 1st 6s ser A1952
Adjustment 6s ser A_July 1952
1st 5s series 11
1956
1st g Is series C
1956
lot Itys Cent Amer 1st 5s 11 1072
1st coil trust 6% g notes_1941
1st lien & ref 614s
A
1347
Iowa Central 1st gold 55
1938
Certificates of deposit
J D
1st & ref g 4s
1951 MS
James Frank & Clear 1st 4s 1959 J D
Kal A &G It let gu g 5s_ _ _1938 J J
Kan & M lst gu g 4s
1990 AG
K C Ft S & 51 Ry ref g 4s 1936 AO
Certificates of deposit
AO
Kan City Sou 1st gold 3s_ _ _1950 AO
Ref & ltnpt Is
Apr 1950
Kansas City Term 1st 48_1960
Kentucky Central gold 4s__1987
Kentucky & Ind Term 430_1961
Stamped
1961
Plain
1961
Lake Erie & West 1st g 50_1937
2d gold bs
1041
Lake Sh & Mich So g 310 1997
Registered
1997
Lehigh & N Y 1st gu g 45_ _1945 St
Leh Val harbor Term go bs 1951 FA
Leh Val NY 1st gu g 410...1910 J J
Lehigh Val (Pa) cons g 4a_2003 MN
Registered
MN
General cons 410
2003 MN
General cons be
2003 MN
I,eh V Term ity lot gu g 5s 1941 AO
Lex & East lot 50-yr 58 gu..1065 AO
lithe Miami gen 4s series A_196 MN
Long Dock consol g (15
1935 A 0
I.ong Island—
General gold 4s
1938 JD
Unified gold 4(4
1949 MS
Debenture gold EA
1934 J D
20-year p m deb be
1937 MN
Guar ref gold 4s
1919 MS
Louisiana & Ark let 59 ger A1969 ii
Louis &Jeff Bilge Co gd g 48 1915 MS
Louisville & Nashville 5s...1937 MN
Unified gold 4s
1940 J J
Registered
J J
1st refund 510 miles A2003 AO
1st & ref 5s series 13
2003 AO
let & ref 414s series C
2003 AO
Gold 5s
1941 AO
Paducah & 51em Die 4s_ _1946 FA
St Louis Div 2d gold 35..1980 MS
Mob & Montg 1st g 430_1015 51
South lty joint Monon 40_1952 J J
Atl Knoxv & Cm Div 0_1955 MN
Mahon Coal RR 1st be
1931 J J
Manila RR (South Lives) 4s 1939
N
1st ext 4s
1959 MN
Manitoba S W Coloniza'n 94 1934 213
Man GI II & N W 1st 3148_1941 J J
Men Internet 1st 4s asstd
1077 MS
Michigan Central Detroit & Bay
City Air Line 0
1940 22
Jack Lana & Sag 330
1051 M
1st gold 310
1952 MN
Ref & Impt 410 ser C_ 1979 22
Mid of N J 1st ext 5s
1040 AO
Mil & Nor let ext 430(1880)1031 J D
Cons ext 410 (1884)
1934 • D
Mil Spar & N W 1st gu 4a 1947 MS
Milw & State Line 1st 310_1941 J J
Low
High No. low
High
62 Feb'33
62
68
Minn & St Louis 1st cons 5s_1934
70
1
70
55
76
Ctfs of deposit
1934 MN
612 6
518
518
1
1st & refunding gold 4s_ _ _1949
S
Ref & ext 50-yr 5s ser A 1962 Q F
20 Aug'32
Q F
Certificates of deposit
29 Feb'33
29
29
NI St P &SS NI con g 4s Int gu '38 J
100
Jan'31
lot cons 5s
1938 J J
9612 Feb'33
-86- - - 19 2
6
lot cons 58 gu as to Int
1938 J .1
99
r10012 36
963 1043
4
4
lot & ref Os series A
1946
9412
9414 1013
9612 30
4
25
-year 53.43
1949 MS
06 Nov'30
1st ref 510 serb
1978• J
533 103
51
47
4
8438
lot Chicago Term s f 4s_ _1941 MN
6814
11 06814 80
70 4
,
Mississippi Central 1st 5s
1949 J J
43
39
473
55
4 21
46 Mar'33
43
5118 Mo-Ill RR lot 5s ser A
1959'.3
44
44
3
37
483 Mo Kan & Tex lot gold 4s 1990 J D
8
4112 21
4014
37
4812 Mo-K-T RR pr lien baser A.1962 J J
5712 Apr'31
40-year 4s series B
'
3
1962
Jan'33
7
7
8
Prior lien 4343 ser D
1978 J J
90 Aug'32
Cum adjust 5s ser A_Jan 1967 AG
2712 Mar'33
2712 3213 Mo Pac 1st & ref 5s ser A....1965 FA
2734
273
4
5
2518 32
General 48
1975 MS
22 May'32
lot & ref 5s series F
1977 MS
let & ref 55 ser 0
N
1978
87 Sale 87
99
87
3
87
Cony gold 510
1949 MN
SO
79 Mar'33
79
lot ref g 5s series H
1980 AG
8512 100
8512 89
8512 Mar'33
1st & ref 5s ser I
1981 FA
81
82 Feb'33
8112 86
N10 Pac 3d 78 ext at 4% July 1938
N
98
9912 9812 Jan'33
9812 9812 Mob & Bir prior lien g 5s
1945 J J
Jan'33
9812 10018
- 100
Small
J J
74 Sale 74
887
8
74
36
80
1st M gold 4s
1945 j J
44 Sale 4312
3918 55
r457
8 26
Small
• J
Mobile & Ohio gen gold 4s__1938 NI
82
7812 8118
8118 Feb'33
Mongomery Div 1st g 58_1947 F A
if
7612 7812 793
4
Feb'33
Ref & knot 430
793
4
1977 Ni
7612 ____ 78 Dec'32
Sec 5% votes
1038 NI
_
73 Mar'30
Mob & Mal lot gu gold 4s 1991 NI
53 Sale 53
6E
8 -La- a57
Mont C 1st gu 6s
1937 J J
493 Sale 493
4
46
19
60
let guar gold 5s
4
53
1937 J J
4514 65
5412 Dec'32
Morris & Essex lot gu 3348-3000 J O
4112 4912
40
10
47
49
46
Constr lol 5s ser A
1955• N
523 55
8
5214 64
10
Constr 564343 ser B
53 4
,
53
1955 SI N
'1
72
69 Sale 69
68
7014 23
164
3512 Sale 3514
30
403 Nash Chatt & St L 4s ser A_ A978 FA
4
38
5012 65
52
5012 Mar'33
N Fla & S 1st gu g 5.9
1937 FA
60, Nat By of Mex pr lien 430 1957 J J
4
68
- - 58 Feb'33
6338 633
8
58
633 Feb'33
8
Assent cash war rct No. 4 on _
-14 6012 Feb'33
60
86
6014
1
:
Guar 4s Apr '14 coupon..1977 AG
6912 Feb'33
5912 5912
Assent cash war rct No. Son
62 63
63 Feb'33
Nat RR Mex pr lien 410 Oct '26
75
583 Nov'32
8
Assent cash war ret No. 4 on
5814 70
If71 Feb'33
1st consold 40
-C3
1951
Assent cash war rct No. 4 on
4312 Sale 4312
4512 92
387 51
9
Naugatuck RR lot g 4s_..1954 MN
4014 Sale 4014
49
413
37
4 12
New England RR cons 5s_ A945
71
80 Dec'31
Coneol guar 48
19 5
,
_
70
75 Nov'32
NJ Junction RR guar lot 4s _1986
A
-57- 16 NO & NE let ref &impt410 A
2714 Feb'33
- - 27
'52
92
9212 9234 New Orleans Term 1st
4
923 Feb'33
_ _1953
98
85
85
Jan'33
85
N O•Tex & Me: n-c Inc 55_1935 A 0
20 Sale 20
41
26
22
19
1st 5s series B
1954 A
4 _Sale
4
3
53a
53
8 35
lot 5s series C
A
1956
181 Sale ivy
.r
8
18
203
4
18,
4
1st 410 series D
A
1956
1712 Sale 1712
16
18
21,
18
4
let 530 aeries A
1954 A 0
333 35
3334 4212 N & C lodge gen guar 4343..1945
4
7
3412
333
4
3912 4312 393
5
393 453 NYB& M 13 lot con g 50 1935 A 0
8
4
8
397
8
27
28
31
27
27
27
N Y Cent RR cone deb 6s 1935 MN
2
2
107
3
8 218 Mar'33
Consol 4s series A
1998 FA
0
1
8 212 1 Mar'33
112
Ref & Rapt 410 seriee A..2013 A0
Ref &(mot 5s series C.__ _2013 AG
65
66 Mar'33
66
NY Cent & Hud Riv NI 330 1997 J J
103 Mar'31
Registered
1997 J J
40
82 69 Feb'33
—
6W4 1
9-Debenture gold 4s
1934 MN
4
4812 76
357 Sale 313
3134 54
8
30
-year debenture 45
1942 J J
48
4834 Mar'33
483
4
Ref & Impt 430 ser A_ _2013
68 a48
55
5412 Sale 53
62
Lake Shore coil gold 310_1998 FA
52 Sale 5114
543
47
4 42
5612
Registered
1998 FA
39
89
85 Sale 85
83
9412
Mich Cent coll gold 330._1998 FA
7618 80
79 Mar'33
82
78
Registered
1998 FA
84 Aug'31
_ N Y Chic & St L 1st g 4s
1937 A0
8914 July'31
5618 80
---Refunding 530 series A 1974 AG
90 Apr'30
---Ref 430 series C
1978 M
3-yr 6% gold notes
1935 AG
63
6012 64
63
2
62
6512 N Y Connect let gu 430 A_I953 FA
47
45
Oct'32
lot guar 55 series B
1953 FA
7412 Sale 7412
77
13
7422 82
N Y Erie let ext gold 4s_ _1947 MN
7212 -- - - 7312 Feb'33
73
77
N Y Greenw L gu g 5s
1996 MN
Oct'32
45
6014 65
N Y & Harlem gold 3349_2000 MN
83 Nov'32
NY Lack & W ref 410 B_ _1973 MN
36
60 Mar'33
67
- 5 - 3- N TA Long Branch gen 4s..1941 NI
58 614
32
17
30
27
37
NY&NE Bost Term 4s
1939 AG
Jan'33
28
28
28
NYNH& n-c deb 4s
_1947 MS
18
3214 Sale 3214
33
3214 38 2
,
Non-cone debenture 330.1947 MS
Mar'33
____ 3712 38
37
423
8
Non-cone debenture 3345.1954 AO
91
91
94
1
91
90
92
Non-cone debenture 4, _1955 32
79 Mar'33
7612 85
79
8412
Non-cony debenture 4s
1956 MN
0112 May'32
Cone debenture 310
1956
15 -5312 161
933
9312 Sale 9312
4
- Cone debenture 65
1948
Registered
ii
9314 98 4 9814 Mar'33
,
9512 98 4
3
Collateral trust as
1940 AG
90 Mar'33
83
8414 9114
Debenture 4s
1957 MN
973
8
_ 97 Mar'33
97 101
1st & ref 410 ser of 1927_ _1967 J O
91
91 100
933 91 Mar'33
4
Harlem R & Pt Chas 1st 4s 1954 MN
89
44
8
8
823 Sale 823
825 9118
8
24
SO
23 Sale 2212
20
36
NYO&W ref g 40 June....1992 MS
63
753 Feb'33
4
78
a72
753
4
General 43
1955 in
94
9854 9914 Mar'33
a97 r103
N Y Providence & Boston 45 1942 AO
863
8 22
8312 Sale_ 8312
8212 91
NY & Putnam 1st con gu 48.1993 A0
Jan'33
85
82
85
NY Stag & West 1st ref 5s.1937 JJ
7618
3
7112 80
78
6512 79
2d gold 430
1937 FA
7614 49
7414 Sale 74
6312 76
General gold bs
1940 FA
71
58
27
673 69
4
597 703
8
4
Terminal let gold be
1943 MN
88
87 Sale 87
19
87
88
N Y W Ches & 11 let scr I 410'46 Si
Jan'33
70
65
55
69
70
49
2
21
63 46
43
53
Nord Ry ext sink fund 630 1950 AG
85 Feb'33
8412 85
Norfolk South lot & ref A 5s_1961 FA
1
54
54 Sale 54
40
58
Norfolk & South lot gold 5s_1941 MN
75
2
75
75
78
Nort & West RR impt&ext Os '34 FA
N & W Ry 1st cons g 4s__ _1996 AG
95 1003 101 Mar'33
4
101 101,
4
Registered
1966 AG
5118 Sale 5118
5
5315
5118 533
4
DWI tot lien & gen g 4s 1949 J J
5113 Jan'33
45
52
50
5112
Pocah C & C joint 4s
1941 J
Jan'33
74
75i2 North Cent gen & ref 55 A_ _1974 M
74
Feb'33
47
47
47
Gen & ret 410 ser A
1974 MS
2 Sept'32
North Ohio lot guar g 65_1945 AG
North Pacific prior lien 4s 1997'Si
Aug'31
98
Registered
@
79 May'26
_
Gen lien ry & Id g 3a_Jan 2047'SF
Jan'33
50 - 8
0 84
84
84
Registered
Jan 2047 Q F
50
61
68 61 Feb'33
64
Ref & Impt 430 series A__2047 J J
25
Jan'33
48
48
48
48
Ref & Rapt Gs series B____2047 J
70
87 June'32
Ref &'mut 54 series C____2047 J J
687 70 Nov'32
8
Ref & impt 5s series D____2047 J .1
42
4478 42
40
5 -3T 4314 Nor Ry of Calif guar g 5,s___1938 A0
2
Jan'33
817 40
8
40
40
-6-
F Cash sales. a Deferred delivery. •Look under list of Matured Bonds on page
2210
2207
Price
Friday
Mar, 31,
Bid
Week's
Range or
Last Sale,
Ask Low
212
1
78 8
118
____
112 5
27 Sale 27
20 Sale 20
27
29
29
4
912 10
10
812
40, Sale 4014
4
8
- - 953
65
80
77
19
743 Sale
4
65 Sale
5214 60
_63
57i8 sale
204 Sale
8 Sale
21 Sale
21 Sale
318 Sale
20 Sale
203 Sale
4
5712 _--____
h3.
High .Vo. Low
Dec'32
Mar'33
Feb'33
Dec'32
27
20
2912
Feb'33
Jan'33
4212
Dec'30
Feb'33
1
64534
67 1
63
57,8
668
76 118
63
40
20,
7 11
26 2
61
2012
2
1
2634 457
63 12
8
65
Jan'33
Feb'33
5
261
171
357
-_-_ _-_
_
_ -_
3
14
6
Oct'32
Feb'33
6018 Sale 6014
6018
__85 70
Oct'32
1T8
138 18 July'28
118 Mar'33
123 July'31
4
1
412
43
22
9200
1
_
___
42
3565
42
4612
25
__
63 Sale
66_
-66- 35
40
53 Sale
88
91
50
6112
37
4114
73
7412
663
4
6412
38
66
6512
66
9314
6912
15
12
5,
4
88
99
863
4
40
84
90
8414
9612
50
50
5012
55
4512
44
6234
7014
68
3814
53
88
33
53
6514 44
158
42
4712 181
747
8 37
Feb'33
60
93
Feb'33
423 136
4
3
66
Nov'32
Mar'33
Oct'31
8912
34
16
143
8 84
712 60
21
91
Mar'33
Jan'33
Dec'32
Mar'33
Nov'32
Dee'31
july'29
Mar33
Oct'32
Mar'33
Mar'33
13
48
3
44
6612 42
Dec'32
Mar'33
4
39
5512 62
Mar'33
5714
47
____
64
27
____
173
4
____
36
Sale
Sale
87
Sale
Sale
43
20
00
Sale
57
58
463
4
4812
85 Nov'32
64
64
27
27
Oct'32
21
173
4
173
4
64
Jan'33
36
373
8
101
Sale 10012
10112
Sale
8
_
103 10212
9215 Sale 92
9418
9512 Sale 95
90 Sale 913
87
85
2512 31
31
8112 Sale 8118
____ 85
82
55 Sale 54
5512
-5328 Sale 5314
64 Sale 64
_
_ 64
60
87
65
60
9514
8
Mar'33
94
Jan'33
063
8
953
4
Aug'32
Aug'32
31
8312
Feb'33
553
4
Jan'33
5514
67
Mar'33
Mar'33
Oct'31
114
13
4
85
53
99
____ 90
30 Sale
53
43
35
2012
19
1834 2212
22
18
19 Sale
70
8912
100 __-50
6112
38
4
41,
723
4
70
663
4
____
38
66
Sale
Sale
Sale
Sale
74
Sale
75
Sale
67
661
73
66
_68
12 so
16 Sale
1212 Sale
8 Sale
89 Sale
_98
1
giZt
3212
7214 ____
4512, ____
8
85
20
7414
6112
0513
8
4
597
33
1812
712
18
1812
3
184
1814
687
8
2812
847
8
7512
85
63
4112
26
147
8
4
263
263
4
133
8
2613
2612
7312
----
---28
9
414
414
64
9334
90
72
r72
11
5
0
65
933
4
92
7812
6018 701
:
------- - - -1 1g
115
1
112 3
Apr'28
Mar'33
Nov'32
Mar'33
Nov'32
Nov'30
6
30
Mar'33
Dec'32
15
20
Mar'33
2212 14
2414 28
Aug'32
Mar'33
24
,
;LC
20
45
13
94
,
62
-69- f6-
112
22
114
7112
68
79
02
30
51
20
1912
18
22
19
8912
98
112
118
-2716
29
10
0812
4014
77
10
20
612
2612
2612
n 333
g" 1
Sept'31
AJug 32
AU '
Jul y 31
28
Feb"33
Mar'33
6
High
118
1
2
20
3
20
203
4
69878
5
97
53
- --_ _377 81
in
_ 28
518 16
11
32 6
,
5
412 6
65 Sale 64
_ _ 94
933
4
66
90
92
73 Sale 73
697 81
8
70
Range
Since
Jan, 1.
30
35
53,2
1612
18
19
1812
24
23
2212
26 2
,
98
46
60
36
40
73
7112
65
64
36
63
166 4
- 86412
70
467
8
5012
8012
7412
73
7112
47
71
-66-
71
-66i
2
15
12
5,
4
88
94
863
4
7913
203
4
18
164
97
100
863
4
84
88
45
-5
0
47
51
4512
44
6212
52
58
56,
2
61
83
-6S- 83
367 4514
8
50
6512
88
90
33
33
5018 6034.
43
5212
2
1
7312
64
2518 34
2
-15i- 162
64
(34
34
4638
43
38 01003 10914
8
56
37
12
1
45
41
8
53
8
10212
8814
9418
9312
8912
1312
10412
10014
9418
101,
2
99,
4
-5i79
8112
63
5512
5312
62
5918
5614
35
8712
8212
615
2
5511
64
7512
6712
6712
New York Bond Record—Continued—Page 4
2208
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 31.
t•S
.•••
Prita
Friday.
mar.31.
Week's
Range or
Last Sale,
Range
Since
Jan. 1.
BONDS
N. Y STOCK EXCHANGE
Week Ended Mar. 31.
April 1 1933
Pries
Friday
Mar. 31,
Week's
Range or
Last Sale.
High
Bid
Ask Low
High No, Low
Ask Low
Bid
High
4
61
2 3812 50 Southern Ry let cons g 5a-1994 J J 60 Sale 583
45
48 44
Og&LCham1stgug4a1948J J 31
58 Nov 32
Mar'32
J J
97
Registered
Ohio Coneecting Ry 1st 4s__1943 M S 85
233
4
80
82 80
3 80 80
Devel & gen 45 series A_1966 A 0 2234 Sale 2112
Ohio River RR let g 5&..__1936 J D
274
1956 A 0 25 Sale 25
Devel & gen 69
70
70
1937 A 0 70 80 70 Mar'33
General gold Is
2912
90
913 88 Mar'33
1956 A 0 2412 Sale 2412
4
Devel & gen 13148
87
9612
Oregon RR & Nay corn g 45_1946 J
4712 70 46 Jan 33
10214 15 100 105
Mem Div let g as
1996 J
Ore Short Line let cone g 58_1916 J J 101 Sale 101
8
19613 J 461 4712 47 Mar 33
10218 20 10034 107
St Louis Div ist g 42
1946 J J 101 Sale 101
Guar stpd cone be
6978 101 Sept 31
31
80
75
East Tenn reorg lien g 58_1938 M S 40
89
1961 J .1 78 Sale 78
Ore-Wash Rik& Nay 4s_
26
Mobile & Ohio coil tr 48..1938 M S 25 Sale 25
2012 Sale 20
2012
1 81 8614 Spokane Internet 1st g 58-1955
81
Pac RR of Mo let ext g 48_1938 F A 75 80 81
60 May 32
3
75
75
85 Staten Island Ry let 4346_1943 J D
1938 J J 75 Sale 75
2d extended gold Is
97 Nov 31
_
92 87 Sept'32
80
Sunbury & Lewiston let 0-1936 J J
Paducah & Ills lets f g 4348_1955 J J
12
993
4 24
1
01Parts-Orleans RR ext 5%8_1988 M S 9712 Sale 97
33
7
38
36
48 Tenn Cent let 65 A or B_1947 A 0 324 33 32
1942 M S 38 Sale 38
Paulista Ry let ref a f 7s
96
96 80 Mar'33
Term Assn of St L let g 410 1939 A 0 96 Sale 96
75 88
Pa Ohio & Det 1st &ref4%e A '77 A 0 76
9112
_ 98 Mar'33
4
1944 F A 9112 963 9112
let cons gold as
19534 100%
Pennsylvania RR cons g 48_1943 M N 99
74
6 2 92 10012
9712
19533 J 7012 Bale 7014
Gen refund s f g 45
1948 M N 92 gife 92
Consol gold 48
09412 10412 Texarkana & Ft S let 514s A 1950 F A 62 65 65 Mar 33
45 sterl stpd dollar May 1 1948 M N 87 95 98 Mar'33
99% 58
3
19435 .1 60 68 65 Feb'33
9712 10412 Tex & N 0con gold 5s
Consol sinking fund 4348_1960 F A 98 4 Sale 9812
9258
18
80
J D 92% Sale 9214
77 9114 Texas de Pac 1st gold
1965J D 77 Sale 77
General 4%s series A
95 Mar'29
893
4 33
2d inc5s(Mar'28cpon)Dec2000 Mar
78 977
8
1968 S D 84 Sale 84
General Is series B
5312
100 Sale 99
100% 49
Gen kref bs series B
1977 A 0 52 Sale 5012
974 10412
15
-year secured 6145
1936 F A
5312
80
797 80
8
1979 A 0 53 Sale 51
Gen kref Is series C
7814 924
40
-year secured gold be_ _1964 M N
5312
6412 153
19805 D 52 Sale 52
Gen & ref ba series D
58
73
Deb g 4%s
197C A 0 60 Sale 60
54 Mar'33
74
27 68
7234 Sale 7212
Ter 5148 A 1964 M 5
8512 Tex Pac-Mo Pac
1981 A 0
General 44s ser D
80
87 8634 Dec'32
30 38 Tol & Ohio Cent 1st gu Is _1935 J
Peoria & Eastern let cons 48_1940 A 0 30% 3512 30 Mar'33
112 314 3% Feb'33
1935 A 0 70 85 75 Aug'32
Western Div let g 5s
134 334
April 1990 Apr
Income 4s
79 75 Feb'33
65 8312 75 Feb'33
1935 5 D 70
General gold Is
59 4 77
3
Peoria & Pekin Un let 514s1974 F A
4
37%
-year g 481950 A 0 4514 50 52 Mar'33
2914 4312 Tol St L & W 50
Pere Marquette 1st ser A 65_1956 J J 3512 37 36
10014 Feb'33
29 3014
28
2
3014
dzOgu 4%seerB 1933 J J
3014 37 TolW V
19565 J
let 4s series B
9818 Apr'31
31
30
1942 M S
let guar 48 series C
2812 394
1980M S 284 Sale 2812
1st g 414a series C
9478 95
89 80 Feb'33
1
95
Toronto Ham & Buff let g 4e 1946 J D "Lo
95 101
Phila. Bait & Wash let g 45_1943 M N 90
97
954 Sale 9518
78 100 98 Mar'33
Union Pac 1st RR dr Id gr 45 1947 J J
1974 F A
97 100
General ba series B
9812 9712 Feb'33
J J
Registered
General g 414s series C.-1977 J .7 85 -- 85 Mar'33
81
88
85
8018 Sale 8018
21
7
June 2008 M
lst lien & ref 48
'37 J J 1914 Sale 1914
194 23
Philippine Ry 1st 30-yr 5 f 4e
84
1967 J J 79 Sale 79
Gold 4348
100
96
1
let lien dr ref be
June 2008 M S 99 Sale 98
1940 A 0 96 Bale 96
P C C & St L gu 4%5 A
96 102
773
4
4
99
1968 J D 7612 Sale 761z
40
-year gold 4s
Series B 410 guar
1942 A 0 99 100 99
9812 10112
9934 Feb'33
1942 M N
Series C 41-18 guar
99% 993 U N J RR dr Can gen 4s.._ _1944 M S 98% 10012 100 Mar'33
4
100 July'31
95 Feb'33
19335 J
Utah de Nor ist eat 48
guar
1945 M N
95
Series D 45
95
80 June'32
---- 8512 Oct'32
Vandalla cone g 48 series A 1955 F A
Series E 4%s guar gold_1949 F A
9312 Sept'31
1957 M N
Cons f 45 series B
Series F 48 guar gold
1953 5 D ---- ---- 91% Dec'32
113 4
24 Jan'33
9212 Feb'33
---9212 9212 Vera Cruz & P east 410._ _ _1933 J J
Series CI 4s guar
1957 M N
95 84 Mar'33
Virginia Midland gen fe.._ _1936 M N 80
Series II cons guar 4s_ _ A960 F A __-- -- 80 A pr'32
65 Mar'33
4
9614 9812 Va & Southwest lat gu 511_2003 J J
Series I cons guar 4 Ms_ _1983 F A 963 -- 96% Mar'33
4414
9634 Mar'33
4
1958 A 0 384 Sale 3714
Series J cons guar 4 Me.. _1964 MN 983 lat cons 58
9684 9812
88
4
81
80% 80
-General M Is series A_ _1970 J D 76
92 Virginian Ry 1st Is series A_1982 M N 84 Sale 84
78
1
80
78 8212 80
N 78 Sale
1982 M
let mtge 4348 series B
78. 92
Gen mtge guar b set B1975 A 0
2 72% 86
79
78 79
Gen 410 series C
1977 S J 72
6112
1939 M N • 50 Sale 50
Wabash RR let gold fis
4
9934 Mar'33
1939 F A __— 433 40 Mar'33
2d gold be
99% 9934
Pitts McK & Y 2d gu Bs__ _1934 J J
100 Mar'33
984 MaY'29
Deb Os aeries B registered 1939 J J
100 102
Pitts Sh & L E 1st g be
1940 A 0
7
100 Feb'33
1st Hen 50-year g term 48_1954 .1 J -57i2 74" 35 Dec'32
100 10012
let consol gold Is
1943 .1 J
Bet & Chic Ext let 5s__ _1941 J J 6014 9818 6214 Feb'33
Pitts Va & Char 1st 4s
1943 M N 65- 90 Nov'32
35 Jan'33
6
35
Des Moines Div let g 48..1939 J J
30
39
Pitts & W Va 1st 4Ks set A_1958 .1 D 35 Sale 34
3138 32
32
35
1
Omaha Div let g 3145___ _1941 A 0
30
let M 410 series B
1958 A 0 35 Sale 35
3812
55 43 Feb'33
3 30
36
Toledo & Chic Dlv g 48_ _1941 M S 45
Ist M 4145 series C
1900A 0 36 Sale 35
3812
95 8512 Oct'32
614 Sale
614
714
80
Wabash Ry ref & gen 511s A 1975 M S
Pitts Y & Ash 1st 4s see A...1948 J D
618 Sale
90 July'32
7
84
Ref&gen 5s(Feb'32 coup)B '76 F A
1962 F A
let gen be series B
---8% Sale
7138 July'31
64
612
Ref dz gen 4%e series C_1978 A 0
Providence Secur deb 45 1957 M N
---818 Salo
80 Mar'33
618
63
4
Ref dr gen 5e aeries D
1980 A 0
Providence Term let 48.. _ _1956 M
80 80
50 Feb'33
Warren let ref gu g 3348__ _2000 F A
75 743 Feb'33
4
52 Feb'33
Washington Cent let gold 4s 1948 Q
Reading Co Jersey Con coil 4s'51 A 0 64
7034 78
8118
8
id" 90 Mar'33
Wash Term let gu 350
1945 F A "8412 78
91
Gen & ref 434s series A_.1997 J .7 7912 Sale 7912
3
80
1945 F A ____ 9458 95 Feb'33
let 40-year guar 4s
1997 J .7 75 82 80
78
Gen & ref 412s series B
9112
113 Oct'30
8112
1941 M N
Western Maryland 1st 48_1952 A 0 60 Sale 58
Saratoga 6s
Rensselaer &
-(1 40 Sept'32
3
6378
let & ref 534s series A
Rich & Merch 1st g 45
1948 M N
1977 S 5 6212 Sale 60
---10012
West N Y & Pa 1st g 5s... _1937 J J 100 Sale 100
Richm Term Ry 1st gu 5s 1952 J J 9712 9912 9612 Dec'32
---- ---80
80
1943 A 0
General gold 48
Rio Grande Junc 1st gu 58_1939 J D 35 84 85 Sept'31
---- ---4
2812
1 Dec'32
Western Pac let 55 ser A_ _1946 M S 2434 Sale 243
Rio Grande Sou 1st gold 48_1949 J J
---74 Apr'28
75 7218
72
73
2361 J
Guar 4s (Jan 1922 coupon)'40 J J
-- West Shore let 413 guar
71 8 71 Feb'33
,
2361 J J
Registered
554 62
Rio Grande West let gold 48-1939 J .1 64 68 6014 Mar'33
35 3514
70 71 Feb'33
26
37
Wheel & L E ref 41•18 aer A_1966 M S 50
2512 39
let con & coil trust 9s A 1949 A 0 30
75 Jan'33
4
20% 37
1966 M S
Refunding Is series B
1818 29
RI Ark & Louis 1st 410_1934 M S 20 Sale 183
7212
71% Sale 71
RR let consol 4s
19'9 J J 4412 48 47 Feb'33
40
5112
Rut-Canada let gu g 45
42 46 Feb'33
21
1942 M D 18% 23 21
949 J S
1941 J J 30
46 514 Wilk & East let gu g 55
Rutland let con 4125
9138 Oct'31
Will & S 1 let gold ba
0
95 80
71
80
851z Feb'33
96
3
.10
Winston-Salem S B let 48_19 9 1 D 80
1947 J J 70
854 90
St Jos & Grand lel 1st 4s
7112 8858 Feb'33
103
4
88 8 88% Wis CenL50-yr let gen 48_1949 S J 10 Sale 10
,
1996J .1
St Lawr & Adr lst g 58
10
8
10
1018
663 Oct'32
4
Sup & Dul div & term 1st 45'36 MN
1996 A 0
2d gold 13s
8514 Sept'31
Wor & Conn East 1st 434e.,1943 J J
St Louis Iron Mt & Southern—
473
4 72
35% 54
1933 MN 35% Sale 35%
Riv 0 Div let g 4s
47 42 Mar'33
INDUSTRIALS.
2812 4314
St L Peor & N W let gu 5s-1948 J
12 Sale 12
35
13
8
1414 Abitibi Power & Paper let Is 1953 S D
St L-San Fran pr lien 48 A_ _1950 J J
Sale 114
1218 16
12
84 1312 Abraham & Straus deb 510_1943
-Certificates of deposit
81
4
1218
10% 1312 10
A0 8012 Sale a8038
With warrants
10
13%
1950
Prior lien be seriee 11
57
8
515 5534 54%
5
12
1034
10 8 —
,
934 131s Adams Express coil tr g 48._1948 M
Certificates of deposit-----9614 09434 Mar'33
9% Sale
1014 100
93
4
a638 1012 Adriatic Elec Co ext! 7a___ _1952 AO 94
1978M -F3
Con M 410 series A
93
4
1014 129
3118
4
014 1114 Albany Perfor Wrap Pap 613_1948 A0 3118 Sale 3118
93 Sale
_
Certifs of deposit stamped__
3114
54 54
54
7
54
6212 Allegany Corp coil tr 55_1944 FA 29 Sale 29
St L SW let g 48 bond ctLs_1989 M14 52
2314
1949 S D 2112 Sale 2112
Coll & cony 5s
35
35
2e g 4s Inc bond Ws Nov_1989 J J ----37 35 Jan'33
i8 25 2012
1014
2638 21
1960 AO a6 Sale
Coll & cony be
204 35%
let terminal & unifying 58A952 J J
6914
70 68
18
15
16
17
15
19905 J 16
27% Allis-Chalmers Mfg deb ba 1937 MN 87
Gen&refglsserA
53
56
Alpine-Montan Steel 1st 78_1955 M
34%
37%
a28
St Paul & K Sh L let 4%8_1941 F A 32 Sale 32
35
801z Feb'33
7814 8012 Amer Beet Bug cony deb 68_1935 FA 35 Sale 35
St P & Duluth let con g 48_ _1968 J D
46
48
62 Sept'32
American Chain deb 5 I 6a-1933 A0
St Paul E Or Trk let 4345.1947.1 J
7812
1942 A0 7812 Bale 7812
19
94
- 3- 9338
914
St Paul Minn & Man con 48_1933 J
8912 0811 Amer Cyanamid deb M
2912
94
8918 93 4 94
1
,
91
9612 Am & Foreign Pow deb 55-2030 MS 2714 Sale 2614
let consul g 8a
1933 J
8
57
28
4
93
American Ice s f deb 5s_1953 S D 5818 567 5514
8818 97
Os reduced to gold 4348_1933 J J 9018 933 924
71%
-- 944 Feb'33
Amer I 0 Chem cony 5348_1949 MN 68 Sale 68
92
95
Registered
.1 D
69
7012 68
76
1
Am Internet Corp cony 510 1949 J J 88
76 a81
Mont ext let gold 48
19375 D 76 Sale 76
103
7412 71
1
71
Amer Mach & Fdy e f 6s_ _ 1939 AO 103 Bale 103
71 71
Pacific ext gu 45(sterling)-1940 J J 70
67
9812 14
Amer Metal 5%% notes_ _ _ _1934 A0 6412 Sale 6412
9312 101
St Paul Un Dep lat & ref 56_1972 J J 3412 Sale 944
84
Am Sm & R let 30-yr Is set A '47 AO 8212 Sale 8112
104 Sale 104
10418
_1937 1
13
55 54
bb
Amer Bug Ref 5-year
54 64
S A & er Pass ist gu g 48_ _ _1943 J J
1003 102 010012 1014
4
2 8214 90
90
Am Telep & Teleg cony 45_ _1936 M
Santa Fe Pres & Phen let 58_1942 M 5 90 Sale 90
10412
8
1946• D 1015 Sale 101
8
30
-year coil tr Is
I) _-_- 967 9614 Feb'33
Say Fla & West let g
964 9614
4 10012
1960• J 99 Sale 983
Oct'31
35-year e f deb bs
101
let gold be
1
1043
4
20
1943 MN 10312 Sale 103
-year e f 534s
98
93 Mar'33
soot° v & N E let gu 48_
90
MN
al03
1939 JS 100 Sale 100
Seaboard Air Line let g 4a._1910 A 0
Cony deb 434s
•
1965 FA 9834 Sale 984 1004
•
Debenture 58
•
Gold 4e stamped
1950 A 0
37 37
37
4 14
•
Certife of deposit stamped_ A 0
3 Jan'33
3
612 Am Type Found deb 68_ _ _1940 A0 34
8518
4
12
Adjustment Is
12. 3 Am Wat Wks & El coil tr 58_1934 A0 8214 Sale 8214
12 2
Oct 1949 F A
12
5818
1975 MN 5618 Sale 56
Refunding 48
Deb g 08 series A
1959 A 0
1% 2
Certificates of deposit
2 Mar'33
2
2%
2214 301 274
318 Sale
2714
312
312 60
Paper let g 6s_ _1947 1
cons 65 series A_ _1945 M S
let &
23
4 3% Am Writing
24
Z3
214 Sale
234 Sale
Certificates of deposit
18
3
ZE
134 33 Anglo-Chilean Nitrate 78....A945 MN
4
82 Feb'33
5
9
& Birm 30-yr let g 4e_d1933 M S
6 Mar'33
6
73 Ark & Mem Bridge Ss Ter 56_1964 MS
4
80
• D 794 Sale 7838
Seaboard All Fla let gu fe A 1935
Armour & Co (111) 1st 414s 1939
4 Sale
70
1.12 43
112 Sale
1
Certificates of deposit
A 0
1
1% Armour & Co of Del 5%s_ _ _1943 J J 743 Sale a7212
66
68
1935
Series B
Armstrong Cork cony deb 58_1940 SD 66
4
4
1 14
.
3
4 214 114
Certificates of deposit
F A
2
114 114 Associated Oil 6% g notes_1935 MS 1023 Sale 1023 al03
9834 Feb'33
1947 S D
Atlanta Gas L let 55
8
38%
894 Oct'32
Atl Gulf & W I SS coil tr 55 1959 S i 365 Sale 36
So & No Ala cons gu g 5s___1936 F A
9912
84 80 Jan'33
Con cons guar 50
-year 58_1963 A 0 75
511
85l Atlantic Refining dep be___ _1937 J J 9918 Sale 98 Mar'33
88 85
Works let Is _1940 MN 82
4
30
48
Pao coil 4s(Cent Pao coil) k'49 J D 4712 Sale 453
So
404 5518 Baldwin Loco
9412
9414 9234
46
61
let 4345 (Oregon Linea) A 1977 M S 59 Sale 59
50
70% Batavian Petr guar deb 4348_1942 S i 92
8712 Mar'33
712 95
1936 J ,7
70 70
193-I J D
2
70
-year cony Is
20
6714 82 Belding-Herainway 68
1044
' 10318 Sale 103
S
1968 M S 42 Sale 42
4514 28
Gold 4%5
39 4 :5414 Bell Telep of Pa;bs series 13._1948
3
104
1960 A0 102% Sale 102
4434 89 a3712 53
1st & ref Is miles C
Gold 412e with warrants_ A969 M N 42 Sale 42
85
1981 M N 4134 Sale 41%
45 154
38
52% Beneficial Indus Loan deb 68 1946 MS 8014 Bale 8014
Gold 415s
491
8414 0703
Berlin City Elec Co deb 0348 1951 SD 41 Sale 3912
4 0703
4
San Fran Term 1st 45_ _ _1950 A 0 70
07034 85
49%
Deb sinking fund 6%8- —1959 P A 4112 Sale 39
102 102
So Pee of Cal 1st con 3U g Is 1937 M N 9718 --__ 102 Mar'33
45
1955 * 0 4078 Sale 37
1937 J
98 Jan'30
Debenture 68
So Pao Coast 1st gu g 48
47
19553 J 67 Sale 6812
Berlin Elec El & Underg 6 Ks 195 A0 3312 Sale 3312
43
88
6
60 a79
So Pao RR let ref 4s
79
793 a77
Beth Steel let Sz ref 58 guar A '42 MN 72
9212 May'30
Stamped (Federal tax) _1955 J J
84
5s_1938• .1 814 Sale 8118
30
-year pm & impt
0113 121 H.
d Due May. *2)00 Aug. a Deferred delivery. •Look under list of Maturod Bonds on page 22 0.
Range
Since
Jan, 1.
No, Low
30
55
High
66
76
51
82
17
20
20%
40
36
24
28
30
46
48
14
2
20
18
13
.2012
4
1
2
3
2
29
93
59
25
34
96 10114
914 10034
70 844
59
6812
85 65
894 100
"Ufa
55
4314 5614
43
58
50
59
73
8218
44
524
10014 1004
172
10
10
31
28
—
8E1 - 11:13
4
9418 Iowa
9712 9918
8018 9312
79
95
95 105 4
,
7212 884
100 1004
ii "i12
4
39
39
84
65
3612
84
78
92
69
48
964
894
74
50
40
65%
45
02
35
32
_
43
5
53
4
75
512
4
32
4%
48
50
a5154
87I2
924
53
84
52
73
9914
27
80
1
22
lb
70
3
644
69
75
23
70
21
1
2
10
7
15
7
115
45
162
13
4
3
2
3
271
12
48
2
36
63
7
4
105
291
190
57
456
3
15
17
1
3
101
349
4
2
13
37
61
19
54
26
72
63
85
48
4
16
02.
35
37
55
9
8
We
7%
50
52
91
95
64
6712
10212
8514
29%
77%
74
71
80
79
24
80
90
9 4 1312
8
8% 1114
80
54%
92
2818
2512
a1912
b
68
53
904
6412
97
33
37
283
4
15
77%
62
2614 354
43
70
70I: go
2614 39
0314
54
68
8312
68
81
103 105%
74
63
78 87
10238 1053
4
99% 10312
100% 1074
984 10712
610234 10012
100 10714
98 1074
35
4448
80 96%
53 4 7214
5
2714 87
214 512
80
82
77
817s
71Is 70
65
78Is
1014 10318
988 98%
4
35
4312
97 10314
85
95
9014 941
4
8712 87 4
1
103 111
10112 1118
3
7513 89
3912 7013
39
6912
37
64Is
2
3312 637
71
90
70
95
New York Bond Record-Continued-Page 5
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 31.
i
ti
....,s.
Pries
Priday.
Mar. 31.
Week's
Range or
Last Sale.
14
,,,,a
Range
ants
Jan. 1.
High No. Low
Ask Low
Bid
High
8
20
3
16
1950 M S 15 Sale 15
Bing & Bing deb 640
5
6
5
6 Mar'33 ____
6
Botany Cons Mills 6348._ 1934 A 0
418 512
5 ____ 44 Feb'33 ____
A 0
Certificates of deposit
Bowman-Blit Hotels 1st 7s__1934
158 Dec'32 ____ ____ __
4 ._amp as to pay of $435 pt red_ - 191 S
2
378
; 2 Mar'33 ____
214 3
7
B'way 4147th Ave 1st cons 55-1943 J D
I
24
118 27
8 2 Mar'33 ____
.1 D
Certificates or deposit
6512 7512
6
72
Brooklyn City RR 1st 55_1941 J J 69 Sale 69
71 10112 108
Bklyn Edison Inc gen ba A_.1949 J 3 10312 sale 10214 105
10518 47 1014 108
1952J 3 103 10312 103
Gen mtge 58 series E
8414 96
263
92
Bklyn-Manh R T sec 6s__1968 J .1 88 Sale 86
51 Sept'32 ____ ____ ____
Bklyn Qu Co & Sub con gtd 55'41 MN -__ 60
___
1941 J J --------50 Nov'32 ____
1st bs stamped
7912 87
15 ____81
1950 F A 8012 8314 8012
Bklyn Union El let g 55
10612 15 10234 112
Bklyn Un Gas 18t cons g 0_1945 511 N 106 10612 log
10812
5 108 11718
1st lien es ref 65 series A-1947 MN 10818 Sale 10818
1936 J J --------158 Feb'33 ---- 158 158
Cony deb g 540
995
s 24
1950J D 9914 9912 99
99 105
Debenture gold be
23
104
4
8
1957 M N 1003 1025 103
984r1073
4
1st lien & ref series D
101
22
99 10512
Butt Gen El 440 series B-1981 F A 99 Sale 91)
53 Mar'33 ---53
1952 A 0 50
48
674
Bush Terminal 1st 43
1712 3314
1812 14
1955 J J 1712 Sale 1712
Consol 55
26
36
30
644
Bush Term Bldg@ 55 gu tax ex '30 A 0 30 Sale 30
375
8
37
6
37 Sale 37
46
By-Prod Coke 1st 540 A-1945 M N
Cal G & E Corp unf Ss ref 55_1937 M N
1940 3 J
Cal Pack cony deb bs
Cal Petroleum cony deb s f bs 39 F A
1938 MN
Cony deb at g 534e
Camaguey Sugar etre of deposit
1942 _
for 1st 75
Canada SS L let & gen 68_1941 A 0
Cent Dist Tel 1st 30-yr 58..1943 J D
Cent Hudson G & E 5s_Jan 1957 M 8
Cent Ill Elec & Gas 1st 55.1951 F A
Central Steel 1st g s f 8s......1941 M N
Certain-teed Prod 540 A._ _1948 M 5
Chesap Corp cony 5.5 May 15 '47 M N
Ch 0 L & C.13e 1st gu g 58._1937 J J
Chicago Railways 181 58 stpd
F A
Sept 1 1932 20% Part. Pd
1943 A 0
Childs Ca deb ba_ _ _ _
19473 J
Chile Copper Co deb Is
1968 A 0
Cin G es E 1st M 4s A
Clearfield Bit Coal 1st 48-1940 .1 J
1940.1 J
Small series B_.
1938.1 J
Colon 011 cony deb 65
Colo Fuel & Ir Co gen at 58_1943 F A
Col Indus 1st & coil bs gu__ -1934 F A
Columbia G es E deb bs May 1952 M N
Apr 15 1952 A 0
Debenture 55
Jan 15 1961 J „I
Debenture 5.5
Columbus Ry P & L 1st 434s 19573 .1
1942 A 0
Secured cony g 540
10212 1023
4
5
5
6612
6712
85 Mar'33_--..
847
8 a8512
8
100 1083
4
62 4 a70
3
85
9412
96
a83
14 Feb'33 _-__
____
9
14
Sale 12
9
104
Sale 103
19
105
Sale 104
6158
615
8
2
61
1
71
71
79
2912 28
Sale 274
95
701
Sale 67
1013
75
Sale 100
4
14
1084 20
102 tog
100 107
6158 75
71
93
26
3912
6312 7538
7
100 105 8
*
3012
9
31
3454 24
28
91
957
40
77 Dec'30 --__
__ _
_ ____
- 41
40
25
3734
1
373
4
20
20
2
6712
75
55
734 10
70
7012
7514 28
9
91
91
9978
1013
4 26
*
3012 Sale
28 Sale
91 Sale
3512 ---2514 ___
374 50
37
38
2018 21
69 Sale
70 Sale
7012 Sale
8918 91
100 Sale
'd3
I2
s
...a.
Pries
Frido•
Mar.31.
Week's
Range or
Last Bak.
Bid
Ask Low
Gulf States Steel deb 540___1942 J D 5212 Sale 5012
4
Hackensack Water 1st 4s__1952 J .1 95 8 9714 953
7
457 48
8
Hansa SS Lines 6s with warr_1939 A 0 40
Harpen Milling 68 with elk purch
8
war for corn stock of Am she'49 J J ____ 547 56
2418
Havana Elec consol g 5s__1952 F A
1712 26
3
12 8 s 312
5
Deb 540 series of 1926_1951 M S
Hoe(R)& Co let 630 ser A-1934 A 0 20 Sale 1978
Holland-Amer Line 633(flat)1947 61 N -__ 1912 20
Houston Oil sink fund 5348_1940 MN 4912 Sale 40
Hudson Coal 1st s f bs ser A_1962 J D 2818 Sale 28
4
1949 MN 1013 1034 10158
Hudson Co Gas lst g bs
Humble 011 es Refining 58.-1937 A 0 10218 Sale 10218
Illinois Bell Telephone 5.5._ _1956 J D 102
Illinois Steel deb 434s
1940 A 0 98
Under Steel Corp mtge 641_1948 F A 3612
Ind Nat Gas es Oil ref bs__ _1936 M N ____
Inland Steel 1st 440
1978 A 0 65
1st M s f 440 ser B
1981 F A _---
4
st138
Range
Since
Jan. 1.
High No. Low
42
32
54
Mar'33 __-_
924
Mar'33 ____
46
56
18
3
14
12 8
7
177
8
40
28
10158
100
1s
7212
244
10
20
20
53
35
1081
4
104
5912 28
Mar'33 ____
312
3
7
20
Feb'33 _-__
4312 13
3012 38
103
2
1023
20
543
4
1014 1071
4
97 10312
3612 5812
95 8 9612
5
68
81
70
8012
S83 1066
47
66
14
*
17
r,
High
54
9812
61
lO3lz 136
Sale 102
Sale 98
10014 36
401
Sale 3612
35
__ 9612 Feb'33 _-__
71
-7312 68
15
70
70
70
1
Interboro Rap Tran 1st 5.5_1966 J 3 5612 Sale
10
•
-year 338
1932 A 0
2012 23
Certificates of deposit
*
10
-year cony 7% notes1932 M S
4
_ 623 Sale
Certificates of deposit
..
Interlake Iron 1st 58 B
_1951 M N 3312 35
lot Agric Corp 181 & coil tr bs
8
Stamped extended to 1942_ MN 3818 415
Int Cement cony deb 5s..1948 MN 52 Sale
Internat Hydro El deb fls__ _1944 A 0 2414 Sale
Inter Mere Marine at 6s.
1941 A 0 3012 Sale
Internet Paper Is ser A &B_1947 J J 44 Sale
Ref s t 65 series A
1955 M S 11 Sale
lot Telep & Teleg deb g 440 1952 J J 18 Sale
Cony deb 430
1939 J .1 a22 Sale
Debs 55
1955 F A 18 Sale
8412
Investors Equity deb 55 A 1947 J LI 78
Deb 55 see B with wars_ 1948 A 0 78-Without warrants
1948 A 0 78 10414
•
28
393
4
28
46
91 100
____ ____
____
___
a32 ;4212
37
47
1912 3018
6712 893
2
70
89
70
877
8
8518 97
14
98 106
.
10212-- 67
697
8
--__ 90
8512 90
1
12
10312
104
50
61
2712
67
100
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 31.
2209
18
•
59
*
18
593
4
623
38 Mar'33 ----
19 2
1
•
52
70
365 43
8
12
40
42
4
54
37
52
281m 130
2414
3012 10
3012
12
44
4212
14
60
11
2112 81
18
2618 89
2112
181
18
23
78
25
78
80 Mar'33 ---15
78
80
397 42
2
52
6212
244 44
a2912 a4014
39
4912
10 8 15 2
3
7
18
3112
2014 37
18
33
11
75
85
80
85
75
844
34
9814 10412
K C Pow & Lt lst 440ser B_1957 J J 9912 Sale 9912 101
8
1st M 440
4
994 101
1961 F A 987 Sale 983
98 105 4
1
821 823
4
4
843
8 14
Kansas Gas & Electric 4348_1980 J D 75
82
95
2812 100
Karstadt (Rudolph) 1st 68-1943 M N 1814 Sale 1818
1818 414
32
Keith(B.F.)Corp. 1st 113__ _1946 M 5 32 Bale 32
2914 373
3
4
32
462
4
4314 42
38
40
Kelly-Springfield Tire 85_1942 A 0 38
67
55
7
__ 6218 06212
Kendall Co 530 with warr 1948 M S 60
6818 7012
7012 Mar'33 --__
Keystone Telep Co let 5s .1935 „I J - -__ 18
___ 10214 10312
9 1021 108
4
Kings County El L & P 53..1937 A 0 1023
81997 A 0 12018 140 13118 Feb'33 --- 1314 135
Purchase money 68
75
7512
8
72
7712
Kings County Eley 1st g 4s 1949 F A 7312 75
101
5 100 10612
Kings Co Lighting let bs- _1954 J J 97 101 101
First and ref 640
1954 J .1 ____ ____ 1144 Mar'33 ____ 11414 11412
43
2
43
53
Kinney(OR)& Co 744% notes'36 J D 43 Sale 43
46
26
3114 6412
99
98
98
7
98 10314 Kresge Found'n Cents6s _1936 .1 D 41 Sale 41
Commercial Credit s f 6s A _1934 MN 97
3
97
9634 100
Kreuger es Toll class A Ws of dep
.1 10118 Sale 97
Coll tr at 534% notes---1935 J
56
12
10
4
4
8
1314
for sec a f g 55
1959 M 8 103 1112 113
7
Comm'l Invest Tr deb 534a_1949 F A 10118 Sale 01005 10112 57 100 104 2
Computing-Tab-Ree a t 6s_ _1941 J J 10714 10712 107 Mar'33 ---- 107 10818
7718
2
75
97 10112 Lackawanna Steel 1st 5.5 A 1950 M S 7618 90
77
87
--- 97 Mar'33 ____
Conn Ry & List& ref g 43481951 J J -- -8913
6
88
88
96
4 96
88
96
I
Stamped guar 4345
1951 J J 943 95 1014 Laclede G-L ref „lc eat 5s_ _1934 A 0 87
96
6113 33
67 671
4
Consolidated Hydro-Elec Works
Coll & ref 530 series C._.1953 F A 57 Sale 57
60
55
2
4
57
1960 F A 57 Sale 57
494 66
of Upper Wuertemberg 78_1956 3 J ____ 511 494
6612
Coll et ref 530 series D
3
14 44
16
12
12 Sale 10
3
3 Sale
64 12
212 6
Lautaro Nitrate Co Ltd 6s_1954.3 J
Coos Coal of Md let & ref 55_1950 J D
4 97 al00 10714 Lehigh C & Nave f 430 A..1954 1 J 7712 85 80
4
4
2
81
80
90
Consol Gas(NY)deb 534s_19 5 F A 1023 Sale 10212 1033
80
88
2
81
9512 86
19513 D 934 Sale 9312
Cons sink fund 440 ser C_1954 .1 J ---- 80 80
92 1017
8
Debenture 440
9614 1054 Lehigh Valley Coal 1st 5s
__
9914 185
1934 F A 997k--.- 10018 Dee'32 --__ __ _
1957 J J 9712 Sale 9712
Debenture bs
1021
75 52 Feb'33 ---13 100 4 1053
45 -1st & ref a f bs
1944 F A 42
Consumers Gas of Chic gu ba 1936 J D 10218 Sale 102
604
1
4
20
5
2114
4
2318
21
24
let & ref s 1 bs
10218 16 100 107
1954 F A 20
Consumers Power let Ss C._1952 MN 1003 Sale 100
17
17
17 Mar'33 --__
36
1st & ref at 513
1964 F A 20
35
42
8
39
1946 J D 3612 Sale 3612
Container Corp 1st 65
20
20
22
22
25
23 Mar'33 --__
40
6
1st dr ref s f bs
161 2012
15
-year deb bs with warr_1943 J D 18
1974 F A 20
4
57
6812
3
6612
6812
Secured 6% gold notes
1938 .1 .1 6712 75
7312
10 065
68
Copenhagen Telep 53
-Feb 15 1954 F A 655s Sale 6518
10 1177 1264
8
2 101 10412 Liggett & Myers Tobacco 78_1944 A . 12318 1247 12234 125
8
Corn Prod Refg 1st 25-yr at 58'34 M N 10111 10314 10114 10114
68
79
904
10
89
8512
4 93 102 110
Crown Cork & Beal of Os _1947 J D 8512 86
1951 F A 10812 Sale 10818 1093
5734 33
89
57
Loew's Inc deb s f 6s
56
64
48
1941 A 0 65 Sale 5412
Crown WIlliamette Paper 65_1951 .1 J 5612 Sale 564
8412
7612 904
9
38'2 24 037
84
Lombard Elec 78 ser A
44
19523 D 84 Sale 8312
Crown Zellerbach deb 55w w 1940 M 8 a37 Sale a37
'
•
7 al0212 114
8
•
*
Lorillard (P) Co deb 75
1944 A 0 1033 110 10818 10812
Cuban Cane Prod deb 6s__..1950 J J
oo
oo
934 46
4 1011s 27 100 107
Sale 1013
4
90
Is
1951 F A ____ 82
Cumb T & T 1st & gen 55_ _1937 J J 1013
10112 37
9414 10612
Louisville Gas & El(Ky)55-1952 MN 9414 Sale 9414
993 100 Mar'33 -..4
9912 10211 Lower Austria Hydro El Pow
J 91
Del Power & Light 1st 414e.19713
9418 99
5
47
45
53
lst s I 630
1944 F A 47 Sale 47
19693 J --- - 9312 9418 Mar'33 _--1st & ref 4445
9912 1018
4
8
1969.1 3 9818 997 9912 Mar'33 ____
1st mortgage 440
95
9612 9312
275
8 20
7
2258 62
91 100
Den Gas & El L Ist & ref s t ISs'51 M N 94
McCrory Stores Corp deb 530'41 .1 D 2258 Sale 2258
9912 9234
95
9
96
28
92 r963 McKesson & Robbins deb 54413'50 M N a26 Sale a2512
2412 3912
4
Stamped as to Penns tas_1951 01 N 94
963
8 20
9014 10334 Manati Sugar lat a f 740_ _ _1942 A 0
*
1949 A 0 93 Sale 93
Detroit Edison bs ser A
9514 10
47
8
58
3
91 103
8
54 Sale
_
19553 13 9312 Sale 9312
312 5 8
3
Certificates of deposit ___
Gen & ref 58 series B
•
96
4
91 1034
Stamped Oct 1931 coupon 1942 -A0
1962 F A 93 Sale 93
Gen & ref 55 series C
88
29
5
17
5
5 Sale
85 100
3
5
Certificates of deposit
Gen & ref 4345 series D _ _1961 F A 85 Sale 85
9512 19
91 103
373
4 85
4
29
Manhat Ry(NY)cons g 48-1990 A 0 363 Sale 3312
1952 A 0 924 Sale 9212
Gen & ref 5s series E
3812
7714 5
31
223 31
2
31 Sale 31
0
8
_
711 91
4
Dodge Bros cony deb Ils_ _1940 MN 73 Sale 73
Certificates of deposit __
87
16
2
25
__175 25
8
2d 48
2013 3 D 25 Sale 2478
65
70
Dold (Jacob) Pack let Os....i942 M N 6518 Sale 6518
6612
2
Manila Elec RR & Lt a 155_1953 M 8 66 10112 893 Mar'33 _-__
Donner steel 1st ref 7s
4
57
69
1942 J .1 6612 Sale a6512
8434 8 4
91
5038 68
4
43
5314 Mfrs Tr Co ctfs of panic In
Duke-Price Pow Ist 68 ger A..1986 MN 49 Sale 473
108
9914 1053
46 Mar'33 _-__
47
A I Namm & Son let65_1943 J D 40
8
Duquesne Light 1st 430 A 1967 A 0 100 sale 9934 102
43
5512
10212 17 10012 107
Marion Steam Shovel s 1 6s 1947 A 0 30 Sale 30
30
1st M g 440 series 13- - -1957 M S 10218 Sale 102
1
274 37 2
1
Market St Ry User A_April 1940 Q .1 69 Sale 6312
33
69
61
754
*
•
Mead Corp lst 68 with warr_1945 M N 35
•
35
36
a3712 14
East Cuba Bug 15-yr at g 740'37 M S
35
5012
__ 10058 Mar'33 ____ 1005 10412 Meridlonale Elec let 73 A_ _1957 A 0 92
2
8
.1 J 1007
9218
98
Ed El Ill Bklyn 1st cons 48_ _1939
93
87
94
8
_Metr Ed 1st & ref 55 tier C-1953 3 J 82
Ed Elec(NY) 1st cons g 55.1995.3 J 108 115 120 Mar'33 __., 1184 120
94 Mar'33 _-__
95
93
99
4 8 41
67
4
383 8838
8
lst g 440series D
El Pow Corp (Germany) 640'50 M 5 423 Sale 3838
82
5
1968 M El --- 8112 72
72
90
45
103
A 0 4238 Sale 38
38
Metrop Wat Sew & Dr 6348_1950 A 0 7012 Sale 7012
68
1st sinking fund 63-4a-..A953
72
48
6518 75 5
1
Met West Side El(Chic)4s 1938 F A 101
Ernesto Breda Co 1st M 7a..1954
1314 lb
- - 1314 Mar'33 --__
4
76
11
4
Meg Mill Mach lat s f 7s
72
80
With stock purchase warrants. F A 733 Sale 733
8- - 48 Mar'33 - -__
48
1956 J 13 ____ 42
671s
Midvale St er 0 coil tr s t 681936 M 5 84 Sale 84
86
80
95
18
704
8
7012
1
63
8
Federal Light dr Tr let 58_1942 M S 695 77
705 Milw El Ry 34 Lt lat bs B
68
56
75
1961 .1 D 68 Sale 68
84
7012
8
let mtge Ss
65
705
8
1st lien s f re stamped__ _1942 M S ____ 7018 70
73 8 53
5
1971 J J 68 Sale 66
66
83
6812 Mar'33 -- -7712 Montana Power 1st Is A_..19433 .1 70 Sale 70
68
1942 M 5 64
let lien 6s stamped
14
72
66
86
55 Mar'33 _-__
52
5212 60
Deb 55 series A
30-year deb (Is series IL 1954 J D 50 54
62
1962 3 D -___ 50 54 Mar'33 - -__
813
4
4
813
4
1
81
85
MontecatInl Min & AgrieFederated Metals s f 78. -1939 J D 813 86
8
95 8 32
5
9512 945
93
97
1048 J .1 95
Deb g 7s
Flat deb 8 I II 78
19373 J 9414 95 94
6 08714 98
12
941s
*
•
Montreal Tram lat & ref 68 1941 J .1 ___ 81
1941 M S
Fisk Rubber 1st 8 t 88
8112 Mar'33 --__
81
864
9812 11
9878 9778
95 10114
Gen dr ref s I bs series A.1955 A 0 50
Framerican Ind Dey 20-yr740'42 .1 J 97
(2,44 664
54 64 4 Feb'33
3
a
1912 15
1912 Sale 12
1012 1912
Gel'& ref s f bs fier B
Francisco Sug lets 1 740_ _1942 M N
1955 A 0 --------6814 Feb'33
6838
6814 885
s
Gen & ref s f 430 ger C1955 A 0 --------7014 Oct'3 _--- ---- -7812
76
80
9
Gen & ref of bs ser I)
Gannett Co deb 68 ser A __ _1943 F A 77 Sale 77
1955 A 0 ---- 85
77 Sept'3' _ _ _
9818 June'32 ____ ___
___ Morris dr Co 1st a I 440_ _ _ _1939 J .1 78
D 99 105
Gas et El of Berg Co CORM g 581049 J
80
7814
5 "ii- If7814
6512 42
55 Mortgage-Bond Co 4s ser
73
_ _1934 M 5 55 Sale 55
Gels nkirchen Minlng
e
1966 A 0 2014 40
4038 Dec'3 _-__
,_
4
7712 15
8114 763
7634 8112 Murray Body 18t 614s
Gen Amer Investors deb 55A1952 F A 76
6s_1934.1 0 ___ 7312 75 Feb'3 _-__ -75- 818 100
Sale 993
30
97 1014 Mutual Fuel Gas let gu g 5s_1947 M N ____ 101 101 Mar'33 --_Gen Baking deb at 540-1940 A 0 9912
99 107 s
1
44
27
3
36
544 Mut Un Tel gtd Os ext at 5% 1941 IVI N _ _ _ _ 997 75 Feb'33
4
Gen Cable 1st 8 f 5348 A
1947 J J 433 Sale 43 4
8
75
75
98
1
98 10214
Gen Electric deb g 3345.... _1942 F A 98 Sale 98
8
43
8212 Namm (A I) & Son_ _See Mfrs Tr
Gen Elm (Germany)713Jan IS'45.1 3 ____ 353 42 Mar'33 ___,
4
1940.3 D --- - 337 304
343 574 Nassau Elec gu g 48 stpd
St deb 630
2
343
4
8
3
1951 .1 .1 54 8 Sale 5438
65
51
664
42
33
80
25
65 8 Nat Acme 1st a f (Is
7
1948 M N 264 Sale 25
19423 D 53
20-year s 1 deb 68
80
54 Mar'33 ____
63
54
3 102 105
Nat Dairy Prod deb 540_1948 F A 80 Sale 80
Gen Petrol 1st a f ba
1040 F A 10212 Sale 10212 10212
8112 108
7714 91
19
78
7138 8614 Nat Steel 1st 0011 35
714
19393 J 724 80
Gen Pub Sery deb 540
1956 A 0 73 Sale 73
7614 69
69
814
50
50
1
50
Newark Consol Gas cons 58.1348.1 D 10212 Sale 10212 10212
50
66
Gen Steel Cast 530 with wars'49 J J 47
1 10212 107
•
*
•
Newberry (3.1) Co 534% notes'40 A 0 68 Sale 68
Gen Theatres Equip deb 68_1940 A 0
70
65
79
9
1
414 17
2
118
New Eng Tel es Tel bs A
118 Sale
Certificates of deposit
1952 J D 10312 Sale 1034 10412 29 100 1114
52
54
20
1st g 440 series 13
495 6518
4
Good Hope Steel ds Ir see 711-1945 A 0 ____ 51
1961 M N 100 Sale 100
10112 42
964 1074
65
40
NJ Pow & Light 1st 444s_ _1960 A 0 8112 Sale 8012
62
80
Goodrich(B F)Co lst6%8_1947 J .1 62 Sale 62
84 4 18
3
8
04 SS
4
4
1945 J D 333 Sale 3312 a3512 57 a3312 493 New On Pub Sery lot ba A 1952 A 0 4514 48
Cony deb (la
6432
46
4818
5
bl
68
7514 65
First & ref 58 series B
86
Goodyear Tire & Rubb 1st 581957 M N 70 Sale 70
1955 J D 4612 Sale 46
50
13
46
64
12
N y Dock let gold 48
78
87
78 Mar'33 ____
D ____ 78
Gotham Silk Hosiery deb 88_1936 3
1951 F A 4612 57
4812
4914
45
9
604
*
•
*
Serial 5% notes
Gould Coupler isle t 6s.__1940 F A
193 3 A 0 29 Sale 29
,
2912
29
6
37
15
6
4312
375 434 NY Edition 1st & ref640 A_1941 A 0 10812 Sale 10812
3
Gt Cone El Pow (Japan) 78_1944 F A 4312 Sale 4312
11011 41 1063 115
4
39
181 31
15t lien & ref 55 series B
39
1950 3 .1 a3818 Sale 3758
1st & gen at 640
1944 A 0 104 Sale 103 8 1053
,
1
5
4 55 102Is 108
15t Una &ref be aeries C
1951 A 0 10212 Sale 102
71 101 108 4
105
1
r Cash sales. a Deferred delivery. •Look under list of M _____d Bonds on page 2210.
A,
a
2210
ki
BONDS2'..%
1
N. Y. STOCK EXCHANGE '4 t
.2; x.,
Week Ended Mar. 31.
New York Bond Record-Concluded-Page 6
Price
Friday,
Mar. 3I.
Week's
Range or
Last Sale.
..-J _
C.4 v.-.
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar, 31.
r,
:.;%,
s'7'.
44
.
,
April 1 1933
Price
Friday
Mar. 31.
Week's
Range or
Last Sale.
4;
oY..
oj,
2
Range
since
Jan. 1.
Low
High
87
93
100 107
100 10712
61
81
101 105
9312 100
•
2012 4418
108 110
Bid
Ask Low
High No. Low
High
Bid
Ask &no
High No.
NY Gas El Lt H & pow g 551948 J R 10618 1063 10615
4
10612 11 104 11238 Solvay Am Invest 53 ser A._1942 M S 8953 93 92
93
2
Purchase money gold 43__1949 F A 9812 sale 9512
9912 44
98 10314 South Bell Tel & Tel let Sr 58 '41 J J 102 Sale 10112 1027
8 94
NY L E & W Coal & RR 5;58'42 M N ---- 90
80 June'32 ___ ____ ____ S'west Bell Tel
1st & ref 5s. 1954 F A 10212 Sale 1013
3 104
60
NY L E & W Dock & Imp 5s '43 3 .1 ____ 95 100 June'31
__ ____
_ Southern Colo Power 63 A..1947 J J 65
69
65
6512
5
NY Rye Corp Inc _ _Jan 1965 AM
lh Sale
114
23 152
8
5 _-- 8 Stand 011 of NJ deb 5s Dec 15'46 F A 103 Sale 103
8 23
1033
4
37
Prior lien 6s series A
41
1965 J J 38
6s4014 16
32
4014 Stand 01101 NY deb 4353-1951 J D 9312 Sale 93129578 231
87
N Y & RIchm Gas 1st 65 A_ A951 M N 98 103 100
101
4 100 1053 Stevens Hotel tat 68
•
4
•
series A.1945
NY State Rye 1st cons 4355A '62
Studebaker Corp 6% g notes 1942 J D 2012 Sale 2012
24
108
Certificates of deposit
M N
14 412 134 Feb'33 ____
/
1
114
13 Syracuse Ltg Co tat g 53_1951 1 D 105 109 108 Mar'33 ____
4
50-yr 1st cons 6355 ser 13_ _1962
Certificates of deposit __
_
13
8 9
112 Feb'33 ____
112 112 Tenn Coal Iron & RR gen 55_1951 J 1 98 10038 9812 100
35 a9812 10414
NY Steam 6s ser A
_,
1947 M 11 105 Sale 10414 10512
6 101 109
Tenn Copp & Chem
59
50
1944 M S 50
50
2
let mortgage 53
50 a57
1951 M N 96 Sale 94
97
13
94 10412 Tenn Elec Pow 1st deb 6s B 1947 1 D 8212 Sale 813
4
6s
8212 66
let NI 55
7812 10014
1956 M N 9412 Sale 9412
9514 21
9412 104
Texas Corp cony deb 5s_-__1944 A 0 81h Sale 81
8212 68
77(4 93
N Y Telep 1st & gene 14;53_1939 NI N 101313 Sale 101
10253 112
9812 106
Third Ave Ry let ref 43
40
1960 i J 39 Sale 38
44
N Y Trap Rock let 6.5
36
4512
1946 J D
4612 45
49
24
45
6014
Ad)Inc 53 tax-ex N Y_Jan 1960 A 0 22 Sale 22
2412 67
Meg Lock &0 Pow let 53 A_I955 A 0 -_- Sale 9914 100
205 2834
8
9914
4
9914 105
1937 J 3 87 Sale 87
Third Ave RR let g 53
87
3
Niagara Share deb 535s_ _ _ _1950 PA N 56 Sale 55
83
90
5612 21
55
72 Tobacco Prods (N .1) 63.58_2022 MN 9612 Sale 9612
98
51
Norddeutsche Lloyd 20-yr s 165'47 M N
89 102
347 Sale 347
8
8
41
73
3478 60
Toho Elec Power let 7s 1955 M 5 50 Sale 47
50
9
Nor Amer Cem deb 6558 A__1940 M 5 12
41
13
1218
5212
1218
1
1018 2618 Tokyo Elec Light Co Ltd
North Amer Co deb 58
1961 F A
71 Sale 69
7413 58
69
89
let 65 dollar series
2'405
8 85
D 3912 Sale 3914
1953
No Am Edison deb 5s ser A_1957 M S 70 Sale 70
30
5
8
7312 11
70
87
Trenton G & El 1st g 53
1949 M S
_ 10614 Mar'33 ---, 10258 r40
Deb 5;58 ser B___Aug 15 1963 1 A _-_- 69 2 70
'
,
,
7312 12
10614
70
893 Truax-Traer Coal cony 6553_1943 MN 99-- 19
8
18 2212
20
6
19
Deb 58 series C___Nov 15 1969 NI N ___- 673 73 Mar'33 ____
21
4
68
847 Trumbull Steel Islet 6s
8
43
2
39i, 55
1940 MN 40 ____ 43
Nor Ohlo Trac hr Light 68_1947 M .9 ____ 963 9734
4
9812 13
9712 10714 Twenty-third St Ry ref 53_1962 J J
10 ___ 10 Feb'32 ____
_
Nor States Pow 25-yr 55 A__1941 A 0 99 Sale 97
99
30
97 1043 Tyrol Hydro-Elec Pow 7353.1955 M N 61 Sale 61
4
62
13
let & ref 5-yr 6s ser B___1941 A 0 100 101 100
103
24 100 10612
Guar sec s f 78
5718
1952 F A ---- 60
60
2 a5512 6214
North W T let Id g 4355 gtd_1934 J .1 ____ 05
90 Feb'33 ____
90
90
Norweg Hydro-El Nit5 As__1957 MN 6812 Sale 66
6813 36
6314 7118 LIfigawa Elec Powers
8
477
8 11
17s_ 1945 M 5 477 Sale 4412
Ohio Public Service 754s A-1946 A 0 90
3713 50
95
'3 95
96
3
95 105
Union Elec Lt & Pr(MO 5s_1933 M N 10014 101 10014 Mar'33 - - -,
let & ref 78 series It
1947 F A 85
10014 102
90
95 Mar'33 ____
95 104
Gen mtge gold 53
4
1957 A 0 973 Sale 9708
983 158
4
Old Ben Coal let 68
9612 10412
1944 F A 11
17
15
15
2
15
2312 Un EL & P (11I) 1st g 5348 A 1945 J J 102 Sale 1017
8
102
3 10012 105
Ontario Power N F 1st 58_ _1943 F A 97 Sale 97
97
6
9312 1013 Union Elev Ity(Chic) 5s_ __ _1954
4
0 1014 ___ 18 Jan'33 _--Ontario Power Serv 1st 5353_1950 J J
18
•
18
•
Union 011 30-yr 68 A_May 1942 F A 102 104 102
10212 11
Ontario Transmission 1st 58_1945 M N ____ 9414 91 Mar'33 ____
993 10554
4
91 10014
1st lien 51 53 ser C__ _Feb 1935 A 0 99
9912 99
9912 14
Oslo Gas & El Wks extl 53..1963 M S 6612 7312 66 Mar'33 ____
987 1003
8
4
67 072
Deb 5s with wart___Apr 1945.7 D 78
8712 78
79
25
Otis Steel 1st NI 65 ser A
75
1941 M 5 14 Sale 1312
89
15
17
912 2412 United Biscuit of Am9513
4
95 4
3
deb 65_1942 MN 053 97
6
Owens-Ill Glass a I g 5s
1939 .1 J 1003 10112 101
9513 100
8
101
1
4
90 1013 United Drug Co (Del) 5s___1953 M 8 4514 Sale 43
5114 188
Pacific Coast Co 1st g
43
__1946 .1 D 26
2812 27
70
29
10
2614 32
United Rys St L let g 4s____1934 J J 20
25
2214
2214 10
Pacific Gas & Eigen & 58_- A .42 3 3 9913 Sale 9912 1003
ref 53
193 2214
4
4 84
9914 1063 US Rubber 1st & ref 55 ser A 1947 J J 3514 Sale 3312
4
3618 183
2914 5012
Pac Pub Serv 5% notes_ -1936 M 9 6812 Sale 6812
7018 13
6813 8812 United SS Co 15-year 6s_ _1937 M N 70
78 Mar'33 __-82
Pacific Tel & Tel lot 58____1937.7 3 102 Sale 102
75
88
10313 26 101 1073 Un Steel Works
4
4312 142
A_1951 J D 34 Sale 3314
Corp 6I5s3314 6014
Ref mtge 5s series A
1952 M N 102 103 103
10312
2 10113 1083
4
Sec s f 635s series C
38
3814
1951 J D 37
43
59
Pan-Am PetCo(of Cal)conv 6540.7 D
•
38
60
•
Sink fund deb 6;5s ser A 1947 J J 3312 Sale 33
4314 55
33
Certiflentas of deposit
5913
32 Sale 32
32
1
25
3812 United Steel Wks of BurbachParamount-B'way 1st 5345.1951 j j 2614 Sale 2518
2614
6
25
373
4
Each-Dudelange et 7a,....1951 A 0 073 Sale 97
8
973
4 24
Certificates of deposit
9314 973
4
Universal Pipe & Rad deb65 1936 J D --__ 191 1 20 Dec'31
Paramount-Fam's-Lasky 63.1947 J O
658 Sale
458
65
8 46
45 167- Unterelbe Power & Light 63_1953 A 0 41 Sale 41
8
3
4612 33
ii. -W13
Certificates of deposit
- - -- Utah Lt & Trac 1st
64
53_1944 A 0 5712 Sale 57
14
Paramount Publix Corp 5;55 1950 F A
50
7214
75 Sale
8
612
8
73
614 1614 Utah Power & LightSr ref _1944 F A 62 Sale 60
643
let 5s_
4 18
Certificates of deposit
60
74
8 4 Mar'33 _ __ _
3
83
4 834 Utica Elec L dr P 1st s f g 53_1950 1 J
_ _ 105 Mar'33 ____ 105 105
Park-Lex 1st leasehold 635s 1953
Utica Gas & Elec ref & ext 531957 J .1 103-- 107 Feb'33 - --,
103 105
Certificates of deposit
8
10
a8 Mar'33
107 10814
a3
18
Util Power ds Light 534s.._1947 1 D 1614 Sale 1612
1912 34
Parmelee Trans deb 6.s
1944 A 0 1012 12
1613 343
63 Mar'33 ____
4
4
634 15
Deb 55 with warrants____1959 F A
14 Sale 14
17
Pat & Passaic G & El cons 53 1949 M S 101 102 10512 Mar'33
112
14
30
__ 105 10614
Pathe Each deb 713 with warr 1937 M N 5712 59
5812
6018 12
4712 68 2 Vanadium Corp of Am cony 53'41 A 0 40 Sale 40
,
4512 42
Pa Co gu 3353 coil tr A reg 1937 M. 5 80 ---- 87 Nov'31 ____ .._ _ _
40
4854
___ Vertlentes Sugar 1st ref 78__1942
Guar 335s coil trust ser B.1941 F A 75 ---- 78 Jan'33 ____
78 78
518 Sale
Certificates of deposit
27
8
518 12
Guar 335s trust ctts C_.,_1942 .1 D 73.
74 Mar'33 ____
112 518
74
74
Victor Fuel 1st s f 5s
1953.7 .1
912 1418 1012
Guar 3353 trust Ctrs D.-1944 J D ---- .7912 7913 Jan'33 _ _ _
1012 11
7912 823 Va Bloc & Pow cony 5355_ _1912 M S 101 Sale 101 Mar'33 __ - 8
103
Guar 48 ser E trust ctfs_1952 M N ____ 85
10
99 10558
80
83
80
3
8312 Va Iron Coal & Coke 1st g 55 1949 M 9 473
8_ 50 Feb'33 ____
Secured gold 4;is
1963 NI N 803 Sale 8012
4
4812 511
82
25
77
90
Va Ry & Pow let & ref 58__ _1934 J J 983 - - -34 983
4 99
Penn-Dixie Cement let Os A 1941 NI 5 29
4
9912 14
367 38 Mar'33 ____
8
9713 103
38
46
Walworth deb 6353 with warr '35 A 0 --9
11
Pennsylvania P & L let 4353 1981 A 0 8012 Sale 80
Jan'33 __
11
88
11
98
80
9612
Without warrants
A 0 ____ 113 18 Dec'32
4
Peon Gas L & C let cons 65_1943 A 0 107 111 10913 10912
2 10713 114
let sinking fund 6s ser A__1945 A 0 1014 Sale
Refunding gold 53
812
1947 NI 5 95 Sale 95
1012 30 --3 2 - -7
.i 23 2
9614
.
11
95 10712 Warner Sires Piet deb 6s___1939 M 5 1412 Sale
14
Registered
1412 34
NI S ____ __-- 96 Apr'32 ____ ____
12
20
___ Warner Co let 63 with warr,1944 A 0 12
13
15
16
PhIla Co sec 55 series A___1967 J D 713 Sale 7112
2
1418 25
4
76
54
7114 90
A 0 12
Without warrants
16
16
16
Phila Elec Co let & ref 4%3_1967 MN 90 Sale 09
4
1434 22
10114 40
99 105 2 Warner-Quinlan Co deb 6s__1939 M S 14 Sale 14
,
1712 11
let & ref 4s
1971 F A 9313 Sale 9318
14
943
2712
4 41
0318 100
Warner Sugar Rerin 1st 78_1941 J D 105 Sale 10414
105
PIAUI & Reading C & I ref 5s 1973 1 J 55 Sale 55
9 10213 106
55
9
64
67
Warren Sires Co deb 6s
1941 M 9 3212 Sale 3212
3212
Cony deb 65
1949 M S 3412 Sale 0333
1
30
4
45
3614 29 0333 49
4
Wash Water Power s f 53_ _1939 J 1 10018 10212 10212 10212
Phillips Petrol deb 5%8_ _1939 3 13 6718 sale 6718
2 10212 106
72
95
6718 753 Westchester Ltg 58 stpd gtd_1950 J D 10013 1057 103
4
8
10514
Pillsbury F1'r NI1113 20-yr 63_1943 A 0 95
99
6 103 110,2
9918
100
6
97 104
West Penn Power ser A 5.5_1946 M S 1035 Sale 10318 10412
8
Pirelli Co (Italy) cony
_1952 M N 9934
30 10014 108
-- 100
100
1 a9933 1003
4
1st 58 series E
1963 M 8 10212 1047 10212 103
8
Pocah Con Collieries 1st 8165'57 J 1 60 -7s_7 102 10918
64
60 Mar'33 ____
60
60
1st sec 53 series 0
1956 J D 101 Sale 101
10312 13
Port Arthur Can dr Dk 65 A_1953 F A
35 4 65
3
51
9912 107
51
2
50
65
1st m 6s series B
1953 F A 52
80
63 Aug'32 ____ ____
- - Western Electric deb 58. _1914 A 0 87 Sale 87
9112 74
Port Gen Elec let 434a ser C 196035 S 5218 Sale 5218
87 102
5912 Si
5218 - - 4 Western Union coil trust 755_1938 J J
703
6214 30
53 Sale 53
Portland Gen Elec 1st 53_1935 J J ____ 99
53
9813
9812
1
7058
9812 101
Funding & real cot g 4353_1950 M N 37
417 47
8
47
Porto Rican Am Tob cony 68 1942 J .1 1912 22 a20
1
46 14 62
a20
5
18
33
15-year 635s_ _
1936 F A 57 Sale 5518
6312 57
Postal Teleg & Cable coil 55.1953 J J
19Sale 19
55
72
233
4 63
19
2812
25-year gold 5s
1951 1 D 3812 Sale 3612
45
Pressed Steel Car cony g 53.1933 J .1
110
36(3 5772
•
*
•
30
-year 5s
1960
46
Pub Serv El & G 1st & ref 4358'67 J D 10014 Sale 100
118
37
10078 32
59
99 10534 Westphalia Un El Power 68.1953 M 9 38 Sale 37
1 J 32 Sale 30
37
let & ref 43.4s
173
1970 F A 100 Sale 100
30
1013
8 14 100 1055 Wheeling Steel Corp
57 2
8
,
1st 5%81948 J J 6214 Sale 58
5814
1st & ref 43
7
1971 A 0 9412 9514 95
0614 20
52
637
8
9312 10012
let & ref 435s series B_.- _1953 A 0 47 Sale 4412
4712. 14
Pure 011 s f 535% notes__ _1937 F A 70 Sale 69
413 557
8
8
70
7
69
79, White Sew Mach 6.5 with warr '36 J J 23
2
30
s t 534% notes
31 Mar'33 ___ 1940 M S 673 Sale 66
4
31
37
68
22
657 7712
8
Without warrants
J J 23
30
23 Mar'33 ___
Purity Bakeries s 1 deb 513_ _1948 J J 6112 Sale 6112
23
37
6213 10
55
67
Pattie s I deb 68
2118 29
1940 NI N
2214 Mar'33 ____
Radlo-Kelth-Orpheum part paid
2214 37
Wickwire Spencer St'llst 73_1935
etts for deb 6s & corn elk 1937 MN
- - 60 Dec'32 ____
_
Ct1 dep Chase Nat Bank_ ___ _--114 6
Debenture gold Os
Fs Mar'33 ____
1941
D 6418 65
833-118
83 Mar'33 __
4
154
____--812 19
7s(Nov 1927 coupon) Jan 1935
Remington Arms 1st 8 1 65..1937 M N 6418 Sale 61
6418 12
58
66
Ctt dep Chase Nat Bank__ . NI N
1
6
1 Feb'33 ____
Rem Rand deb 53.4* with war '47 M N 45 Sale 45
7
2
483
8 25
13
8
45
58
Willys-Overland s 1 635s____19113 NI S 36 Sale 3514
Repub I & 5 10-30-yr 5s s 1_ _1940 A 0 5518 59
37
8
3514 7958
55
55
5
55
83
Wilson & Co 1st s f 6s A ____1941 A 0 90 Sale 90
0012 11
Ref & gen 53.4s series A..1953
84
J 3012 Sale 30
3312 10
9314
30
53
Youngstown Sheet & Tube 55 '78 1 .1 57 Sale 57
Revere Cop & Brass 65 ser A 1948 35 S 5118 5914 55
5814 78
52
61
55
1
52
62
let mtge 3 f 55 ser 13
1970 A 0 57 Sale 57
Rheinelbe Union s I 7s
5814 19
5214 02
1916
J 3618 Sale 34
4612 143
34
661,2
Rhine-Ruhr Water series 6__1953
397 417
J 30
8
8
417
8
2
40
5712
Rhine-Westphalia El Pr 7s__1950 M N 5612 Sale 5612
603
4 46
5613 77
Direct mtge 63
1952 M N 3914 Salo 3914
4912 125
3914 7013
Cons M Os 01 1928
1953 F A 4014 Salo 3714
477 122
8
37, 7534
4
(Negotiability Impaired by Maturity)
Con M 63 of 1930 with warr'55 A 0 371 Sale 3718
.
48
152
37, 70
8
Richfield Oil of Calif 6s
;
1944 M N
•
r,
Certificates of deposit
MN
2112 Sale 2113
22
4
MATURED BONDS.
1912 29
I "Z
,
Price
Week's
4, _
Range
Rime Steel 1st 8 I 7s
1955 F A
37
0412 39
N. Y. STOCK EXCHANGE '' t
41
40
38
Friday,
12
'.
Range or
, 4
i7r7
Since
Roch G & El gen M 5358ser C'48 NI S 102 Sale 10112 102
Week Ended Mar. 31.
..ttr7.", Mar. 31.
19 101 107
Last Sale.
oj,
Z
Jau. 1.
Gen mtge 4348 series D_1977 M 5 92
____ 9914 Feb'33 __
9914 9934
------Gen mtge 5s series E
1962 M S 97 Sale 97
Foreign Govt. a Municipals.
993
4 11
97 10618
Ask Low
Bid
High No. Low
High
Roch & Pitts C & I p m 55_1946 M N
58 ____ 85 Dec'30 ____ __ _
_ Nlexico Treas 135 assent large '33 1 .1 --------412 Mar'33 _
334 (P8
Royal Dutch 48 with warr 1945 A 0 8814 Sale 8612
8814 25
.1 J
83 -9(i
314
Small
Vs 314 Mar'33 ___3'4 6
Ruhr Chemical s I 63
1948 A 0 49 Sale 4612
5114 14
4613 62
Railroad.
St Joseph Lead deb 5;513 _ 1941 M N 85
Bait & Ohio cony 4 .5s
90
85 Mar'33 ____
94
1
81
1933 M 9 70 Sale 6914
7012 27
67
7712
St Jos rty Lt Ht & Pr let 55_1937 M N 6614 96
90 Feb'33 ____
Stilt!(10% part reduct)
93
88
M S 653 71
s
6514
6514
2
61
6 42
,
St L Rocky Mt & P 5s stpd_1955 J J
- 33 Mar'33
Norfolk South lot & ref 58 A.1961 F A
33
33
3h 44 314
314
5
2(2 414
St Paul City Cable cons 55..1937 J J __
20-- -8 51 Mar'33 ____
497
Seaboard Air Line 1st g 4E3_1950 A 0
51
42
214 ____
23 Feb'33 ____
8
179 23
4
Guaranteed 55
1937 J .1
51
51 Mar'33 _
Gold 43 stamped
51
55
1950 A 0
618 8
51a Mar'33 ____
51.3 708
San Antonio Pub Serv lot 65 1952 .1 J
75
80
78 Mar'33 ____
92
78
Refunding 4s
2
1959 A 0
214 214
214
10
11 3
/
4
Schulco Co guar 6358
1946 J J 20
5114 35
90
35
25
35
Stamped (July 1933 coup on)- 21
35
39
45
2
39
Industrials
45
Guar *1 63.48 series B._,_.1946 A - 0 28
55
35 Mar'33 ___
Abitibi Pow & Paper 1st 55_ _1953 J D 1113 Sale 1112
35
28
1
127
1112 1612
8
Stamped
20Chic
-- ---- .....- ___ ---- - -- Rye 5s stpd 20% part paid__ F A 50 Sale 50
52
14
49
5712
Sharon Steel Hoops I 5tia__1948 F A
10 1
713 1712
Cuban Cane Prod deb
1712
2
17
36
_1950 J J
214 Sale
13
4
214 71
3
4 214
t Pipe Lines f deb 53___1952 MN
Shed
7218 Salo 71
East Cuba Sag 15-yr s 1 g7355'37 M S
85
7312 32
69
5 Salo
6.5..5
5
1
238 5
Shed Union 01181 deb 55___1947 M N 6812 73 69
Fisk Rubber 1st s I 8.5
70
24
83
65
51 S 5312 5514 51
1941
5512 27
45
5512
Deb 5a with warrants_ _ _1949 A 0 06912 Salo a69
7012 29
6312 8334 Gen Theatres Equip deb 65.1940 A 0
1
112 1
112 23
1
212
Shlnyetsu El Pow 1st 6353__1952 J D 37
3912 373
4
38
28 r3913 Gould Coupler 1st at 65
13
1940 F A
7
7 7 1012 Feb'33 ---8
6
1012
•
Shubert Theatre 6s_June 15 1942 1 I)
•
Halske *1 7s____1935 .1 J ____ 863 83
Siemens &
4
85
6
83
Interboro Rap Tran 13s
95
8
1932 A 0 205 Salo 1712
22
118
12
22
Debenture 51 63.5s
1951 NI 5 63 Sale 63
695
8 45
19
63
-year 7% notes
8213
1932 M 5 6314 Sale 60
6314 30
5112 71
Sierra & San Fran Power 55_1949 F A -- -- 98
94
9612
3
94 102
NIanatl Sugar lot 8 f 734a..1942 A 0
6
____
6 Feb'33 ____
5
6
Silesia Elcc Corp a t 694a___1946 F A 3714 Salo 37
14
42
3714 5912
Stml:81 Oct 1931 coupon_ _1942 A 0
17
7 Sale
5
7
19
2
7
Slieslan-Am Corp coil tr 7s__1941 F A
33 Sale 33
3414 44
33
4238 Ontario Power Serv 1st 5353_1950 J 1 ---- 7314 69 4
,
6914
1
661s 7111
Sinclair Cons 011 15-Yr 7s---1037 M S 96 Sale 9512
9653 71
9014 100
Pan-Am Pet Co (Cal) cony 65'40 J D 31 Sale 2712
327
8 27
2518 3512
1933 .1 13 93 Sale 927
1st lien 6345 series B
8812 9713 Pressed Steel Car cony g 55_1933 .1 J 3814 42 03818 Mar'33 ____
8
933
4 70
38,8 67,2
1942 A 0 10014 Sale 100
Sinclair Pipe Line s I 65
1015
8 70 100 1033 Richfield 01101 Calif 6.5
4
1944 PA N 2212 Sale 2112
2314 25
21
295
8
1939 M S 623 Sale 623
4
Skelly 011 deb 534s
4
6314 93
597 70
Shubert Theatre 65 June 15 1942 1 13
6
5
.1
111
6 Mar'33 ____
8
3
8
112
Smith (A 0) Corp 1s8 6 As 1933 M N 9818 9912 98
98
1
97 101
Stevens Hotels series A
1945 J J
1012 Salo 1012
11
2
1012 16
r Cash sales. a Deferred del very •Look under list of Matured Bonds on thts page.
-..
Matured Bonds
.8--1
2211
Financial Chronicle
Volume 136
Outside Stock Exchanges
-Record of transactions at
Exchange.
the Boston Stock Exchange, Mar.25 to Mar.31, both inclusive, compiled from official sales lists:
Boston
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Stock
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Stocks-
Railroads
Barton & Albany
100
Boston Elevated
Boston & Maine
100
CI A 181 stpd
Class B 1st prat stPd-100
100
Prior prat stpd
Chicago Jct Ry dr Union
100
Stockyard pret
High,.
Low.
Jan
Feb
80% 80%
67%
65
10
497
80
65
Jan
Mar
00
70
11
11
12% 12%
25
21
8034
66
24
20
65
6
11
17
Feb
Jan
Feb
Jan
14
Jan
16
2534 Mar
10
82
Jan
85
84
84
84
Miscellaneous
1%
Amer Pneumatic Serv prat_
250
250
Common
Amer Tel & Tel
100 9034 89%
145
Amoakeag Mtg Co
6%
Bigelow Sanford Carpet..'
30
Preferred
7)4
Boston Personal Prop Tr_
2%
Crown Cork Intl Seal Corp
East Gas & Fuel Assn
4%
•
Common
59%
444% prior pref
100
35
100 35
6% oum pret
5
Eastern Steamship Lines-•
27
Preferred
100 13514 133
Edison Elea Ilium
5
Employers Group
25
25
25
25
23
1
3334
2
85c
25
25
_1
BondsAmogkeag Mfg. Co 68 1948
Chicago Junction Ry &
Union Stk Yds 58_ __ 1940
45
1948
E M888 St Ry ser A 4148'48
Series B 58
1948
Pond Creek Pocah's 7s 1935
70
300
5,74
6
8
3
1
50
144
250
93%
134
634
30%
7%
20%
Mar
Mar
Jan
Feb
mar
Mar
2% Jan
Mar
Mar 50c Jan
Mar 109% Jan
2)4 Jan
Mar
J811
9
Feb
Jan
Feb 55
28
Mar
9%, Jan
7
2% Mar 22% Mar
1%
250
89)4
1%
64(
Ma
Mar 70
Mar 59
Jan
514
33
Fe
Mar 183
Jan
6
4%
195
20 59%
125 38
455
5
50 27
811 133
215
5
414
59;4
47
5%
27
144
54(
Jan
I
Feb
Feb 20
Mar 84
Mar 79
Feb 19%
Jan 115
Jan
Jan
Feb
Mar
Feb
Jan
Feb
18)4 Jan
1% Jan
20% Jan
97
88
13% 15%
1
I
14% 14%
195
170
319
13% Mar
Mar
1
11% Feb
13
13
334 3%
2
19%
19
1% 2
75% 78
9
8
34
6% 7
614 6%
8% 9%
10
72
48
28
13
59
220
70
730
326
470
12
314
1%
15%
1;4
75%
54(
%
6%
5%
7
Feb
Mar
Jan
Feb
Mar
Mar
Mar
Feb
Jan
Feb
Feb
13%
6
2%
20
4
94
9)4
44
7%
10%
11%
Feb
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Mar
28
23
114
1
33)4 34%
31%
31
5% 7%
3% 5
3% 3%
1
1
79
1,038
1,975
253
110
125
so
20
25
1
33
30)4
5%
344
2%
1
Mar 30)4
1%
Fe
Jan 39%
Jan 32
Feb • 8%
5
Mar
4%
Feb
1
Jan
2%
1%
85c
10%
30o
550
350
37c
193
270
100
110
550
550
100
200
1%
1%
60c
9%
20c
500
300
25o
Feb
Jan
Feb
Jan
Jan
Mar
Jan
Jan
3%
244
85o
13%
34c
550
750
Mar
Jan
Mar
Feb
Mar
Jan
Jan
Mar
31
Feb
41
Jan
6,000
1,000
2,000
5,200
6,000
96
86
24
25
95
Jan
Jan
Jan
Jan
Feb
98;4
91
27%
29%
97%
McWilliams Dredging Co •
Nianhat Dearborn com_ •
Marshall Field common..'
Metropol Ind Co allot cats_
MIckelberry'a Food Prod
Common
Middle West Util new_ •
Midland United
•
Common
Midland UM 6% Pr lien 100
Monroe Chemical corn...'
Nachman Springfilled corn*
Nat Sec Inv 67 prof..-100
coin_ •
Noblitt-Sparks
No Amer Lt & Pwr corn..'
Northwest Bancorp cornPenn Gas & Elm A oom •
Pines Winterfront corn _5
•
Prima Co common
•
Process Corp corn
Public Service of Nor 111
•
Common
100
Common
100
6% preferred
100
7% Preferred
Quaker Oats Co
•
Common
100
Preferred_
corn...'
Raytheon Mfg Co
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
3434 3444 $2,400
General Capital Corn
1
Georgian Corp pret Cl A_20
Gillette Safety Razor- •
HYgrade Sylvania Lamp
13
Corp
International Hydro Eleo- -----Mass Utilities Assoc v t o.•
2
Mergenthaler Linotype 100 19
New Eng' Pub Serv corn
New Eng Tel & Tel_ ---100 7534
Pacific Mills
8
100
Public Utility Bldg Corp_ _
34
Shawmut Assn tr infs.--•
634
Stone & Webster
•
Swift & Co
834
•
•
Torrington Co
United Founders cora__-•
U Shoe Mach Corp
25
Preferred
25
Waldorf System Ina
Waltham Watch cl B corn.
•
Warren Bros Co
Westfield Mfg Co ctt of dep
100 510
280 1144
20 83
50 73
277 10
22 109
1
15
84
76
17%
115
1
East Mass St Ry Co ad) 100
13%
NYNH& liartford-100
84
Norwich dr Worcler Ti1-100
74
100 74
Old Colony RR
60 1734 17%
Pennsylvania RR
115
Prov & Worcester RR.
-100 115
Mining
Calumet & Hecla
Copper Range
La Salle Copper Co
Mohawk Mining
North Butte
Old Dominion Co
Quincy Mining
Utah Metal & Tunnel-
Range Since Jan. 1.
Godchaux Sugar ci B- •
Great Lakes Aircraft A_ •
Great Lakes 13 &
Grigsby Grunow Co corn.'
Houdaille-Hershey Cl B__•
Ill Northern Util pref _100
•
Jefferson Electric corn_
1
Katz Drug Co corn
Kellogg Switchboard & Sup
10
Common
Ky TJtil Jr cum prat__ -50
Keystone Steel&W prat 100
•
Common
.10
La Salle Ext Univ corn.
Libby McNeill & Libby
10
Common
10
Lindsay Light COM
Lindsay Num Pub $2 prat*
•
Lion Oil Refg Co corn_
5
Lynch Corp corn
Feb
Feb
Feb
Feb
Feb
2
134
85o
1034
25e
500
35c
370
96
88
27
27
9714
97
88
27
2734
9734
400
-Record
Chicago Stock Exchange.
of transactions at
Chicago Stook Exchange, Mar. 25 to Mar.
clusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
31, both
in-
Range Since Jan. 1.
Low.
High.
Abbott Laboratories com.• 2434
Acme Steel Co
25
234
Asbestos Mfg Co com__-_1
Associates Invest Co corn •
Assoc Tel Util•
Common
Bastian-Blessing Co cora •
8
Bendlx Aviation coin.-- -•
8
Borg-Warner Corp corn. 10
Brach & Sons(E J) corn- •
Brown Fence dr Wire Cl B.•
•
Bruce Co (EL) corn
534
10
Butler Brothers
2434 2534
1334 1334
23.4 3
32
31
150
50
600
100
2134
10
234
31
Jan
Feb
Mar
Mar
Feb
27
Mar
14
534 Jan
Mar
37
34
634
834
834
444
13‘
53.4
134
350
950
1,100
2,250
100
50
250
200
34
3
634
534
43.4
1
434
134
Mar
Feb
Feb
Feb
Jan
Jan
Jan
Feb
13.4
63-4
1134
934
5
134
7
3
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Mai
•
Central III PS pref
Central III Sec common _ 1
5
Convertible preferred.'
Central Pub Sera Corp A.1
Central Pub Util•
Class A
Cent 8 W Util•
Prior lien preferred_
*
534
Preferred
Chicago Corp
•
Common
• 1334
Preferred
344
Chi& N W Ry com-___100
Cities Service Co cora •
244
Commonwealth Edison 100 51
3
Commly Tel cumul part_•
Construct Mat'13334 Pref.'
5
534
Cord Corp
Crane Co
100
Preferred
•
Curtis Lighting corn
Eleo Household Util eap.5
.
19
g
5
3.4
2034
g
5
4
190
150
200
80
19
%
5
Si
Mar 3334
44
Mar
Feb7
Mar
44
Jar
Jar
Jar
Fet
%
% Mar
Feb
Feb
% Feb
Feb
1
Mar
55
3% Mar
1744 Mar
)4
54
734 7%
%
%
1% 1%
55
55
3;4 344
18
18
1
1
19
19
25
25
4
4
36
Si
7%
4
1%
%
84(
I%
2%
66%
4
19%
Mar
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Mar
Jan
Mar
Mar
Mar
I%
2414
26
4)4
44
Mar
Jan
Jan
Jan
Mar
1% Feb
Mar
1
Jan
1% Feb
2
Feb
8
100
50
10
So
100
2%
1%
6%
234
12)4
Mar
Feb
Mar
Jan
Mar
Jan
Mar
Feb
Mar
9
1%
8
7
Jan
Jan
Mar
Mar
6§
1
19
25
4
14
150
310
700
200
300
134
134
6
11
High.
Low.
500
100
250
1,450
350
10
100
100
1
1
7
1%
5%
7
714
1%
6
7
150
100
1.400
120
7
1%
4%
7
4%
44
4%
44
50
3,250
2% Feb
44 Jan
44
2
33.4
4
27%
11
2
7
6
1%
13%
144
34
2
33-4
4
27%
1144
2
7
6
1%
15%
134
150
10
50
50
50
100
50
50
200
650
8,750
450
Mar
Feb
2
234 Mar
Mar
211 Mar
944 Mar
Mar
2
Feb
5
Feb
6
Feb
1
Feb
10
144 Mar
27
25
59%
67
30
25
61
70%
1,050
50
17
80
27
25
59%
67
7
5%
3.4
6
14%
1%
27
60
70
85
83
109 110
2% 2%
110
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Feb
83
39
7
Ma 117
4 107
100
134 Jan
Mar
Jan
Mar
Mar
Mar
Mar
Mar
931 2
450
900
850
1,350
4,950
10
600
100
4%
)4
%
13%
3%
12%
7
6
6%
18
102%
64(
44
%
1%
43.4
1144
47%
%
1
1%
600
100
4%
44
%
4
4
544
27%
1644
5%
10%
7
2%
15;4
2%
48
47
85
95
44
44
16% 1634 1834
4% 4%
15% 1534 17
8% 93.4
9
6
6
6% 7%
634
21%
2134 21
104 104
104
744
7
%
34
34
44
44
134 2
2
6
6
6
1314
13
53)4
50
50
)4
44
1
1
1
1% 134
434
Mar
5
4( Jan
-350
150
150
2,300
50
1,050
63
400
50
340
% Jan
Mar
Jan
Feb 22
Jan
734 Mar
Fe
M
1141 Mar
Fe
9%
Mar 13
Jan
Mar
Mar
Mar 22
Jan 10644 Jan
Feb 11% Mar
34 Mar
Jan
I
t Jan
Feb
34
Mar
Feb 661% Jan
Jan
an
Feb 1434 j
Feb
Mar
Jan
145 j
Mar
Jan
jn
2
Feb
4% Mar
44 Mar
Bonds
_1927
Chic City Rys
$5,000 42
44% 49
Certificates of deposit...
2,000 49
52
52
1942
Chicago Rye 55
2.000 48%
53
49
Certificates of deposit... 49
444
4% 4% 1,000
1927
Class B
44
10,000
Si
34
44
Inaull Util Inv 65-1940
208 So La Salle St Bldg
1,000 18%
22
22
1958
544s
rights.
• No par value. r Cash sale. z En-dividend. y Ex
Jan
10
34 Jan
Mar
Mar
Mar
Mar
Mar
54
57)4
59%
8
1%
Jan
Jan
Jan
Jan
Jan
Feb
24
Jan
-Record
Toronto Stock Exchange.
• No par value.
•
Seaboard UM Shares- •
Sears, Roebuck & Co corn •
Storkline Furn cony p1. 25
15
Swift International
25
Swift & Co
Telephone Bond & Sh 0100
..25
Thompson (J R) corn.
20
U 8 Gypsum
100
Preferred
•
II S Rad & Tel corn
Utah Radio Products corn •
Util & Ind Corp
Convertible preferred..'
- •
Vortex Cup Co corn
•
Walgreen Co
COMMOn_.
Ward (Mount)& Co CIA.'
•
Wayne Pump corn
Convertible preferred..'
com_25
Western Grocer Co
Wisconsin Bank Shares
•
Common (new)
Zenith Radio Corp com_ •
Range Since Jan. 1.
%
554
5
73.4
431
13-4
5%
134
44
450
44 Feb34 Jar
1034 1034
534 534
40
130
Jar
834 Feb19
Mar 1034 Jar
5
134
1
1334 1334
3
414
244 234
6334
50
3
3
%
44
5
534
2,950
1,900
1,600
6,550
3,650
200
350
2,450
I
1334
3
2
50
3
44
444
Feb
Mar
Feb
Feb
Mar
Mar
Mar
Jan
2
1834
614
33-4
82
3
1%
734
Ms
Jar
Jar
Ma
J81
Ma
Fel
Jai
253.4
24
234 234
43.4 4%
100
100
100
r.n
15
234
3
AV:
Feb
Jan
Feb
Fah
28
4
5%
C *
Ma
Jai
Jai
5-el
G
K
of transactions at
Exchange, Mar.25 to Mar. 31, both inthe Toronto Stock
clusiv3, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
2
56
8714
14%
1844
7%
134
12%
15%
11)4
23%
100
2
324
15
55
886
50
50
100
25
35
2% 2%
Canada Cement corn
16% 16%
Preferred
2% 214
Canada Steamship pref _100
4
4%
4%
Can Canners cony prof...'
Can Dredging & Dock corn* 11% 11% 11%
52
50
51
Can Gen Elec prof
144
•
1% 1%
Can Industrial Alcohol A.
9%
9% 10
Canadian Pacific Ry..._25
444
•
414 4%
Cockshutt Plow corn
3% 3%
Consolidated Bakeries •
Consolidated Industries..'
34
I
Ti
66%
61
Cons Mining & Smelting 25 61
100 178
177% 178
Consumers Gas
40
40
Cosmos Imp'l Mills pf _ _100
1
60
Abitibi P & Pap 6% pf _100
100 56
Beatty Bros prof
100 83%
Bell Telephone
Blue Ribbon 645% prof -50
Brantford Cordage 1st p125 18%
744
Brazilian T L& Pr corn_
1%
•
Brit Col Packers com
100
Preferred
Brit Col Power A
•
Building Products A
25
Burt F N Co com
Dominion Stores corn_ _ _ _•
Fanny Farmer prof
Ford Co of Canada A....*
Goodyear T dr Rub prof 100
Intl Milling 1st pre(...100
International Nickel corn.*
•
Kelvinator of
Preferred Canram.jot)
Loblaw Groceteriaa A _ _•
1444
•
Massey-Harris corn
Monarch Knitting Iref-100
2;4
6%
93-4
34
11%
2
56
83%
14%
18%
7%
144
10%
15
11%
2344
14%
28
634
82%
100
9%
44
57
11%
10%
2%
26
14%
28.
6%
85
100
10%
%
57
11%
10;4
3
so
40
328
4
2
2,68
290
10
65
1,248
19
5
25
100
477
30
5
7,182
20
10
340
10
270
56
Range Since Jan. 1.
Low.
High.
2%
Jan
1
Mar 57
56
Feb loo
80
Feb 14%
10
Jan 20
18
Mar 10
7%
1%
Jan
1
Jan 12%
6
14% Feb 17%
10% Feb 12
Feb 28
20
Mar
Feb
Jan
Mar
Mar
Jan
Feb
Mar
Mar
Jan
Jan
34(
214 Feb
Mar 2034
15
4
24( Mar
5%
Ma
4
13%
Ma
10
Mar 5814
51
2
1% Ma
9% Mar le%
544
344 Feb
434
Jan
2
1%
44 Mar
54 .Mar 7245
Jan 181
170
Mar 47%
40
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Mar
Feb
Mar
Mar
Feb
Feb 17%
Jan 28
8
Mar
Mar 91
Jan 100
Mar 11%
1%
Mar
Mar 57
Mar 12
Mar 11%
3%
Mar
Mar 20
Feb
Mar
Jan
Jan
Mar
Mar
Jan
Mar
Feb
Feb
Mar
Mar
12%
23
6
81
98
8%
%
57
10%
10%
2%
20
2212
Financial Chronicle
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Moore Corp Corn
A
100
National Sewer Pipe
*
Page-Hersey Tubes corn •
Photo Engrav & Electro..*
Pressed Metals corn
Penmans pref
Riverside Silk Mills A
•
Simpson's Limited pref 100
Steel Co of Canada corn *
Twin City Rapid Corn.. _100
Union Gas
Walkers Hiram corn
Preferred
10%
• 2034
Weston,Ltd,Geo
Preferred
100
Bank—
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
5%
67
15
44
8%
8
66%
7%
7
1534
1%
234
534
9%
20%
67
5%
67
15
47
8%
8%
66%
7%
7
15%
1%
3
5%
11
20%
87
Range Since Jan. 1.
Low.
High.
7
5
Mar
7
Jan
20 67
Mar 79
Jan
20 15
Mar 16
Jan
85 40
Mar 53% Jan
13
8 Mar 934 Jan
110
Mar 14% Jan
15 66% Mar 71
Mar
80
Jan
7
8% Jan
20
6
Mar 12
Jan
159 14% Feb 17% Mar
30
1
Mar
1% Mar
440
Mar
4
Jan
1,153
4
Mar
634 Mar
3,725
9% Mar 11
Mar
10 1834 Jan 20% Feb
5 67 Mar 71 Feb
100 125
100 130
100
100
100
100 129
124
130
130
165
245
129
126
131%
130
165
245
129%
139
72
13
3
5
66
Loan and Trust—
Canada Permanent- _ —100 120
National Trust
100
Ontario Loan & Deben__50
•No par value.
120
200
104
125
200
104
67 120
3 200
8 104
124
130
130
160
245
129
Mar
Mar
Mar
Mar
Mar
Mar
140
148
158
189
263
143
Jan
Jan
Jan
Jan
Jan
Jan
Mar 153
Mar 212
Mar 105
Jan
Jan
Feb
April 1 1933
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Black & Decker corn. _*
1% 2
317
Ches&PT of Ball pref.100 11434 114% 116%
50
Commercial Credit
4%
4% 4%
300
Preferred B
25 18% 1834 1834
185
634% 1st preferted-100
70
70
33
7% preferred
1834 1831
184
Consol Gas Elec Lt& Pow• 44
44
50%
887
534% pref ser E.._....100
10034 101
50
5% Preferred
100 96
96
97
56
Emerson Bromo Seltzer_
20
21
140
Fid & Guar Fire Corp10
6
6
55
Fidelity & Deposit
50 17
16
1734
213
Houston Oil preferred
234 2%
100
Mfrs Finance corn v t__ _25 40e
40o 40e
29
1st preferred
25
7
7
7
28
2d preferred
25
2
2
12
Maryland Casualty Co_ -234
134 3
3,702
Merch & Miners Trans;
20
20
93
Monon W Penn PS pret_25 10
10
10
40
New Amsterdam Gas
734 9
734
1,615
Penns Water & Power.._• 40
40
48
320
United R.& Electric.. 50 120
12e 12e
100
U S Fid & Guar new
3
10
2
3% 5,589
United Ry & El 1st 68_1940
10% 11
4,000
1st 4s (flat)
1949 10% 1034 10% 16,000
45 income flat
1
1
134 12,000
Range Since Jan. 1.
Low.
1
114
18%
70
1834
44
10034
96
20
15
234
40c
7
2
134
1934
10
734
40
12
2
Mar
Mar
Mar
Mar
Jan
Mar
Mar
Mar
Jan
Mar
Feb
Feb
Jan
10
1
High.
Feb
2
Jan
Mar 116% Feb
Mar
4% Mar
Mar 20
Feb
Mar 75
Feb
Mar 2034 Feb
Mar 65
Mar
Mar 107
Jan
Mar 102
Jan
Mar 2434 Jan
Mar
6% Jan
Mar 34
Jan
Mar
3% Jan
1
9%
2
134
21
1434
17%
60
14c
4
1334
1334
1%
Feb
Feb
Mar
Jan
Mar
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
•No par value.
Pittsburgh Stock Exchange.—Record of transactions
Toronto Curb.—Record of transactions at the Toronto at Pittsburgh Stock Exchange, Mar. 25 to Mar. 31,
both
Curb, Mar 25 to Mar. 31, both inclusive, compiled from inclusive, compiled from official sales lists:
official sales lists:
Friday
Sales
Stocks—
1
Mar
Jan
Jan
Feb
Jan
Feb
Jan
8%
3%
9%
12%
9
61
14
634
15%
23
66
4%
Bonds—
Independent Brewing (is'55
Pittsburgh Brewing 6s 1949
• No par value.
134
834
834
1534
13
2
534
11
1534
23
134
934
7
1634
13
2
534
11%
1534
2534
100
1%
500
408
125
170
970
100
70
200
290
7
5
10
13
134
3
10
12%
1934
Mar
Feb
Jan
Mar
Mar
Feb
Mar
Feb
Jan
Feb
1134
66
1734
25%
27%
434
1234
6834
1834
25%
29
5
353
134
171
171
345
462
934
8534
13%
23
2334
4%
Feb
Jan
Feb
Mar
Feb
Mar
41
67
4574 83,000
67
2,000
35
65
Mar
Mar
tit
•No par value.
Unlisted—
General Motors Corp_ _ _10
Lone Star Gas 6% pref.100
Pennsylvania RR
50
Standard 011(NJ)
25
United States Steel.. -100
Western Pub Serv v t c_ .._•
534
High.
g.Vigtti
734 Jan
1% Mar
Mar
10% Mar
7% Mar
55% Mar
11
Mar
McKinney Manufacturing*
Mesta Machine
5
Pittsburgh Brewing
50
Preferred
50
Pittsburgh Plate Glass_ _25
Pitts Screw & Bolt CorP.-•
Standard Steel Spring. •
United Engine & Fdry •
Westinghouse Air Brake_ •
W-house Elec & mfg__ _50
Mar
Feb
Feb
Feb
Mar
Jan
Mar
Mar
Mar
Mar
t,ittiW,tig
4,275
20
2,333
1,150
35
24
460
5
7
27%
6
11%
2%
20
9%
82
5
134 Mar
634 Mar
Feb
14% Mar
15% Jan
434 Jan
Jan
5% Mar
234 Jan
3% Jan
7
Feb
8% Jan
32
Jan
Jan
11% Mar
Jan
25
Feb
13% Jan
88
Feb
9% Jan
Low.
534
1
234
434
10
1%
134
2
45
5
lotVC
7% 8%
1% 1%
8
8%
10% 11%
734 7%
56
56
11
11%
4
1
Jan
Mar
Mar
Mar
Jan
Mar
Mar
Feb
Mar
Feb
Mar
Feb
Feb
Jan
Mar
Mar
Jan
Feb
Feb
Feb
170
120
141
395
1,192
7,501
850
676
30
3,303
rxx
oil—
British-American 011
•
7%
Crown Dominion 011 Co._*
•
Imperial 011 Ltd
8
International Petroleum' 11
McColl Frontenao(Acorn*
Preferred
100 55%
Supertest Petroleum ord •
2%
21
10%
83
6
534
13%
13%
3%
574 634
1%
134
234 234
5
534
10
11
2
234
1% 2
2
234
45
46
6
5
VNO.MC
.c..MM
234
645
583
30
721
80
100
45
47
100
100
10
670
200
50
15
120
6
80
5
10
5%
1%
234
5
10
2%
1%
234
xx xxxm ler
8
2834
1%
834
5%
14%
15
4
4
434
134
3
6
8%
29
6.35
11%
Allegheny Steel corn
•
Arkansas Nat Gas Corp *
Preferred
•
Armstrong Cork Co
Columbia Gas & El Co._*
Ft Pittsburgh Brewing_ *
Independent Brewing.—50
Preferred
50
Koppers Gas dr Coke p1100
Lone Star Gas
*
Range Since Jan. 1.
xxxx
14
14%
4
4
34
1%
5%
14
14%
4
4
4%
1
2%
6
8
28%
814
11%
234
21
1034
83
6
High.
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Vagtgtitgg
%
Low.
Stocks—
xr
Brewing Corp corn
•
Preferred
•
Can Bud Breweries corn •
Canada Malting Co
•
Canada Vinegars Corn.. _ _•
Can Wire Bound Boxes A..
•
Consolidated Press A.._ _•
Distillers Corp Seagrams.•
Dom Motors of Canada_ 10
English Elec of Canada B_•
Honey Dew pref
Imperial Tobacco ord__ _ _5
Montreal L H & P Cons •
Power Corp of Can com *
Quebec Power
Service Stations cum A___*
Preferred
100
Shawinigan Water & Pr •
Tamblyns Ltd 0 pref__ 100
United Fuel Invest pref 100
Range Since Jan. 1.
C.00t..NMVCt. .0C0CMCMC.
.
,
C
...
..m
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price Low. High. Shares.
Philadelphia Stock Exchange.—Record of transactions
at Philadelphia Stock Exchange, Mar.25 to Mar.31, both
Cleveland Stock Exchange.—Record of transactions at
inclusive, compiled from official sales lists:
Cleveland Stock Exchange, Mar. 25 to Mar. 31, both inyrtaay
sates
clusive, compiled from official sales lists:
Last Week's
Stocks—
Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
American Stores
32% 3234
*
200
Bankers Securities pref _50
8
8
100
Bell Tel Co of Pa pref__100 10634 1063i 108%
175
Budd (E G) Mfg Co
*
%
%
100
Preferred
100
334
6
334 334
Camden Fire Insurance__5
9%
9% 10%
500
Consol Traction of N.T.100
17
19
347
Electric Stor Battery__100
24% 24%
161
Fire Association
10 18
18
20
175
Horn & Hard(NY)conl—*
17% 17%
100
Preferred
100
86
86
10
Insurance Co of N A___10 25
25
1,400
28
Lehigh Coal & Navigat'n_•
500
534 534
Lehigh Valley
50
10% 11%
82
Pennroad Corp v to
•
134 134 2,000
Pennsylvania RR
50
17
18% 2,000
Phila Elec of Pa $5 pref..
• 9934 9934 9934
270
Phila Elec Pow pref____25 29
29
500
3034
Phila Rapid Trans 7% p150
4
4
50
Phila & Rd Coal & Iron_ _•
2% 234
227
Philadelphia Traction_ _50
15
350
16
Railroad Shares Corp.. •
%
34
100
Reliance Insurance
10
4
4
100
Scott Paper
*
28
28
13
Series A 7% pref._ _100
103 103
38
Tacony-Palmyra Bridge.* 25
30
25
2534
Tonopah-Belmont Devel_l
sir
900
%
Tonopah Mining
1
100
61
hr
Union Traction
50
4
334 674 3,600
United Gas Impt com_ •
14% 1534 12,000
Preferred
•
87
98
9034
Victory Insurance Co___10
334 3%
334
100
r
1
Warner Co
1
1
300
Westmoreland Inc
•
150
5
534
Westmoreland Coal
•
434 4%
150
Bonds—
Elec & Peoples tr ctfs..1945
Lehigh Valley 434s__2003
2003
General 45
Penn Cent L & P 4348_1977
Phila Elec (Pa) 1st 53_1966
Standard Gas & Elec 6s'35
1834
33
3034
67
105%
43
Range Since Jan. 1.
Low.
30
8
106%
%
334
9%
17
21%
18
17%
80%
25
534
834
134
13%
9834
29
3
234
15
%
334
28
9974
25
'is
Ii,
334
14%
87
334
1
5
4
High.
Feb
Mar
Mar
Mar
Mar
Feb
Mar
Feb
Mar
Jan
Feb
Mar
Mar
Feb
Mar
Jan
Feb
Mar
Feb
Feb
Mar
Jan
Mar
Jan
Jan
Feb
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Feb
Mar
35
8%
114%
134
5
11%
19
25%
24
20%
93%
35
8%
14%
134
19%
103%
33
6
434
2234
34
434
31
104
3034
34
34
1234
20%
99%
334
134
534
5
Jan
Feb
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Jan
Feb
Mar
Jan
Jan
Jan
Mar
Mar
Mar
Jan
21
82,000 1834 Feb 2134 Pet
33
2,000 33
Mar 37% Jan
30% 2,000 30
Jar
Mar 35
67
2,000 67
Jar
Mar 80
106 34 4,000 10334 Mar 11034 Pet
43
1,000 43
Feb 6134 Pet
•No par value.
Baltimore Stock Exchange.—Record of transactions at
Baltimore Stock Exchange, Mar. 25 to Mar. 31, both inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Arundel Corn
Atlantic Cat Line(Conn)50
10
15
10
15
12
16
2,545
so
Range Since Jan. 1.
Low.
10
15
I
Marl
Mar
High.
17
19
Jan
Jan
Stocks—
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
City Ice Or Fuel
•
Cleve Elec 111 6% pf.....100 9534
Cleve By CU. of dep_ _100 35
Cleve Worsted Mills cora_•
Commercial Bookbinding..
•
Dow Chemical corn
• 3434
Fed Knitting Mills com *
Goodyear Tire & Rub corn*
1st preferred
34
Guarantee Title & Tr....100
Range Since Jan. 1.
Low.
10
9534
34%
5
2
34%
26
14
34
8
10
100
35
5
2
3634
26
14
34
8
20
71
40
90
200
421
75
35
20
25
Kaynee corn
3
10
Kelley Island L & Tr com _•
734
National Carbon pref_100
110
National Refining com.25
3%
Ohio Brass B
8
Richman Bros corn
• 2334 2334
Selberling Rubber corn......'
1
134
Sherwin Williams com_25 15
113-4
AA preferred
100 7534 75
West Res Inv Corp
6% prior preferred_100
3
'No par value.
3
734
110
3%
6
25
134
15
7834
100
3
21
734
85 110
10
334
50
5%
154 23
400
1
372 13%
25 70
3
20
10
95%
34%
4
2
30
26
1034
34
8
3
High.
Mar 1234
Mar 110
Mar 4334
Jan
5
Mar
2
Jan 36%
Mar 33
Feb 1834
Mar 34
Mar 10
Jan
Jan
Feb
Mar
Mar
Mar
Jan
Jan
Mar
Feb
Mar
434 Jan
Mar 10
Jan
Mar 122% Feb
Mar
4
Jan
Jan
7
Feb
Mar 32
Jan
Mar
234 Feb
Feb 17% Jan
Mar 81
Jan
Feb
3
Feb
Cincinnati Stock Exchange.—Record of transactions
at Cincinnati Stock Exchange, Mar. 25 to Mar. 31, both
inclusive, compiled from official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Aluminum Industries_
•
Amer Laundry Mach
20
Amer Products pref
•
Amer Rolling Mill com._25
Gin Gas & Elec pref _.100
Cincinnati Street Ry_ .50
Cln dc Sub Bell Telep._ _50
On Union Stockyards.—•
City Ice & Fuel
•
Crosley Radio A
*
Eagle-Picher Lead
20
Formica Insulation
*
Hobart Mfg
•
Kahn partic A
40
Kroger corn
•
Procter & Gamble new......'
8% preferred
100
Richardson corn
•
U S Playing Card
10
Waco Aircraft
•
• No par value.
4%
9
5
735
82
634
59
17%
10%
2%
234
434
10
5
734
83
6%
BO%
17%
103(
2%
2%
10%
10
17%
25
9934
7
12
4
1034
10
18%
2534
99%
7
1234
4
20
628
15
19
202
182
125
45
25
28
130
110
4
308
169
308
9
85
145
5
Range Since Jan. 1.
Low.
3
634
5
6%
80
5%
58
17%
10%
234
2%
5
10
10
15%
19%
9934
4
9
234
High.
Mar
5
Feb
Mar 10
Mar
Mar
534 Feb
Feb 10% Jan
Mar 93
Jan
Mar
8
Feb
Jan 64
Mar
Mar 18
Jan
Mar 12
Jan
Mar
3
Jan
Mar
334 Jan
Jan
8
Jan
Feb 12% Jan
Mar 12
Jan
Feb 19
Mar
Mar 29% Jan
Mar 103% Jan
Jan
734 Feb
Mar 13
Jan
Jan
4
Feb
6%.
2213
Financial Chronicle
Volume 136
-Record of transactions
Los Angeles Stock Exchange.
St. Louis Stock Exchange.
-Record of transactions at
St. Louis Stock Exchange, Mar. 25 to Mar. 31, both in- at the Los Angeles Stock Exchange, Mar. 25 to Mar. 31,
both inclusive, compiled from official sales lists:
clusive, compiled from official sales lists:
Bonds
United Railways 4s__ _1934
20
20
$2,000
Mar
20
2034 Feb
5 No par value.
San Francisco Stock Exchange.
-Record of transactions at San Francisco Stock Exchange, Mar.25 to Mar.31,
both inclusive, compiled from official sales lists:
Friday
Saks
Last Week's Range for
Week.
Sale
Of Prices.
Stocks
-Par.
Price. Low. High. Shares.
Range Since Jan. 1.
Anglo Calif Natl Bk of S F 12% 12% 13
Atlas Imp Diesel Rag A__ _
3
3
3
Bank of Calif
120 120
Byron Jackson
1
Calamba Sugar
8%
834 8%
California Copper
31
31
California Packing
1031
10
10
Calif West Sts Life Ins Cap 17
17
20
Voting plan
19
19
Caterpillar
714 8%
735
Coast Cos G&E6% let pre
70
70
Cons Chem Indust A...
1334 1334
Crown Zeller v t
---I
1% 134
Preferred A
8%
8
9
1,477 1231
2
100
5 101
1
530
8
200
200
34
3,375
834
795 17
40 19
3,022
19 70
270 11
1
674
731
180
Fireman's Fund Insurance_
First Nati Corp of Portld_
Food Mach Corp
Galland Mere Laundry_
Hale Bros Stores
Hawaiian C & S Ltd
Honolulu Oil Ltd
Honolulu Plantation
Leslies Calif Salt
La Gas & Elea prat
Magnavox Ltd
North American Invest
Nor Amer Oil Cons
5,177
10
1,478
5
100
33
150
45
500
368
2,645
10
100
34%
12%
614
2634
534
32%
8%
30
13
89
%
2
4
35%
1234
6%
30
89
34
3831
1234
8
2634
5%
3235
834
31
13
90%
54
2
4
High.
Low.
Jan
Mar 20
Mar
3
Feb
Feb 15231 Jan
Mar
1% Jan
931 Mar
Mar
Jan
31 Feb
Mar 12% Mar
Mar 3134 Jan
Jan
Feb 31
934 Mar
Feb
Jan
Mar 79
Feb
Mar 15
Feb
131 Mar
Mar
934 Feb
34%
11
531
2634
53(
27%
831
30
11%
89'
2
Occidental Insurance
9
9
100
8%
Pacific Gas
21% 21
2431 7,729 21
6% 1st preferred
22% 2134 2314 6,805 21%
534% preferred
19% 19% 2014 2,328 1934
Pacific Lighting Corp.
3,058 25%
25% 2534 28
6% preferred
83
83
8834 1,045 83
Pac Pub Serv non-voting._
392
34
%
Non-voting preferred- -2% 234
648
Pacific Telephone
100 69
72
70
70
60 10231
6% Preferred
102% 102% 105
Paraffine
232
8%
13
13
Ity Equip RIty 1st pref.
5
5
85
5
Series 2
140
1%
2
2
2%
Richfield
100
34
%
34
Roos Bros preferred
20 3734
40
40
40
Shell Union
4
434 4%
795
4
Sherman Clay pr prat _-10 61
61
61
Southern Pacific
13% 1334 1531 2,226 11%
3,361 20
Standard Oil California...
21% 21% 22%
331
204
Tidewater Assd Oil
334
334
100 2534
27
26
6% preferred
26
4%
4% 4% 22,722
Transamerican
434
934
Union Oil California
10
10
10% 1,082
131
Union Sugar
131 1% 1,700
United Aircraft
19% 1934 2134 1,468 17
Wells Fargo Bank & Un Tr 175
88 170
175 176
490
534
Western Pipe Steel
6% 6%
Mar
Jan
Jan
Mar
Mar
Jan
Feb
Ma
Feb
Mar
Mar
Feb
Ma
44
12%
8
27%
634
33
32
14
9835
34
3%
534
Jan
Mar
Mar
Feb
Jan
Mar
Mar
Mar
Feb
Jan
Mar
Feb
Jan
Mar 10% Feb
31
Jan
Ma
25% Jan
Ma
23% Jan
Ma
Jan
Mar 43
Mar 9334 Jan
Mar
31 Jan
Jan
Ma
81% Jan
Fe
Jan
Ma 110
Mar
Feb 14
6
Jan
Feb
3
Feb
Mar
Jan
3-4 Mar
Mar
Feb 40
534 Jan
Feb
Mar 61
Mar
Feb Is% Jan
Feb 25% Jan
Feb
3% Mar
Mar 4431 Jan
5% Jan
Mar
-Feb 1134 Jan
Mar
I% Jan
Feb 2834 Jan
Feb 210% Jan
Feb
834 Jan
Bolsa Chica 011 A
10
134 134
39
39
Broadwy Dept St pref__100 39
3334
33
25
California Bank
3% 331
Central Invest Corp___100
931 93.4
Chrysler Corp
5
28
26
Claude Neon Elea Prod..* 26
631 634
Commercial Disc corn_ _ _10
Douglas Aircraft Co Inc__* 1134 1134 1134
234 234
Emsco Derrick & Eq Co__*
266 266
Farmers & Mer Natl Bk 100
6
6
Globe Grain & Mill com_25
6134 6134
Goodyr Tex Mills prof _100
25
2514
Goodyr Tire & Rub pref100
4
4
4
Internatl Re-ins Corp___10
90
88
Los Ang G & E pref___100 88
3
3
10
Los Ang Invest Co
134 134
Monolith Portld Cem pfd10
8
8
Mortgage Guarantee Co100
Pac Finance Corp com_ _10
Preferred))
10
Pacific Gas & Elec com__25
25
6% 1st preferred
Pacific Lighting com_ •
*
6% preferred
Pacific Mut Life Ins____10
Pacific Western Oil Corp_•
Republic Petrol Co.,Ltd 10
San Joa L&P 7% pr pfd 100
See First Natl Bk ot L A_25
Sou Calif Edison Ltd com25
25
7% preferred A
25
6% preferred B
.
534% preferred C _ _ _25
Southern Pacific Co___100
Standard Oil of Calif....'
Taylor Milling Corp
•
*
Transamerica Corp
Union Oil of Calif
25
22
20
2%
79
35
1834
2434
2034
1831
2134
454
1034
4
934
22
23
25%
85
19
234
1%
79
35
18
2434
2034
1834
1534
2134
434
431
1034
200
4
200
9%
300
24%
700
23%
700
27
85 oddlot5
23% 2,000
200
234
400
131
30
79
3734 1,500
1931 5,900
900
25%
2134 1,900
1934 1,300
600
16
2334 2,100
100
434
434 5,200
1034 2,100
High.
Low.
134
100
28 35
150 33
331
15
9%
200
450 26
6
200
100 1131
214
700
34 265
400
6
20 6034
80 22
4
200
231 88
1
900
134
200
8
126
4
8%
22
23
2534
89
19
23$
1%
79
35
18
2434
2034
1834
113
20
4
454
934
Jan
131
Jan 45
Mar 38
334
Mar
Mar 1634
Mar 38
731
Jan
Jan 1354
3
Mar
Feb 301
7
Mar
Feb 71
Mar 33
9
Mar
Mar 98
3
Jan
2
Mar
9
Feb
Mar
Mar
Mar
Mar
Mar
Feb
Mar
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Feb
Jan
Mar
Feb
634
934
30%
2514
43
9214
29%
3%
134
98
4534
2754
2731
2431
2234
1834
2534
434
5%
1134
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Jar
Jar
Pet
Jar
Pet
Jaz
Jar
Jar
Jar
Pet
Jar
Jar
Jar
Jar
Jar
Jar
Jar
•No par
value.
New York Produce Exchange Securities Market.
Following is the record of transactions at the New York
Produce Exchange Securities Market, Mar.25 to Mar.31,
both inclusive, compiled from sales lists:
Stocks-
sates
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Admiralty Alaska
1
Barry Hollinger
1
Brett Trethewey
1
Como Mines
1
•
Davison Chemical
Fada Radio
1
Fuel Oil Motors
10
General Electronics
1
Golden Cycle '
10
1
Granada Gold
•
Hanlon & Hubbell
Hoover Auto Type
1
1
Howey Gold
Internat Rustiess Iron_ _ _1
1
Macassa Mines
10
Paramount Publix
Petroleum Conversion___5
1
Railways new
25
llossville Ale pr
1
United Cigar
•
Van Sweringen
Warner Aircraft
*
*
Western Television
1
A
5
Willys Overland
10
Wing Aero
Sc
10e
7nnA. rInhi
1Re
1
yi
2%
180
334
834
536
234
250
26c
16c
34
90
40c
431
7c
15e
3,500
5,500
500
1,000
1,100
Range Since Jan. 1.
High.
Low.
5c
9c
16c
90
%
2
3,400
18,600 10c
13,400
234
100
834
100 1.00
534
600
131
700
1,000 56e
6,400 10e
7,000 19e
1,700 12e
34
1,900
1
300
325
354
60
800
400 12c
300 20c
900 38c
2
8,600
60
3,100
3,600 15c
9c
1.500
Mar
Feb
Mar
Mar
mar
Jan
Jan
Jan
Mar
Mar
Jan
Mar
Mar
Feb
Jan
Mar
Mar
Jan
Jan
Feb
Jan
Mar
Feb
Jan
Mar
Mar
Jan
-.4vv
=14vri4v4,
14
,
4=J4.-.4c.t ,
,22;',Er.'4EEg&E.41g.4.-AA,A4:trry
7
$5
Feb
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Mar
Mar
Range Since Jan. 1.
t55=3r,i
c%L-5.1 8r2:-4w.-VaIVI.DowMwx.0
xo
0xA 000x=0000
Mar 33
260 30
Mar 29%
230 26
60 102% Jan 106
Mar
7
25
7
235 24% Mar 27
6
20
4% Feb
Feb
734
40
Mar 117
94 110
6
4% Mar
130
Mar 7831
30 75
30
30%
28% 29
10531 106
7
7
24% 27
5% 534
734 734
110% 112
5% 534
75
75
000..1
30
29
Stocks-
High.
Low.
sates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
=WW0.0CNC,I..oPMC,.4WO.WW,IN
,onvDtsoc,= 0000x
Brown Shoe corn
International Shoe corn_..*
Preferred
100
Landis Machine com___ _25
McQuay-Norris corn
*
Mo-Ptld Cement com___25
*
National Candy corn
Southwestern Be11Tel pf100
Wagner Electric corn_ _15
Preferred
100
Range Since Jan. 1.
.
w
•
wWWO
..
IAN.
000t00
1. WW0.4NO8WWWN
bOOWOON.4,
=0=0000
M004n000x x0000
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
* No par value.
New York Curb Exchange-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday laat(Mar.25 1933)and ending the present Friday (Max.311933). It is compiled entirely from
the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bonds, in which
any dealings occurred during the week covered.
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices
Par. Price. Low. High. Shares.
Week Ended Mar. 31.
Stocks-
Indus. & Miscellaneous.
Acme Wire v t c
25
Agfa Ansco Corp com____1
Air Investors corn v t o....•
•
Allied Mills :no
Aluminum Co common....'
6% preference
100
Aluminum Ltd
Common
•
Amer Beverage Corp---5
American Book Co_ _100
American Capital Corp
33 preferred
•
Amer Cyanamid
•
Class B non-vol
Amer Dept Store com---5
Amer Equities corn
1
Amer Founders Corp.-.
American Investors
1
Class B corn warrants-Amer Laundry Machine-20
Amer Salamandra Corp.50
American Thread pref- _ -5
Anchor Post Fence
*
Armstrong Cork corn___-•
Assoc Elea Industries
Amer dep rots
£1
Assoc Rayon corn
•
Atlas Utilities Corp cam_•
$3 preference A
5
Warrants
Automatic Vol Machine_•
•
rtnn PINhap Tnh d.I A
In
5
41
40
18
334
Range Since Jan. 1.
Low.
Mar
Mar
Jan
Mar
Feb
Mar
3
3
5
6
31
34
33-4 3%
46
40
46
37
300
400
500
100
4,150
1,450
234
5
34
334
373$
37
18
18
2% 536
38
38
100
6.900
20
13
Mar
I% Mar
Mar
34
300
434 Jan
53
534
531
5
.1.1
434
he
5%
St
6,500
300
334 Feb
% Jan
31
234
2%
31
234
234
14
234
7,,,
7,
5
9% 934
4
4
234 234
34
34
5
531
4,000
1,800
8,400
100
60
100
600
100
200
234
34
234
34
6%
4
2%
%
434
254 231
% I
634 734
35
3534
234 2%
134 15'
100
500
7,100
300
300
200
7A
231
636
'IA 1:
An
High.
734
5
31
4
54
5234
Jan
Mar
Jan
Jan
Jan
Mar
2034 Jan
531 Mar
38
Mar
6
6%
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Continued) Par. Price. Low. High.
Babcock & Wilcox
100
Beneficial Indus Loan_ •
Blue Ridge Corp
Common
1
6% opt cony met
•
Bohack (11 C) Co Inc.*
5
Brill Corp A
Brill° Manufacturing
British Amer Tobacco
Amer dep rats ord br stk.
Burma Corporation
Am dep rats for reg shs__
31%
10
3134 3135
935 9%
100
300
234
2
25% 26
21
21
1
I
9% 10%
2,000
2,100
25
400
1,600
1631 1634
131
1%
100
Range Since Jan. 1.
Low.
31% Mar
12% Jan
131
21%
21
%
6%
Mar
Mar
Mar
Feb
Feb
3%
204
26
I
10%
16
Mar
16% Feb
714
Mar
Feb
Jan
Feb
Feb
Feb
Feb
Mar
Jan
Feb
Mar
3
134
331
%
10
534
231
IN
534
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Mar
231
%
634
33
234
134
Mar
Mar
Mar
Mar
Feb
Jan
25 U
Feb
3%
1%
834
88
334
2
88
Jan
Feb
Jan
Feb
Jan
Jan
Ja.n
7
%
7
4
534
34
6
32
234
1%
13%
2%
12
834
34
8
Er
.
1%
14
531
34
6
434
434
231
1%
Mar
Jan
Feb
Mar
Mar
Jan
131
200
1% Feb
1%
%
7
4
200
100
100
% Jan
5% Mar
4
Feb
% Jan
734 Jan
534 Jan
Mar
Cable Radio Tube v t c_
Carnation Co COM
•
Carrier Corp
Celanese Corp of America
7% 1st panic pref _ _100
Centrifugal Pipe Line_
•
Chicago Corp com
1
Convertible preferred_ •
Cities Service common__•
Preferred
•
•
Preferred BB
1
Claude Neon Lights
Colt's Patent Fire Arms_25
Consol Automatic Nlerch_*
Cooper-Bessmar com _ _ _ _5
Copeland Products
1
5
Cord Corp
Corroon & Reynolds
•
•
$6 preferred A
Courtaulds Ltd
Amer dep rots
High.
25
Jan
9% Mar
200
32
2%
100
1%
100
1334
100
2% 30,500
13
600
8% 1,000
400
%
8
200
Ij
200
1%
200
% 1,000
534 4,900
100
34
7
200
434
300
32
2%
31
1331
2
10%
73$
34
8
III
1
34
4%
34
6
Mar
Jan
Mar
Mar
Feb
Mar
Feb
Feb
Jan
Jan
Mar
Mar
Feb
Mar
Mar
434 Mar
4331
2%
134
1334
3%
17%
13
%
10
34
1%
2
734
1
1034
5
Jan
Feb
Mar
Mar
Mar
Jan
Feb
Jan
Mar
Jan
Mar
Jan
Jan
Mar
Jan
Feb
2214
Financial Chronicle
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Crocker Wheeler Elea_
•
254 234
Crown Cork Internat A__•
3
3
3%
Deere& Company
•
934
954 1051
Detroit Aircraft Corp_ •
55
54
Dow Chemical
•
38% 3855
Dubber Condenser Corp...1
54
Si
Duvel Texas sulphur..__•
Si
Si
fi
•
Eisler Electric Corp
Si
94
Elec Power Assoc com_ _1
3
3
Class A
1
3
3%
Electric Shareholding
•
Common
3
335
$6 cum pref with warr__• 37
38
37
Emerson Bromo-Seltzer A •
22
22
Flat Amer dep rcts
954
9
935
First Nat Stores 7% pfd100
10855 10835
Fisk Rubber Co
255 254
Preferred
100
22
22
Ford Motor Co Ltd
Amer dep rots ord reg..£1
235 22% 3
Ford Motor of Can cl A--•
5
5
551
Ford of France rcts
3
3
3
Garlock Packing
4
5
4
General Aviation Corp...
434
455 455
Gen Elec Ltd Am dep Ms•
655
6% 7
Glen Alden Coal
7
•
6% 7%
Globe Underwriters Exch 2
434
455 5
Goldman Sachs Trading...1
2
2
2%
Ii
.
Gold Seal Electrical
1
Gt Alt & Pac TeaNon- vot com stock
136
136 138
7% 1st preferred...
.100 118
118 120
Grocery Stores Prod v t c_•
55
54
35
Hall Lamp Co
•
155 1%
Happiness Candy Stores-.
51
54
Ilorn & Hardart
•
18
18
Hydro El Secur corn
*
3%
3% 335
Hygrade Food Prod new_.5
255
2% 2%
Imperial Tob of Grt Brit& Ire Am dep rcts_ _S1
1555 1554
Insurance Co of No Am_ 10 25
25
29
International Cigar Mach •
15
15
Intl Safety Razor
Class B
14 1%
Interstate Equities Corp-1
$3cum pref ser A
50
104 1034
Irving Air Chute
•
355
355 455
Jonas & Naumburg
%
%
Klein(D Emil) Co
•
10
10
Holster Brandes Ltd
American shares_ _-fl
34
54
Koppers Gas & C6% p11.00
45
45
Lakey Fdry & Mach
•
Si
Si
Letcourt Realty new
1
1
1
Lehigh Coal & Navigation•
534 534
Louisiana Land & Explor-•
54
44
3,4
Ludlow Mfg Assoc
53
53
•
Marion Steam Shovel_
155
•
135
Mavis Bottling cl A
1
III
34
34
Mead Johnson & Co com.• 46
46
46
Midvale Co
11
11
•
Minneapolis-Honeywell reg
Preferred
100 61
82
61
Montgomery Ward & CoCiassA
• 503i 50
53
Mortgage Bk of Columbia
Amer shares
2
2
National Aviation
Natl Sense Hess crom
1
Nat Candy corn
Nat Investors common-1
Nat Rubber Mach
•
Nat Sugar Refining
•
Nat Union Radio corn
1
New Haven Clock
•
New York shipbuilding
Founders shares
1
New Amsterdam Cas_ _ _10
Newberry (J J) Co
•
Niagara Share of Md 0113_5
Noma Electric corn
•
Northam Warren pref_ •
Novadel-Agene
•
Oilstocks Ltd
5
Pan-American Airways_ 10
Parke, Davis & Co
Parker Rust-Proof
render Grocery class A *
Pennroad Corp new v t
Pepperell Mfg Co
100
Phoenix Securities
Common
1
83 cony pref ser A. ..10
Pilot Radio & Tube cl A__•
Pitney-Bowes Postage
Meter
•
Pitts & Lake Erie com__50
Powdreh & Alexander_
•
Pratt & Lambert
•
Prudential Investors
Pub Utll Holding corn
Without warrants
•
Warrants
Quaker Oats 6% pret__100
Rainbow Luminous ci A...•
Reliance International
Common A
•
•
Republic Gas
Rike-Humler corn
•
Roosevelt Field Inc
5
Rossia International
*
Royal Typewriter com_ •
Ryerson (Jos T) & Son_ •
Safety Car Heat&Light 100
St Regis Paper corn
10
Securities Allied Corp_
•
Selected Industries moCommon
1
$5.50 prior stock
25
Allotment certificates...
Low.
234
255
554
54
30
3.4
Si
23,4
254
5,800
500
100
254 Feb
4% Feb
3
Mar
1,200
500
500
900
500
2,000
700
4
235
655
8%
4
2
3,4
90 128
Feb 155
80 118
Mar 124
200
35
54 Jan
Jan
Jan
Jan
100
200
300
200
200
1%
H
17%
355
244
Mar
Mar
Jan
Mar
Mar
2
Si
20
7%
e3
100
300
100
15
25
15
Feb
Mar
Mar
16
Jan
35% Jan
19% Feb
500
300
400
400
100
200
135
Si
10%
335
55
10
Mar
Jan
Mar
Mar
Feb
Feb
1%
54
1554
6
1
10
100
25
400
300
1,300
1,700
10
100
3,900
100
100
55
35
55
1
535
55
45
Si
55
3835
11
Mar
Mar
Jan
Mar
Mar
Jan
Feb
Feb
Jan
Feb
Mar
35 Jan
Feb
55, Feb
1
Mar
Jan
8
35 Jan
53
Mar
155 Mar
34 Jan
46
Jan
15
Jan
61
Ma
40
150
4854 Fe
2855 30
56
55
1% 135
3%
9
10%
355
135
31
37
354
2755
13%
2354
15
151
2855
4%
9
11
4
154
31
39
3%
28
16
25%
15
135
28%
2,200
25
300
800
300
100
500
1,700
500
3,000
225
100
2,600
20
134
9
1035
335
54
28%
3455
3
20
1255
2055
15
135
28%
54
054
Si
Si
954
Si
300
200
1,000
Mar
' Feb
9H
u
55 Mar
255 255
3055 33
8
8
r10 r10
354
335 455
200
250
100
10
1,900
2
28
8
10
3
iii,
135
29
355
10%
33,4
155
37
28
13%
2354
155
34
ills
30%
115
rIlS
109 109
3i
34
134
55
54
23
154
155
27%
355 Jan
7
Jan
434 Jan
Jan
Jan
Mar
Jan
Mar
Mar
Mar
Mar
Jan
Jan
Mar
Feb
Mar
Jan
Fe
Jan
Na
Fe
Ma
22% Fe
54 mar
55 Jan
8
154
53,4
144
Mar
Jan
Jan
Jan
Jan
Mar
Mar
7%
5
734
10
a%
2%
7is
1,100
7,400
100
500
100
1,500
200
100
555
135
534
134
435 Jan
334 Jan
1254 Mar
Feb
as Mar
Jan
Jan
1
134 Jan
4
Mar
4
Mar
400
254 Mar
455
600 37
Mar 48
25 22
Mar 2444
200
9
Mar 10%
10 10855 Mar 112
2,100
Feb
235
1
.100 18
Jan 22
155 Feb
534
145
High.
Fsb
Jan
Mar
Jan
Mar
Feb
Feb
Mar
Feb
Feb
200
Shenandoah Corp
Common
2
1
6% cony prof
50 1335
Silica Gel Corp v tS
•
Singer Manufacturing.-100 93
Smith(A 0)Corp
• 2935
Southern Corporation ' 135
Spanish & Gen Corn
£1
Amer dep rcts
Starrett Corporation
6% pref with priv_ -50
*
Stein & Co com
654% preferred
100
•
Stuts Motor Car
9%
•
Sun Advertising com
25 8%
Swift & Co
15 15%
Swift Internacional
200
600
8,600
300
100
100
200
200
100
500
Range Since Jan. 1.
534
34
4
1
Jan
Mar
Mar
Mar
Mar
Jan
Fe
Feb
Feb
Mar
Mar
Mar
Mar
Feb
Feb
Mar
Mar
Jan
Feb
.„
4,500
4,600
10 109
200
%
Feb
Jan
Mar
Mar
Feb
Feb
Mar
Jan
Mar
Mar
Mar
Feb
Mar
Feb
135 15,4
55
55
r4
r4
1
1
55
54
534 5%
734 7%
23%
22
155 255
63,4 7
200
1,000
50
100
400
100
50
150
4,500
200
134
55
4
55
si
53,4
73.4
1854
155
8
155 155
32
36
28% 30
400
400
1,000
14 Feb
Mar
33
2655 Mar
255
2
13%
13
31
51
90
93
20
2954
134 13,4
700
800
800
160
2,350
400
1%
12
54
90
1145
55
Ill
ill
100
34
5
79
934
155
855
1555
35
5
79
11%
134
9%
17
100
100
so
1,300
200
3,000
1,700
Feb
Feb
Feb
Mar
Feb
Jan
lie Jan
45
5
70
954
155
7
123,4
Feb
Feb
Jan
Feb
Feb
Feb
Feb
51
Feb
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Jan
Jan
yeb
April I 1933
Friday
Sales
Last Week's Range for
Sale
Of Prices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares
Tastyeast Inc cl A
Technicolor Inc corn
Tobacco dc Allied Stocks_ •
Tobacco Products of Del_l
Transcont Air Trans
•
Trans Lux Pict Screen
Common
1
Tubize Chatilion coin-...1
3.4
331
Walgreen common
Walker (H) Gooderham
•
& Wortscommon
Cum preferred
•
•
Watson (John W)
Wayne Pump Co coin- •
Western Air Express.
..10
Western Auto Supply cl A •
Williams(R E) Inc
•
Woolworth (F W) Ltd
Amer dep lets for ord she
1354
1334
Public Utilities
Am Cities Pow & Lt-Cony class A
25
New class B
1
355
Amer Commonw Pow A'
Class B
Its
Amer & Foreign Pow war?.
3
Amer Gas & Elea corn...' 1834
I'referred
• 77
Amer L & Tr com
25 13%
Am Superpower Corp corn'
255
1st preferred
•
Preferred
•
Assoc Gas & Elan Corn...'
154
Class A
•
155
Warrants
Assoc Telep Utilities
•
Brazilian Tr L & P ord- •
Buff Niag & East Pow
1734
Cables & Wireless Ltd
Am dep rate A ord sbs £1
Am dep rein B ord abs £1
Cent Hud G & E corn vto_•
Cent States Elec new corn 1
154
Cities Serv P & L$7 preferred
•
Cleve Elec Illum com... •
68
Jan Columbia Gas & Elate
100
Cony 5% pref
81 Jan Commonwealth Edtaon_100 53
Common & Southern Corp.
3
.1
Warrants
Community Wat Serv- --•
56
834 Jan Cowl°E L&P Bait com • 45
135 Mar Cont' C & E
pref_ _100
6
Mar Duke Power Co
10
335 Jan East Gas & Fuel Assoc...*
4
1% Feb East States Pow com B--•
30
Mar East UM Associates
34 Jan
Cony stook
1% Mar Elec Bond & Share com 5 1154
$5 smut preferred.- * 2554
434 Mar
• 2834
56 preferred
16% Jan Electric Pwr & Lt 2d pt A •
635
13
Jan
Option warrants
135
Jan Empire Dist El 6% Df-10
7
7
0
2
Jan Empire Gas & Fuel
32
Mar
6% preferred
4514 Jan
634% preferred
100
851
355 Mar
7% preferred
100
8
28
Jan European Electric Corp
1955 Feb
Class A
234
10
z34
Feb Florida P & L $7 pref__ •
15
Mar
134 Mar Gen Pub Serv 86 pref _ --• 18%
32
Mar Georgia Pow $6 pref
• 4954
Hamilton Gas corn v t e 1
54 Mar Hartford Elec Light____25
10% Jan Ind'polis P& L63.4% pf100
2
Mar Internatl UtilityCiasaB
1
354 Jan Inter-Hydro Electric
•
3435 Jan
53.50 cony. pref
10
Jan Interstate Pow $7 pret-- •
10% Jan Italian Superpower A ._ _-•
155
444 Mar Long Island LigCommon
•
Ili Jan
6% prof cl B
100
55 Jan
111
Jan Marconi Wirel T of Can.. -----55 Jan Mass Util Assoc corn vtc-•
2
Memphis Nat Gas new__5
354
235 Jan Middle West UM corn- •
ho Jan Mountain States T & T 100 84
Feb National P & L $8 pref..' 3651
455
13.4 Mar New England Pow Assn
55 Jan
100 29
6% Preferred
654 Jan N Y Telep 635% pret...100 11334
8% Feb Niagara lied Pow Feb
24
15
Common
854
355 Jan
Class A opt warrant....
4e
7% Jan NorthAmer Util secur___•
H
Nor N Y Util 7% pref _ _100
13,4 Mar Nor States Pow com A_100 228
Jan
45
Jan Pacific 0 & E 6% 1st pf 25 223,4
47
555% 1st preferred...25 1944
•
Pacific Ltg 1-6 pref
354 Mar l's Gas hc Elec cl A
6
Jan Pa Water & Power CO.--• 40
15
54 Jan Philadelphia Co corn
• z5
Jan Pub Sery of Ind pref ...100
102
2935 Mar liuget Sound P &
154 Mar
• 18
135 Preferred
•
$6 preferred
55 Mar Shawinigan %Vat & Pow'
Sou Calif Edison
7% preferred series A_25 2451
"is Jan
534 Feb
8% pref ser B
25 20
80
Mar Southern Nat Gas
17% Jan Standard P & L pref
• 18
2
Feb Swiss Amer Elec wet
11% Mar Tames Electric Co
1755 Mar United Corp warrants_
•
500
900
100
100
800
Mar
245 Feb
22
Jan
Si Jan
2% Jan
1%
3
100
700
135 Mar
3
Mar
11
11
1
1%
34
35
3034 31
100
8,300
275
30
11
I
3035
3055
54
54
1734 a2054
1255 1255
155 155
26
26
1,300
900
25
300
90
hi
17%
8
1%
2555
155
3
2
Si
Si
13
9
Low.
3.6
3,4
2% 3
25
25
35
54
355
3
3
Union American Invest_ __
11
United Founders new.
...1
1
United Shoe Mach com_25 35
Preferred
25
U S & Internat'l Secur-•
Common
•
1st pref with warrants.• 1735
US Playing Card corn...10 1254
Utility Equities common
'
Priority Stock
• 26
Utility & Indus Corn
Cony preferred
Van Camp Pack com__ •
Preferred
ioo
Range Since Jan. 1.
2
Si
Si
13
Jan
Jan
Mar
Mar
Mar
Mar
1434
135
3834
36
Jan
Mar
Feb
Mar
Jan
Mar
Mar
Mar
Mar
55
2355
13
255
41
Jan
Jan
Jan
Mar
Jan
100
II% Feb
14
334
755
k
Si
1155
955
4
5
9
34
34
1455
1234
k
1355 13%
900
Feb
Feb
Jan
Mar
Feb
Jan
Mar
334 Jan
55 Mar
55 Jan
Jan
Mar
Mar
Mar
Jan
Jan
Jan
Feb
11% Jan
13% Mar
2534
3
ill
he
3
1755
77
13
234
65
18
134
135
Its
35
3035
554
3.6
34
555
3331
91%
1955
554
89
3354
25(
254
3-4
15,4
Ile
3%
1994
7755
13%
3
5831
2054
155
155
irs
55
34
400
3,300
100
50
600
11,600
200
500
23,900
100
200
600
3,000
2,300
1,000
6% 654
1734 18
1,100
300
844
11
1%
%
13,4
200
400
300
2,500
35
he
11
154
11
11
2255 2254
ill
134
6
2
Mar
55 Jan
55 Jan
1,000
1.300
900
300
400
300
100
2634
355
yi Mar
Jan
Jan
Jan
555 Jan
4
30
100
400
400
435 43,4
8
9
14
33
3-4
54
123,4 1355
1034 11
4
4
28
3
irs
III
3
1755
77
1355
234
585(
18
154
135
High.
Feb
Feb
Mar
Mar
Mar
Mar
Mar
Feb
Mar
Feb
Mar
Mar
Mar
Jan
Mar
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
855 Jan
Feb
Feb
Mar
Feb
"III Jan
7,i Jan
13
Feb
Mar
3
50
1,400
11
Mar
2254 Mar
1834 Jan
3255 Jan
7555 77
53
84
550
1,100
74
53
Mar
Mar
98
Jan
8255 Jan
34
he
%
%
45
50
42
42
44
39
454
4
155 1%
8,400
700
1,000
25
75
300
300
35
%
45
42
39
4
155
Jan
Mar
Mar
Mar
Mar
Mar
Mar
fro
55
85
5734
69
655
3
Jan
Jan
Jan
Feb
Feb
Feb
Jan
2
2
100
1154 14
94,100
25
2654 1,200
3,400
285,4 31
634 755
350
155 2
1,200
7
7
50
2
10
25
28%
4%
155
Feb
Feb
Mar
Mar
Feb
Feb
Mar
334
21%
40%
43%
12
434
12
Jan
Jan
Jan
Jan
Jan
Jan
Jan
10
11
14
Jan
Jan
Jan
8
734
951
50
75
150
Feb
8
655 Mar
755 Mar
254 2%
12
2054
1,000
250
234 Mar
12
Mar
3
Jan
33% Jan
1855 19
49
5054
Ire
4835 4855
53
54
30
225
200
25
50
18% Mar
49
Mar
34 Jan
4855 . Mar
Mar
53
31
7034
54
57
68
8
655
8
34
12
6
1
1
12
854
155
1154 12
60
60
35
2
334
1
2
354
85
84
3855 4155
Jan
Jan
Feb
Jan
Jan
600
% Feb
134 Mar
25
SO
1,200
Mar
12
555 Mar
% Feb
19% Jan
11
Jan
155 Jan
300
2
1155 Mar
60
Mar
1255 Mar
74
Jan
%
2
234
55
84
3651
155
235
434
51
96
69
900
300
50
1,200
4
700
Mar
Jan
Feb
Jan
Mar
Mar
Jan
Feb
Mar
Jan
Mar
Jan
27
35
11355 113%
100 27
16 112
854 935
34
54
56
55
68
68
x28
32
3,000
854
1,200
55
500
54
25 68
900 z26
Mar
Ma
Mar
Mar
16%
wire
1
68
40
Jan
Jan
Jan
Mar
Jan
23%
2051
8755
8
47%
z5
40
2,200
2,400
25
100
600
100
25
21%
1955
8734
13
40
5
40
Mar
Ma
Mar
Jan
Ma
Ma
Feb
25%
23%
94
634
80
8
45
Jan
Jan
Jan
Jan
Mar
Jan
Feb
18
18
1055 10%
854 851
40
20
200
18
8
8
Fe
Ma
Fe
253.4 Jan
1751 Jan
1135 Jan
24%
19%
he
18
1855
22
155
Ma
Mar
Ma
Mar
Ma
Fe
Ma
27
24%
36
36
33
2655
355
2155
1044
8751
6
40
z5
40
2455
20
!is
18
1834
2255
135
2455
21
he
27
2055
223,4
235
200
800
200
150
250
100
1,200
Mar 48% Jan
Mar 11654 Jan
Ma
Jan
Feb
Jan
Jan
Jan
Feb
Jan
41.
Friday
Saks
Last Week's Range for
Week.
ofPrices.
Sale
Public Utilities
(Concluded)
Par. Price. Low. High. Shares.
Union Gas of Canada.*
United Gas Corp corn new I
•
Pref non-voting
Option warrants
United G & E 7% pref_100
United It & Pow corn A-.*
•
$6 cony 1st prat
U S Elea Pow with warr-•
Utah Pow & Lt $7 pref. •
•
Util Pow & Lt corn
7% preferred
100
Former Standard Oil
Subsidiaries
Buckeye Pipe Line
50
Chesebrough Mfg
25
Humble Oil& Ref
25
Imperial OH(Can) coup..'
Indiana Pipe Line
10
South Penn 011
25
Standard 011(Indiana)
.25
Standard Oil (Ky)
10
Standard 0:1(Neb)
25
Standard Oil(Ohio) win 25
5% preferred
100
Other Oil Stocks
Amer Maracaibo Co
1
Arkansas Nat Gas corn_ •
Common class A
•
Preferred
100
Atlantic Lobos pref
50
Carib Synd cate
284
Colon Oil Corp corn
•
Columbia 011 & Gas yte. •
Cosden 011 Co
Common
•
CM of Dep corn
•
Pref ctIs of dep
100
Creole Petroleum Corp-•
Crown Cent Petrol nom_*
131
18%
34
231
8%
35
31
4035
634
19
10
12
16
131
2%
34
MiningBwana M'kubwa Copper
Amer shares
Comstock Tun& Drain Col
Consol Copper Mines....5
rson Como!0 hi
1
Cudl Mexican Mlning_50e
Evans Wallower Lead_
•
Heels Mining Co
25
Hollinger Consol 0 M.
-.5
Hod Bay Min & Smelt_ •
Kerr Lake Mines
4
Lake Shore Mine.
New Jersey Zinc
25
Newinont Mining Corp_ 10
Nipissing Minas
5
Ohio Copper Co
1
Pioneer Gold Mines Ltd_ _1
Premier Gold Mining---1
Roan Antelope Copper_ -So Amer Gold & Plat
5
Sylvanite Gold Mines.._ _1
Took-Hughes Mine,
1
Tonopah Min of Nev
1
United Verde Extension 500
Walker Mining
1
Wenden Copper Mining..1
Wright-Hargreaves Ltd..'
Bonds
Alabama Power Coln & ref 58
1948
let & ref 55
1951
let & ref Is
1956
1st & ref 54
1988
1st di ref 4%a
1967
Aluminum Coq f deb 58'52
Aluminum I.td deb 58.1948
Am Commonwealth Pow
Cony deb 68
1940
Amer & Continental 5s '43
Am El Pow Corp deb 8:3'57
Amer 0 & El deb 55_2028
Am Gas & Pow deb 65.1939
Secured deb 55
1953
Am Pow Az Lt deb 65-2016
Am Radial deb 430- 1947
Am Roll Mill deb 58-1948
431% notes._Nov 1933
Amer Seating 85
1936
Amer Thread 534a...1038
Appalachian El Pr 58_1956
Appalachian Gas 68..1945
68 series 13
1945
Appalachian Pow 613A 2024
Is
1941
Arkansas Pr & Lt 55_ 1956
Associated Elec 4345..1953
Associated Gas & El Co
Cony deb 530
1938
Reg stered
Cony deb 430
1948
Cony deb 430
1949
Cony deb 55
1950
Deb 5s
1968
Registered
Cony deb 530
1977
Assoc Rayon 5o
1950
Assoc Simmon Ildw 634533
Assoc TAT deb 530 A '55
34
334
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
25
75
40
034
3%
11
17
8%
12
1534
72
Jan
Mar
Mar
Ma
Feb
Feb
Mar
Mar
Mar
Ma
Mar
27
90
45
831
4
12
2231
1131
12%
21
85
Jan
Jan
Jun
Jan
Feb
Jan
Jan
Mar
Mar
Jan
Jan
Mar
1" Feb
I
H
Mar
eb
ar
a154.
2
31 Feb
31 Feb
% Jan
34
134
2
3%
31
31
34
1%
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Jan
74 Feb
174 Jan
254 Jan
Mar
71 Feb
2%
231
7%
z234
34
Mar
Mar
Mar
Jan
Feb
25%
75
40%
634
334
1134
1831
9%
12
1531
72
25%
83%
41%
634
3%
1131
1931
1031
12
17
72
200
300
1.000
3,500
100
200
7,500
4.200
100
600
20
2
234
234
7%
234
3-1
1.000
3,100
100
1,700
600
2731 2834
1,800
1,000
4,700
100
300
800
24
'11
s814
34
134
5
Mar
Jan
Feb
Jan
Feb
Mar
31
34
10%
1
2%
734
Mar
Jan
Jan
Mar
Jan
Jan
100
200
600
200
100
200
100
200
71
%
31
2)4
10
31
31
31
Jan
Jan
Jan
Jan
Fe
Jan
Ma
Fe
%
31
31
3%
1331
31
71
7(
Jan
Jan
Jan
Jan
Jan
Feb
Mar
Feb
100
900
1,100
400
500
200
500
200
34
%
3
331
%
6%
3(
131
Mar
Feb
Feb
Feb
Jan
Feb
Jan
Mar
71*
74
4%
4
34
8
34
24
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
500
8,100
100
900
2,300
100
500
1,600
2,300
74
Jan
Mar
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Ills
%
74
31
hs
34
3%
7
3%
Jan
Jan
Jan
Mar
Mar
Mar
Mar
Feb
Feb
Jan
Mar
Mar
Mar
Jan
Jan
334 Jan
34 Jan
734 Mar
sail
3431
32
1736
1%
'ii
531
111.
9%
Mar
Feb
Mar
Jan
Jan
Mar
Feb
Jan
Feb
Mar
Mar
30 Feb
Mar
Mar
Jan
ll Jan
374 Jan
1%
131
434
34
231
31
1.
4%
Feb
Feb
Feb
Mar
Mar
Jan
Jan
Feb
931
1
134
531
931
1
6
31
31
34
H
31
31
2% 2%
113 11%
,
1
3-1
%
X
31
%
3-1
34
31
331
31
31
31
4
3%
34
34
31
34
34
31
34
231
531
,
331
74
3%
834
900
31
31
25% 2731 5,100
500
29% 30%
500
1531 16
300
131 1%
lie
31 1,000
434 534 14,800
300
34
500
831 831
331
54
% 1,200
Ili
, Ili
,
100
331 331 3,600
225
31
%
300
2
2
300
400
III
334 371 10,700
27
3031
15%
134
Ins
5
3
231
29
74
42
4%
1934
131
36
1%
2531
13
3i
42
2
831
20%
1;1
5%
331
731
Feb
Feb
Feb
Feb
Mar
Mar
Mar
Mar
Mar
Mar
Mar
300
4,800
2,100
1,600
10
5.800
2,500
800
50
2,000
250
he
31 4,400
1% 1%
100
131
131 2,200
2% 2%
700
400
31
31
51
34 2,200
700
3434
400
31
31
Bonds (Conlinued)-
High.
Low.
2%
I%
2031
35
42
2%
1034
he
2131
1
8%
711
31
Range Since Jan. 1.
231
131
18%
31
42
2
8%
31
20
31
7%
2
2
731
2%
34
2
Gulf 011 Corp of Penna-25 2731
Intercont Petrol Corp.
...5
International Petroleum.'
931
Kirby Pecroluem
•
Lion Oh Raffling Co
*
•
Lone Star Gas Corp
53i
Middle States Petrol
Class A vt c
Class 13 v t c
•
Mountain & Gulf 011 Co...1
Mountain Producers...AO
National Fuel Gas
•
New Bradford 011 Co. 25
New Endl Fuel 011
•
Nor Cent Texas Oil
5
34
Pantepec Oil of Venes_
Salt Creek Consol 011....10
Salt Creek Prod Assn_ _10
Southland Royalty Co.
.5
Sunray 011
5
Texon Oil& Land Co-*
Venezuelan Petroleum._ _5
Woodley Petroluem
1
2215
Financial Chronicle
Volume 136
,‘
54
711
31
31
2%
531
2%
31
25%
26%
1131
1
14
89
80
77
71
62
8531
54%
91
84%
80
71
67
87%
56
19,000
3,000
6,000
9,000
33,000
31,00
34.000
89
80
77
6834
62
84%
4731
Mar 10034 Jan
Jan
Mar 97
Mar 95
Jan
Mar 89% Jan
Mar 8131 Jan
Jan
Mar 99
Jan
Mar 61
66
1331
73
1634
13%
3431
92
36
48
1
66%
17
78
1831
1634
4351
94%
43
5334
6,000
5,000
18,000
54,000
7,000
26,000
74.000
6,000
29,000
38,000
1
65
13%
73
1831
1331
34%
91%
36
48
has
Mar
Ma
Mar
Mar
Ma
Mar
Mar
Ma
Mar
2%
72%
28
92
29
2534
64%
97
55
70%
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
97
88
273(
97
79
8
7%
67
97
68
3,000
29
3.000
97
84% 15,000
4.000
8
21,000
8
5.000
69
9934 5.000
7331 41,000
2734
9631
79
4%
431
67
97
68
Mar 36
Jan 9734
Mar 973-4
Jan
8
8
Jan
Mar 85%
Mar 105
Mar 90%
Jan
Feb
Jan
Mar
Mar
Feb
Feb
Jan
27
257s 31
89
80
77
62
8631
55%
1331
73
16%
3431
92
36
48
97
79
8
8
13%
12%
13
13%
13%
18%
35
6
2234
25% Mar
473-1
Jan
Mar
13
153( 50.000 13
12% 12% 6,000 1231 Mar
1234 14)4 42,000 1231 Mar
11% 15 263,000 11% Mar
13% 17 212,000 133,1 Mar
Mar
13
16 295,000 13
1,000 z18% Feb
al3 al3
Mar
49.000 16
21
16
5.000 35
Mar
37
35
6
Mar
1,000
6
6
Feb
1731 24% 101.000 15
26
1231
27
28%
28
27
25
35%
52
7
2634
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
93,000
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
5
10 109,000
5
Assoc Telep UtU 530-1944
mar 24%
934
18
20.000 15
1933 1731 15
Mar 53%
6% notes
Ma
91
99
2,000 91
Atlantic City Elec 58..1956 91
91
Ma
29% 7,000 27
41
27
Atlas Plywood 534s.._1943
86%
11,000 60
60
Baldwin Loco Wks 530'33 60
61
Ma
Balt & Ohio 5s ser F._1996 36% 36 1139 222,000 32
Feb 43
Bell Telep of Canada24,000 87
90
Feb 100%
92
lst M 58 series A._ _1955 90
88
9134 34,000 8631 Mar 100
Sat M 55 series B_..1957 88
Mar 10034
9131 13,000 87
87
1st M 55 series C
1960 87
2,000 9134 Jan 102
95 1199
Binghamton L H &P 55'46
1,000 65
Ma
80
65
Birmingham Elea 43151988
65
1,000 10134 Mar 10374
102 102
BlackstoneYalG & MI 1939
Boston & Albany 45_1933 10031 9734 10031 9,000 9734 Mar 10031
10231 10251 3,000 101% Mar 105
Boston Consol Gas 58_1947
3,000 30
Mar 487(
32
30
Broad River Pwr 55 A.1954
Feb 10734
Buffalo Gen Elea 55....1939 103% 10331 10731 21,000 101
..1042 9734 9734 97%
Calif Ore Pow 6s B.
59
59
Canada Nor Power 58_1953 59
Canadian Nat Ry 75-1935 9834 9834 100
Canadian Pac Ry 88-1942 7035 7031 73
Capital Adminis 58.-1953
71
Without warrants
71
71
Carolina Pr & Lt 5s..1956
58 60%
Caterprlar Tractor 55_1935
90
88
Cedar Rapids M & P 55'53
8634 88
Cent Ariz Lt 4/ Pow 58 '60 8254 80
8231
Central German Power
Part ars (Is
1934
45
50
Cent Illinois Lt 58_ _ _ _1943 101
101 10134
Central III Pub Service69
bs aeries E
1956 63
62
1st & ref 430 set F.1967 57
56% 61
62
66
5s series G
1988 62
5931 5934
4348 series H
1981
Cent Me Pow 5s ser D.1955
9131 9331
1st & ref 430 ser E 1957
8431 86
Cent Ohio LAP 5s- _1950
Cent Power Is ser D..1957
Cent Pow & Lt let 58.1956
Cent Pub Say 534a._.1949
With warrants
Without warrants.
Cent States Elm 55-1948
Deb 5%a Sept 15 1954
With warrants
Cent States P & L 5345 '53
Chic Dist Elan Gen 4318'70
Deb 5315
1935
Chic Junction Rya & Union
Stock Yards 5.5
1940
Chic Rys 55 etre
1927
Cincinnati St Ry 530.1952
6s series B
1955
Cities Service 55
1966
Cony deb 5.5
1950
atlas Service Gas 5318 '42
Cities Serv Gas Pipe L '43
Clties Saw P & L 530 1952
530.
1949
Cleve Elec III 1st 5s._1939
55 series A
1954
5s series B
1961
Cornmeal und Privat
Bank 530
1937
Commonwealth Edison
1st M 58 series A...1953
let M 58 series B...1954
1st 434s series C...1956
1st M 4348 series D_1957
4%5 series E
1960
lst M 4s series F_ -19131
5345 series G
1962
Com'wealth Subsid 5318'48
Community Pr & Lt 53 1957
Connecticut Light & Power
1st & ref 7s
1951
4318 series C
1956
55 series D
1962
Conn River Pow 55 A 1952
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
mar
Mar
Jan
Jan
Jan
2,000
8,000
30,000
21,000
96
59
98%
7034
Mar 103% Feb
Mar 6734 Jan
Jan
Mar 102
Mar 92% Jan
1,000
16,000
2,000
15,000
3,000
71
58
88
3674
80
Mar
Mar
Mar
Mar
Mar
9,000 45
7,000 100
27,000
50,000
18,000
1,000
3,000
2,000
60
54%
59
51%
91
8431
77%
7334
97%
9831
93%
Feb
Jan
Jan
Jan
Jan
Mar 64% Jan
Jan
Mar 105
Mar 793(
Mar 7354
Mar 78
Mar 73
Mar 101
Mar 9331
6034
5431
4831
7,000
60
61
5431 5734 17,000
60,000
48% 53
Ma
59
5431 Ma
4834 Mar
70
75
67
231
231 3% 111,000
3
334 9,000
41,000
2951 31
Jan
131 Jan
29% Mar
Jan
Jan
Jan
Jan
Jan
Jan
se
31
29% a29
25
25
70
70
75
97%
4931
53
253(
25%
4834
26
2634
97%
4831
52
53
2431
2531
4631
5631
25%
26
434 Mar
4% Mar
Jan
3131 85,000 z30
31% 23,000 25
8,000 69%
71
7,000 75
83
Mar 47
Mar 41.
Mar 84%
Mar e94
97% 1,000
49,000
53
54% 6.000
.54% 5,000
41,000
28
29 694.000
4934 76,000
58% 18,000
30 212,000
3034 28,000
Jan
Mar
Mar
Feb
Mar
Mar
Feb
Jan
Mar
Mar
96
47
52
53
2454
2434
42
54
2534
26
Jan
Jan
Jan
98
59.
.574.
6334
38%
8814
58
74
41
4i%
Jan
has
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan-
24,000 10134 Mar 10654 Jan
103 105
10334 103% 4,000 10334 Mar 108% Jan
Jan
10231 103% 36,000 102% Ma 110
102%
103
51
5031 58% 181,000
112
10034 100%
102
94%
95
Consol G,E LAP 4348'35
Consol Gas El Lt & P(Bala
434s series G
1969 100
4393 series H
1970
18t ref s f 48
1981 9354
Consol Gas (Halt City/
58
1939 104
Consol Gas UM]Co1st & coil 65 ser A..1943 28
Deb 631s with waif 1943
5
Corulumers Pow 4%s 1958 94
lst & ref 58
1936 10034
Cont'l Gas & El 5.5. _1958 38
Continental 011 551s..1937 94
Continental Securit *8 5842
Crane Co 58_ --Aug 1 1940 67
Crucible Steel deb 58.1940
Cudahy Pack deb 554e 1937 88
Sinking fund 5s_ ...1946 99
Cumber"d Co P&L 430'56 7834
5031 Mar
667( Jan
93
933(
8734
85
8451
7951
98%
6234
41
Ma
Ma
Mar
Mar
Mar
Mar
Mar
Mar
Mar
106)4
10531
10231
10136
101
93%
10671
86%.
52%
4.000 110
112
101% 14,000 100
20,000 100
104
59.000 9131
1-98
Mar
Mar
Mar
Mar
11331 Feb
10531 Feb
10734 Feb
Jan
100
9831 9831 9934 44.000
98
9771 99% 45.000
8,000
8834 88% 93
15,000
85
90
85
8431 84% 9031 15.000
7931 7931 8431 160,000
10031 100% 102% 88,000
6254 6274 6834 22.000
4431 14,000
41
41
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
J. n,
993-4 Mar 104% Feb
101
10131 38,000
100
101
93
Jan
200 100 Mar 106 •
100
10231 9.000 9831 Mar 10731 Jan
94% 72,000 9331 Mar 9931 Jan
10331 104
26%
5
93%
103%
38
94
51
6574
33
8731
99
78%
28
5
95
10231
44
94%
51
67
34
89%
10031
8534
3,000 10334 Mar 18834 Jan
26,000 21
2,000
434
25,000 9331
32,000 100
192,000 38
8,000 92
7,000 50
11,000 6531
5,000 33
26,000 87
22.000 9934
3,000 7834
Feb
Jan 29
5% Feb
Jan
Mar 104% Jan
Jan
Mar 106
Mar 6134 Jan
98% Jan
Ma
Jan
Jan 54
70% • Feb
Ma
5514 Jan
Ma
9251 Jan
Ma
Ma 103% Feb
Mar 9131 Feb
Dallas Pow & Lt 6s.- _1949
103% 10331 8,000 10131 Feb 10831 Jan
2,000 9954 Feb 10331 Feb
As serles C
100 100
1952 100
Dayton Pow & Lt 55..1941 101% 10131 10334 47,000 9931 Mar 10631 Jan
Feb
1,000 71
Delaware El Pow 530 1959
72
72
Mar 83
Denver Oa. Elec 55_1949 9934 993( 10031 7,000 99
s&
Mar 1023( Jan
Denver & Salt Lake 63 1960 2734 27% 2734 2,000 2734 Mar 37
Jan,
Derby Gas Az Elea 55..1946
2.000 65
85
88
Mar .7434 Jan
Det City Gas 68 ser A 1947
28,000 75
7934 83
Mar 9834 Jan
Jan
55 1st series 13
69% 71% 19,000 6936 Mar 91
1950
Detroit Intl Bridge 6348'52
3
Mar . 4% Feb
3% 331 1,000
713
131 Feb
Aug 1 1952
34 Mar
74
74 5,000
East Utilities Invest,
58 ./Ith warrants...1954 1231 all
Edison Elea Ill (Boston)
2-year 55
1934 10031 100
5% notes
1935 1004 100
Mee Power & Light 55.2030 23
2231
Elmira Wat, Lt & RR 513'56
7531
El Paso Electric 513. .1950
7031
634s series A w w...1943
4234
Empire Dist El 5s.„..1952 40
38
Empire Oil& Ref 534s 1942 30
2934
Emote Morelli Elec Mfg
630 with warr. _1953
6874
European Elea6%a.-.1965
Without warrants
6131 6131
European Mtge Inv 75 C'67 2634 2631
Fairbanks Morse deb 58.'42
Farmers Nat Mtge 78 1963
Federal Water Serv 530'54
Finland Residential Mtge
Banks 65
1981
Firestone Cot Mills 5
5.'48
Firestone Tire & Rub 5s'42
24
21
48
72
1454 105
10031
10034
29%
76
7031
4234
47
3431
39,000
140,000
123,000
2.000
1.000
2,000
58,000
67,000
6934
3.000
62
39,000
2834 68.000
47
47
24
24
2031 23
48
68
72
1,000
2,000
30,000
483.4 49.000
75
5.000
7331 20,000
971
Feb
23
9934 Mar 10336
993( Mar 10331
2231 Mar 4734
75% Mar 88
70%. Mar 86%
4231 Mar 5731
38
Mar 48%
29%. Mar 48
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
67% Jan
7631 Feb
60
26
Mar
Mar
7034 Jan
Jan
36
47
Mar
Mar
24
2034 Mar
52% Jan
Jan
30
36
Jan
Jan
Mar
Mar
50
Mar
8534 Jan
Jan
88
38
68,
72
2216
Bonds (Continued)
First Bohem Glass 7s_1957
Fisk Rubber 531s____1931
Certificates of deposit-1941
8s °Hs of dep
Fla Power Corp 53413_1979
Florida Power & Lt 5e 1954
Financial Chronicle
Salo,
&Way
Last Week's Range for
of Prices.
Week.
Sale
Price. Low. High.
$
45
5331
45
48
Garlock Packing 68_ __1939
Gary El & Gas baser A 1934 37
Gatineau Power 1st 55 1956 60%
Deb gold 68 June 15 1941
Deb 65 series B___.1941
General Bronze Os.... _1940
Gen Motors Accept Corp
5% serial notes.-.1935 1004
5% serial notes_ _..i936
Gen Pub Util 659s A 1956 12
1933
6345
General Refactories 55 1933
Gen Wat Wks & El 5e 1943 43
13s series B
1944 1351
Certificates of deposit... 1331
GeorgiaPower ref Ss__ 1967
Georgia Pow & Lt 5s__1978
Gesfurel deb Os
1953
Without warrants
Gillette Safety Razor 58'40
Glen Alden Coal 48-1965
Glidden Co 534e
1935
Godchaux Sugar 750_1941
Grand Trunk Ry 654e 1938
Grand Trunk West 48 1950
Great Nor Pow 58.. _1935
Great West Power 513_1946
Guantanamo & West 65'58
Gulf Oil of Pa 5s
1937
5s
1947
Gulf States ULU 5s-1956
1961
451s series B
60
37
36
40
45
98
654
4751
4751
5551
624
70
Jan
Mar
Mar
Mar
Jan
Jan
7234
35%
60%
4354
43
4851
724 1,000
Si
77.000
81,000
63
434 2.000
4351 4,000
1,000
4851
Jan 724
70
3551 Mar 72
60% Mar r73
39
Mar 5434
39
Mar 5351
45
Mar 51
Feb
Jan
Jan
Jan
Jan
Jan
loo wog
10034 102
12
1754
32
43
1331
13
46
99
48
80
87%
9551
55
97
9851
16
9551
95
60
55
Hackensack Water 5s_ 1977
94
55
1938 984 9851
Hall Printing 534s_ _ 1947 5351 5351
Hamburg Electric 73..1935 6651 65
Hamburg El& Und 548'38 584 58%
Hood Rubber 10-yr 591s'38 36
36
7s
1936 45
45
Houston Gulf Gas
1943
1st Os
35
635s with warrants.1943 22
2131
Hous I.& P 1st 4515 E 1981 80
80
1st & ref 451s ser D.1978
85
laths series A
1953 9331 9331
Hungarian Its! Bk 731s '63
38%
Hydraulic Power 5s...1951 10351 103
Hygrade Food Products
43
1949
6s series A
n48
1949
13s series B
Idaho Power 5e
1947
Illinois Central RR 451s'39
II: Nor Utilities
- _1957
Ill Power 5s A
1953
Ill Pow & L 1st Os ser A '53
1st & ref 551s set 11.1954
let & ref 5s ser C_ _ _ 195,
S f deb 54s._May 1957
Indiana Electric Coro1947
lla series A
1953
651s series B
1951
So series C
Ind Gen Serv 5.9
1948
Indiana Hydro-El 59..1958
Indiana & Mich Mee1955
1st & ref 55
1957
58
Indiana Service 5s_ __ _1963
1st & ref 5s
1950
Ind'polIs P & L 58 ser A '57
International Power Sec
Secured 651s ser C 1955
1957
75 series E
1952
75 series F
Internutiona, Salt 58_ _1951
International Sec 5s_ _1947
Interstate Ir & Steel548'46
Interstate Nat Gas (le 1930
Interstate Power 53.-1957
Debenture 65
1952
Interstate Public Service
1949
6Sis series B
15e series 13
1956
44e series F
1958
Invest Co of Amer 5s 1947
Iowa-Nab L & P159- .1957
5s series B
1961
Iowa Pub Serv 58.. 1967
Isarco-Hydro-Elect 75 1952
!gotta Fraschini is. 1942
Without warrants
Italian Superpower of Del
Dells 8s without war '63
Jacksonville Gas 58_ _1942
Jer C P & L 1st 5s B--1947
1st 4545 series C. _ 1961
Jones & Lau'lln Steel 58'39
Kansas Power Se
1947
Kansas Power & Light
1955
Os series A
1957
69series B
Kentucky Utilities Co
1981
1st M 5s
1955
531s series F
1969
53 swim I
Kimberly-Clark 58_ _1943
Koppers 0& C deb 55 1947
Sink fund deb 5340_1950
Kresge (S S) 55
1945
Certificates of deposit_ _ _
7.000 99
15,000 100
18,000 12
6.000 1731
1,000 22
23,000 384
4,000 11
24,000 11
102,000
3,000
504 36,000
3,000
100
5034 200.000
82% 7.000
87% 6,000
9934 7,000
58
2,000
97
16,000
10034 17,000
16
1,000
9654 30,000
95
2,000
62
9,000
5534 2,000
95
9931
55
6794
6051
36
4755
4,000
41,000
13,000
5,000
39,000
20,000
24,000
400
1,000
Mar 1034 Jan
Mar 104
Feb
Mar 22
Jan
Mar 28
Jan
Feb 56
Jan
Mar 474 Mar
Mar 18
Feb
Feb 14
Mar
6731 Mar
48
Feb
90% Jan
59
Jan
46
98
48
80
77
954
55
97
97
16
944
92
60
55
Mar
Mar
Mar
Mar
Feb
Mar
Mar
Mar
Feb
Mar
Mar
Mar
Mar
Mar
93
98
49
65
584
314
44
Feb 99
Feb
Mar 1024 Feb
Mar 65
Feb
Mar 864 Jan
Mar 7251 Jan
Mar 40
Mar
Feb 4751 Mar
15,000 314
37
9,000 2131
23
2,000 80
88
3,000 84
89
9534 12,000 934
3851 6,000 3551
10351 4,000 10234
45
n48
Jan
Mar
Feb
Feb
Mar
Mar
69%
102
58
86%
874
100%
6651
101
106%
21
10154
10051
82
74
Jan
Jan
Jan
Jan
Jan
Jan
Jan
42
44
Feb
Jan
50
48
Mar
Feb
90
35
86
99%
59
57
50
42
Mar
Jan
Mar
Feb
Mar
Mar
Mar
Mar
102%
e43(
100%
100%
77
72%
71
8091
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
68
70
61
98
58
Mar 91
Feb
Mar 91
Jan
Mar z7814 Jan
Mar 105
Jan
Mar 76
Jan
9451
39
86
99%
59
57
50
45
94%
4259
9254
9951
8551
6251
58%
47%
70
61
68
70
61
98
60
744 2,000
70
1,000
664 19,000
98
1,000
60
1,000
9734
90
90
2,000
9751 9951 13,000
874 Feb 99
9751 Mar 105
18
1891
81
18
1834 9,000
184 19
9,000
80% 84
39,000
16
15
80
8334 85
8951 90
8291 85
78
78
44
95
44
25
25
105 105
4831
9031 40
21% 2331
8331
14,000
0,000
4,000
1,000
52,000
21,000
70,000
23,000
25,000 80
9,000 85
10,00
794
1.000 74%
23,000 40
1,000 25
1,000 103
62,000 40
24,00
21%
Feb
Feb
Mar
75
4031
8751
82
744
61
54
65
68
72
684
7254
744 1,000
6254 9,000
57% 25,000
2,00
65
76
22,000
3,000
72
6935 3,000
15,000
75
7431 Mar
Mar
61
54
Mar
63
Mar
Mar
68
Mar
72
684 Mar
7251 Mar
75
133
4051
36
874
804
102
72
3,000
41,4 68,000 38
4,000 30
40
8739 8,000 8751
86
73,000 8051
103
9,000 102
72
5,000 7131
8654
8654 8755
834 83%
2,000
1,000
5534
55
6231
5451
76
7531
77
54
6234
56
76
7634
78
16.000
2,000
10,000
1,000
50,000
12,000
6051 664
4,000
56
76
9,000
50
70
2,000
7031 25,000
5531 32,000
91
17,000
Jan
91
784
72
75
8434
84%
834
86%
Feb
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
784 Feb
Jan 47
Jan
Mar 51
Jan
Mar 10134 Jan
Mar 9631 Jan
Mar 1034 Feb
Jan 80
Feb
8651 Mar
Mar
75
55
6231
5451
76
7051
72
Jan
Jan
30
Jan
3291 Jan
954 Jan
Mar 91
Mar 96
Mar 90
Mar 804
Mar 5144
Mar 33
Feb 10531
Mar 61
Mar 4331
74
61
54
65
Jan
Feb
Jan
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Mar 51%
Mar 3751
Mar 98%
Mar 984
Mar 104
Feb 40
Mar 106
39
86
9951
59
57
50
Laclede Gas 545
1935 47
47
Laratan Gas Corp 65481935 70
70
Lehigh Pow Secur 63_2026 57
57
54
Libby McN & Libby 5s'42
1942 8931 89
Lone Star Gas Ss
Los Angeles Gas & Else
1942
102
1949 99
99
554e series I
1939 1004 1004
5s
1961
94
let dr gen 58
Louisiana Pow & Lt 581957
7591
Louisville Gas & Elec100
1937
6e series A
50
With warrants
50
34
Manitoba Power 5%5_1951
Mansfield Min & Sm 7s'41
1961
96%
451s series C
52
Without warrants
15
21
32
47
14
14
46
994
48
80
9854
High.
63
2,000
4734 10,000
4754 183,000
5534 105,000
504 29,000
55 112,000
6731 75
49
48
9631
Low.
63
45
43%
51
45
48
68
9535
55
Range Since Jan. 1.
Ma
Mar
Ma
Ma
Ma
Mar
Feb
95
8951 Feb
75
8051
7454
8151
794
82
Feb
Feb
Jan
Jan
Jan
Feb
6651 Mar
90
Jan
47
58%
57
4651
87
64
7051
88%
57
95
Jan
Mar
Jan
Mar
Feb
Ma
Jan
Mar
Ma
Jo
10254 3,000 100
Mar 10451 Feb
37,000 9991 Mar 10651 Jan
100
101
4,000 10051 Mar 10691 Jan
94
1,000 94
Mar 1034 Jan
17,000 754 Mar 9431 Jan
79
102
50
3551
4,000
1,000
9,000
9651 3,000
5234 13.000
99
50
34
Mar 1024 Jan
Mar 54
Feb
Mar 46
Jan
9431 Feb 102
Feb
48
Jan 534 Feb
Bonds (Confinned)Mass Gas Co
Sink fund deb 59-1955
5515
1948
Mass Util Assoc 5s ...1949
Melbourne El Sup 751e '46
Memphis Pow & Lt 581948
Metropolitan Edison
1971
4s series E
6s series F
1982
Middle States Pet 8315 '45
Middle West Utilities
5s ctts of deposit__ _1932
Ss ctfs of deposit__ _1933
...1934
55 Otte of deposit.
Midland Val RR 5s___1943
April I 1933
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Price. Low. High.
77
77
80
8134
93
100
8231
4031
73
81
36
Narrazansett Else 513 A '57
1957
6e series B
Nat Pow & Lt 6s A _ '20213
Deb 55 series B ...2030
Nat Public Service 5e 1978
Certificates of deposit...
NationalTea Is
1935
Nebraska Power 448_1981
Nebular Bros Realty (Ss '48
6s
2022
Nevada-Calif Else 58_1958
New Amsterdam Gas 58'48
N E Gas & El Assn 53.1947
Cony deb 5s
1948
Cony deb As
1950
New England Pow 59_1951
New Eng Pow Assn 58_1948
Debenture 5119- --1954
New On Pub Serv 4948 '35
6e income ser A._..1949
New Rochelle Wat 5315 '51
734 11,000
91
36,000
40
17,000
34 331 2,000
34 331 1,000
34 351 1,000
38
41
15,000
Mar
Mar
Mar
Feb
Jan
Jan
Feb
Jan
Jan
Jan
86
9734 Feb
444 Jan
33.4
44
5
531
Mar
Mar
Mar
Jan
10,000 954
6,000 754
13,000 100
4,000 70
2,000 65
23,000 4731
4,000 5551
Mar 10251 Jan
Mar 90
Jan
Mar 103% Feb
Mar 87
Jan
Mar 81
Jan
Mar 7351 Jan
Mar 83
Jan
5,000
1,000
21,000
4,000
5,000
79
79
98%
83
51
Mar 8851 Jan
Feb 87
Jan
Mar 105% Jan
Mar 93
Mar
Mar 65
Jan
54
34
5,000
2,000
54
34
Mar
Mar
76
50
8451
84% 86% 45,000
834 844 5,000
84
82
Feb
Feb
964 Jan
9531 Jan
Feb
11
8
8
98
9734
5034
41
98
9734
50
41
1131
8651
9651
22
91
5251 50
90
38
38
40
40
4134 4131
101
354 3531
40
41
45
46
3331
78
78
114
9631
57
34
8
7,000
99% 39,000
99% 20,000
63
18,000
41
4,000
134
89
9891
22
91
58%
90
47
48%
4931
103
47
50%
49
34
78
66,000
12,000
7,000
3.000
1,000
35,00
6,00
33,000
18,00
60,00
5,000
31,000
65,000
9,000
7,00
1,000
8
9931 9931 2,000
2659 3191 121,000
25
25
1,000
Jan
Jan
Jan
9631
9651
50
41
Mar 10394
Mar el03
Mar 85
Mar 74
114
83%
9451
22
91
50
90
38
40
4151
9951
354
40
45
3331
78
Mar 234 Jan
Jan 89
Feb
Mar 1014 Jan
Jan 264 Feb
Mar 9851 Jan
Mar 694 Jan
Mar 1024 Jan
Mar 5931 Jan
Mar 60
Jan
Mar 5991 Jan
Feb 105
Feb
Mar 6291 Jan
Mar 854 Jan
Mar 65
Jan
Mar 4931 Jan
Mar 86
Feb
90
2,00
90
90
89
92% 91,00
89
72
82
41,00
72
r100 r100
1,000 92
85
90
4,000 85
101 r10634 7,00 101
10554 105% 8,000 101%
100 10054 19,000 98
Mar 95
Mar 99
Mar 91%
Feb 105
Mar 9751
Mar e106
Ma 10834
Feb 106
Ja°
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
9931 Mar 10091 Jan
264 Mar 48
Jan
23
Feb 364 Jan
68
61%
89
81
70
81
8554
58
75
13,000
65
9,000
93% 4,000
8631 9,000
8491 7,000
66,000
89
6,000
88
8,000
63
68
6%
99
81
70
81
834
58
Ma
904 Feb
Mar 8551 Jan
Mar 10331 Jan
Mar 1004 Jan
Ma
92
Jan
Ma
9751 Jan
Jan 88
Mar
Ma
75
Jan
85
87
78
98
90%
8.5
944
8454
9831
9291
85
16,000
62,000
11,000
23,000
1,000
87
78
9659
88%
85
Mar 101% Feb
Ma
98
Jan
Ma 1044 Jan
Mar 9914 Jan
Mar 96
Jan
74
03
35
38%
84
64
74
63
35
384
1,000
84
71
20,000
764 29,000
68
5,000
36
2,000
39
6,000
84
64
74
63
35
3851
Mar
Mar
Mar
Mar
Mar
Mar
88
83
90
78
Pacific Coast l'ow 58..1940
88
Pacific Oas & El Co-105
let Os series B
1941 105
102
1st At ref 5s ser C
In52 102
9591
511 series 0
1955 97
87
let & ref 451e E....1957 87
1st & ref 494s F._ -.1960 8694 86
Pacific Invest 55
71
1948
Pacific Ltg & Pow 58-1942 104
104
Pao Pow & Light 5s_ -.1955 55
55
Pacific Western 011648'43
With warrants
5891 5851
82
Palmer Corp of La 138.1938
Penn Cent L & P43-48 1977
55
1979
Penn Dock & Warehouse
Os ctfs of dep
1949
Penn Electric 48
1971
Penn Ohio Ed
Deb 594s series B--.1959
Peon-Ohio P & L 539e 1954
Penn Power 58
1956
Penn Public Service
5s series D_1954
Penn Telep Is
1960
Penn Wat& Pow 451s B'68
let mtge 5s
1940
Peoples Gas LS & Coke
434% serial notes _1934
451% serial notes_ _1935
49 seriee B
1981
6s series C
1957
Peoples Lt & Pow 53_1979
Mar 9451
Mar 99
Mar 88%
Jan 95
Mar 103
71
Mar
81
Mar
274 Mar
351
331
33
1
37
High.
54
34
N Y Penns,& Ohio 430'35 90
NY P&L Corp let 445'67 89
N Y State
E 43115.1980 75
551s
1962
N Y detrchester Ltg4s 2004 85
Deb 5s
19:A
Niagara Falls Pow 69_1950
1959 100
6s series A
No American Lt & Pow-1933
5% notes
1956 26%
54s series A
Nor Cont Util 554s_ -.1948 25
Northern Indiana PS
1st & ref Saner C_ _1966
454s series E_ ----- 1970 61%
Nor Ohio Pow & Lt 534s'51 89
Nor Ohio Tr dz Lt 55_ _1956 81
No States Pr 514% notes'40 71
Refunding 4546.... 1961 81
Northern Texas Utll 761935
N'western Pub Serv 5s 1957 58
Ogden Gas Co 5s
1945
Ohio Edison 1st 55.--.1960
Ohio Power 1st 5s B 1952
1st & ref 4345 ser D 1958
65
2024
Ohio Public Service Co
6s series C
1953
1st & ref 55 ser 13_1954
Okla Gas & Elea 513. _1950
Deb 6s series A._._ 1940
Okla Pow di Water 5s_1948
Oswego Falls 6s
1041
Low.
80% 12,000 77
86
7,000 80
8251 8,000 80
93
2,000 92
10034 3,000 '994
Milwaukee Gas Lt 434s '67
9531 954
Minnow Gas Lt 431s-1950
7591 81
Minn Gen Eleo 59_1934 10054 10031 101
Minn P & List 5s....1955
70
74
1st & ref 431s
1978
65
66
Mississippi Pow 58_1955 4734 4751 5191
Miss Pow & Lt 5s_ __ _1957 56
5551 60
Mimi River Fuel 65.....1944
With warrants
79
79
80
80
Without warrants
Miss River Pow 1st 58.1951 10054 994 10034
Mo Pow dr Lt 543-1955
83
85
524
51
Missouri Public Serv 56 '47 51
Monon West Penn Pub Ser
1st lien & ref 5345 B 1953
Mont-Dak Pow 5515_ _1934
Montreal L H & P Con
1st & ref 5s ser A.--1951
1970
5s series B
Munson SS Line 6345.1937
Withwarrants
Range Since Jan. 1.
1,000
9551
8934
9134
7851
5944
53
Jan
Jan
Jan
Jan
Jan
Feb
91
964
03
Feb
Mar
Mar
Mar
Mar
Mar
Feb
Mar
Mar
1124
106%
10551
10159
10119
76%
10.”.4
71%
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
59
82
13,000
1,000
Jan
Jan
67
Jan
88% Feb
624 67
80
80
9,000
2,000
6251 Mar
79
Mar
80 yi Feb
90
Feb
3491 3491 1,000
14,000
6351 66
6254
Mar
27,000 101
42,000 99
41,000 9591
54,000 87
41,000 86
5,800 71
2,000 104
28,000 55
Mar
29
6391 Mar
344 Mar
744 Jan
54
91
90
53
90
96
Mar 7559 Jan
Mar 1034 Feb
Mar 104
Feb
3,000 74
2,000 90
25,00
95
1,00 100
Mar 93
Jan
Ma
97% Feb
Mar 101
Jan
Ma 108
Jan
74
90
97
105
9751
07
8031
93
9739
97
mg
93
1
n107
10231
9931
9391
91%
71
104
59
54
2,000
974 28,000
9991 20,000
78
90
98
105
9751 3,000
97% 4,000
81
13,000
984 80,000
1
1,000
5731
8051
9731
97
80
93
1
Ma 1005' Feb
Mar RNA Jan
Mar 9354 Jan
Mar 10651 Jan
Feb zl 31 Jan
Phila Electric Co 5e-1966 105% 10551 100
5,000 1024 Mar 11051 Jan
Mitt Elec Pow 550..1972 103% 103% 10554 41,000 1014 Mar 198
Feb
Philo Rapid Transit 65 1962
53% 53%
1,000 50
Ma
6051 Jan
Phila Suburban Counties
Gee & Elea 4915- -1957
994 100
5,000 9931 Mar 1044 Jan
58
954 97
8,000 954 Mar 10439 Jan
1955
Piedmont Hydro El Co.
1st & ref 6519 al A--1960
68
6931 14,000 66
Jan 784 Jan
Piedmont & Nor RI 5s '54 6234 6254 6351 4,000 62
Jan 724 Feb
85
Pittsburgh Coal 68_ _1949
8536 4,000 83
Mar 89
Jan
Bonds (Continued)
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Price. Low. High
67
Pittsburgh Steel 6s_ _ _1948
67
43
Pomerania Elm 6s__1953 3534 35
85
Ptid Gas dr Coke 58_ _ _1940
85
Potomac Edison bs E_1958 7634 7534 77
435s series F
74% 7434
1961
Potomac Elea Pow 58.1936
10235 103
Power Corp (Can)435eB '59
36
37
Power Corp(N Y)5355 1947
56
56
Power Securities
6s Amer series
50
1949
50
Procter & Gamble 435e '47 101
101 103
Prussian Elm deb 13s_ _ 1954 5135 5034 60
Pub Serv Newark Term
Railway Co 5s
101
101
1955
Pub Serv of NJ pet Ws.Pub Serv of Nor Illinois
1st & ref 5s
1956
4355 series D
1978
1st de ref 4358 ser E_ 1980
1st & ref 435s ser P.1981
6355 series 0
1937
6355series 11
1952
Pub Serv of Oklahoma& series C
1961
&series D
1957
Pub fiery Sub 535e A.1949
Puget Sound P dr L 535s'49
let & ref 5e ser C _1950
let & ref 435s ser D.1950
Quebec Power 58
1968
Reliance Managent't Sc '54
With warrants
Republic Gas 65 June l5'45
Rochester Cent Pow 58 '53
Rochester Ry dr Lt 58_1954
Ruhr Gas Corp 6 Sis__ 1933
Ruhr Housing Corp 63513'58
Ryerson (Jos T) 5s__.1943
Range Since Jan. 1.
Bonds (Concluded)-
High.
Low.
Jan
2,000 6334 Feb 70
Mar 5934 Jan
14,000 35
Mar 10034 Jan
2,000 85
10,000 7534 Mar 89% Jan
2,000 7435 Mar 8635 Jan
5,000 10235 Mar 106% Feb
Jan
Mar 46
4,000 36
Jan
Feb 60
1,000 56
1,000
13,000
48,000
Mar 6635 Jan
50
98% Mar 105% Feb
Jan
Feb 70
50
1.000 100
Mar 10834 Jan
109% 11034 11,000 109% Mar 119
Jan
66
6634
89
8334
79
68%
66
65
89
83%
81% 16,000
68% 7,000
78,000
72
7334 82,000
98 235,000
91% 15.000
79
6835
66
65
89
8331
Mar 10035 Jan
Mar 9035 Jan
Mar 9135 Jan
Jan
Mar 93
Mar 10735 Jan
Feb
Mar 100
62
62
49
50
4534
40
62
62
49
50
4535
40
62
6535
61
56
523.4
49%
1,00
14,C0
31.00
27,000
28,00
32,000
62
62
49
50
4534
40
Mar
Mar
Mar
Mar
Mar
Mar
76
76
2,000
7431
Feb
79
a55
14%
25
10135
44
46
4135 4135
81
143.4
55% 3,000 z553.4
8,000 134
16
13,000 25
30
101% 2,000 100
49 184,000 44
3,000 41%
45
82% 4,000 8035
7635
7734
80%
67%
66
63
Feb
Jan
Jan
Jan
Jan
Jan
85
Jan
63
Ma
Jan 19%
Mar 48
Ma 108%
67
Ma
6034
Silt
Mar 85
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Bate Harbor Wat Pr 4348'79 9734 97% a9934
St Louts Gas & Coke 65 '47
8
11
8
40
40
St LOUIS SP3& Peoria 55'39
St Paul Gas Lt 55_ __ A944
100% 100%
San Antonio Pub Sere 53'58
74
74
Ban Diego Cons Gas dr Elec
5355 series D
101
10334
1960 101
San Joaquin Lt & Pow
68 series B
98% 98%
1952
Banda Falls Sc A
100 100
1955
Saxon Pub Works 65 1937
58% 60
Scranton Elm 55
10034 10034
1937
62% 63
Scripps (E U) deb 54s '43
Seattle Lighting 5s_ _ _ 1949 36% 35% 37
Shawinigan W dr P 4348'67 49% 49% 5435
1st 5s series C
61
1970 5735 57
1st 455e series t).1970 49% 48% 54
Sheridan Wyo Coal 68_1947 29% 2635 29%
Sou Caro:Ina Pow 5s_ A957
52
52
Sou Jersey GE dr T 50.1953 102
101 102
Southeast P dr L 65...2025
Without warrants
4735 4735 56
21,000
23,000
2,000
1,000
1,000
96
8
40
99
74
Mar 102
Mar 1634
Mar 5135
Mar 104
Mar 83%
Jan
Jan
Jan
Jan
Jan
10,000
99
Mar 106
Jan
Sou Calif Edison U.._ 1951 97% 9734 99
Refunding 58
1952 98% 98% 98%
Refunding be June 1 1954 9634 96
9834
Gen & ref Is
1939 101% 10134 104
SouCallfGasCo 434s 1961
87
87
Sou Calif Um Corp 58.1937 8035 80% 8534
Sou Counties Gas 414s '68 8134 8135 82
Sou Indiana G & E 548'57 100
100 102
Sou Indiana Ry 48_1951 40% 40% 45
Southern Natural Gm 68'44
44
42
Unstamped
42
Stamped
42% 43
96
96
Sou Public Util 5s__ _1943
S'weet Assoc Telep 55.1961
35
35
Southwest0& E be A.1957 63
63
613%
55 series B
65% 66
1957
Sou'weet Lt .4 Pow 58.1957 53
53
5535
Bou'west Nat Gas 68-.1945 3134 3034 34
Sou'werit Pow & Lt 68.2022
40
39
S'west Pub Serv 68_1945 62
62
62
Springfield G dr E 58..1957
75
75
47,000 95%
19,000 go
17,000 98
10,000 101
1,000 85%
15,000 8034
2,000 8135
0934
28.00
16,000 36%
Staley (A E) Mfg 65_ _1942
Stand Gas & Elea 68..1935 3534
Cony 65
1035 36
Debenture 65
1951 32
Debenture 58.Dee 1 1966 34%
Standard Investing 535e '39
Stand Pow dr Lt(ie.._ _1957 3335
Stand Telep 5358..__1943
Stinnere (Ilugo) Corp
75 without warr Oct 1 '36 37
75 without warr- -.1946 3035
Bun 011 deb 5SO
1939 101
Super Power of III 4348.'68
1st 43fe
1970 66
1st 68
1961
Swift & Co tetmsf5s.1944 98
1940
5% netes
Syracuse Lt 55 B
1957
5355
1954 104
2,000 6934
73,000 35
72,000 836
43,000 32
28,000 3134
1,000 65
58,000 38
2,000 1435
Tennessee Pub Serv Is 1970
Terni Hydro Env 6348 1953
Texas Cities Gas 58..1948
Texas Elea Service 58_1960
Texas Gas UtP 6s.--1945
Texas Power .3: Lt 55-1956
58
1937
Tide Water Power 58_1979
1962
Toledo Edison ba
Twin City Rap Tr 534e '62
70
3
5%
a35%
32
34%
65
33
17
70
44%
45
3834
37
65
37
r20
37
4734
30)4 43
101 102%
6735 6734
66
6834
8034 80%
98 10035
87
9334
al0235a1023.4
104 104
2,000 98% Mar 107
9134 Mar 105
6,00
37,00
58,4 Mar 67%
1,000 100% Mar 105
Feb 7235
8,00
62
Feb 5034
8,000 33
49,000 49% Mar 65
Mar 70%
50,000 57
65
36,000 48% Ma
Feb 30
7,000 23
Mar 66
1,000 52
Mar 106
2,000 100
53.000
4735 Mar
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
JIM
Mar
Jan
Jan
82% Jan
Jan Cy%
Mar 101
Mar 77
Mar 71%
Star 6235
20,000
4.000
36,000
1,000
5,000
33,000
1,000
4,000
5
91
78
85
92
45
44434
65
8% Feb
Mar
Jan
Mar 97
Mar 94% Feb
Jan
Mar 91
Mar 102% Jan
Jan
Mar 63
Jan
Mar 101
Mar 744 Feb
41,000
38
Mar
5434 Jan
3,000 821
Feb
30
5
5%
91
91
824
78
85
85
923.4
92
45
48
96% 96%
65
65
• ,a
42
40
23
24
7535
9935
78% 12,000
75
8834 9935 4,000
6,00
81% 84
89
89
89
81
82
83% 85
16
22
16
38
30
23
1,00
13,00
2,000
28
4,000
3134 14,000
9,000
39
8,000
31
24
6,000
7
7
834 17.000
5034
3235
65
59
50%
3235
62
5834
57,000
57
4234 9,000
9,000
65
5934 7,000
41
41
43
3534
36
5834
30
35%
3035
5835
30
44
n44
61
38
59
59
Lima (City) Peru 6348 1958
Offs of deposit
Medellin 78 ser E
1951
Mtge Bk of Bogota 78_1947
(Issue of May 1927).... -----(Issueof Oct 1927)
Medellin 75 series E__1951
954
Mtge Bk of Chili 68__1931 10
70
97
80
Feb
Jan
Jan
Jan
Jan
Feb
Feb 8934 Feb
Jan
Mar 103
Feb
Jan 91
Jan
Jan
Jan
Ma
89
8034 Ma
83% Jan
97
89
92
22
16
38
25%
19
Ma
Mar
Mar
Feb
Mar
Mar
35
Mar
35
5735 Jan
Jan
35
Jan
30
7
Mar
1134 Jan
5034 Mar
3235 Mar
58
Mar
57
Jan
66
55
75
65
Jan
Jan
Jan
Jan
15,000
39% Mar
64
Jan
127,000
134,000
112,000
33,000
35% Mar
3034 Mar
Jan
54
Ma
30
6234
6134
61
54%
Jan
Jan
Mar
Jan
73
Feb
62
9,000
59
4
4
4
4
10% 11
1,000
1,000
8,000
4
Feb
4
Feb
1035 Mar
6% Jan
Jan
5
Jan
15
21% 2635
2134 25%
9% 9%
10
10
2,000
5,000
4,000
7,000
1834
20
9%
9%
Fe
Mar
Mar
Mar
30
31
15
13
Jan
Jan
Mar
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
19,000
25,00
2,000
170,000
3,00
30,000
8834
98
94
97
86%
95
Mar
Mar
Mar
Mar
Feb
Mar
993.4
106
104
103
92
103
Jan
Feb
Jan
Feb
Feb
Jan
74
45
42
30%
5434
36
32
67
28
76
5234
52
34
63%
36%
39
6835
30
4.000
33,000
43,000
15,000
22,000
2,000
62,000
15,000
4,000
74
45
42
30%
5434
36
32
64%
28
Mar 83%
Mar 66
Mar 68
Mar 63
Mar 7234
Mar 6334
Mar 57
Feb80
Mar 4835
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
70%
55
33
49
8035 65.000
5535 27,000
2,000
33
3,000
53
70
53
2934
49
Mar
Jan
Feb
Mar
Jan
Jan
Jan
Jan
49
4034
4
9334
60
59
52
Mar 85
116,000 37
91,000 3035 Ma
59%
18.000 99% Mar 10234
1,000 65% Mar 84
Mar 83%
13,000 66
1,000 80
Star 9334
48,000 98
Mar 103%
44,000 87
Mar 97
14,000 9734 Mar 10834
4,000 103% Mar z10834
Jan 32
Mar 100
71%
45
4
10,000
9534 7,000
6834 38,000
61% 21,000
52% 2,000
for the year:
American Laundry Machinery, corn., Starch 16, 94 at 10.
American manufacturing, pref., Feb. 7,30 at 4334.
Arkansas Natural Gas, corn., class A, March 15, 400 at ii•
Associated Gas & Elec. 5345, 1938, registered Jan. 24, 55,000 at 2334.
Associated Gas & Elec. 55 1968, registered, Mar. 29, 51,000 at 13.
15
95
28%
German Cons Munk 711.'47
Secured 6s
1947
Hanover (City) 7s.. _1939
Hanover(Prov) 340-1949
Indus Mtge Bk (Finland,
1st mtge coUs I 7s 1944
5
78
4
94
65%
59
52%
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
18,000
11,000
3254
Cauca Valley Is
1948
Cent Bk of German State &
Prov Banks 68 B_ _ _1951
611 series A
1952
Danish 5155
1955
Is
lo53
Danzig Port & Waterways
534s July 1 1952
4
94
66
59
8135
643.4
66
53)i
5334
68%
50%
32%
Mar
Mar
Mar
Mar
Mar
Mar
Mat
Mar
Ulen Co deb 68
1944 1735 17% 23
Union Atlantic 4Sis_ _ 1937
9734
97
Union Elm Lt & Power
91
1057 91
94
434a
13.5 aeries A
1954 100% 100% 100%
1967
5 series B
98
98
Un Gulf Corp 58.July 150 97
97 10135
Union Terminal 55..._1942
86% 8634
United Elm (NJ)4s..1949 98% 9834 99%
45
44
3034
54%
Foreign Government
And MunicipalitiesAgile Mtge Bk (Colombia)
78
1946
73
1947
Baden external 7s....1951
Buenos Aires
(Prow 7358'47
7s
April 1952
74;4 Feb
68
• No par value. a Deferred delivery. 0 o d Certificates of deposit. eons Consolidated. cum Cumulative. cony Convertible. e See note below. m Mortgage. a Sold under the rule. r Sold for cash. v t e Voting trust certificates.
w I When issued. w w With warrants. z Ex-dividend. z to Without warrants.
See alphabetical list below for "Deferred delivery" sales affecting the range
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
United Elea Serv 76....1956
United Industrial 63.4s 1941
1st (Sa
1945
United Lt & Pow 6s....1975
1st 534s____ April 11969
Deb g 634s
1974
Un Lt & Ry 5358
1952
&series A
1952
Os series A
1973
U 8 Rubber
3
-year6% notes.....1933
633% serial notes_ _1934
634% serial notes_ _1935
,
Utah Power lk Lt 65 sA2022
West Texas Util 55 A _1957
Western Newspaper Union
Conv deb 68
1944
Western United Gas A Lice
181 54s ser A
1955
Wise Mee Pow 5a_ -.1984
.
Wisc-Mlnn Lt & Pow 58'44
Win Public Service
68 A
1952
Yadkin River Pow 58_194i
York Rys Co Is
1937
Jan
71% 20,000
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
42
4235
95
35
61
60
5235
26
39
62
75
Mar c94
Jan 8134
Feb 67
Mar 90
Feb 2134
Mar 92
Mar 104
Mar 69
Mar 99%
Feb 32
86%
2434
Waldorf-Astoria Corp1946
7s with warrants_ 1954
Ward Baking Co 68._ _1937
Wash Gas Light 58_1958
Wash Ry & Elea 4s_ 1951
Wash Water Power 58. 1960
West Penn Elec 5s_ _2030
West Penn Power 4:3_1961
West Penn Traction 55 1960
High.
Low.
71
Mar 49
Mar 49
Feb 102
Mar 56
Mar 82)4
Mar 82
Mar 70
Ma
38
Mar 61
Mar 70
Mar 8734
20,000
4,00
2,000
1,000
14,000
2,000
3,000
11,000
3,000
1,000
2,000
74
69
46
70
11%
72
95%
50
8634
23
70
15%
72%
96
Vamma Wat Pow 53413 '57
Van Bweringen
With warrants
Va Elm & Power 58_1955
Va Public fiery 5355 A 1946
1950
let ref 58 ser B
68
Range Since Jan. 1.
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Mar
1.000
43,000
4,000
27,000
24,000
45,000
18,000
3,000
85,000
19,000
73
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. High.
10534
105%
10534
108
95
8934
92%
105%
45
Mar
Mar
Mar
Feb
Mar
Mar
Mar
Feb
Mar
74
74
7035 7334
49
4935
70
72
.15
174
72 877%
95% 97
50
5335
86% 90
2434 28
2217
Financial Chronicle
Volume 136
91%
60
44
6234
Parana (State) Brazil
78
1958
Rio de Janeiro 635.1......1959
Russian Govt
634s
1919
634s certificates_ -1919
1921
530
5348 certificates_1921
Saar Basin Counties 7s 1935
Saarbruecken 7e
1935
Santiago 7s
1949
635
934
6%
9
6% 3,000
935 17,000
5
7
23.4
23.4
231
235
2%
235
2
2%
2% 1,00
2% 36,00
2% 3,00
2% 26,00
235 Mar
134 Mar
2
Mar
Jan
2
435
935 Feb
Jan
12
434
4,4
4
4
Mar
Jan
Jan
Jan
Feb
Ma 101
10,000 98
99
98
10335 10334 12,000 103% Jan 103% Jan
634 Jan
Star
4
435 434 7,000
Associated Telephone, $1.50 preferred, Feb. 9, 100 at 1934.
Central States Elec. Corp. 5358 xv. w. 1954, Mar. 25, 82,000 at 29.
Creole Petroleum Corp., Feb. 6, 500 at 3.
Illinois Power 58 1933, Jan. 9, 513,000 at 10035.
Indiana Electric 58. series C. 1951, Feb. 1, $7,000 at 80.
International Petroleum, Feb. 2, 200 at 835.
New England Gas & Elec. Assoc.Is 1950, Mar. 28,51,000 at 4134.
Niagara-lIudson Power class B option warrants. March 21 100 at 134.
Pacific Gm & Electric 6% 1st pref., March 2, 400 at 2254.
Peoples Light dr Power 58, 1979, Jan. 5, $1,000 at 154.
Poor .3r Co. 68, 1939, lowest, Jan. 18, $2,000 at 4774.
Reliance Management 58 w. w. 1954, Mar. 27,$2,000 at 55.
Standard Gas & Elec. cony. 88 1935, Mar. 30, $1,000 at 3534.
Syracuse Lighting 5355, 1954, Feb. 1, $1,000 at 10935.
Waldorf-Astoria 7s, w. w. 1954, March 15, $5,000 at 5.
Western Newspaper Union 65, 1944, March 16, $1,000 at 21.
e See alphabetical list below for "Under the rule" sales affecting the range for
the year:
Chicago DIstrict Electric 5355, 1953. Feb. 2, $7,000 at 9534.
Federal Sugar Refining Bs, 1933, Jan. 5, 22,000 at 4.
General Vending 68. 1937. Jan. 20, $1,000 at 434•
HYgrade Food Products, new coin., March 15, 52 at 334.
Illinois Contra B,R. 43.45, 1934, Feb. 9, $1,000 at 48.
Narragansett Electric 55, series 13, 1957, Jan. 17. $1,000 at 104.
New York & Westchester Ltg 5s1954, Mar. 27, 55,000 at 1063.4.
Niagara Hudson Power class A option warrants, Jan. 12. 100 at 1.
Salmon River Power, 55, 1957, Feb. 14, $1,000 at 10935.
Southwestern Public Service Os, A, 1945, Feb. 14, $1,000 at 70.
Tennessee Public Service 55. 1970, Jan. 13. $1.000 at 9534.
Van SwerIngen Corp.. 68. w. w. 1935. March 16, 52,000 at 9.
2218
Financial Chronicle
April I 1933
Quotations for Unlisted Securities-Friday Mar. 31
Port of New York Authority Bonds.
Bid
Arthur Kill Bridges 434s
series A 1933-46
NUS
Geo. Washington Bridge4s series Ii 1936-50
J&D
430 ser B I939-53 111&N
Ask
Public Utility Bonds.
Bid
Bayonne Bridge 48 series C
6.50 6.00
1938-53
J&J 3
Inland Terminal 434e ser D
1936-60
M&S
5.50 5.25 Holland Tunnel 43i s series E
6.50 5.25
1933-60
M&S
Ask
85
90
6.75 0.00
90
95
U. S. Insular Bonds.
Philippine Government4s 1934
48 1946
434s Oct 1959
4311s July 1952
55 April 1955
59 Feb 1952
530 Aug 1941
Hawaii 4)-s Oct 1956
Bid
97
84
88
88
92
92
99
99
Ask
100 Honolulu 58
88 U S Panama 3s June 1 1961_
92
2s Aug 1 1936
92
28 Nov 1 1938
94 Govt of Puerto Rico
94
4348 July 1958
101
5s July 1948
102
Bid Ask
4.80 4.50
10112 1023
4
9912 100
9912 100
95
97
100
103
Federal Land Bank Bonds.
4s 1957 optional 1937_13I&N
45 1958 optional 1938_M&N
414s 1056 opt 1936__J&J
431e 19.57 opt 1937_ _J&J
49s 1958 opt 1938....:M&N
5e 1941 optional 1931.131&N
43is 1933 opt 1932.__J&D
Bid Ask
8312 8412
8312 8412
8412 8512
8412 8512
84i2 8512
94
95
9912 10012
1942 opt 1932....M&N
1943 opt 1933___J&J
1953 opt 1933___J&J
1955 opt 1935____J&J
1956 opt 1936____J&J
1953 opt 1933____J&J
1954 opt 1934____J&J
Bid
89
89
8714
8714
8714
89
89
.45k
90
90
8814
8814
Mt
90
90
Bid
43i8
4349
43-48
430
434s
43
-is
43f s
Ask
New York State Bonds.
Canal & Highway55 Jan & Mar 1933 to 1935
58 Jan St Mar 1936 to 1945
bs Jan & Mar 1946 to 1971
Highway Imp 4)4s Sept '63
Canal Imp 4 kis Jan
Can & Imp High J &1964__M 1965
Barge CT 43s Jan 1945_ _
Bid
Ask
3.50 ___
3.80 ___
4.00 .._ _
3.80
3.80
3.80
3.75
___
___
___
___
World War Bonus
4s April 1933 to I939__
434s April 1940 to 1949_ _
Institution Building
4s Sept 1933 to 1940
4e Sept 1941 to 1976
Highway Improvement
48 Mar & Sept 1958 to'57
Canal Imp 45J & J '60 to'67
Barge C T 4s Jan 1942 to '46
3.50 .._
3.75
3.50
3.75
3.75
3.75
3.75
Bid
7712
7712
77i2
7712
7712
83
83
83
83
Ask
7912
7912
7912
7912
7912
85
85
85
85
98
98
98
99
99
99
New York Bank Stocks.
Ask
Par BId
Bank of Manhattan Co__20 173 191,
8
Bank of Yorktown
100
35
Bensonhurst Nati
100 25
34
Chase
20 20
22
Citizens Bank of
__ 95
City (National) Bklyn_100-22
20 20
Comm'i Nat Bank & Tr_100 124 135
Fifth Avenue
100 x1270 1320
First National of N Y.._100 985 1035
Flatbush National
100 ____ 35
Fort Greene
100
25
Grace National Bank ___100 ____ 250
Harbor State Bank
50
25
Kingsboro Nat Bank
_l00 ____ 50
Par Bid
Lafayette National
25
512
Merchants
101
Nat Bronx Bank
60 ii
National Exchange
25 13
Nat Safety Bank & Tr__ _25
212
Penn Exchange
25
5
Peoples National
100
Public Nat Bank & Tr_ _25 1734
Richmond Nati
20
Sterling Nat Bank & Tr__25 1012
Textile Bank
24
Trade Bank
100 15
Washington Nat Bank_ _100
12
Yorkville(Nat Bank of)
.100 35
Ask
812
36
16
412
9
80
1914
3
1412
27
20
4
45
Trust Companies.
Par
Banes Comm Italians Tr100
Bank of Sicily Trust
20
Bank of New York & Tr_100
Bankers
10
Bronx County
20
Brooklyn
100
Central Hanover
20
Chemical Bank dr Trust_ _10
Clinton Trust
100
Colonial Trust
100
Cont Bk & Trust
10
Corn Exch rtx Sr Trust__ _20
County
25
Bid Ask
140_
12
14
257 267
57
59
9
72
77
10512 10912
301 4 3214
25
35
15
11
8
113 123
8
4334 4534
25
27
Par Bid Ask
20 153 1714
4
100 232 257
100 221 226
10
1412 16
100 1900 2000
Emnire
Fulton
Guaranty
Irving Trust
Kings County
Manufacturers
25 1378 1538
Mercantile Bank &
112 2
Trust._- 6612 6913
New York
25
Title Guarantee & Trust.20 137 153
s
8
Trust Co of N A
___ 70
Underwriters Trust
20 30
10040
United States
100 1395 1445
Guaranteed Railroad Stocks.
(Guarantor in Parenthesis.)
Dicklend
Par in Dollars.
Alabama Jr Vicksburg (III Cent)
Albany & Susquehanna (Delaware & Hudson).100
Allegheny & Western (Buff Roch & Pitts)
Beech Creek (New York Central)
50
Boston & Albany (New York Central)
100
Boston St Providence (New Haven)
100
Canada Southern (New York Central)
100
Caro ClInchfleld & Ohio(L& N A CL)4%
100
Common 5% stamped
100
Chic Cleve Cinc & St Louis pref(N Y Cent)_ _100
Cleveland & Pittsburgh (Pennsylvania)
50
Betterman stock
50
Delaware (Pennsylvania)
Georgia RR & Banking (I.& N. A C L)
100
Lackawanna RR of NJ (Del Lack & Western)_100
Michigan Central (New York Central)
100
Morris & Essex (Del Lack & Western)
50
New York Lackawanna & Western (D L & W)_ 100
Northern Central (Pennsylvania)
50
100
Did Colony (N Y N H & Hartford)
pewee° St Syracuse (Del Lack & Western)
60
Pittsburgh Bess & Lake Erie(US Steel)
Preferred
ittsburgh Fort Wayne Jr Chicago (Penn)
100
Preferred
100
Rensselaer & Saratoga (Delaware & Hudson)_ _100
100
it Louts Bridge lot pref (Terminal RR)
2nd preferred
100
Tunnel RR St Louis (Terminal RR)
100
United New Jersey RR & Canal (Penne)
Valley (Delaware Lackawanna & Western)._ 100
Vicksburg Shreveport & Pacific (III Cent)
Preferred
50
;Warren RR Of NJ (Del Lack & Western)
• No par value,
6.00
11.00
6.00
2.00
8.75
8.50
3.00
4.00
5.00
5.00
3.50
2.00
2.00
10.00
4.00
50.00
3.875
5.00
4.00
7.00
4.50
1.50
3.00
7.00
7.00
6.90
6.00
3.00
3.00
10.00
5.00
5.00
5.00
3.50
2 nn
d Last reported market. e Defaulted.
Bid.
Ask.
55
155
63
23
80
128
40
40
50
52
56
29
30
05
55
600
50
74
65
75
50
25
50
118
137
96
104
52
104
195
73
45
45
4()
A()
62
165
70
27
85
135
45
45
55
58
60
33
33
105
60
800
51
79
go
80
58
30
60
125
141
102
108
50
108
200
80
50
50
44
AA
Ask
43
2212
45
4714
2012
4014
7414
47i2
Bid
75
68
6112
34
28!2
6312
81
50
Newp N At Ham bs '44.J&J
N Y Wat Ser 55 1951_13I&N
Old Dorn Pow Ss.May 1551
Parr Shoals P59 1952_ _ ASA)
Peoples I.& P 530 1941 J&J
Roanoke W W bs 1950_J&J
United Wat Gas & E 55 1941
Western I'S 5345 1960_ F&A
Wichita Ry St L be 1932_
Ask
79
70
64
3112
663
4
55
Public Uti ity Stocks.
Par Bid
Arizona Power pref.. ....100
Assoc Gas & El °rig pret__•
1
•
$6.50 preferred
1
57 preferred
2
Atlantic City Elec $6 pref.'
Bangor Hydro-El 7% pf.100 98
Broad River Pow pf_ __ _100 27
Cent Ark Pub Sent prof...100 52
Cent Maine Pow 6% pf_100
_
12
Cent Pub Sem Corp pref_•
,
Consumers Pow b% pref_• 63
6% preferred
100 67
6.60% preferred
100 75
Dallas Pow & 1.1 7% pref 100 93
Derby Gas & Elec $7 pref _• 33
Essex-Hudson Gas
100 147
Foreign Lt & Pow units__ _
38
Gas & Elec of Bergen__ _100 95
Hudson County Gas.....100 147
Idaho Power 6% pref
•
7% preferred
100 65
Inland Pow & I.t pref....100
Jamaica Water Supply pf_50 48
___
New York City Bonds.
Bid Ask
a3s May 1935
9012 92 a43is June 1974
5330 May 1954
71
74 a434e Feb 15 1978
a334s Nov 1954
71
74 a434s Jan 1977
a4s Nov 1955 & 1956
74
77 a431s Nov 15 1978
a4s M & N 1957 to 1959. _ . 74
77 a448 March 1981
a4s May 1977
74
77 a4,36s M & N 1957
a4s Oct 1980
74
77 04 145 July 1967
c41413 Feb 15 193310 1940_ 6.00 5.50 a430 Dec lb 1974
a43.18 March 1960
75
77 a4S4s Dec I 1979
aftis Sept 1960
7712 7912
a414s March 1962 & 1964
7712 7912 a6s Jan 25 1935
a43.18 April 1966
7712 7912 a6s Jan 25 1936
a414s April 15 1972
7712 7912 a6s Jan 25 1937
a Interchangeable. bCoupon. e Registered coupon (serial).
/Jul
Amer S PS 530 1948_1sl&N
38
Atlanta G L b.s 1947 __JAD 96
Cen G & E 5 s 1933_ _ F&A
1812
let lien coil tr 530'46J&D 41
let lien coil tr 68'46.M&S 4314
Fed P S lot 65 1947___J&D
17
Federated Util 5355'57 M&S 363
4
III Wat Ser let 5s 1952_2&J 71
Iowa So Util 5545 1950_J&J 45
Louis Light lot 58 1953.14&O 10212
Ask
30
3
4
5
92
103
64
112
66
70
79
314
i61
74
134
51
Par Bid Ask
Kansas City Pub Sem pref •
,
112
Kentucky Sec Corp corn 100
100
6% Preferred
Metro Edison $7 prof B .__•
65
Mississippi P & L $6 pret_ _•
25
Miss River Power pref....100 83
85
Mo Public Serv pref...... 100
5
10
Nassau de Suffolk Ltg DI 100 60 64
Nat Pub Serv pret A _ _ 100
112
Newark Congo' Gas_ ....l00 95
New Jersey Pow & Lt $6 pf * 70
80
N Y& Queens E L& P pf100 99
Pacific Northwest P S____•
7
6% preferred
100 10
Prior preferred
,
100
8
111Philadelphia Co $5 pref-_50 39
44
Somerset Un 131d Lt.__ _100 7412
South Jersey Gas & Elec.100 145
Tenn Elec Pow 6% pref _100 4312 48
United G & E(N J) pref 100
47
United Public Service pret_•
Wash fly & Eiec com__ _100 255 33 .
0
preferred
5%
100 82 89
Investment Trusts.
Par Bid Ask
Amer Bankstocks Corp__ _• 1.00 1.20
Amer Brit & Cont $6 pref.•
6
8
Amer Business Shares
1.11 1.20
Amer Composite Tr Shares.
23
8 234
Amer & Continental Corp..
314 5
Am Founders Corp 6% pf 50
12
7
7% preferred
712 13
50
Amer & General Sec cl A....
6
10
6% preferred
• 28
35
Amer Insuranstocks Corp_*
112
134
Assoc Standard 011 Shares._
23
4 34
,
Bancamerica-B lair Corp _
Bankers Nat Inveet'g Corp •
Bancsicilla Corp
Basic Industry Shares
•
British Type Invest A.._..1
Bullock
Central Nat Corp class A _
Class B
Century Trust Shares
Chartered Investors corn. _•
•
Preferred
Chelsea Exchange Corp A._
Class B
Consolidated Equities Inc_ _
Corporate Trust Shares_
Series AA
Accumulative series
Series AA mod
Series ACC mod
Crum & Foster Ins Shares
Common 13
10
7% preferred
100
Crum dr Foster Ins coal__•
8% preferred
Cumulative Trust Shares....
Deposited Bank Shs ser N Y
Deposited Bank She ser A__
Deposited Insur Shs A
Diversified Trustee Shs A _ _
Dividend Shares
Equity Corp corn stamped__
Equity Trust Shares A
Fidelity Fund Inc
First Commonstock Corp__•
Five-year Fixed Tr Shares
Fixed Trust Shares A
•
•
Fundamental Tr Shares A_ _
Shares B
•
Guardian Invest prof w war
Gude-Winmill Trad Corp_ _•
Huron Holding Corp
Incorporated Investors_
•
Independence Tr Shares •
ndus de Power Security___•
V t c units
Internet Security Corp(Am)
634% preferred
100
6% preferred
100
Investment Co of America_•
7% preferred
100
Investment Fund of N J._
Investment Trust of N Y..•
Investors Trustee Shares.
Low Priced Shares
172
1014
214
1.81
45c
812
Par
Major Shares Corp
Mass Investors Trust
•
Mohawk Investment Corp
Mutual Invest Trust class A
Mutual Management corn..•
National Shawrnut hank......
National Trust Shares
National Wide Securities Co
Voting trust certificates__
N Y Bank & Trust Shares_ _
No Amer Bond trust Ws__
No Amer Trust Shares
214
Series 1955
1414
Series 1956
234 011 Shares Inc units
Old Colony Inv Tr CWT.__•
Old Colony Trust Assoc Sh •
912
Pacific Southern Invest pf__
16
18
Class A
3
dl
Class B
123 133 Petrol Jr Trad'g Corp ci A _•
8
4
1
3 Quarterly Inc Shares
50
55 Representative Trust Shares
dl.
Royalties Management_ ___
12 iii Second Internal Sec Cl A__•
1.41
6% preferred
50
Securities Corp Gen $6 pf •
1.42
Selected American Shares_
1.42
1.42 1.55 Selected Cumulative Shs_
1.42 1.55 Selected Income Shares__
Selected Man Trustees She_
6
8 Shawmut Association com_•
•
69 Spencer Trask Fund
65
7
10 Standard All Amer Corp......
75 80 Standard Amer Trust Shares
Standard Collet Trust She__
2.35
Standard 011 TrustShares A
Class B
134 21- State Street Inv Corp
8
•
17
8 21 1 Super Corp of Am Tr She A
AA
6
438
BB
1.85 2.05
3
338
.89 96c
Supervised Shares
Trust Fund Shares
1.90
4114 4412 Trust Shares of America__ _
1.15 1.35 Trustee Stand Investment C
2.35
Trustee Standard 011 Ste A
5.30
4.20
21. 3 Trustee Amer Bank She A-Ills 27 Trusteed N Y Bank Shares_
s
Trusteed N Y City Ilk 0118 _
20th century twig series- _
32
-14
Series B
8
1074 117 Two-year Trust Shares
1.35 1.65 United Bank Trust
1114 United Fixed Shares ser Y
10
1.00 1.13 United Insurance Trust_ _
U 5 & British International
812 15
Preferred
•
US Elec Lt & Pow Shares A
712 13
3
8
81. 11
Voting trust etre
3 Un N Y 'Bank Trust C 3
2
33, Un Ins Tr She ser F
3
S Shares ser It
4.80
Universal Trust Shares_ _
212
Bid
13
8
1214
243
4
33
8
d___
23
33
4
2.06
612
214
723
4
1.22
1.49
1.40
212
,
2
5
Ask
133
8
2534
43,
23
4
25
412
2.16
7
4
23
76
1.70
1.70
4
112
7
8
Ii
3
4 1,
4
4
912
.98 1.05
5.28 5.78
14
12
it
1,2
12
15
d29
1.55 1.65
414 43,
21, 23
8
3.45 3.90
614 678
914
2.60 2.80
2.20 2.40
8
3 s 37
,
_
1614
2.15
1.28
2.25
1.28
3.70
3.60
1.00
z2,
4
17,
1.35
1.30
3
23,
134
1.00
1.35
1.6.5
614
23
4
112
134
4
103
4
1.75
.77
3
1.65
3
1.84
1.45
1.45
4.10
4.00
1.00
23,
214
1.60
1.55
2
1.15
73
4
3,
2
2
8
1114
1.85
.84
314
2.00
3,2
1,89
Telephone and Telegraph Stocks.
Par Bid
'uban Telephone
100 7% preferred
100
mpire & Bay State Tel..100 30
'ranklin Teleg $2.50__ _100 25
nt Ocean Teleg 6%.......100 30
incoln Tel & Tel 7%
82
ew York Mutual Tel_ _100 14
Ask
35
40
60
Pat Bid
Northw Bell Tel it
%100 103
l'ac & AU Teleg US 1%....25
7
Porto Rico Telephone__ _100
Roch Teiep $6.50 1st pf_100 ;OS
IISo dr Atl Teleg $1.25....._25
Tri States Tel & Tel $111-__• 85
Wisconsin Telep 7% pref100 100
Ask
106
10
100
102
103
Sugar Stocks.
ParI BId
.
Ilaytian Corp Amer
h Ex-dly1dend 700% stock dividend.
r Ex-coupon.
-ISO
2
Par] Bid jAsk
Sugar Estates Oriente pt 100 ____
1
z Ex-stock dividends. z Ex-dividend. y Ex-rights
Financial Chronicle
Volume 136
2219
Quotations for Unlisted Securities-Friday Mar. 31--concluded
Insurance Companies.
Chain Store Stocks.
Ask
Par Bid
Par Bid Ask
Par
Ask
Par Bid
6
8
2 Miller (I) & Sons pref. _100
Butler(James)corn
Aetna Casualty & Surety_10 323 3 '4 Hudson Insurance
100
10
4 4
2
Preferred
30
Aetna Fire
5 MockJuds&Voehringerpf 100 20
100
10 1914 21,4
Diamond Shoe pref
Aetna Life
10
Murphy(SC)8% pref __100 75 85
100 35
9 8 1138 Importers & Exp of N Y_ _ 25
3
7
15
Edison Bros Stores pref.
Agricultural
_100 35NatShirt Shops(Del) p1100
4
4
25 313 363 Independence Indemnity.1
Fan Farmer Candy Sh pt__* 19 ii- N Y Merchandise 1st pi _100 7414
American Alliance
10
71s 918
312 7
Fishman (M H)Stores..._•
•
8
378 57 Knickerbocker
American Colony
10
4
9 Piggly-Wiggly Corp
..100 99American Constitution- _2
Preferred
_
100 40 60 Reeves (Daniel) pref.
66- American Equitable
16 Rogers Peet Co corn-.100
Kobacker Stores pref _100
6
7
5 478 68 Lincoln Fire
7
8 272 Lloyds Ins of Amer
Lord & Taylor
100 il- 65
American Home
20
Schiff Co pref
100 ii538 63
1st preferred 6%
8
American of Newark----255
100 571
Sec preferred 8%
4
4
American Re-Insurance._10 233 263 Majestic Fire
100 671,
25
438 63 Mass Bonding & Ins
s
American Reserve
10
American Surety
25
73
s 938 Merchants Fire Assur com10
Industrial Stocks.
8
8
Automobile
10 123 143 Merch & Mfrs Fire Newark 5
Missouri States Life
10
Par Bid Ask
Par Bid Ask
7
8 17s
Baltimore Amer
2.38
Alpha Port! Cement pf__100 50 85 Macfadden Pubitc'os pf___. 1212 1412 Bankers & Shippers
10
1934 203 National Casualty
4
2
79
100 75
American Book $4
38 Merck Corp $8 pref
100 35
National Fire
10
Boston
100 334 359
21
B1199 i E W) 1st pref
2
20 National Licorice corn...AO° 16
60
National Liberty
19
2d pre! B
20
10
47
8 67 National Union Fire
8
Carolina
1
712 National Paper & Type 100
20
Bohn Refrigerator pt.._100
10
New Haven Clock pref 100 12
68
New Brunswick Fire
City of New York
100 58
lion Anil Co 13 corn
37
8
57 New England Fire
8
• 25
10
28- New Jersey Worsted pi_ _100 35
Colonial States Fire
1
9
12
•
Brunsw-Balke-Col pref. WO 31
Jerseyffampshire Fire... _10
Ohio Leather
__
147 167
1: 1 1
:
Connecticut General Life_l
100
Burden Iron pref
20
30
100 20
New
N
1st preferred
Consolidated Indemnity 57
8 77 New York Fire
100
8
10
Canadian Celanese com__ -•
2d preferred
7
4
Continental Casualty_
1
40
100
2.50
Preferred
100 58
Cosmopolitan
63 Okonite Co $7 pref
1
9 8 127s North River
7
3
8
Carnation Co corn
12.50
•
6
8 Petroleum Derivatives- _*
Northern
9
15
•
Publication Corp corn
Preferred $7
100 73
Eagle
3
8 138 Northwestern National. 25
100 75
Chestnut & Smith corn_.. _•
2
Excess
57 1st preferred
638 7 8
3
5
712 - 81;
•
25
Preferred
Riverside Silk Mills
4
10
Pacific Fire
100
5
Color Pictures Inc
10
Federal
1
2 Rockwood & Co
10 3612 4112 Phoenix
38
100 30
Columbia Baking corn.__.
5
Fidelity & Deposit of Ald_20 1614 18,4 Preferred Accident
Preferred
18
3
5
_
2
1st preferred
2 Rolls-Royce of America_ -*
8
Franklin Fire
5
1
•
-Washington-10
838 9- Providence
2d preferred
Si 212
Public Fire
5
Boxy Theatres unit
14 1
18
1
•
General Alliance
Common
Congoleum-Nairn $7 pf 100 99
4
33
4 53
12 212 Glens Falls Fire
Crosse & Blackwell corn..-•
_
2
25
5 1812 2012 Rochester American
Preferree. A
47g
Crowell Pub Co $1 corn _ _•
678
Globe & Republic
5
- 20 Rubel Coal & Ice corn
25
$7 preferred
8
Globe & Rutgers Fire...
.25
27 127 St Paul Fire & Marine__ _25
13
Preferred $1.75
100 75
De Forest Phonofilm Corp..
10
75
s 918 Security New Haven__ _ 10
Great American
14
114 Solid Carbonic Ltd
•
DoehIcr Die Cast pref
47 Springfield Fire di Marine 25
8
278
412 8 Splitdorf Beth Elec
Great Amer Indemnity...
.5
•
1
Dryire Holding Corp
Stuyvesant
25
9 Standard Textile Pro-100
•
4
100
Eiseman Magneto coin_ .._ _.
4
100
88 Sun Life Assurance
Halifax Fire
10
Class A
16- Hamilton Fire
100
478 2972
50
Preferred
Class B
6
15
100
15
Oen Fireproofing $7 pf_ _10(1 30
Travelers
100
18
Hanover Fire
10 16
36 Stetson (J B) CO pref....25 11
4 8 67
7
5
8 2
Craton & Knight corn
8
10
Harmonla
14 114 Taylor Wharton Ir&St corn *
•
100
S Fidelity & Guar Co___2
Preferred
10 2614 2814
Preferred
6
Hartford Fire
2
100
312 5
114 314 Hartford Steam Boiler_ - _10 363 393 U 13 Flre
Herring-Hall-Mary Safe_ 100
4
4
4
8
13 Tenn Products Corp pref _50
43
Howe Scale
1112
12 2 TubizeChatitIon 7% cu pf100 37
Home
100
5 10
2.50
2
314 Home Fire Security
13 Westchester Fire
.8
Preferred
10
4
8 Walker Dishwasher corn_ •
100
Si
Industrial Accept com---•
4 White Rock Mln Spring
2 s 438
3
10
Homestead Fire
100 73
211Preferred
57 1st preferred
100 --- 2 25
100 70
Locomotive Firebox Co_ --•
$10 2d pref
13
4 33
4
1
4
Macfadden Publiens com_5
100
13
4 3 Woodward Iron
Ask
Bid
47
g
578
--_
7g
7
23
434
114
2
314
192 232
2
97g 127
4
17 4 213
3
278 37g
278 478
338
2938
238
17 4
3
57
8
67
8
223
4
578
57g
77g
213
4
43 4
3
538
3132
38
3
213
4
778
117
5
2434
878
77
8
97
8
263
4
4834
243 3434
3914 4114
87
g
67
137 1578
314
30
991 10412
4
173 193
501 5512
5
189 239
209 224
258 314
1412 161g
8
10% 125
Realty, Surety and Mortgage Companies.
Industrial and Railroad Bonds.
Adams Express 4s '47_J&D
American Meter 65 1946_
Amer Tobacco 4s 1951 F&A
Am Type Fdrs Os 1937 MAN
Debenture 65 1939__M&N
Am Wire Fab 75 '42__M&S
Bear Mountain-Hudson
River Bridge 78 1953 A&O
Chicago Stock Yds 59_1961
Consol Coal 4 34s 1934 MAN
Como! Mach Tool 78_1942
Consol Tobacco 4s 1951....
Equit Office Bldg 5s 1952Haytlan Corp Ss 1938
Journal of Comm 6345_1937
Kans City Pub Serv 65 1951
Loew's New Brd Prop
65 1945
J&D
Bid
50
793
8
9312
48
48
45
Ask
54
62
60
1288
e514
90
4512
e4
45
14
65
55
6655
55
1614
93
1
5012
8
49
16
5912
Par Bid Ask
258
278
Bond & Mortgage Guar-20
30
Empire Title & Guar___100
Bid Ask
85Guaranty Title & Mortgage_ 50 80
23
4 43
4
697 11- Home Title Insurance-25
8
78
20
International Germanic Ltd 15
60
68
60
623
4 714
Merchants Refrig 6s 1937.-N 0 Or No RR 5s '55..F&A
NY & Hob Ferr 55'46 J&D
N Y Sh1pbdg 55 1940_M&N
Pierce Butler & P 6345 1942
Prudence Co Guar Coll
25
534s. 1961
Realty Assoc Sec 6s'37_J&J 2612
Securities Co of N Y 4s
61 Broadway 5345 '50_A&O 50
So Indiana Ry 4s 1951_ F&A 40
Stand Text Pr 6345 42 M&S
Struthers Wells Titusville
3512
6345 1943
Tol Term RR 4 Yis'57_M&N 70
114
S Steel 68 1951
Witherbee Sherman Os 1944
e4
Certificates of deposit
Woodward Iron 551952_J&J e21
28
31
Bid
Active Issue.1.
Ask
3912
75
Bonds
Albany Metropolitan Corp.
1938
651s-
11
7
27
42 Broadway Bldg. 65 1939_
61 Broadway Bldg 5348 '50
B'way Motors Bldg.(is 1948
44
50
40
Chrysler Bldg. 65 1948
3412 36
Par Bid Ask
Ask
Par Bid
Amer Nat Bank & Trust.100 60
100 83 86
70 First National
14
Central Republic
3 Harris Trust & Savings 100 240 265
4
100
100 315 330
Continental III Bk & Tr_100 51
53 Northern Trust Co
Dorset, The 65 1941
Drake, The 65
1939
50
52
45
1212 15
16
23
Par Bid Ask
14 1
Milner Airplane & Mot__ _1
•
Sky Specialties
2
5
Southern Air Transport__ •
•
2
Swallow Airplane
14
3
4
Warner Aircraft Engine...'
•
Whittelsey Manufacturing.
Equitable Office Bldg. 5s '52
43 Exchange Place Bldg.
65 1938
45
50
44
47
10 East 40th St Bldg Os 1940
18-20 East 41st St Bldg 65'40
Aeronautical Stocks.
Ask
40
New York Real Estate Securities Exchange
Bonds and Stocks.
g"
43
14
Chicago Bank Stocks.
Par Bid
Alexander Indus 8% p1.100
American Airports Corp.__•
Central Airport
1
Cessna Aircraft common •
Curtiss Reid Aircraft cam.*
Par Bid Ask
4
53
4 73
Lawyers Title & Guar-100
20
158 318
Lawyers Mortgage
2
1
National Title Guaranty 100
12
10
N Y Title & Mtge
State Title Mtge new___100
16
12
22
15
412 10
Granada, The Os 1938
Harriman Bldg 6/31951
Hearst Brisbane Prop Os '42
Hotel Lexington Os 1943_
do Certificates
Hotel St George 5348 1943._
46
42
9
7
13
50
45
11
9
16
Active Issues.
Bonds (Concluded)Letcourt Manhattan Bldg
5348 1941
Lincoln Bldg. 534s 1953
Lombardy, The, Os 1942 _ _ _
616 Madlson Ave Bldg. 612s
'38
Montague Court Office Bldg
6345 1945
NY Athletic Club 6s 1946
New Weston Hot Ann 8s'40
New Weston Hot Ann atter_
Pk Murray Office Bhz 63.0'41
Prudence Co. 5365 1961....
263-71 West 38th St. Bldg
Os 1940
West End Ave, 1040 Street
Bldg Os 1939
Stocks
Beaux Arts Apts.,Inc., units
40 Wall St. Bldg. 6s 1958_
39 Broadway Bldg. units
City & Suburban Homer) Co
551 Fifth Ave., Inc., units.
F FFrench Invest'g Co corn
FF French Invest'g Co pref_
F F French Operators Inc
Bid
Ask
17
12
1712 1912
20
17
9
1312
10
1212
14
9
18
25
al;
16
12
22
28
12
17
1212
6
30
8
5
5
3
7
75
7
33
12
7
10
314
12
90
Bid
6.00
8.50
5.75
5.75
12.00
12.00
12.00
12.00
12.00
6.50
6.50
6.50
4.50
5.00
4.50
4.75
0.50
4.75
13.00
5.25
5.25
12 1111
12 OP
6.511
4.50
Ask
5.50
7.00
5.00
5.00
8.50
8.50
8.50
8.50
8.50
6.00
8.00
6.00
3.00
4.50
3.50
3.75
5.75
4.25
8.50
4.75
4.75
8 Ou
Other Over-the-Counter Securities-Friday Mar. 31
Short Term Securities.
Bid Ask
Allis-Chal Mfg 55 May 1937
Amer Metal 5348 1934_ A&O
Amer Wat Wks 5s 1934 A&O
•
67
70
62 67
8214 84
Alton Water Si 1956__A&O
Ark Wat let 58 A 1956.A&O
AShtabula W W 58'58_A&O
Atlantic Co Wat 5868 Pil&S
Bid
80
82
78
78
mail Pet 434s Feb 15 '34-'35
Union 011 58 1935....FAA
United Drug deb 5s'33 A&O
Railroad Equipments,
Bid
Ask
9912
99
99l
997
8
Water Bonds.
Birm WW lat 5 As A'54A&O
1st in 5s 1954 scr B.
.J&D
1st 5s 1957 series C__F&A
Butler Water 5s 1957__A&0
City of Newcastle Wat 5541
City W (Chat) 5511 '54 J&D
1st 58 1957 series C_M&N
Commonwealth Water
1st Ss 1956 B
FAA
1st in 55 1957 ser C F&A
Davenport W 5s 1961-J&J
ES LA let W 5s'42
J&J
1st m 611 1942 tier B J&J
1st 58 1960 ser D
F&A
94
87
87
76
86
91
91
87
87
83
80
87
75
Bid Ask
Ask
85 flunt'ton W 1st '54.-M&S 94
88
1st m 58 1954 ser 13_06&S 84
84
5s 1962
80 85
82
82 Joplin W W 5s'57 ser AM&S 73 80
Kokomo W W 5s 1958_J&D 75 80
Monm Con W 1st 5s'56 J&D 81
96
83
Monon Val W 5345 '50 _J &J 82
85
92
Richni W W 1st 55'57.M&N 82
84
92
80 St Joseph Wat 55 194I_A&0 93 95
89 South Pitts Water CoFAA
9412 9812
la 5s 1955
93
93
1st & ref 5560 ser A _J&J 90
92
1st & ref Si '60 ser B_J&J 90
93
90 Terre H'te WW 6s'49A J&D 95 100
90
1st m 5s 1956 ser B _ _J&D 80
8
186 Texarkana W hat 55'58 FAA 79
83
Wichita Wat 1st (Is '49 M&S 93
1st m 55 '56 ser B.__ FAA 80 85
90
80
1st m 5s 1960 ser C.M&N 80
85
Bid
Ask
Atlantic Coast Line 6s
5.75 5.00 Kanawha & Michigan Os...
Equipment 630
5.50 4.75 KansasCity Southern 5345.
Baltimore & Ohio 6s
6.25 5.75 Louisville & Nashville 65...
Equipment 434s & 5s.... 6.25 5.75
Equipment6145
Buff Roth & Pitts equip 65_ 7.50 6.00 Minn St P & SS M 434s & 55
Canadian Pacific 43-4s & 6s 6.25 5.50
Equipment 6348 & 78....
Central RR of N J 6s
5.50 4.50 MissouriPacific 6.34S
Chesapeake & Ohio (is
4.75 4.25
Equipment(is
Equipment (Ois
4.75 4.25 Mobile & Ohio 5s
Equipment 55
4.75 4.25 New York Central 434 & 53
,
Chicago & North West Os... 9.00 7.00
Equipment 65
Equipment 034s
9.00 7.00
Equipment 75
Chic R I & Pao 434s & 5s... 12.00 8.50 Norfolk & Western 4
Equipment
12.00 8.50 Northern Pacific 75
Colorado & Southern Ga.__ - 6.00 5.00 Pacific Fruit Express 7g....
Delaware & Hudson Os
5.00 4.25 Pennsylvania RR equip 58..
Erie 430 Si
9 00 7.50 Pittsburgh & Lake Erie 034s
Equipment es
9.00 7.50 Reading Co 4
& 5s
Great Northern (is
5 50 4.75 St Louts & San Fran 58
Equipment 5s
5.25 4.75 Southern Pacific, Co 434s...
Hocking Valley 5s
5.25 4.75
Equipment 7s
Equipment As
5.50 4.75 Southern Ry 434s & 55
Illinois Central 45.4s & 55-- 7.50 6.50
Equipment Os
Equipment Os
7.50 6.50 Toledo & Ohio Central 6sEquipment 7s &
7.50 6.50 UnIon Pacific 75
041
.5.511
3.50
• No par value. a And dividend. d Last reported market. e Flat prime.
z Ex-dividend
s Ex-debts.
2220
Financial Chronicle
April I 1933
Current Earnings—Monthly, Quarterly, Half Yearly
CUMULATIVE INDEX COVERING RETURNS IN PRESENT AND PREVIOUS ISSUE.
Below will be found all returns of earnings, income and profits for current periods, whether monthly, quarterly or half-yearly, that have appeared the present week. It covers all classes of corporate entities, whether railroads, public utilities,industrial concerns or any other class and character of enterprise or undertaking. It is all
inclusive in that respect, and hence constitutes an invaluable record.
The accompanying index, however, is not confined to the returns which have come to hand the present week.
It includes also some of those given in our issue of March 25. The object of this index is to supplement the
information contained in our "Monthly Earnings Record," which has been enlarged so as to embrace quarterly
and semi-annual statements as well as monthly reports. The "Monthly Earnings Record" was absolutely
complete up to the date of issue, March 24, embracing every monthly, semi-annual and quarterly report which
was available at the time of going to press.
The index now given shows the statements that have become available in the interval since then. The
figures in most cases are merely for a month later, but there are also not a few instances of additions to the
list, representing companies which had not yet made up their returns when the March number of the "Monthly
Earnings Record" was issued.
Issue of Chronicle
When Published. Page.
Name of Company—
Mar. 25..2070
Adams Millis Corp
Mar. 25...2070
Affiliated Products, Inc
Apr. 1__2246
Abraham & Straus Inc
Air Way Electric Appliance Corp._ _Mar. 25..2071
Mar. 25_2053
Akron Canton & Youngstown
Apr. 1..2225
Ala. Great Southern RR. Co
Apr. 12221
Alton RR
Alton & Southern RR
Mar. 25..2053
Altoona & Logan Valley El. Ry
Apr. 1.i237
Amer. Commercial Alcohol Corp. __Apr. 12246
American Hawaiian Steamship Co__Mar. 25_2071
Apr. 1__2228
American Hide & Leather Co
American Laundry Machinery Co_ Apr. 12246
Mar. 25..2072
American Maize Products Co
American States Public Service Co_ _Apr. 1..2237
Mar. 25_2053
Ann Arbor
Apr. 1_2237
Arkansas-Missouri Power Co
Mar. 25..2072
Armstrong Corp. Co
Apr. 1..2247
Arnold Constable Corp
Apr. I_ 2247
Artloom Corp
Apr. l_2228
Associated Gas & Electric Co
Atchison Topeka & Santa Fe Sys____Apr. 1..2226
Apr. 1..2221
Atlanta Birmingham & Coast
Apr. 1..2221
Atlanta & West Point
Apr. 1__2221
Atlantic City
Apr. 1._2221
Atlantic Coast Line
Atlantic Gulf & W.Indies SS.Lines.Apr. 1__2228
Apr. 1._2247
Atlas Tack Corp
Apr. i.2221
Baltimore & Ohio RR
Baltimore & Ohio Chicago Terminal_Apr. 1..2221
Apr. 1._2247
(L.) Bomberger & Co
Apr. 1_ _2226
Bangor & Aroostook RR
Barcelona Traction Lt.& Pr.Co.Ltd.Apr. I _ _2228
Apr. 1 2228
Baton Rouge Electric Co
Beaumont Sour Lake & WesternApr. 1..2224
Apr. I _ _2247
Belding Heminway Co
Apr. 1_ _2221
Bessemer & Lake Erie
Apr. 1_ _2248
Best & Co
Blackstone Valley Gas & Elec. Co. _Mar. 25_2066
Apr. 1__2248
Blauner's
Apr. l_2248
Blum's Incorporated
Apr. 12237
Boston Consolidated Gas Co
Apr. 1__2228
Boston Elevated Ry
Apr. 12226
Boston 8c Maine RR
Apr. 12228
Boston Personal Property Trust
Boston Worcester & N.Y. St. Ry.Co.Apr. 1 _ _2228
Brazilian Traction Lt.&Pr.Co.Ltd_ Apr. 1..2228
Mar. 25_2055
British Columbia Power Corp
Brooklyn Eastern District TerminaLMar. 25..2053
Mar. 25..2074
Bucyrus Erie Co
Mar. 25..2073
Bullard Co
Apr. 1..2221
Burlington Rock Island
Mar. 25..2073
Bush Terminal Buildings Co
Apr. 1..2248
(H. M.) Byliesby & Co
Apr. 1__2221
Cambria & Indiana
Apr. 1_2226
Canadian National Ry. System
Canadian Nat'l Lines in N.England Apr. 12221
Apr. 1..2228
Canada Northern Pr. Corp.Ltd
Apr. 1_2227
Canadian Pacific Ry
Canadian Pacific Lines in Maine____Apr. 1..2221
Canadian Pacific Lines in Vermont_Apr. 1..2222
Mar. 25..2055
Caterpillar Tractor Co
Apr. 1._2222
Central of Georgia
Apr. 1__2237
Central Indiana Power Co
Apr. 1..2222
Central RR. of New Jersey
Apr. 12238
Central Power & Light Co
Apr. 1__2238
Central States Electric Co
Apr. 1__2222
Central Vermont
Charleston & Western Carolina_ _ _ _Apr. I__2222
Apr. 1..2235
Chesapeake Corp
Chesapeake & Potomac Telephone
Apr. 1..2238
Co. of Baltimore City
Chesapeake & Potomac Telephone
Apr. 1__2238
Co. of D. of C
Chesapeake & Potomac Telephone
Co. of Virginia
Apr. 1..2238
Chesapeake & Potomac Telephone
Apr. 1..2238
Co. of West Virginia
Mar. 25..2057
Chesapeake & Ohio Ry. Co
Apr. 1..2222
Chicago Burlington & Quincy
Apr. 1__2239
Chicago City Railway Co
Apr. 1__2222
Chicago & Eastern Illinois
Apr. 1..2223
Chicago & Erie RR
Chicago Great Western
Apr. 1..2222
Apr. 1..2222
Chicago & Illinois Midland
Apr. 1..2222
Chicago Mil. St. Paul & Pacific
Apr. 1..2222
Chicago & North Western
Apr. 1..2222
Chicago River & Indiana
Chicago Rock Island & Pac. Ry. Sys_Apr. 1..2222
Apr. 1__2227
Chicago Rock Island & Pacific
Chicago St. Paul Minn.& Omaha_ Apr. 1_2222
Cin.New Orleans & Tex.Pac. Ry.Co.Apr. i.2225
Mar. 25..2066
Cincinnati Street Ry. Co
Mar. 25_2075
City Ice & Fuel Co
Apr. 1__2222
Clinchfield RR
Mar. 25..2053
Conemaugh & Blacklick
Mar. 25_2075
Dan Cohen Co
Apr. 1__2222
Colorado & Southern
Mar. 25..2063
Columbia Gas & Electric Corp
Apr. 1...2222
Columbus & Greenville
(The) Commonwealth & Sou. Corp__Apr. 1..2228
Apr. 1..2239
Community Water Service Co
Apr. 1__2229
Consumers Power Co
Apr. 1__2249
Congress Cigar Co
Issue of Chronicle
Issue of Chronicle
Name of Company—
When Published. Pape.
Name of Company—When Published. Page
Apr. 1..2249 Mackay Companies
Apr. 1__2242
Consolidation Coal Co
Mar. 25_2075 (R. H.) Macy & Co
Apr. 1..2255
Crane Co
Apr. 1__2250 Maine Central RR
Apr. 1.._2227
Crowley Milner & Co
Apr. 1..2239 (H. R.) Mallinson & Co
Cumberland County Pr. & Lt. Co
Mar. 25..2080
Apr. 1..2239 Mapes Consolidated mfg. Co
Mar. 25..2080
Dakota Central Telephone Co
Delaware Lackawanna & Western_ _Apr. 1__2222 Market Street Railway Co
Apr. 1__2229
Apr. 1__2227 Marlin Rockwell Corp
Denver & Rio Grande Western
Mar. 25..2081
Apr. 1__2222 Midland Valley
Denver & Salt Lake
Apr. 1__2223
Mar. 25_2053 Minneapolis & St. Louis
Apr. 12223
Detroit Toledo & Ironton RR
Apr. 1..2222 Minn. St. Paul & S. S. Marie
Detroit & Mackinac
Apr. 1..2223
Apr. 1_2222 Mississippi Central
Apr. 1__2224
Detroit Terminal
Detroit & Toledo Shore Line
Mar. 25..2053 Missouri Gas & Elec. Service Co
Apr. 1..2242
Duluth Missabe & Northern
Apr. 1._2222 Missouri Illinois
Apr. 1..2224
Duluth South Shore & Atlantic. _Apr. 1..2222 Missouri Kansas-Texas Lines
Apr. 1..2227
Duluth Winnipeg & Pacific
Apr. 1__2222 Missouri & North Arkansas
Apr. 1..2224
Durham Hosiery Mills
Apr. l.2250 Missouri Pacific
Apr. 1..2224
Eastern Gas & Fuel Associates
Apr. 1__2229 Missouri Public Service Co
Apr. 1..2242
Eastern Utilities Associates
Mar. 25_2055 Mobile & Ohio
Apr. 1..2224
Edison Electric Illuminating Co. of
Monongahela
Apr. 1....2224
Brockton
Mar. 25_2067 Montgomery Ward & Co
Apr. 1..2234
Edmonton Street Ry
Mar. 25..2054 Mountain States Tel. & Tel. Co
Apr. 1..2243
El Paso Electric Co.(Del.)
Apr. 12229 Narragansett Electric Co
Apr. 1.2243
Elgin Joliet & Eastern
Apr. I 2222 Nashville Chatt. & St. Louis
Apr. 1__2224
Electric Illumunating Co.of Boston_Mar. 25__2067 (Conde) Nast Publications Inc
Apr. 1..2255
National Dairy Products Corp
Electric Light & Power Co. of AbingApr. 1__2233
ton & Rockland
Mar. 25..2067 National Distillers Products Corp- Mar. 25 _ _2082
Empire District Electric Co
Apr. 1_ _2240 Nat'l Enameling & Stamping Co__Apr. 1__2256
I_2229 Neisner Bros., Inc
Engineers Public Service Co
Apr.
Mar. 25_2082
Erie Railroad
Apr. 1__2227 Nevada California Electric Corp
Apr. 1_ _2229
Erie RR. System
Apr. I_2223 Nevada Northern
Apr. 1_ _2224
Florida East Coast
Apr. 1..2222 New Jersey & New York
Apr. I _ _2223
Fort Worth & Denver City
Apr. 1..2222 New Orleans Great Northern
Apr. 12224
Ft. Worth & Rio Grande
Apr. 1__2225 New Orleans & N.Eastern RR.Co_ Apr. 1..2225
Foster Wheeler Corp
Mar. 25.2076 New Orleans Terminal
Apr. 1__2225
(Geo. A.) Fuller Co_._
Apr. 1..2224
Mar. 25_2076 New Orleans Texas & Mexico
Galveston Wharf
Mar. 25_2082
Mar. 25_2053 Newport Industries Inc
Gamewell Co
Mar. 252055 New York Central
Apr. 1..2224
Apr, 1..2224
Gannett Co. Inc
Apr. 1..2251 New York Chicago & St. Louis
Apr, 1..2224
General Electric Co
Apr. 12232 New York Connecting
General Foods Corp
Mar. 25..2057 N.Y. New Haven & Hartford RR_Apr. 1__2227
General Motors Corp
Apr. 1..2224
Apr. 1..2231 New York Ontario & Western
Apr, 1..2239
Georgia RR
Apr. 12223 New York Railways Corp
Georgia & Florida RR
Apr. 1..2224
Apr. 1..2227 N. Y. Susquehanna & Western
Apr. I.._2229
Georgia Southern & Florida Ry. Co.Apr. 1_ _2225 New York Telephone Co
Gimbel Bros. Inc
Apr. 1_2251 .New York Westchester & Boston Ry_Apr. 1..2229
Globe Underwriters Exchange,IncMar. 25..2077 Newburgh & South Shore Ry
•
--2224
Grand Trunk Western
Apr. 1..2223 Norfolk Southern
Grand Union Co
Apr. 12251 Norfolk & Western Ry
1.;pli...1
Granite City Steel Co
Mar. 25..2077 North American Co
Ili;
(W. T.) Grant Co
Mar. 25...2077 Northern Alabama Ry. Co
Great Northern
Apr. I__2223 Northern Pacific
Green Bay & Western
Apr. 1..2223 Northwestern Bell Telephone Co_..Apr. 1..2243
Apr. 1._2224
Gulf Colorado & Santa Fe Ry
Apr. 1__2221 Northwestern Pacific
Apr. 1__2229
Gulf Mobile & Northern RR
Apr. 1..2223 Ohio Edison Co
Mar. 25..2068
Gulf & Ship Island
Apr. 1.2223 Ohio Public Service Co
Apr. 1__2224
Gulf States Utilities Co
Apr. 1__2229 Oklahoma City Ada Atoka
Hahn Department Stores Inc
Apr. 1..2252 Orange & Rockland Electric Co _ _ _ _Apr. 1.._2229
Apr. 1..2226
Hale Bros. Stores Inc
Apr. 1..2252 Oregon Short Line
Hazel Atlas Glass Co
Apr. 1..2252 Oregon Washington RR.& Nay. Co-Apr. 1..2226
Apr. 1_.2256
Hobart mfg. Co
Mar. 25..2078 Oxford Paper Co
Apr. 1..2256
Holly Development Co
Apr. 1__2252 Pacific Finance Corp
Apr. 1..2243
Honolulu Rapid Transit Co.,Ltd_ _Mar. 25..2055 Pacific Public Service Co
Apr. 1..2221
Hudson Motor Car Co
Mar. 25_2078 Panhandle & Santa Fe
Mar. 25..2083
Illinois Central System
Apr. 1__2223 Paramount Broadway Corp
Mar. 25_2061
Illinois Central
Apr. 1__2223 Pennroad Corp
Illinois Northern Utilities Co
Apr. 1._2240 Pennsylvania RR. Regional System-Apr. 1..2227
pr. 1..2224
Illinois Terminal
Apr. I.2223 Pennsylvania
Apr. 1..2257
Indiana Bell Telephone Co
Apr. 1__2240 Peoples Drug Stores
Apr. 1..2225
Indiana Harbor Belt
Apr. 1..2224 Peoria & Pekin Union
Apr. 1..2225
Indiana Ice & Fuel Co
Apr. 1..2253 Pere Marquette
Mar. 25..2084
Inland Steel Co
Apr. I__2253 Pet Milk Co
Mar. 25_2059
Intercontinental Rubber Co
Mar. 25..2079 Pierce Arrow Motor Car Co
Apr. I__2223 Pittsburgh & Lake Erie
Apr. 1._2224
International Great Northern
Mar. 2
International Printing Ink Co
Apr. 1..2254 Pittsburgh Screw & Bolt Corp
5_2084
Apr. 1..2225
International Tel. & Tel. Corp
Mar. 25_2062 Pittsburgh & Shawmut
Iowa Electric Co
Apr. 1__2240 Pittsburgh Shawmut & Northern_ Apr. 1__2225
Apr. 1__2257
Iowa Electric Light & Power Co_
Apr. 1__2241 Pittsburgh Terminal Coal Co
.Apr. 1..2257
(Mead) Johnson & Co
Mar. 25..2079 Porto Rican American Tobacco Co.
Mar. 25..2069
Kansas City Public Service Co
Apr. I 2241 Postal Telegraph & Cable Corp
• Apr. 1..2344
Kansas City Southern
Apr. 1._2223 Providence Gas Co
Apr. 1..2244
Kansas Electric Power Co
Apr. 1__2241 Public Electric Light Co
Apr. 1..2244
Kansas Oklahoma & Gulf
Apr. 1__2223 Public Service Co. of Okla
Kaufmann Department Stores
Apr. 1..2254 Public Service Corp. of N. J
25_2056
A ar
Mp .
Kentucky Utilities Co
Apr. 1_2241 Puget Sound Power & Light Co_ _ _ _A pr.. 1.._2229
Key West Electric Co
Apr. 1__2229 Pullman Inc
1..2232
Mar. 25..2063
Keystone Public Service Co
Apr. 1__2243 Pure 011 Co
Apr. 1..2229
(G. R.) Kinney Co. Inc
Mar. 25..2079 Railway Express Agency Inc
Apr. 1..2225
Apr. 1...2242 Readingsi Co
Kings County Lighting Co
Apr. 1 2223 Real Silk oosiery Mills Inc
Lake Superior & Ishpeming
tar. 2
Lake Terminal
Apr. 1__2223 Revere Copper & Brass,Inc
5:2084
tr
(F. & R.) Lazarus & Co
Apr. 1__2254 Rich'd Fredericksburg & Potomac , r..
Lehigh & Hudson River Ry
Apr. 1__2223 Roanoke Water Works Co
Lehigh & New England
Apr. 1..2223 Rutland RR
Mar. 25_2054 St. Joseph & Grand Island
Lehigh Valley
Apr. 1._2224
Mar. 25..2079 St. Louie Brownsville & Mexico
Lehn & Fink Products Co
A .
Leggings Inc
Mar. 25..2080 St. Louis San Francisco Ry. System_A pr. 12 22
223
8
5
Long Bell Lumber Corp
Mar. 25._2080 St. Louis San Francisco Ry
:zpr..
:
A rr
.
Long Island
Apr. 1..2224 St. Louis San Francisco & Texas
St. Louis Southwestern
Los Angeles & Salt Lake
Apr. 1__2226
Louisiana & Arkansas
Apr. 1__2223 Safe Harbor Water Power Co
1i1 4
_ 223
11
5
Apr.
Louisiana Arkansas & Texas
Apr. 1__2223 Safeway Stores Inc
Louisiana Steam Generating Corp__Apr. 1..2229 San Antonio Uvalde & Gulf
Apr. 1__2225
Louisville & Nashville
Apr. 1_2223 San Diego & Arizona
McKesson & Robbins, Inc
mar. 25..2081 Savannah Electric 8c Power Co ....Apr. 1-2229
1:33/:
'I:: 1:3337,
;IL.:313:
Financial Chronicle
Volume 136
Issue of Chronicle
Issue of Chronicle
When Published. Page.
Name of CompanyWhen Published. Page.
Name of CompanyApr. 1..2245
Apr. 1__2225 Telephone Investment Corp
Seaboard Air Line
Apr. 1__2225
Seaboard Oil Co
Apr. 1..2259 Tennessee Central
Seagrave Corp
Mar. 25..2085 Terminal RR. Assoc. of St. Louis_ __Apr. 1..2226
Apr. I__2223
Seattle Gas Co
Mar. 25_2070 Texarkana & Fort Smith
Apr. 1__2226
Servel, Inc
Mar. 25_2056 Texas Mexican
Shenango Valley Water Co
Apr. 1__2225
Apr. 1_2245 Texas & New Orleans
(Franklin) Simon Co
Apr. L.2228
Apr. 1...2259 Texas & Pacific
Soo Line System
Apr. 1._2230
Apr. l...2228Third Avenue Ry. System
Southern Counties Gas Co. of Calif
Apr. 1__2226
.Apr. 1_2245 Toledo Peoria & Western RR
Southern Pacific Co
Apr. 1__2226
Apr. 1__2225 Toledo Terminal
Southern Pacific Steamship Lines _ _Apr. 1._2225 Truscon Steel Co
Apr. 1__2260
Southern Ry
Apr. 1 2231
Apr. 1__2225 Union Carbide & Carbon Corp
Apr. I_ _2226
Southwestern Bell Telephone Co___Mar. 25_2070 Union Pacific
Sparks Withington Co
Apr. 1._2226
Mar. 25__2057 Union Railroad
Spokane International
Mar. 25_2086
Apr. 1 __2/25 United American Bosch Corp
Spokane Portland & Seattle
Mar. 25__2087
Apr. 1_2225 United-Carr Fastener Corp
Staten Island Rapid Transit
Apr. 1..2230
Apr. 1...2225 United Light & Power Co
Studebaker Corp
Mar. 25_2058 U. S. Freight Co
Mar. 25...2087
Symington Co
Mar. 25__2086 U.S.Smelting Refg.& Mining Co __Apr. 1 _2230
Latest Gross Earnings by Weeks.
-We give below the
latest weekly returns of earnings for all roads making such
reports:
Name
Canadian National
Canadian Pacific
Georgia & Florida
Minneapolis dr St Louis
Southern
St Louis Southwestern
Western Maryland
•
3d
3d
3d
3d
3d
3d
3d
Inc.(+)or
Dec.(-).
$
2,730,438 -597,724
2,298,000 -295,000
-825
18,500
-52,633
184,901
2,075,365 -450,975
-52,325
244,525
265,653 - -63,780
Previous
Year.
Current
Year.
Period
Covered.
wit of Mar
wk of Mar
wit of Mar
wk of Mar
wk of Mar
wk of Mar
wk of Mar
$
2,132,714
2,003,000
17,675
132,268
1,624,390
192,200
201,872
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class I roads in the country.
Length of Road.
Gross Earnings.
Month.
Inc. (+1 or
Dec.(-1.
1932.
$
274.976,149
266,892,520
289,633,741
267.473.938
254,382,711
245.860,615
237,462,789
251.761.038
284,724,582
298,076,110
253.223,409
245.751,231
1933.
228.889.421
January
February
March
April
May
June
July
August
September
October
November
December
January
1931.
$
355.522.091
336,182.295
375,617,147
369,123,100
368.417,190
369,133.884
376,314.314
363,778.572
364.385.728
362,551.904
304,829,968
288,205.766
1932.
274.890.197
$
-90,545,842
-89.289.775
-85.983.406
-101.649,162
-114.034.479
-123,273.269
-138,851.525
-112,017.534
-79,661.146
-64.475,794
-51,806,559
-42,454,535
-48.1100.778
Net Earnings.
Month.
1932.
1931.
Miles.
244,243
242,312
241.996
241.876
241.995
242,179
242.228
242,208
242,292
'242.031
241.971
241,806
1933.
241 881
Miles.
242.365
240.943
241.974
241,992
242,163
242.527
242.221
242,217
242,143
242.024
242,027
241,950
1932.
241_221
Inc.(+1 OT Dec.(-).
1932.
January
February
March
Apr11
May
June
Inly
August
September
Oetober
November
December
1931.
Amount.
Per Cent.
$
45,940,585
57,375,537
67,670,702
56,263,320
$
72,023.230
88,078,525
84,706,410
79.185,676
81,052,518
89,688,856
96.983,455
95,070.808
92,153.547
101,914,716
66.854.615
53,482,600
1932.
45.964.987
$
-25.082,545
-8,702.988
17,035,708
-22,922.356
-33,623,278
-42.680.821
50.857.523
-32.530,008
-9.060,608
-3,578.421
-2,888,514
+4,372.095
-38.24
-13.11
-20.18
-28.97
-41.41
-47.58
-62.43
-34.12
-9.83
-3.61
-4.32
+8.17
-361.700
-0.79
47,429,240
January
I
47.008,035
46,125,932
62,540.800
83.092,939
98,336,295
63,966,101
57.854,695
1933.
45.603.287
Net Earnings Monthly to Latest Dates.
Net from railway--Net after rents
From Jan. 1
-
Gross from railway--Net from railway
Net after rents
Ann ArborFebruary-
Gross from railway- -_
Net from railway---Net after rents
issue of CIITOIStail
Name of Company' Published. Page.
,
hum
Utah
Apr. 1__2226
Virginia Electric & Power Co
-.Apr. 1..2229
Virginian Ry
Apr. 1._2226
Wabash Ry
Apr. 1..2226
Western Electric Co
Mar. 25..2061
Western Maryland Ry
Apr. 1..2227
Western Pacific
Apr. 1__2226
Western Public Service Co
Apr. 1__2230
Western Ry. of Alabama
Apr. 1..2226
Western Union Telegraph Co _____ __Apr. 1__2230
Weston Electrical Instrument Corp_Mar. 25_2087
Westinghouse Air Brake Co
Mar. 25_2087
West Penn Power Co
Apr. 1__2245
Wheeling & Lake Erie
Apr. 1__2226
White Motor Co
Mar. 25..2059
Wichita Falls & Southern
Apr. 1__2226
Yale & Towne mg.Co
Apr. 1__2230
Yazoo & Mississippi Valley
Apr. 1__2223
Youngstown Sheet & Tube Co
Mar. 25..2064
Atlanta Birmingham & CoastFebruary1933.
Gross from railway..
$174.856
Net from railway.... -25,461
Net after rents
-49,245
1932.
$224,381
-46,920
--74,219
1931.
8169,975
--53,361
--90,413
1930.
$335.318
-17,907
-49,870
369,901
-37,403
-88,101
438,227
-131,486
-192,493
562.037
-121,288
-190.907
675,436
-67.383
-126,192
1933.
$85,363
-10.075
-29,108
1932.
$111,152
-4,612
-26,430
1931.
1160,753
11,177
-8,451
1930.
$199,717
32,705
7.453
180.303
--21,393
--59,814
230,614
-11,822
-53,705
319.856
14,595
-24,750
419,545
83,997
31,396
1933.
$106,352
-31,647
-79,316
1932.
123,850
-35,681
-78,332
1931.
142,568
-68.874
-114,271
1930.
182,057
-54.879
-107,022
Gross from railway_ _ _
216,015
Net from railway_ _ _ _ -72,289
• Net after rents
-164,980
239.279
-108,564
-196,817
299.989
-147,480
-251,979
388.980
--122,282
--233,887
From Jan 1
-
Gross from railway....
Net from railway_ _
Net after rents
Atlanta & West PointFebruary
Gross from railway.....
Net from railway_ __ _
Net after rents
From Jan 1
Gross from railway__ Net from railway_ _ _
Net after rents
Atlantic CityFebruary-
Gross from railway__
Net from railway__-Net after rents
From Jan. 1
-
Atlantic Coast LineFebruary-
1932.
1931.
1930.
1933.
$3,551,047 14,247,091 16,013,094 16.482.232
Gross from railway
1,154,470
1,176,351
2,118,571 2,099,435
Net from railway
1,408,562
Net after rents
566,353
563.314 1.349.961
From Jan 1
Gross from railway.. _ _ 7,181,928 8,423,270 11,696,605 12,684,383
Net from railway_ __ _ 2,239.962 2,017,210 3,609.759 3.732 331
822,150 2,131,726 2,419.121
1,102,469
Net after rents
Baltimore & Ohio System
Baltimore & Ohio
-February-
1931.
1930.
1932.
1933.
Gross from railway... $8,331.069 110,799,264 113,549,378 116,005.373
1,776,464 2,886,451
Net from railway_ __ _ 2.230,860 2,400,991
1,789,210
713.568
1.402,591
Net after rents
1,244,338
Flom Jan. 1
-
Gross from railway
Net from railway
Net after rents
17.500,091 22,238,501 28,940,673 33.425,776
4,755,517 4,747,713 4,245,980 6.373.147
4,040.463
2.815.845 2.757,507 2.041,721
B & 0 Chicago Terminal1933.
February
-
$238,836
26,483
66.543
1932.
1278,266
18,908
51,228
1931.
1247,133
23.967
50,387
1930.
$292,900
-16.783
69.669
488,193
48,381
134.623
561.558
61,110
139.715
502,949
36,689
104,463
604.873
48.457
173,915
1933.
1615.880
306,759
225,878
1932.
$630,514
280.896
206,900
1931.
$775.006
344,302
259.882
1930.
1898.427
418.323
331,563
Gross from railway... 1,209,427
Net from railway
593,187
Net after rents
437,537
1,301,767
602,212
448,873
1.584,485
652,354
489.004
1.825.110
828.860
654,149
1931.
1932.
1426.603
$238,212
$172,556
def143,224 def131,750 def132,951
der154,046 de1135,712 def164,865
1930.
$621,869
def20,003
det8,339
861.962
483.765
Gross from railway _ _ _
340,752
def255,301 der283,682 def308,087
Not from railway
Net after rents
def257.095 def312.540 def364,413
1.273.004
def73.350
53.950
Gross from railway_ _ _
Net from railway....
Net after rents
From Jan. 1
-
Gross from railway_ _ Net from railway__ _ _
Net after rents
Bangor & AroostookFebruary-
Gross from railway...
Net from railway
Net after rents
From Jan. 1
-
Bessemer & Lake ErieFebruary1933.
AltonFebruary
Gross from railway- _ -
2221
1931.
1930.
1932.
1933.
$931,969 $1,159,649 11,547,086 $2.018,528
274,405
243,762
334,650
236,291
57,435
72,566
8,578
7,504
1,867.633
393.071
-38,834
2,405,921
446,954
-18,158
3,161,089
365,190
-154,252
4,032.371
685,505
134.165
1933.
$206,551
16,243
-18.890
1932.
$267,584
34.423
-6,806
1931.
$341,893
68.250
17,344
1930.
1427.641
97.605
43,291
Gross from railway
Net from railway
Net after rents
From Jan 1
-
Boston & MaineFebruary-
1931.
1930.
1932.
1933.
Gross from railway_ _ _ $2,984,356 $3,908,566 14,805,232 $5,671.888
997,513 1.282.094
1,522,105
Net from railway_ _ _ _
641,863
Net after rents
409,579
579,515
804.629 1.003.075
From Jan 1
-
7,939.365
1,828,141
989.633
9,794,885 11,579,522
2.478.261
2,813,676
1.534,118 1,819,630
$61,807
2,505
-17,897
1932.
1111,526
20.929
-1,277
1931.
892,697
-19,741
-52.217
1930.
1139.622
-82.359
-116,835
135,555
4,435
-29,091
216.672
32,577
-13,173
231,641
7.621
-78,205
325.378
-121.104
-192,447
1933.
1102,946
37,473
86.667
1932.
1100.017
30,000
70,422
1931.
1110,772
35.126
96,556
1930.
218.301
From Jan 1
195,085
Gross from railway... 13,255,297 17,522,267 23,589,095 28,827,845
89.152
60.263
Net from railway_ _ - _ 1,070,068 2,688,624 5,092,127 6,914,497
191,625
152,476
Net after rents
953,838 2,967,892 4,424,853
-582,800
Canadian National System
Canadian Nat Lines in New EnglandGulf Colorado & Santa Fe1930.February1931.
1933.
1934.
February1932.
1933.
Gross from railway....
Gross from railway--- $854,180 $1,245.289 11,262,076 11,912,624
1104,814
188,938
Net from railway_ _ _ _
Net from railway...... -32,636
20,298
-15,062
-2,056
193.877
3,607
Net after rents
Net after rents
-74.355
-51,063
-1,113 --122,150 -234,258
--221,776
228.079
72,199
197,992
From Jan 1
-
Gross from railway...
670,492
519.692
827,413
413,484
Net from railway
110.101
54.076
173,546
27,412
Net after rents
8,873
-26.032
59,615
-40,001
Atchison Topeka & Santa Fe System1931.
1932.
1930.
February1933.
Gross from railway-- $7,702,526 $10,768,107 $13.186,844 $17,183.492
Net from railway_ _ -424,653 2,065,976 2,480,274 3,619,962
Net after rents
1.120,810
921,305
1.990,473
-710,064
From Jan. 1
-
Gross from railway_ _ 16.319,132 21,352.092 27,847,748 35,137,285
.
Net from railway-- 1,430,606 3,208,016 5,460,898 7.566,441
Net after rents
795,404 2,603,340 4.250.039
-848,3104
Atch Top & Santa Fe1931.
1930.
Februar y1932.
1933.
Gross from railway..-- $6,311,953 $8,769,028 $11,172,817 $14,070,620
Net from railway....._
361,644 1,721,229 2,322,726 3,404,345
Net after rents
909,582 1.324,495 2,184,753
-162,378
From Jan 1-
Burlington & Rock IslandFebruary1933.
Gross from railway......
Net from railway......
Net after rents
From Jan 1
-
Gross from railway....
Net from railway_ _ _ _
Net after rents
Cambria 8c IndianaFebruary-
Gross from railway...
Net from railway__ _ _
Net after rents
Front Jan. 1
Gross from railway_ _ _
Net from railway_ __ _
Net after rents
From Jan 1-
,
2,629,757
147,557
-267.404
3.854.968
157,096
-316.980
Gross from railway__ _ 1,900,066
Net from railway..--117.158
Net after rents
-262.292
Panhandle & Santa FeFebruary1933.
Gross front railway... 1536.395
Net from railway_.._
95,646
Net after rents
def25,910
2,398,190
306,600
-90,088
1932.
$753,792
150,871
12,837
1930.
1931.
$751,952 $1,199,249
77,250
212,010
def81,533
39,979
Gross from railway.._
Net from railway
Net after rents
1,431.637
212,793
det68,345
1,628,897
221.215
def97,147
From Jan 1
-
Gross from railway_ _ _ 6.144,266
Net from railway...... 1,238,456
Net after rents
644,047
1,163.770
243,381
det3.305
2,454,473
494,849
142,167
Gross from railway
181,088
Net from railway_ .... _ -19,895
Net after rents
--118,549
From Jan 1-
Gross from railway._ Net from railway_ _ _ _
Net after rents
1930.
5198,570
10.187
-66,188
202,055
298,444
-50,082
--170,558
-28,192
-162.172
390.606
-2,508
-147,741
62,918
34,104
1932.
$212,938
41,244
8,758
1931.
1268,247
77.123
40,596
1930.
$299,710
101,777
67,348
385,693
115,225
57,071
446,472
110.248
46,511
514,662
97,291
25.022
527,912
130.589
62.924
Can Pac Lines in Maine
1933,
FebruaryGross from railway__ - $197.008
Net from railway.....
Net after rents
1931.
1148,450
-15,951
-85,764
sul
2222
Financial Chronicle
Can Pac Lines in VermontFebruary1933.
1932.
Gross from railway_-$55,288
$74,276
Net from railway..___ -24,963
-28,933
Net after rents
-47,138
-54.220
From Jan 1
Gross from railway_ _ _ • 112,944
175.493
Net from railway__.... -51,138
-35,653
Net after rents
-97,993
-87,935
-Central of GeorgiaFebruary1932.
1933.
Gross from railway
$825.595 $1,024,270
Net from railway
63,936
117,320
Net after rents
def8,903
def65,888
From Jan 1
Gross from railway
1,655,315 2.042,922
Net from railway__ _
81,709
196,978
Net after rents
def174,072 def42,054
Central RR of New JerseyFebruary1933.
1932.
Gross from rallway
$2,151,808 $2.599.498
Net from railway..?.....
662,127
735.110
Net after rents
395,952
438.699
From Jan 1
Gross from railway
4,300,005 5,195,360
Net from railway
1,206,317 1,242,919
Net after rents
655,378
684,027
Central VermontFebruary
1933.
1932.
Gross from railway..
$328,580
$413,278
Net from rallway
30.962
3,284
Net after rents
def7,457
def3,249
From Jan 1
Gross from railway__ 690.728
841,891
Net from railway
11.004
38.168
Net after rents
def20.018 def12,727
Charleston & Western CarolinaFebruary1933.
1932.
Gross from railway--- $129.181
8142,091
Net from railway_.._..
32,872
26,363
Net after rents
14,040
6,660
From Jan 1
Gross from railway
264,401
288,709
Net from railway...._..
68,145
41,570
Net after rents
31,585
3,370
Chicago Burlington & QuincyFebruary1933.
1932.
Gross from railway
$5,024,039 $6.877,497
Net from railway
1,112.808 2,019,811
Net after rents
181,116
996,736
From Jan. 1
Gross from railway
10.269.191 13,870.032
Net from rail way__
2,168,071
3,601,460
Net after rents
1,631,742
301.957
Chicago & Eastern IllinoisFebruary1932.
1933.
Gross from railway-- $968,658 *1,074,778
Net from railway......
157,556
123.034
Net after rents
-70,217 -115,714
From Jan 1
Gross from railway_.... 1,892,100 2.175.898
Net from railway..
241,189
171,329
Net after rents
-210.1,36 -304.914
Chicago Great WesternFeburary1933.
1932.
Gross from railway.... _ $916,280 81.250.018
Net from railway..
74,554
317.327
Net after rents
-174,717
47.071
From Jan. 1
Gross from railway_ - _ 1,926,997 2.566,253
Net from railway_ _ _ ..
213.598
593,240
Net after rents
-282.022
48,085
Chicago & Illinois MidlandFebruary1933.
1932.
Gross from railway_ _ _ $206,345
$238.585
Net from railway_ _ _ _
57,860
82,860
Net after rents
50,510
75,893
From Jan. 1
Gross from railway..
410,047
462,152
Net from railway _ __ _
84,875
137.156
Net after rents
123,045
70,647
Chicago Milwaukee St Paul & PacFebruary
1933.
1932.
Gross from rallway___ *5,450,910 86,782,925
Net from railway__
706,271
1,091,583
Net after rents
def344,092 def93.256
From Jan 1
Gross from railway
11,243.876 13,798.713
Net from railway___ _ 1,482,004 2,097.125
Net after rents
def663.560 def302,585
Chicago & North WesternFebruary1932.
1933.
Gross from railway__ - 84.658,174 $8.024,868
Net from railway_ ___
1,113,016
340,208
Net after rents
181.641
-484,928
From Jan. 1
Gross from railway..
9.500.815 11.989,222
Net from railway__ _ _
1,770.733
771.262
Net after rents
-92.096
-898,604
Chicago River & IndianaFebruary1932.
1933.
Gross from railway_ ._ $308,629
$374,487
Net from railway__
187,157
157,276
Net after rents
205,750
186,415
From Jan 1
Gross from railway_ ....
778,961
641.763
Net from railway_ _ _ _
385,887
326,738
Net after rents
430,892
386.232
Chicago R 1 & Pacific SystemFebrua-y1932.
1933.
Gross from railway_ -- $4,487,118 86,144,075
Net from railway
1,318.820
421,145
Net after rents
-432,916
365,013
From Jan. 1
Grossiquairailway
9,447,804 12,351,159
Net from railway
1,088,305 2,133,007
Net after rents
-613.402
279,554
Chicago Rock Island & Pacific Co--ylebrua,
1933.
1932.
Gross from railway...... $4,249,211 $5,788,165
Net from railway.._....
366,061
1,182,694
Netafterrents
-391.277
302.495
From Jan. 1-Grossfrontrailway- 8,929,376 11,625,182
Net from railway
1.883,053
945,784
-550.837
Net after rents
141.192
Chicago St Paul Minn & OmahaFebt uary1932.
1933.
Gross from railway_ _ _ $919.419 31.190.053
61.389
141.616
Net from railway__
def74.219 def11.894
Net after rents
From Jan 1
Grosafromrailmaty
1,837,292 2.378,076
95,632
155.764
Net from railway
def188.837 defI60,284
Net after rents
1931:
$100,098
-18.360
-46,261
1930. •
$134,187
-8,897
-40.751
218,477
-31.021
-92,226
292,750
2,114
-66,061
1931.
1930.
$1,434,067 $1,886.508
294,309
430,065
165.098
304.378
2,931,078 .3,728,192
853,986
820,735
399,599
582,345
1931.
1930.
$3,182,036 $4.097,287
608,170
841.576
357,275
520,729
6,728,583
1,354,401
795,341
8.547.552
1,833,718
1,178,779
1931.
$527,238
69,389
61,190
1930.
$585,173
104,888
112,071
1,069.751
120,249
111,050
1,181,571
176,307
191,931
1931.
$191.523
34.070
9.410
1930.
8223,840
41,024
14.234
397,636
66.957
18,768
450,450
48,369
621
1931.
1930.
$9,038,177 $11.139.019
2.993,900 4.130,600
1,816,326 2.879.518
19,216.802 22.675.763
6.297.718 7.415,170
3,926.304 4,969,034
1931.
1930.
$1,229.483 $1.706,049
2,614
171,546
-255,583 -112,062
2.619.619
61,207
-441,908
3,580,389
402,304
-143,460
1931.
1930.
$1,508.777 81.749.081
480.913
417,545
195,023
166,414
3,121,997
962,107
406,665
3,567,614
782,006
290,853
1931.
$208,669
17,076
7,578
1930.
$228.080
18,653
309
465.512
55,206
28,877
494.106
69,336
36,528
1931.
1930.
$8,556,910 $11,040,368
1,509,582 2,322,995
345.355 1,181,824
17,918.802 22,592,125
3,306.648 4,202,291
917,699
1.881,640
1931.
1930.
37,891,125 89.895,110
1.353,966
1,897.133
383,775
868,348
16.319,008 20,389,235
2,738.259 3,521,303
890.563
1,488,057
1931:
$437,563
186.277
223.220
1930.
$507,769
202,675
234,528
911,685
393.105
467,914
1,065,421
434,494
501.297
1931.
1930.
87.831,342 810.095,325
1,764,365 2,012.592
816,115
1,017,935
18.334.889 20,209.692
3,793.830 3,349,094
1,855,331
1,337,938
1931.
1930.
$7.392,788 $9.572,941
1,618,218' 1,876.608
723.487
929,463
15,391.828 19.155,392
3.449,137 3.085,440
1,621,438
1.187.230
1930.
1931.
$1,390,993 $1.949.153
48.826
359,968
184,541
def118.526
3.004,939
223,439
def112.858
4,121,540
735.110
391.469
ClinchfieldFebruaryGross from railway......
Net from railway..___
Net after rents
From Jan. 1
Gross from railway_ _ _
Net from railway-Net after rents
April 1 1933
1933.
$364,225
157,461
115.146
1932.
$378,471
122,667
66,892
1931.
*451.146
120,875
109,475
1930.
$505,470
162,659
184.216
764,713
746,844
960.789 1,081.539
346,416
242,738
292.495
388.712
259,365
133,260
g94,707
431.852
Colorado & Southern System
Colorado & Southern
Feb,uary1933.
1932.
1931.
1930.
Gross from railway...... $383,744
$470.178
$628,436
$858,412
Net from railway
69,044
71,585
122.123
209.903
Net after rents
2,164
der7,095
39,648
117,499
From Jan 1
Gross from railway
750,979
984,708
1,408,203
1,836,790
Net from railway_ _ -100,215
155,807
318,308
504,033
Net after rents
def41,883
def3,693
148,382
319.237
Fort Worth & Denver CityFebruary1933.
1932.
1931.
1930.
Gross from railway
$352,071
$490,671
$523,203
$782,119
Net from railway
101,159
174,205
135,247
150,453
Net after rents
117,612
49,648
84,195
100,438
From Jan 1
Gross from railway
770,643
1,008.504
1,119,968
1.624,660
Net from railway
237,505
341,481
283,764
370.949
Net after rents
140,509
226,936
184.340
262.993
Columbus & GreenvilleFebruary1933.
1932.
1931.
1930.
Gross from railway......$43,350
$67,530
$84,176
$144,345
Net from railway........ -11,851
2,484
9,407
31,243
Net after rents
-12,778
1.269
10,038
19,807
From Jan. 1
Gross from railway......
93.044
139,997
171,309
308.008
from railway _ _ _ -21.738
-10,822.
Net
14,649
69.692
-22,723
Net after rents
-14,806
13.886
48,204
Delaware & HudsonFebruary1932.
1933.
1931.
1930.
Gross from railway.. $1,599,962 $1,866,270 $2.565,138 S3.223,775
12.598
Net from railway.. - -65,366
258,931
614.945
-77,453
-136.878
Net after rents
195,735
494,841
From Jan. 1
3,223.491 3,769.102 5.319,149 6,542,797
Gross from railway
-27,879
Net from railway......- -209.719
519,008 1.138.989
-341,851 -207,115
Net after rents
368.036 ' 896,120
Delaware Lackawanna & Western1932.
February1933.
1931.
1930.
Gross from railway_.... $3.192,472 $3,947,002 $4,833,879 $5,565,115
898,392
362,776
Net from railway_ _983.744
1,281,444
479.237
-62,680
Net after rents
546.818
805,029
From Jan. 1
7,827.248 9,854.912 11,527.980
Gross from railway- 6,433,451
1,539.028
724,810
Net from railway. _ ._
1,914,329 2,359,948
730,612
-116,458
1,056,453
Net after rents
1.435,292
Denver & Rio Grande Western1932.
1933.
1931.
February1930.
Gross from railway...... 81,048,653 $1,301,270 $1,714,481 $2,143,492
158,769
112,144
358,952
Net from railway..___
444,328
14,492
-19,091
Net after rents
230,277
302,263
From Jan 1
Gross from railway...... 2,229,788 2,792,773 3,847.366 4,835.319
railway..
413,381
365,401
932,784
Net from
1,151,943
110,406
876,507
125.192
Net after rents
829.627
Denver & Salt Lake1933.
1931.
February1932.
1930.
$177,788
$111,171
Gross from railway.. _ _ $151,233
$284,889
74,616
86,718
10,509
Net from railway....-126.886
74.458
64,034
1,640
Net after rents
118,914
From Jan. 1
259,679
413,387
337062
Gross from railway_ _ _
891,981
221,545
109.975
Net from railway......_
115,197
357.646
198,758
89.215
Net after rents
103,046
339,662
Detroit & Mackinac1932.
1933.
1931.
February1930.
$50,296
$31,442
Gross from railway......
$60,040
$72.599
6,276
-5,180
10,350
Net from railway_ _ _ _
--8.502
2,076
-11,553
rents
Net after
1.668
-18,010
From Jan. 1
95.944
65,726
118,740
Gross from railway..
146.326
4,851
1 12.914
Net from railway........ -12.534
-16,700
-11.150
-25,319
--3,895
Net after rents
--35,947
Detroit Terminal1932.
1933.1931.
February
1930
$71,919
$52.071
$86,385
Gross from railway...._
$134.387
19,470
8.374
17,208
Net from railway........
37,163
286
-6.793
2,650
Net after rents
23.377
From Jan. 1
104,338
140,960
175,587
Gross from railway......
277,950
19,190
33,976
37.722
Net from raitway_ --72,410
-12,505
5.729
Net after rents
8,814
41.940
Duluth Missabe & Northern1932.
1933.
1931.
February1930.
$57,759
$84.983
Gross from railway..._
$116,843
$179.987
Net from railway.____ def306,068 def354,396 8ef519.005 def544,714
def313.469 def363.206 def601,718 def640,268
Net after rents
From Jan 1
111,821
181,428
Gross from railway..
241.893
378,474
Net from railway- def818,042 def743,891 def1049,938 def1058.454
def833,296 def789.061 def1214,899 def1273,216
Net after rents
Duluth South Shore & Atlantic1932.
1933.
1931.
February1930.
$134,123
3230.736
Gross from railway . $111,776
$337,877
--18.250
26.782
Net from railway...._.. -30,651
63.215
-63,954
--49,988
Net after rents
-11,226
19,522
From Jan. 1
237,319
270,005
Gross from railway......
477,944
684.553
-48,634
-35.182
Net from railway_ ...._
67,065
102,947
-93,684 -113.091
Net after rents
-11.212
12,497
Duluth Winnipeg & Pacific1932.
1933.
1931.
February1930.
$56,771
$96,854
Gross from railway......
$116,089
$183,122
9,097
Net from railway........ -23,276
-10,426
29,170
-6,201
23,464
Net after rents
-9,278
15,311
From Jan. 1
110.884
182,063
Gross from railway..
252,924
379,057
-47,979
3,493
Net from rallwt.y
-12.192
54,176
-13,158
32.868
Net after rents
-8,670
32.478
Elgin Joliet & Eastern1932.
1933.
1931.
February1930.
$568,352
$789,947 $1,346,708 $2.007,038
Gross from railway..
30,230
101.439
Net from railway_ _ _
250,516
837.895
-109,427
-53.855
Net after rents
54,812
325.634
From Jan. 1
1.600.476
Gross from railway...... 1,150.336
2.793.575 3,917.447
167,143
Net from railway_
75.327
528.652
1.100,594
-198.623 -148.770
Net after rents
121.938
485.038
Florida East Coast1932.
1933.
1931.
February1930.
$987.150 81.282.254 31.642,153
Gross from railway......$926.660
457,486
423,844
Net fro n railway.... _ _
570.401
773.022
301.745
Net after rents
302,086
389.900
569.237
From Jan 11,890,087
Gross from railway_ _ _ 1,696,185
2,412,520 3.020.741
789,575
689,323
Net from railway._
945,488
1.309,044
475.021
456.202
Net after rents
580.964
895.178
Financial Chronicle
Volume 136
Erie SystemFebruary
Gross from railway_ _ _
Net from railway_ _
Net after rents
From Jan. 1
Gross from railway__
Net from railway_ ......
Net after rents
Erie RR.
Feb;naryGross from railway--Net from railway_ _ .. _
Net after rents
From Jan. 1
Gross from railway
Net from railway---Net after rents
Chicago & ErieFebruaryGross from railway...
Net from railway._
Net after rents
From Jan. 1
Gross from railway
Net from railway__
Net after rents
1933.
1932.
1931.
1930.
$5,036.305 16,061,289 $7,346,867 $9.109.227
701,080
995,888 1.342,246
1.645,021
398.695
999.550 1,311,230
699,521
10,367.358 12,098,940 15,041,622 18,171,641
1,558,001
1.671,263
2.621.175 2,872.913
949,572
1,950,321
1.066.480
2.191,597
1933.
1932.
1931.
1930.
34.424,945 $5,324,416 $6,483.453 $7.978.675
848,007
1,404,204
1,181,724
1,620.457
394,241
669,516
994.158
1,152,185
9,062.752 10,655,216 13,221.195
1,815,724
2,109,511
2,689.253
908,069 1,082,343
1.898,751
1933.
$611,360
230.012
4,455
1932.
$736,874
276,764
30.006
1931.
$863,415
317.902
5,393
1,304.605
1,443,725
505.653
486,380
41,503
-15.862
New Jersey & New YorkFebruary1933.
1932.
Gross from railway..
$80,902
$93,875
Net from railway... _ 623
8,870
Net after rents
-22,247
--17.170
From Jan. 1
Gross from railway._
. 169.987
187.639
Net from railway- - -1,553
5,781
Net after rents
-47,652
--46,865
GeorgiaFebruary1933.
1932.
Gross from railway.-- $206,261
$232,818
Net from railway_ __ 11,330
-2,455
Net after rents
11,405
-614
From Jan. 1
Gross from railway..
443,351
467.283
Net from railway---39.451
-32,890
Net after rents
40,735
-27,229
Georgia & FloridaFebruary1933.
1932.
Gross from railway
$52,050
$66,808
Not from railway
-20,658
-18,220
Net after rents
-29,418
-27,838
From Jan. 1
Gross from railway.-107,956
138,018
Net from railway
-37,537
-34.355
Net after rents
-54,859
-54.113
Grand Trunk WesternFebruary1933.
1932.
Gross from railway
$1.146,685 $1,317,434
Net from railway
81,110
87,758
Net after rents
def123,671 def132,173
From Jan 1
Gross from railway
2,359,049 2,630,912
Net from railway...-.
213,992
93.097
Net after rents
def201,945 def336.856
Great Northern RailwayFebruary1933.
1932.
Gross from railway
33,128.110 $3.721.557
Net from railway..._ 13,040
116,164
Net after rents
-640,495 -540,803
Ff OM Jan. 1
Gross from railway
6,709.791
7.590.976
Net from railway...._
227,569
73,174
Net after rents
-1,156.908 --1,275,958
Green Bay & WesternFebruary
1932.
1933.
Gross from railway- _ _
194.831
$84.189
Net from railway_ __
6.942
11.970
Net after rents
-164
5.245
From Jan. 1
Gross from railway...181,480
166,483
Net from railway7,342
20,692
Net after rents
--8,295
6,081
Gulf Mobile & NorthernFebruary1932.
1933.
Gross from railway.-- $199,924
$250,253
Net from railway--- 2,432
12,569
Net after rents
-37,317
-26,528
From Jan. 1
Gross from railway..._
509.027
436.596
Not from railway.--3,726
47,978
Net after rents
-76,156
-34,051
Gulf & Ship IslandFebruary
1932.
1933.
Gross from railway
$89,093
$81.476
Net from railway..--4,921
5.814
Net after rents
-21.119
-28,125
P. 1 tom Jan. 1
,
Gross from railway_ 177,542
170,201
Netf rom railway...._..
-4,830
12.528
Netafter rents
-58.688
-50,751
1,820.428
691,370
51,571
Illinois Central SystemFebruary1933.
Gross from railway-- $6,281,026
Net from railway.. _ - 1,262.633
Net after rents
473.494
From Jan. 1
Gross from railway
12,924,407
Not from railway_
- 2,705.949
Net after rents
1.083,803
Illinois Central RR.February1933.
Gross from railway
$5,543,291
Net from railway-- - 1,159,214
Net after rents
602,463
From Jan. 1
Gross from railway.... 11.253.072
Net from railway- _ 2.347,879
Net after rents
1.185,393
Yazoo & Mississippi Valley1933.
FebruaryGross from railway-- $737.735
Net from railway_ .....
103.419
Net after rents
-128.969
From Jan. 1
Gross from railway.-- 1,671,335
Net from railway_ --358,070
Net after rents
-101.590
illinols Terminal Co.February1933.
Gross from railway.-- 3326.186
Net from railway.-76.738
Net after rents
27.587
iP• From Jan. 1
Gross from railway
666.540
Net from railway__ -156,914
NeCafter_rents
57.453
1931.
$105.325
18,226
16,019
213,020
27.167
-41.740
1931.
$321,654
18,210
19,682
639.336
27,978
39,502
1931.
$105,892
-11,652
-21.643
206,495
-31,832
50.246
-
Gross from railway..... $624,599
Net from railway_ _ -149.833
Net after rents
62,195
15.864.934
From Jan. 1
2.825.243
Gross from railway...- 1,280.480
Net from railway_
1,902,502
297.889
Net after rents
122.586
1930.
Texarkana & Fort Smith
31,130,553
February1933.
482.217
Gross from railway-$58,228
Net from railway.. -159,045
4.837
Net after rents
-19,785
brain Jan. 12.306.708
963,133
Gross from railway....
130,135
Net from railway__ _ _
289.095
23,483
Net after rents
-24,341
Kansas Oklahoma & Gulf
1930.
February193g.
$116,610
Gross from railway___ $125,217
16,732
Net from railway... __
59,587
-19,679
Net after rents
15.51132.973
From Jan. 1233,990
Gross from railway......
266,508
Net from railway
129.961
-58,942
Net after rents
75,773
Lake Superior & Ishpeming
1930.
1933.
$353,975
Gross from railway....$18,634
26,198
Net from railway........ -29,483
30,685
Net after rents
-42,647
From Jan. 1
745.709
Gross from railway..._
44,207
73,626
Net from railway
-51.566
85.278
Net after rents
-78,329
Lake Terminal1930.
February1933.
$123.082
1 Gross fromirailway__ $21,632
11,575
I. Net from railway_ .._ ..
2,271
, Net after rents
-3:
495
57
From Jan. 1
223,378
Gross from railway
45,616
9.082
Net from rail way_ _ _ _
_4 16
2 08
:8 9
26,595
Net after rents
1931.
1930.
$1,739,569 $2,329,749
246,013
496,734
def96,158 2,270,788
3,464,181
422,747
def278,331
International Great NorthernFebruary1933.
Gross from railway.... $821,419
Net from railway_ _ _ _
178.020
Net after rents
49,768
From Jan. 1
Gross from railway_ _ _ 1,655,413
Net from railway___.
361,251
Net after rents
111,513
Kansas City Southern System
Kansas City Southern
-
4,725,042
981,232
394,908
1930.
1931.
$5,420,240 $6,503.274
835,302
995,553
28.903
137,027
11,175,400 12,961,656
1,512,131
1,904.933
262,476
31.970
1931.
$109,779
13,606
4,670
1930.
3129,204
29,487
17,024
232,623
25,338
5,953
275,530
67,953
43,822
1931.
$316,804
18,151
--33,720
1930.
$464,070
43,016
--13,745
727,212
105,491
-1,227
988.155
136,645
21,579
1931.
$130,407
26,040
69,599
1930.
$247,612
34,810
-3.301
280.127
33.103
-113,460
493,523
82.518
--1,298
1931.
1932.
1930.
$7.573.215 $9,342,743 $12,846,348
2,026.791
1,112,211
2.828,749
1,179,353
108,547 1,788,486
15,379.044 19,622,213 26,487,275
3,544,102 2,599,085 5.360,636
1.838,857
513,342 3.286,188
1932.
1931.
1930.
16,733.545 $8,033.753 $10,729,281
1,937.393 1.048.184 2.253,260
1,300,910
323,852 1,460,083
13,393,041 16,873,461 22,285.290
3.194,377 2,405.986 4,333,634
1,937,585
885,720 2,756,083
1931.
1932.
1930.
$839.670 11.308.990 82.101,499
89.398
64.027
572,375
-121.557 -215.305
326,122
1,986,003
349,725
-98.728
2,748.752
193,099
-372,378
4.169,664
1,020.046
525,160
1932.
$392.031
92.111
33.688
1931.
$498.067
140.541
84.381
1930.
$591,877
173,414
97.725
827,432
211.561
94,947
1,007.708
286.827
172,123
1,234.957
348.945
195.034
2223
1932.
1931.
1930.
$870,222 $1.260,880 $1,257,946
78,899
270,718
137,981
-55.983
118,857
3,902
1,781,800
144,497
--119,383
2,521.137
262,652
9.325
1932.
1931.
1930.
$738,815 $1,065,663 31,340.860
196,861
411,949
422.466
86.970
292.078
246.868
1.597,135 2,198,177 2,716,728
466.035
772,139
810,053
250,828
540,539
480,405
1932.
880.038
1,920
-22,968
1931.
1117.168
25.952.
-4.216
1930.
1193,445
84.083
35,641
172,555
21.258
--32,526
261.649
79,071
13.893
383,912
155,714
61.843
1932.
$139,076
54,412
21,559
1931.
$199,845
87,888
51,773
526 ,.
19 0358
3
128.987
87.748
313,450
135,959
L67.811
408.220
177.863
104.407
549.878
277.602
191,572
1932.
$28,630
-25,784
--42,170
1931.
$51,205
-33.931
-53.449
1930.
$62,114
--21.497
--38.741
53,960
-57,263
--89.713
106.577
--69,631
--110,247
126,446
-53,747
-89,005
1932.
$18,597
--1,890
--6,119
1931.
$46,889
--5.044
--11.655
1930.
$50,854
--5,287
--13.527
40,744
-4,502
-12.543
97,450
-10,286
23.658
-
104,570
-12,373
-31.460
1931.
5160.853
49,484
19,887
1930.
$180,465
41,919
16.424
331,303
92,206
33.822
371.198
71,359
20,257
1931.
$351,058
74,441
73.457
1930.
$342.214
69,638
63,027
725,107
165,629
162.527
705.940
140,165
122,877
1931.
$405,512
126.376
67;836
1930.
$594,057
178.042
90,884
824.684
238.890
119.029
1.140,015
311,352
140,638
1931.
$60,116
910
-11,337
1930.
$76,519
--13.553
-31.255
131.650
13.660
-10,781
161.892
-20,930
-57,707
Lehigh & ....4son RiverFebruary1932.
1933.
Gross from railway_... $109,012
$124,282
Net from railway...._..
3,591
31,602
Net after rents
-18.689
9,186
From Jan. 1
Gross from railway
266,255
222,357
Net from railway__
66,656
k 43.477
Net after rents
20,845
-6.585
Lehigh & New England
February1933.
1932.
Gross from railway...... $218,897
$258,008
Net from railway_ _ __
46.881
49,513
Net after rents
53,172
52.256
From Jan. 1Gross from railway....
433.676
529,857
Net from railway......
43.387
104.117
Net after rents
108.262
50.508
Louisiana & ArkansasFebruary1932.
1933.
Gross from railway.... $322.048
$332.812
Net from railway...._
88.426
127.381
Net after rents
75,772
45.507
From Jan. 1
Gross from railway
727,571
629,833
Net from railway........
236,865
210.090
Net after rents
147.011
113.505
Louisiana Arkansas & Texas
1932.
February1933.
148.805
Gross from railway
$46,500
-6,424
6.064
Net from railway
-3,484
-17,415
Net after rents
From Jan. 197.464
112,476
Gross from railway
5,229
120
Net from railway.---11,961
-25,043
Net after rents
Louisville & Nashville
1932.
February1933.
Gross from railway.-- $5,002.178 $5.480.632
Net from railway.-- 1,271.730
793,674
Net after rents
359.356
956.195
From Jan. 1Gross from railway
10,151,504 11.173,414
1.291,429
Net from railway_ - 2,451,198
Net after rents
439,194
1,806,689
Maine Centraleebruary1933.
1932.
Grossfrom railway__ $757,353
$946,057
181,407
192,965
Net from railway......
93,245
Net after rents
104,026
.
F
oni r way
11 (31. rsJan ah1,529,348
1,900,736
319,947
282,063
Net from railway
151,494
84,272
Net after rents
Midland ValleyFebruary1932.
1933.
Gross from railway.... $108,531
$122,124
54,102
44.397
Net from railway
37,298
Net after rents
22,612
From Jan. 1
215.662
Gross from railway....
269.133
100.152
101,535
Net from railway.__..
65.298
58.839
Net after rents
Minneapolis & St LouisFebruary1933.
1932.
Grossfrom railway- $466,266
1639,503
Net from railway
-42,987
59,636
Net after rents
-100,834
-11,258
From Jan. 1
1,000,326 1,272.839
Gross from railway
-68.480
Net from railway
42,609
-190,251
Net after rents
-92,925
Minn.St.Paul 8c Sault:Ste MarieFebruary1933.
1932.
Gross from railway
$1.252,837 $1,566,648
-171.698 -133,797
Net from railway--442.008
Net after rents
432.218
FromlJan. 1
Gross from railway..... 2,646.407 3,143.049
-265,169 -294,721
Net from railway..
-837.643
Net after rents
913.096
j
2.289,482
344,920
80,796
1931.
1930.
$7.058,728 $9,932.865
784,454
1,712.433
315.306
1.178.612
15,395.921 20,533.776
2,103,784
3.568,608
1,162,609
2.550.458
1930.
1931.
$1,261,253 81,582.985
278.840
407.473
254,521
126.149
2,654,940
589,490
279,140
3,332,299
868.698
541,261
1931.
$152,238
48.597
24.593
1930.
$235,565
98,931
74.505
342,255
123,212
71,041
467,265
183.580
122.737
1931.
$749,335
--102
--95,429
1930.
$959,868
63.671
-36.274
1,578,020
37.593
-141,474
1,944,270
96,385
-119.840
1930.
1931.
32,205.334 $2,805,422
273.865
208,202
69.206
117.672
4,345.527
385,840
294.653
5.684.635
432.205
274.469
2224
Mississippi CentralFebruaryGross from railway__ Net from railway__ - _
Net after rents
From Jan 1
Gross from railway..
Net from railway
Net after rents
Missouri IllinoisFebruaryGross from railway
Net from railway_......
Net after rents
From Jan 1
Gross from railway--..
Net from railway_
Net after rents
Financial Chronicle
1933.
$34,727
-5,285
-11,153
1932.
$47,286
-19,444
-27,189
1931.
$77,781
5,869
-2,757
1930.
$112,650
18,077
12,461
74,808
-6,505
-18.719
102,590
22,443
37,892
-
166,654
21,994
4,014
231,083
38,066
27,576
1933.
$54,449
-6,507
-17,996
1932.
$71,100
13,286
1,814
1931.
$97,018
14,289
-847
1930.
$141,248
38,384
22,308
122,423
2,200
-21,263
143,958
23,887
-2,097
208,244
35,442
2,912
286,078
64,633
38,395
Missouri-Kansas-TexasFebruary1931.
1933.
1932.
1930.
Gross from railway_
$1,628.893 $2,165,618 $2,517,995 $3,415,594
Net from railway_
168.924
529.648
450,327
791.483
Net after rents
-175.103
71.951
175.121
378,568
From Jan. 1
Gross from railway
5.436,247
4.472,562
3.466.701
7,068,660
Net from railway_ _ _ _
1,199,062
1,060,260
1.637,314
410,328
Net after rents
796,902
-306,375
427,013
358,252
Missouri & North ArkansasFebruary1932.
1933.
1931.
1930.
Gross from railway
$43,690
378,970
$145,292
$98,695
Net from railway..__.. -13.573
1,030
412
29,942
Net after rents
10,425
-22,801
-12,680
14,588
From Jan 1
Gross from railway..
95,694
163,552
197,131
273,328
Net from railway__ - _ -24,289
5,558
-14,414
39,548
Net after rents
-42,571
18,398
8,714
-40,473
Missouri PacificFebruary1933.
1932.
1930.
1931.
Gross from railway
$4,705,021 $5,899.464 $7,664,283 $9,915,082
Net from railway..
897,822
1,268,482
2,774,571
2,166.360
Net after rents
181,611
518,654
1,853.773
1,389,936
From Jan. 1
Gross from railway__ - 9,724,845 11,877.408 15,914,465 20,046,313
Net from railway_ _ _ _ 1,897,662
2,279,500
5,078,341
4,324,003
Net after rents
502.709
838,883 2,801,499 3.300.554
Mobile & OhioFebruary1932.
1931.
1933.
1930.
Gross from railway..
$508,334
$630,968
$846,016 $1,169,027
Net from
27.882
50,393
110.711
205,618
Net after rents
-55.720
-17,831
-67,186
68,177
From Jan. 1
Gross from railway_.._ 1,049.183
1,265.839
1,744,520 2,327,684
Net from railway_ _ _ _
22,754
37,956
195.201
348,814
Net after rents
-163,174 -184,035
--15,187
76,320
MonongahelaFebruary1932.
1931.
1933.
1930.
Gross from railway
$236.723
$308.960
$398,889
$517,644
Net from railway....
132,400
145,501
180,037
214,394
Net after rents
55,840
62.139
86,097
100,651
From Jan. 1
Gross from railway
489,695
633,942
824,007
1,090,611
Net from railway..__ 281.053
300,701
375.235
466,763
Net after rents
130.317
129.063
180,065
226,006
Nashville Chattanooga & St LOWS
-February
1933.
1932.
1931.
1930.
Gross from railway__ $866,785
$974,187 $1,269,144 $1,606,512
Net from railway__
73,179
79,412
110,972
248,465
Net after rents
23,975
29,766
47,216
189,881
From Jan. 1
Gross from railway
1,822,722
2,012,010
2.614,054
3,268,768
133,797
Net from railway___ _
191,575
242,417
465,330
29,925
Net after rents
97,664
89,498
345,664
Nevada NorthernFebruary
1932.
1933.
1931.
1930.
Gross from railway
$16.423
$31,227
$43,775
$66,991
1,534
Net from railway_ _ _
-7,353
8,765
28,301
-3,422
Net after rents
-10,177
3,344
18,480
From Jan. 1
Gross from railway
62,659
39.786
84,452
146,320
Net from railway...._
10,597
2.637
12,984
67,992
Net after rents
--8.135
-17.155
2.103
46,875
Newburgh & South Shore1932.
February1933.
1931.
1930.
$64,496
$94,637
$114,093
Gross from railway......$42,545
3,395
-9,188
-1,187
16,234
Net from railway____
--3,830
-14,535
-9,476
2,931
Net after rents
From Jan 1
111,881
88,822
174,935
203,842
Gross from railway......
-23,295
-1,542
-11,867
-15,566
Net from
-3,830
-30,116
Net after rents
-29,465
-9,476
New Orleans Great Northern1932.
1931.
February1930.
1933.
135.339
165,543
118,703
244,661
Grossfrom railway _ _ _
34,495
38.982
43,971
80,970
Net from railway
2,224
16,821
6,165
30,816
Net after rents
From Jan 1
351,489
487,569
288,782
243,857
Gross from railway......
91.236
143,112
81,856
77,723
Net from railway
30,174
45,077
12,978
Net after rents
13,211
New Orleans Texas & Mexico System
New Orleans Texas & MexicoFebruary1930.
1931.
1932.
1933.
$196,243
$277,450
Gross from railway-- $102,436 .$151,905
88,617
49,296
26.792
Net from railway........
6,580
97,228
59,001
Net after rents
22,564
17,442
From Jan 1
524,281
366,198
310,229
Gross from railway......
227,867
142,589
55,398
58,478
Net from railway_ __ _
33,636
74.150
55,828
Net after rents
157,393
59.114
Beaumont Sour Lake & Western
1930.
February
1931.
1932.
1933.
$286,461
$218,045
$134,569
Gross from railway......
$95,422
79,509
54,381
13.881
10.950
Net from railway____
19,384
-11,849
-42.757
Net after rents
31,216
From Jan. 1
606,668
387.731
301,973
Gross from railway- _
220.725
197,896
65,193
55.355
Net from railway_ ..._
48.369
61,108
--67,183
Net after rents
37.854
--55.905
St. Louis Brownsville & Mexico
1930.
February
1931.
1933.
1932.
$843,195
$589,910
Gross from railway
3388.989
$608,759
318.826
147,070
147.344
312,556
Net from railway
222,440
Net after rents
81,377
218,627
49.873
From Jan. 1
1,799.742
1,342,960
817.631
1,162,566
Gross from railway..
708.540
454.932
532,915
342,791
Net from railway
527,238
280,320
357.187
207.336
Net after rents
-New York Chicago & St Louis
1930.
1931.
February
1932.
1933.
Gross from railway__ 2.173,413 $2,542,024 $2,913,873 $3.922,376
930,930
500,101
643.173
615.618
Net from railway
481,303
15.480
216,050
211,751
Net after rents
From Jan. 1
8,021,352
5.069,289 6,145.138
4.368,971
Gross from railway
1.861,877
1,214.952
1,192,678
Net from railway........ 1,160.386
969.642
196,713
275,766
344,592
Net after rents
April I 1933
New York Central System
New York Central
February1933.
1932.
1931.
1930.
Gross from railway---$20,372.367 $26,154.376 $30,936.794 $39,196,700
Net from railway........ 4.585,262
6.669.887
5,570.193
7,561,989
Net after rents
1,020,900 2.679,318
1.560.589 4.112.065
From Jan. 1Gross from railway
42,351,290 52,909,111 64.753,780 82.336.371
Net from railway....
9,820,886 11.889.142 11,592,563 16,996,704
Net after rents
2,476.728 3,886,462
3,428.634
9,721,647
Indiana Harbor Belt
February1933.
1932.
1931.
1930.
Gross from railway..__ $528,008
$620,083
$748.003
$904,140
Net from railway____
167,581
176,995
170,777
260,510
Net after rents
79,629
95,462
88.807
181.506
From Jan. 1Gross from railway--- 1,085,616
1.276,303
1,553.068
1,834,392
Net from railway
371,394
357.602
382,628
470.093
Net after rents
183.437
193,528
206.174
341.268
Pittsburgh & Lake ErieFebruary
1932.
1931.
1930.
Gross from railway_
8848,603 $1,026,400 $1,480,268 $2,167,665
Net from railway__
13,531
89,813
194.065
361,541
Net after rents
46,230
128,498
288,191
512.123
From Jan 1
Gross from
_ 1,754,176
2.120.516
3,139.193
4,462,956
Net from railway
122,013
174.605
445,732
646.583
Net after rents
186,833
263,967
609.343
948,908
New York Connecting
February-1933.
1932.
1931.
1930.
Gross from railway.._. $227,758
$191,425
$180,428
$217,124
Net from railway........
186.636
151,914
132,065
169,450
Net after rents
110,326
77.983
63,776
103,332
From Jan. 1Gross from railway..
474,593
400,425
375,181
439.963
Net from railway_ _ _ _
384,476
300,147
267,494
330,620
Net after rents
224,565
155,377
133.827
196.771
New York New Haven & Hartford
February
1933.
1932.
1931.
1930.
Gross from railway__ $4,923,901 $6,753,457 $8,083,426 $9,499,424
Net from railway___
1,095,928
2,177.175
2,540,056
3,109,309
Net after rents
236,516
1,169,205
1,394.171
1,904.612
From Jan. 1
Gross from railway...... 10,171,841 13,762,205 16.521,290 19,681,762
Net from railway..
2,284,923 4,143,752
5.076,101
6,251,888
Net after rents
597,719
2,097.920
2,777,510 3,786,980
New York Ontario & Western
February1932.
1933.
1931.
1930.
Gross from railway_ -- $812,559
$829,506
$807,962
$814,036
Net from railway____
240,131
257,483
175,078
98,341
rents
Net after
152,666
161,566
84,736
19,168
From Jan. sGross from railway..
1,651,231
1,621,300
1,626,705
1,686,566
455,782
Net from railway........
479,849
345,526
205,224
234,722
Net after rents
313,478
164,303
41,035
New York Susquehanna & WesternFebruary1933.
1932.
1931.
1930.
Gross from railway-__
$268,369
$296,310
$370,466
$369,819
Net from railway____
80,169
85,390
139,129
86.682
Net after rents
32,700
28,768
75,676
26,785
From Jan. 1railway
524,637
Gross from
573,176
789,130
756,201
Net from railway
132,042
134,254
284,275
181,102
Net after rents
41.395
21,659
150,516
65,711
Norfolk Southern
February1933.
1932.
1931.
1930.
Gross from railway...._ $269,780
$3304.629
$4440.692
$527,382
Net from railway__
-31.345
-18,889
40,865
82,120
Net after rents
--82,664
--70,494
-22,140
15,673
From Jan. 1Gross from railway....540,667
627,359
885,452
1,076,493
Net from railway-.- _ -82.769
-41,105
79.917
165,467
Net after rents
-181,574 -145.510
-40,936
36,326
Norfolk & Western
February1932.
1933.
1931.
1930.
Grass from railway_ _ $5,141,505 $5.123,985 $6,198,509 38.805.560
Net from railway_.... 2,167,383
1,551.588
2.012.710 3,544,187
Net after rents
1,599,892
1.004,373
1.387,625 2.895,098
From Jan. 1Gross from railway
10,369.476 10,276,385 12.894.756 17,909,066
Net from railway...... 4,285,267 2,876,359
4.278,680
7,036,964
1,747,438 3,066.308
Net after rents
3.194,603
5,748.154
Northern Pacific1932.
February1933.
1931.
1930.
Gross from railway
$2,498,068 33,393.817 34.466,677 $5,632,596
Net from railway
-504,894 -152,801
253,483
720,342
Net after rents
519,899 -151,602
-768,629 389,389
From Jan. 1
Gross from railway...._ 5,370,172 6,816.010
9,311,447 11,312,491
370,980
Net from rallway
-688,280 676,259
1,041,863
Net after rents
-1,201.008 -1,075,156
-73,852
368,671
Northwestern Pacific
February1933.
1932.
1931.
1930.
$152,912
Gross from railway
$228,785
$273,818
$376.970
-51.923
Net from railway
--29,620
-77.495
--31,914
Net after rents
-85,710
--73.076 --122.531
-72.558
From Jan. 1
327.682
Gross from railway
445.467
557.670
739,860
Net from railway
-106,373
-97.487 --159.105 -101,858
Net after rents
-172,754 --176.987 --246.459 -180,565
Oklahoma City-Ada-Atoka
1932.
February1933.
1931.
1930.
Gross from rallway
$26.642
$35.316
$42.642
$83,747
Net from railway
10.587
9.843
7,819
12,325
Net after rents
253
--2,920
-6,834
--6,275
From Jan. 1Gross from railway
53.726
69,496
100.485
164,436
Net from railway
20.377
17,671
26,218
25.723
Net after rents
602
-7.134
-4,511
--11,579
Pennsylvania System
February1933.
1932.
1931.
1930.
Gross from railway-- _321.693,181 $28,133,551 $36,220,528 $45,804,383
Net from railway
4,512,954
5,459,708
5,641,176
9,514,112
Net after rents
1.821.097
2,619,270
2,678,717
6,241,307
From Jan. 1Gross from railway..... 45,433,508 57,834,873 74,988,308 94,864,760
Net from railway........ 9.954,518 10,869,557 11,961,682 19,259,808
Net after rents
4,506.678
5,265,492 6,042,423 12,594,731
Long Island
February1933.
1932.
1931.
1930.
Gross from railway...... $1,805,651 $2.209,244 $2,561.169 $2,766,934
Net from railway..
539.302
516.386
605,331
588,225
Net after rents
263,059
245.312
348,823
327,896
From Jan 13.757,298
4.557,115
Gross from railway
5,324,590 5,696,187
Net from railway__ -- 1,122,999
1.009,098
1,279,998
1,170,579
Net after rents
560,104
458,501
747,653
642.846
Pennsylvania RRFebruary1933.
1932.
1931.
1930.
Gross from railway-$22,156.278 $28,753,437 $36,150,765 $45,719,614
Net from railway_ __ _ 5,027,330 6,134,594
5.652,817 9,525,918
Net after rents
2.344,265 3,302,108 2,697,374
6,259.652
From Jan 1Gross from railway__ 46,398.433 58,968,607 74,846,376 94,697,945
Net from railway__-_ 11,020,251 12.118,939 11,981,639 19.273.446
Net after rents
5,591.610 6,532.835 6,078,131 12,623.235
Volume 136
Financial Chronicle
Peoria & Pekin UnionSeaboard Air LineFebruary1933.
1932.
1931.
1930.
February1933.
1932.
Gross from railway_ _ 1931.
$65.448
576,024
5106.796
$139,059
Gross from railway... $2,772.538 $3,125,724 54.096.084
Net from railway_ _ _ _
10,137
16,977
31.049
30,986
Net from railway..___
525,161
628,288
Net after rents
896,807
14,730
19,159
45,483
30,358
Net after rents
145,625
212,619
From Jan 1
412.270
From Jan. 1
Gross from railway_ _ _
131,027
151,496
226,229
286,724
Gross from railway
5,689,766
6,195,389
Net from railway_ _ _ _
8.109.193
20,817
28,353
65,154
64,273
Net from railway_ _ _
1,095.656
956.084
1,631,899
Net after rents
30,311
33,795
83,276
60,471
Net after rents
343.460
225.034
651,372
Pere MarquetteSouthern Pacific System
February1933.
1932.
1931.
Southern Pacific Co1930.
Gross from railway
$1,645,101 $1,855,593 52.180.832 53.211,366
February1933.
1932.
Net from railway_
1931.
203.467
283,448
257,767
815.968
Gross from railway... $6,048,632 $8,298,469 $11,346,485
Net after rents
76,497
164,524
113.704
698,566
Net from railway_ _ _ _
483,339
1,346,261
From Jan. 1
2,083,379
Net after rents
-727,672
24,917
Gross from railway... 3,411,948
610,354
3.754,711
4,409.560
6,277,096
From Jan 1
Net from railway_ _ _ _
449,849
511,708
434,654
1,072,143
Gross from railway.... 12,613,225 17,264,714 23,766,231
Net after rents
38,982
133,658
12,565
521,510
Net from railway_ _ _ _
943,503
2,642,772 4.140,774
Net after rents
Pittsburgh & Shawmut-1,494,521
58,088
1,280.289
February1933.
1932.
1931.
1930.
Southern Pacific SS LinesGross from railway_ -$40,002
$57.283
$70.620
$94.295
February1933.
1932.
Net from railway_ _ _ _
1931.
-959
1,545
9,681
Gross from railway_ _ _
16.606
$271,184
3379.766
Net after rents
$494,634
671
1,617
7.757
17,629
Net from railway..... -94,132 --113,216 --102,274
From Jan. 1
Net after rents
94,972 -114,521 --103,529
Gross from railway_ _ _
90.032
118,271
147.335
216.557
From Jan 1
Net from railway_ _ _ _
-734
2,733
22,130
50.066
Gross from railway_ _ _
549,799
774,145
Net after rents
977.483
1.005
3,101
18,772
54,103
Net from railway_ _ _ _ -197,019 -231,391 --237.372
Net after rents
Pittsburgh Shawmut & Northern-202,040 --233,064 --240.078
FebruaryTexas & New Orleans1933.
1932.
1931.
1930.
Gross from railway--February$60,826
$81,492
$106,751
$135,209
1933.
1932.
1931.
Net from railway.__ _
Gross from railway.-- $1,963,988 $2,610,477 $3.725,2
1,909
6,640
26,898
37.384
55
Net after rents
Net from railway_ _ _ _
-3,502
20,942
300
27.755
21,207
175,543
389,206
From Jan. 1
Net after rents
-403,699 --263,117
-95.000
Gross from railway_ _ _
From Jan 1
137,168
171,765
211,167
280,842
Net from railway __
Gross from railway... 4,188,869
12,179
15,250
49.806
76,579
5,465,748
7,809,073
Net after rents
Net from railway......
-330
2,666
38,283
58,540
185,860
397,461
928,128
Net after rents
-646.054 -515,018
Pittsburgh & West Virginia-89,624
Southern Ry System
February
1932.
1931.
1930.
Gross from railway_ _ _ $153,284
Alabama Great Southern$187.694
$239,698
$298,003
Net from railway_ _ _ February23,377
1933.
24,209
47.807
1932.
95.294
1931.
Net after rents
Gross from railway.-- $269,839
18.083
21.927
59,202
$336,937
106,611
$481,243
From Jan 1
Net from railway_ _ _ ..
-6,277
-7.409
11,601
Gross from railway_ _ Net after rents
311.775
-48,255
385,347
493.040
627,310
-43,017
-21,773
Not from railway_ -- From Jan 1
51.915
67.817
97,911
212,869
Net after rents
Gross from railway--562,288
40,109
41,823
699,364
121,481
240,840
1,012,798
Net from railway....
1,327
--30,737
53.906
Reading Co.Net after rents
-89,390 104,306
-11,378
February1933.
1932.
1931.
1930.
Cinc New Orl & Texas PacificGross from railway... $3,738,489 $4.716,329 $5.971,498 $7,420.8
80
FebruaryNet from railway
1933.
1932.
_
945,671
1931.
832,639
679,591
1,347,709
Gross from railway.... $770,674
Net after rents
$891,110 51,201,365
659,684
555,869
406,997
1.046,061
Net from railway_ _ _ _
m Jan. 1220,799
165.391
149,652
Net after rents
GroFross from railway... 7,603,332
157,241
127,515
9.456.745 12,626,440 15,024,513
81,580
From Jan 1
Net from railway _ _ _ 1,853,720
1,435.158
1,592,322
2,491,324
Gross from railway...
Net after rents
1,594,651
1,821,116
1,311,692
2,570.103
1,025.796
1,091376
1.917,326
Net from railway
463,364
299,159
383,024
Richmond Fredericksburg & PotomacNet after rents
357,621
207,508
239,690
February1933.
1932.
1931.
Georgia Southern & Florida1930.
Gross from railway_.. $519,822
$685,793
$841,091
$990,110
February1933.
Net from railway. _ _ _
1932.
1931.
125,372
178,299
286,976
307.228
Gross from railway..... $129,324
Net after rents
$177,965
5266,416
46.697
71,696
166,374
Net from railway__ - _
186.299
30,517
From Jan. 1
25.834
48,039
Net after rents
12,761
Gross from railway... 1,080,566
15,005
32.520
1,349,794
1,683,321
1,983.620
From Jan 1
Net from railway _ _ _
276,471
317,881
539,864
598.535
Gross from railway_
Net after rents
272,724
359,033
547,278
112,402
121.514
306,819
351,142
Net from railway_ _ _ 60,188
32,214
91,877
Net after rents
Rutland29,472
12,382
61,093
February1933.
New Orleans & Northeastern1932.
1931.
1930.
Gross from railway--- $237,969
February$318,666
$347,269
$408,495
1933.
1932.
Net from railway_ _ _ _
1931.
21,850
Gross from railway_ _ _ $114,518
45,522
15.067
40,632
5175,048
Net after rents
3254,205
Net from railway_ _ _ _
12,333
28,540
-639
28,533
-14,855
1,449
From Jan 1
24,372
Net after rents
-57,856
--42,184
Gross from railway...
--41,504
482,526
From Jan 1
626,518
706,736
842,174
Net from railway_ _ _ _
Gross from railway_ _ _
18,100
44.538
14,097
62,235
231,566
373,963
Net after rents
522,740
Net from railway.... -31,351
-786
11,296
18,205
44,357
12.669
27.860
Net after rents
-120,472
St. Louis-San Francisco System--78.318
-99,377
New Orleans TerminalFebruary1933.
1932.
1931.
1930.
Gross from railway... $2,881,596 $3.378.124 $4,656,8
February1933.
1932.
22 $5,951.567
1931.
Net from railway....282,516
Gross from railway... $106.614
423.149
1,220,582
$109,059
1,637,806
8100,559
Net after rants
Net from railway.....
-148.701
67,478
746.046
58,570
-29,357
1,443,973
17,704
From Jan. 1
Net after rents
45,505
34,881
9,832
Gross from railway...
From Jan. 1
6,977.117 9,518,073 12.492,837
Net from railway.... 5,985.604
Gross from railway...
228,836
660,412
813,587
2,287,041
216,754
3.202.859
237,589
Net after rents
Net from railway_ _ _ _
-200.451
150,266
-52,501
1,360,421
108,721
2,608,044
71,141
Net after rents
92,419
57,556
9,701
Fort Worth & Rio GrandeNorthern AlabamaFebruary1933.
1932.
1931.
1930.
FebruaryGross from railway_ _ _
1933.
1932.
$24,334
1931.
$26,934
$39,037
358.428
Gross from railway..
Net from railway_ _ _ _ -29,133
$41,382
$43,795
$52,395
-36,215
-32,373
22,214
Net from railway_ _ _ _
Net after rents
14,537
14,034
-39,873
--47.791
4,680
44,344
34,255
From Jan 1
Net after rents
-2,935
--4,557
--14,204
Gross from railway
From Jan. 1
65,897
57,398
90,117
143,440
Net from railway..--- -53,228
Gross from railway_ _ _
85,092
92,042
-60,053
106,311
-49,871
-19,506
Net after rents
Net from railway_ _ _ _
32,672
-75,390
24.511
-83,190
14,139
-75,303
44.326
Net after rents
-3,974
-14,519
--19,488
St. Louis-San Francisco RySouthern RyFebruary1933.
1932.
1931.
February1930.
Gross from railway_.. $2,763,0
1933.
1932.
1931.
90 $3,247,097 $4.492.990 $5.719,538
Gross from railway_ _ _ $5,434,866 $6,283,951
Net from railway
$7.856.475
330.015
479,647
1,256,524
1.625,385
Net from railway..... 1,298,825
Net after rents
997,717
1,145,902
-57,743
74,455
833,648
Net after rents
1,479,785
From Jan 1
663,436
282,092
342.492
From Jan. 1
Gross from railway_ -- 5,714,083
6,681,642 9,142,685 11,978,805
Gross from railway_ _ _ 11,486,154 12,811,912
Net from railway__ -733.124
16.303,976
913,848
2,324,288
3,152.204
Net from railway_ _ _ _ 2,740,829
Net after rents
1,747,932
2,407,982
-41,951
145,321
1.499,167
2.652,048
Net after rents
1,465.385
306,317
St Louis-San Fran of Texas762,730
Spokane InternationalFebruary1933.
1932.
1931.
1930.
FebruaryGross from railway
1933.
1932.
$59,415
1931.
$77.883
$91.509
$136,274
Gross from railway......
Net from railway
$28,702
546.523
-25.073
--16.723
554,156
--8.266
21.677
Net from railway_ _ _ _ -10.935
Net after rents
--9,988
-56,173
-51,273
--43,407
3,101
-10,629
Net after rents
From Jan 1
-17,710
-18,048
--5.547
From Jan. 1
Gross from railway-.
135,587
162,193
212,702
279,314
Gross from railway
Net from railway.-- -41,743
55,335
91,850
-44.694
116.183
1,475
38,467
Net from railway_ _ _ _
Net after rents
-22,701
-101,814 --117,271
-15.466
--67,397
8.765
-27,488
Net after rents
-36,092
--32,093
St. Louis Southwestern Lines--8,545
Spokane Portland & SeattleFebruary1933.
1932.
1931.
1930.
FebruaryGross from railway-- $870.103 $1.058.6
1933.
1932.
35 51.372.036 51.837,669
1931.
Gross from railway.... $252,654
Net from railway.....
136.769
$360,368
193,530
212.867
5424.645
350,998
Net from railway_ _ _ _
Net after rents
52,767
-46,345
84.048
7.207
-6,326
104.463
151,772
Net after rents
From Jan 1
-26,365
497
7.320
From Jan. 1
Gross from railway...
2,155,573
2.767,919 3,633.678
Gross from railway
Net from railway.-- 1,864.414
511,993
357,346
750.577
316,207
369.855
903.668
516.287
Net from railway_ _ _ _
Net after rents
78,068
6,985
-58,801
170,104
-63.387
230,100
151,768
Net after rents
-83.351
San Antonio Uvalde & Gulf
559
36.674
Staten Island Rapid Transit
February1933.
1932.
1931.
1930.
FebruaryGross from railway
1933.
$55,806
$122,210
1932.
$168,622
$162,300
1931.
Gross from railway ._ _ $130,813
Net from railway_ _ _ _
7.416
50,192
60,219
$146,291
$161.415
55,466
Net from railway......
Net after rents
25,401
-18,057
17,755
30.724
27,812
36,350
27,066
Net after rents
From Jan 1
-9,911
-3,696
2,151
From Jan. 1Gross from railway
127,177
228.653
298,799
276.264
Gross from railway_ _ Net from railway_ _ _ _
270,903
24,645
85,516
108,229
300,875
331,802
68,339
Net from railway_ _ _ Net after rents
-29,497
53,519
20,952
53.767
43.347
65.755
8,508
Net after rents
-15,535
San Diego & Arizona
--12,290
703
Tennessee Central
February
1933.
1932.
1931.
1930.
February
Gross from railway.....
1933.
$52,854
$26,432
1932.
$68,382
$102,552
1931.
Gross from railway.... $154,825
Nat from railway_ _ _ _
8,154
--I0,764
$159,441
7,983
$214,471
29.813
Net from railway__ _ _
Net after rents
36,804
5.400
-15.404
29,166
4,158
33.797
24,697
Net after rents
From Jan 1
20,984
13,277
13,104
From Jan. 1Gross from railway...
92.760
78,429
146,578
210,015
Gross from railway_ _ _
Net from railway_ _ _ _
328.744
3,321
--5,715
336,538
21.020
451.964
60,467
Net from railway_ _ _ _
Net after rents
89,524
-2.830
--13,749
65,550
13,643
57.023
50.586
Net after rents
50,537
32,371
14,892
2225
1930.
54.743.393
1,279,396
827,346
9.660.639
2.531.606
1,634.863
1930.
514.666,468
3,828,933
2,292.492
29,749,308
6,852,515
3,811.095
1930.
$677,177
--93.378
--93,001
1,341,632
--150.981
--148.943
1930.
$5,068,603
1.043,962
467,216
10.336,230
1,835,313
698,133
1930.
$668,634
115,021
74,954
1,381.525
213,323
137.082
1930.
51,615,620
371,780
292,779
3,255.039
756,081
594,748
1930.
$367,042
98.047
71.759
721,778
164,253
117,054
1930.
5367,806
95.191
15,245
751.947
186,588
17.780
1930.
$148,645
72,104
52,993
255,476
93,106
57,196
1930.
$87,723
31.128
8,656
191,756
64,183
13,911
1930.
$9,785,053
1,888,928
1,015,510
20,506,407
4,139.920
2,341,443
1930.
570,298
4,684
--4.911
150.303
14.724
--4.816
1930.
5.561.541
155,498
55,670
1,155.351
307.496
101,402
1930.
5186,727
47.238
33.055
375.104
83.366
42,934
1930.
$238.129
13,545
-7.840
483,361
52,812
9.962
Terminal Ry Assn of St Louis
February
-1933.
Gross from railway___ $440,140
139,640
Net from railway..__ _
115,191
Net after rents
From Jan. 1883,957
Gross from railway
231.271
Net from railway_ _
183.353
Net after rents
Texas MexicanFebruary
Gross from railway__ _
_
Net from railway
Net after rents
From Jan. 1Gross from railway..
Net from railway_ _ _ _
Net after rents
1932.
$478,108
106,017
86,523
1931.
$649,922
124,453
105,032
1930.
8819,170
164,030
205,926
1,003,598
243.417
205,603
1,358.463
262,300
230,988
1.742,038
355.746
412,917
1933.
$42,205
-12,310
-20,425
1932.
$43,047
--5,857
--13.151
1931.
$82,107
7,777
--2.085
1930.
$87,399
8,487
--3,342
103,516
-4,320
-19,843
94,148
---5,338
--22,137
141.701
--19,102
--40,378
168,949
4,500
--21,141
Texas & Pacific1930.
1931.
1932.
1933.
February$1,413,115 51,623.860 82,324,510 $3,108,265
Gross from railway
936,390
659,165
373.004
315,672
Net from railway_
553,442
331,914
135,614
113,624
Net after rents
From Jan. 1
2.951,033 3,485,546 4,837.893 6,252,688
Gross from railway
1,521,542
1,304,933
856,381
683,722
Net from railway_ - _ 735,968
653.616
375.678
262,542
Net after rents
Toledo Peoria & Western-.
1933.
Feburary$98,833
Gross from railway-20,677
Net from railway____
9,254
Net after rents
From Jan. 1
205,274
Gross from railway._ _
40,646
Net from railway. _
17,680
Net after rents
Toledo Terminal1933.
February$57,338
Gross from railway....
11,740
Net from railway
17,013
Net after rents
From Jan. 1
129,410
Grossfrom railway....
31,966
Net from railway....
40,673
Net after rents
Union Pacific System
St Joseph & Grand Island1933.
February$151,341
Gross from railway_ 49,288
Net from railway_ _ _ _
21,967
Net after rents
From Jan. 1
314,186
Gross from railway....
105,385
Net from railway..
48.614
Net after rents
1932.
$112.201
18,708
7.472
1931.
$118,558
20,547
11,513
1930.
$157,885
18.698
6,228
209.270
27,935
8.103
254,964
50,672
30.225
308.100
17,943
4.067
1932.
$74,598
19,915
25,892
1931.
$85,814
26,711
33,605
1930.
$104,232
39.428
54.842
148,021
40,785
51.915
179.744
54.263
73,497
214.319
64.170
87,636
1932.
$181,212
60,602
31,031
1931.
$249,866
95,813
55.878
1930.
$296,559
121.401
79,668
372,027
121,006
60.859
510,157
179,648
94,461
574,523
216,675
137,927
Los Angeles & Salt Lake1932.
1933.
FebruaryGross from railway.-- $943,923 81,277,979
384.383
218,376
Net from railway..___
109.626
-23.438
Net after rents
1
From Jan
2,041,559 2.630,550
Gross from railway
721,228
499,605
Net from railway..
174.646
23,060
Net after rents
Oregon Short Line1932.
1933.
FebruaryGross from railway.-- $1,267,470 31,695,182
467,079
255.467
Net from rallway..
140.968
-52.930
Net after rents
From Jan 1
2,658,059 .3,458.133
Gross from railway
916,430
597,139
Net from railway_ __ _
261,369
34,439
Net after rents
Ore-Washington Ry & Nay. Co- 1932.
1933.
FebruaryGross from railway.- $757.578 $1,110,932
112.794
Net from railway.... -22,114 -135,034
-251.973
Net after rents
From Jan 1
Gross from railway.... 1,548.107 2.243.507
159.460
-73,643
Net from railway
-540,214 -338.861
Net after rents
1930.
1931.
81,450,854 81.822,273
380,799
172,051
93.176
-103.857
3,126,206
441,515
-109.313
3,845,666
887.008
298,502
1930.
1931.
82,089.506 82.516.864
787.806
539.014
402,220
164,924
4.511,744
1,262.989
505,915
5,248.058
1,659,290
288,267
1930.
1931.
$1,414,338 81.898.338
322,032
15,873
40.357
-274,500
3,052,662
191.176
-388.526
3.802,166
551,604
19,385
Union Pacific Co1930.
1931.
1932.
1933.
February87,009,746
Gross from railway... $3,469,549 14.767,012 $6,363,365 1.875,568
659,986 1,280,299 1.661,004 1.061,406
Net from railway
871,389
707.035
248,843
Net after rents
From Jan 1
9,887.555 13,575,556 14,667,825
7,358.278
Gross from railway_
3,999,517
2,514,874
Net from railway... 1,508,633 1,322,390 3,717.364 2.359,650
2,077.593
648.796
Net after rents
Union RR (Pennsylvania)1930.
1931.
1932.
1933.
February8627.969
5391.413
$187.560
Grossfrom railway_._ $107.431
96,066
-81,922
-80,681
Net from railway...._ -75,053
112,084
-32,507
-56,022
-67.572
Net after rents
From Jan. 1
821.253 1,257.175
401,218
231.914
Gross from rallway
152,391
Net from railway.... -155,188 -156,187 -173,767
196,033
-80,430
-145.272 -121.756
Net after rents
Ns
Utah1930.
1931.
1932.
1933.
February$147,988
$104,512
$153,779
Gross from railway... 5152.958
47,302
21,447
68.386
73,680
Net from railway____
18,695
4,488
38.090
43,250
Net after rents
From Jan. 1
420.959
307,858
314,587
Gross from railway...
287,944
168,740
111,989
137,826
134.767
Net from railway_ _ _
89,869
59,459
75,465
76,025
Net after rents
VirginianFebruary
Gross from railway__
Net from railway..___
Net after rents
From Jan 1
Gross from railway...
Net from railway...._
Net after rents
r
04..
1930.
1931.
1932.131
1933.
81.110,107 51,250,593 31,192.158 81,538.541
730.178
498,213
645,282
565.051
645,533
430,473
550.982
488.392
2,299,247 2.421,298 2,670.381 3,412,286
1.185.598 1,201.159 1.218,338 1.750,540
1.024,844 1,016,015 1.038.213 1.543.558
Wabash1930.
1931.
1932.
1933.
February$5,177,706
Gross from railway.... $2,666,153 83,098.194 83,855,336 1,108,292
639.701
456,973
425,679
Net from railway....
506,214
131,759
-107,251 -107,858
Net after rents
From Jan. 1
5,316.313 6.253,935 7,976,514 10,477,740
Gross from railway
624,135 1,461.528 2,144,750
729,377
Net from railway...._
936,119
391,152
-336,717 -475.070
Net after rents
Western Maryland1930.
1931.
1932.
1933.
February
81.205.410 81,480,636
Gross from railway... $869,371 81,105,877
500.148
405.840
395.865
337.239
_
Net from railway
457.250
335.968
317.585
269,271
Net after rents
From Jan 1
1470,728 3,043.563
Grose from railway... 1.815.050 2.257.863
938.726 1,029.491
782,862
673,864
Net from railway.-919,961
793,468
629.113
542.322
Net after rents
April 1 1933
Financial Chronicle
2226
Western Pacific
1933.
FebrittlkyGrossfrom railway.... $563.380
Net from railway__ -46,732
-126,636
Net after rents
From Jan. 11,177,761
Gross from railway
Net from railway.-- -80,733
-231,879
Net after rents
Western Ry of Alabama1933.
February$85.936
Gross from railway......
Net from railway..___ -11.611
-14.273
Net after rents
From Jan. 1
192,326
Gross from railway
Net from railway.... -11,555
-16.478
Net after rents
14 heeling & Lake Erie1933.
FebruaryGross from railway... $686,301
177,866
Net from railway......
81,087
Net after rents
From Jan. 1
1,360.982
Gross from railway
327,463
Net from railway__ -.
131,339
Net after rents
Wichita Falls & Southern1933.
February838.479
Gross from railway.-6,791
from railway-.....
Net
1.222
Net after rents
om Jan. 1
76,548
Gross from railway...
Net from railway......13,328
2,246
after rents
Net
1932.
4733.018
-76,914
-174,184
1931.
$817,231
-50,126
-124,678
1930.
3961.221
-70,611
-127.400
1.546,339
-102,616
1,761,620
-9.874
-152,481
2.101.108
-38,311
-158,903
1932.
$110,739
-11.029
-17,716
1931.
$176,296
17,591
14,190
1930.
$220,963
33,311
20,507
232,043
-23,564
-34,466
342,184
16.784
7,528
461,272
87.297
60.419
1932.
$731,403
173,298
66,581
1931.
1930.
$891,254 $1.305,054
310,155
149,831
46,024
200,833
1,428,260
283.797
73,645
1,814,103
317.448
99,175
2,622,091
667,130
430.626
1932.
$38,183
3,350
-4,174
1931.
$49,707
8,718
593
1930.
$75.510
13,603
2,557
78.374
6,459
-10,144
98,869
9,838
-7.867
146,830
25,070
2,734
-In the folOther Monthly Steam Railroad Reports.
lowing we show the monthly reports of STEAM railroad
companies received this week as issued by the companies
themselves, where they embrace more facts than are required in the reports to the Inter-State Commerce Commission, such as fixed charges, &c., or where they differ in
some other respect from the reports of the Commission.
Atchison Topeka & Santa Fe Ry. System.
Fe Ry. Gulf
(Includes the Atchison Topeka & Santa Santa Fe Ry.)Colorado &
Santa Fe Ry., Panhandle &
1931.
1932.
1930.
1933.
Month of FebruaryRailway over. revenues- $7,702,526 810.768,107 813,186,844 $17.183,492
over, expenses_ 7,277.873 8.702.131 10,706,570 13,563,530
Railway
1,112,705 1,328,391
1,052,746
Railway tax accruals..... 1,003,231
91.923
301.096
246.757
131,486
Other debits
$921,305 $1,120,810 81,990,473
Net ry. oper.income_ def$710,064
13,134
13,545
13,343
13,558
Average miles operated.
2 Mos.End.Feb. 28
Railway over. revenues-$16.319,132 $21,352,092 $27,847,748 $35,137.285
Railway oper. expenses_ 14,888,526 18,144,076 22,386,850 27,570,844
Railway tax accruals... 2,001,862 2,190.979 2,348.308 2,676,881
639,520
509,250
221,631
277,141
Other debits
$795,404 $2,603.340 $4,250,039
Net ry. oper. income-def$848.394
13,134
13,339
13,545
13,558
Average miles operated_
WLast complete annual report in Financial Chronicle April 9'32, p. 2705
Bangor & Aroostook RR. Co.
1932.
$630,514
1931.
$775,006
1930.
$898,427
Month of Feb;wry
Gross operating revenues
Oper. exps. (incl. maint.
& depreciation)
Net rev, from opera..
Tax accruals
1933.
$615,880
309,121
349,618
430,704
480,104
$306,759
56,793
$280,896
53,472
$344,302
68,414
$418,323
67.283
Operating income....
-Dr
Other income
$249,966
13.263
8227.424
9,688
$275,888
4,653
$351,040
1,393
Gross income
Deduct, from gross inc.:
Int. on funded debt....
Otherdeductions
$236.703
$217,736
$271,235
$349,647
67,135
367
67,381
406
67.705
def2398
76,175
465
$67,502
$67,787
565.307
876.640
Total deductions
$149,949
$205,928
$169,201
$273,007
Net income
-2 Mos.End.Feb. 213
Gross operating revenues $1.209,427 $1,301,767 $1,584.485 81,825,110
Oper. exps. (incl. maim.
932.131
699,555
616,240
996,250
& depreciation)
$602,212
$652,354
$8828,860
rev, from opera.... $593,187
Net
133.275
110,944
111,298
139,823
Tax accruals
Operating Income_ -..-Dr
Other income
$481,889
29.882
$491,268
28,306
$519,079
14,917
$689,037
7,447
Gross income
Deduct,from gross inc.:
Int. on funded debt
Other deductions.....
$452.007
$462,962
$504,162
$681,590
134,270
1,601
134,768
1,730
135.409
427
153.117
2.433
$135.871
8136,498
8135.836
8155,550
Total deductions
8368,326
8326.464
$316,136
$526,040
Net income
IrrEast complete annual report in Financial Chronicle Apr. 1 '33, P. 2332
Boston & Maine RR.
Month of FebruaryNetrailway oper.income
Net miscall.oper.Income
Other income
1933.
$409,581
Dr393
80,416
1932.
$579.514
247
90,444
1930.
$1P41429 $1,003.075
.
Dr736
4,655
96,791
96,499
$900,684 $1,104,229
$670.205
$489,604
Gross income
659,777
645,926
645.749
642,327
Deduct.(rent, int.. &C.)
$240.907
824,279
def$156.145
$461.902
Net income
2 Mos.End. Feb.28$989,632 81.534.118 $1,819,630
Net ry. oper. income- $644,047
519
1,558
Dr604
9,271
Net miscell. oper. Inc
203.002
217,923
185,509
210,433
Income
Other
$828,952 $1,193,153 $1,753,599 $2,045,334
Gross Income
1,293,262
1,376,888
1,303,259
Deduct. (rent, int., &c.) 1,296,958
8376.711
def$468,006 Dr$100,109
$742,075
Netincome
KirLast complete annual report in Financial Chronicle Apr. 2'32, p. 2516
Canadian National Rys.
Gross revenues
Operating expenses
-Month ofFebruary- -2 Mos. End. Feb. 281933.
1932.
1933.
1932.
$8,216,479 $11,004,397 $16,672,378 $21,952,726
9,618,413 11,593,825 19,495,160 23.130,276
$589,428 32,822,782 $1,177,550
$1,401.934
Net revenue
lairLast complete annual report In Financial Chronicle Apr. 1 '33, p. 2334
2227
Financial Chronicle
Volume 136
-Texas Lines.
-Kansas
Missouri
Canadian Pacific Ry.
1930.
1931.
1932.
1933.
$7,096,888 $9,043,278 $10,811,445 $12,053,903
7,000,277 8.813,843 10.544,207 11,202,411
$851,492
$267,238
$229,434
$96,611
Month ofFebruaryGross earnings
Working expenses
Net profits
2 Mos.End.Feb. 28
$14.772,547 $18,247,249 $22,715,427 $24,725,307
Gross earnings
14,352,563 17,400,336 21,585,941 23,138,032
Working expenses
8846.813 $1,129,486 $1,587,275
$419,984
Net profits
OrLast complete annual report in Financial Chronicle Apr. 1 '33, P. 2230
Chicago Rock Island & Pacific Ry.
1930.
1931.
1932.
1933.
$3,666,781 $4,948,854 $6,167,250 $7,778,503
1,377,836
930,701
633,236
404,884
251,701
238,699
229,170
190,803
201.232
147,650
94,000
41,462
486,053
347,042
238,815
183,188
Total ry. oper.revenue $4,487,118 $6,144,075 $7,831,342 $10,095,325
Railway oper. expenses_ 4,065,973 4,825,255 6,066,977 8,082,733
Month ofFebruaryFreight revenue
Passenger revenue
Mail revenue
Express revenue
Other revenue
$421.145 $1,318,820 $1,764,365 $2,012,592
550,000
550,000
525,000
485,000
5.393
1,138
2.194
1,116
$792,704 $1,213,227 $1,457,199
Total ry. oper. income def$66,049
341,952
296,241
325,470
263,903
Equip. rents-debit bal_
97,312
100,871
102,221
102,964
Jt.lac. rents-debit bal$816,115 $1,017,935
$365,013
Net ry. oper. income-def$432,916
2 Mos. End. Feb. 29
Freight revenue
$7,716,296 $9,843,256 $12,785,546 $15,324,144
Passenger revenue
1.349,973 1,963,380 2,962,145
860.945
518.633
483,037
Mail revenue
462,162
399.084
402,200
317,005
Express revenue
162,462
90,708
1,002,570
775,921
533,306
Other revenue
380,771
Net rev.from ry.oper.
Railway tax accruals
Uncoil, railway revenue_
Total ry. oper.revenue $9,447,804 $12,351,159 $16,334,889 $20,209,692
Railway oper. expenses_ 8.379,499 10,218,152 12,541,059 16,860.598
Net rev,from ry. oper. $1,068,305 $2,133,007 $3,793.830 $3,349,094
Railway tax accruals..,.
1,050,000 1,100.000 1,120,000
975,000
9,907
Uncoil,railway revenue2.733
3,413
4.375
$89.892 $1,078,632 $2,691,097 $2,219,187
684.110
638,947
594,589
506,527
197,139
196,819
204,589
196.767
Net ry. oper. income_def$613,402
$279,554 $1,855,331 $1,337,938
larLast complete annual report in Financial Chronicle Mar. 4 '33, p. 1537
Total ry. oper. Income
Equip, rents-debit balJt.fac. rents-debit bal.
Denver & Rio Grende Western RR.
Month of FebruaryOperating revenues
Operating expenses
1931.
1930.
1932.
1933.
$1.048,653 $1,301,270 $1,714,481 $2,143.492
1,699,163
1.355,528
1,142.501
936,508
Net revenue
$112.144
Net ry. oper. Income
def19,092
Available for interest... def36,808
& sinking fund..
Interest
442,294
Deficit
$479,102
2 Mos. End. Feb. 28
Operating revenues
2,229.788
Operating expenses
1.864,387
Netrevenue
$3365,401
Net ry. oper. income
110,406
Available for interest__ 73,350
Interest & sinking fund..
884.588
$158,769
14.492
14.200
445,986
$3358,952
230.277
239,901
449.678
$444.328
302.263
315.752
449.276
$431.787
$209.776
5133.523
2,792.773
2.379,392
3,847,365
2,914.581
4,835.318
3.683.375
5413.381
125,192
113,370
891.972
$932,784 $1,151,943
829.626
676,507
845,257
688,265
898,552
899.357
Deficit
$33.295
$211,091
$778,603
$811,238
tairLast complete annual report in Financial Chronicle April 9 '32, p. 2706
Erie RR.
(Including Chicago & Erie RR. Co.)
Month of Februa
1931.
1930.
1932.
1933.
Operating revenues
es
$5,036,305 $6,061,289 $7,346,867 $9,109.227
Oper. expenses & taxes.. 4,335,225 5,065,400 6,004,620 7.464,206
Operating income.... $701,080
5995.888 $1,342,246 51.645,021
Hire of equip. & it. fac.
rents
342,696
333.790
296,366
-Net debit
302,385
Net ry. oper. Income- $398,695
5999,550 $1.311.230
$699.521
2 Mos,End. Feb. 28
Operating revenues_ 10,367.358 12,098,940 15,041,622 18.171.641
Oper. expenses & taxes__ 8,809,357 10.427,677 12,420,447 15,298,728
Operating income....$1,558,001 $1,671,263 $2,621,175 $2,872,913
Aire of equip. & it. fac.
rents
670.853
681,316
604,782
-Net debit
608,429
Net ry. oper. Income- $949.572 $1,066,480 $1.950.321 52,191.597
- 71.ast complete annual report in Financial Chronicle Mar. 18'33, P. 1876
1-4
Georgia & Florida RR.
1931.
Month of February1932.
1933.
Net ry. oper. income__ def$29,419 def$27,837 def$21,642
1,510
1,741
Non-oper. income
1,358
1930.
$2,269
1,451
Gross income
def$28,060 def$26,096 def$20,132
1,163
1,147
Deductions from income
1,014
$3,721
1,139
ENelans aniolic. to int_ def$29,074 def$27,243 def$21,296
2 mos. End. Feb.28Net ry. oper. income__ def$54,859 def$54,113
$50,245
3,349
3,608
Non-oper. income
3,037
$26,595
3,311
$46,896
2,280
$23.283
2.256
Gross Income
def$51.822 def$50,504
2,284
Deductions from income
2,029
$2,581
$49.176
$25.540
Sun,. applic. to int__ - def$53,852 def$52.789
Note.
-The decrease in freight revenue for the month of February 1933
and for the period this year was due to general depressed business conditions, which caused a marked decrease in the movement of practically all
commodities; the principal decreases during February occurring In the
movement of paving materials, poles, lumber, gasoline and less-than-carload shipments. A considerable proportion of the decrease is due to motor
truck competition, including reductions In freight rates to meet this competition. A proportion of the decrease in gasoline movement is also due to
barg line r epetip
e
com in tion o ge he venue orhFel3rer.
nn re Savanpa Riv uary
1933 was due to decrease
in Passenger train travel on account of condition of business generally and
to the increased use of automobiles.
The decrease In "otner reveune" was due to decrease in express movement, decrease in charges for delayed cars and decrease in earnings of commissary cars, the latter being due to decrease in employees and wages paid.
Maine Central RR.
1931.
1930.
1932.
Month of February
1933.
$946,057 $1,261,253 $1,582,984
Railway oper. revenues_ $757,352
90,939
-32,790
Surplus after charges.-- -72,178
-65,601
2 Mos. End.Feb.28
Railway oper. revenues. 1,529,348
1,900,737 2,654,940 3,332.299
218.749
-28.942
Surplus after charges--- -175,032 -240,589
mr7431 complete annual report in Financial Chronicle Mar.25'33, p. 2061
1930.
1931.
1932.
1933.
Month of February-3,189
3,188
3,293
3,294
Mileage operated (aver.)
$1,628,893 $2,179,882 $2,517,995 $3,415,593
Operatingrevenues
1,645.575 2,067,668 2.624.111
1,459,969
Operating expenses
484,076
112,932
210,787
def150,129
Available for interest
411,389
405,714
405,248
Int. chgs.,incl.adj. bds_
347,796
$72,686
def$497,926 def$194,461 def$292,781
Net income
2 Mos.lEnded Feb. 28
3.189
3.188
3.293
3.294
Mileage operated (aver.)
$3,466,701 $4.494,482 $5,436,247 57,068,660
Operating revenues
3,056,373 4.431,112 4,237,185 5,431,345
Operating expenses
980,604
524,504
428,376
Available for Interest... def235,194
823,809
811,638
810,706
695,802
Int.chgs., incl.adj. bds_
$156,795
def$930,996 def$382,330 def$287,133
Net income
larLast complete annual report in Financial Chronicle Mar.25'33, p.2059
(The) New York New Haven & Hartford RR. Co.
1930.
1931.
1932.
1933.
Month of FebruaryTotal oper. revenue.... 54,923.901 $6,753,457 $8,083,426 $9,499,424
1,904.612
1,394,171
1,169,205
236,516
Net ry. oper. income_..
296.598
def796,112
Net after charges
2 Mos.End.Feb. 28
10,171,841 13.762.205 16,521,290 19,681,762
Total oper. revenue_
2.777.510 3.786,980
597,719 2.097,920
Net ry. oper. income354,349
def1,489,393
Net after charges
riri-ast complete annual report in Financial Chronicle Apr. 2 '32, P. 2513
Norfolk & Western Ry.
1930.
1931.
1932.
1933.
Month of FebruaryNet railway ow.inc._ $1,599,891 51,004,373 51.387.625 $2,895,098
174,826
180.337
139,149
94,965
Other incomeItems(bal.)
51.694,857 $1,143,522 51,567.962 53.069,924
Gross income
416.213
403,806
353,081
318,480
Interest on funded debt_
5790,440 $1,164,155 $2,653,710
$1,376.377
Net income
Proportion of oper. exp.
67.53%
59.75%
69.72%
57.85%
to oper. revenues_ _ _
Proportion oftransp.exp.
23.64%
27.42%
26.76%
23.54%
to oper. revenues......
2 Mos.Ended Feb.28
Net railway oper. inc.._ $3,194.603 $1,747.438 $3,066.307 $5,748.153
290.501
259,937
211,141
147,346
Other income items(bal.)
53,341,949 51,958.579 $3,326,245 $6,038.655
Gross income----835.427
810,758
711,595
653.645
Interest on funded debt$2,688.304 81,246,983 52,515.487 55.203,228
Net income
Proportion of oper. exp.
60.71%
66.82%
72.01%
58.67%
to opw. revenues...ProportIonoftransp.exp.
24.30%
27.67%
28.56%
24.06%
to oper. revenues...
Chronicle Apr. 2 '32, P. 2332
-L
1211 ast complete annual report in Financial
Pennsylvania RR. Regional System.
1930.
1931.
1932.
1933.
Month of FebruaryRevenues
$15,552,195 $19,548,661 $25,705,368 $32.207,786
Freight
9.428,342
3,729,106 5,532,538 7.202,961
Passenger
1,042,496
987,636
980,037
867,827
Mail
908,024
523,240
509,343
331,347
Express
880,488
681,835
610,744
488,108
All other transportation_
1,066,215 1.263,804
915,358
696,220
Incidental
69,819
58,789
42,025
33,993
Jointfacility--Cr
6,376
5.516
5,155
5,615
Jointfacillty-Dr
.._$21.693,181 528,133,551 $36,220,528 $45.804.383
Railway oper.revs_
Expenses-Maint.of way & struct-Maint. of equipment...
Traffic
Transportation
Miscellaneous operations
General
Transp. forinvest.--Cr-
1,872,468 2,592,169 4.827.608 5,541,023
4,424,597 6,127,058 7.880.801 9,583,813
915,583
870,565
695,394
544,932
8,889,876 11,318,860 14.874.295 17,884.001
618,268
533,193
420.349
271,953
1,765,632
1,287.616 1,530,937 1,615,341
28.049
22.451
10.924
111.215
Railway oper. exps---$17.180.227 522.673,843 530.579.352 536.280.271
Net rev. from ry. oper-- 4,512,954 5.459,708 5,641,176 9.514.112
Railway tax accruals.... 1.820.100 1,919,800 1.882.717 2,153,108
8,161
18.736
1,943
331
Uncoil. railway revs--
Railway oper.income- 52.692.523 33,537,965 $3.739,723 87.352.843
927,174
883.715
817,034
754,205
-deb.bal.Equip.rents
184,362
177.291
101,661
117,221
-deb. bal.
.fact!, rents
oper. income- 51,821.097 52,619,270 52.678.717 56.241.307
Net ry.
2 Mos.End.Feb.28Revenues
$332,321,012 $39,725,847 552,150.959 $65,422,711
Freight
8,188.421 11.872,627 15,740,038 20,576,678
Passenger
2,075,215 2,180,232
1,805,834 2,005.291
Mail
1,916,485
1,093,985
932.906
573.500
Express
1,846,237
1,406,158
1,202.887
994,348
All other transportation_
2,018.145 2,407.938 2,784,157
1,491,451
Incidental
153.575
125.233
87.573
70,311
Jointfacility-Cr
11.218
13.315
10.403
11.369
Joint facility
-Dr
857.834,873 874.988,308 $94,864,760
Railway oper. revs __ _$45,433,508
Expenses-Mainway & struct_ _ 3,831,357 5,202,578 9,896.248 11,637,071
Maint. of equipment__ 9,217,882 12,681,412 16.370.251 20,049,830
1,852.233
1,644,246
1,073,823 1,353,005
Traffic
18,319,549 23,778,577 30,832,952 37,125.021
Transportation_ _
1,326.525
891.280 1,139.838
584,890
operations
Miscellaneous
2.575,064 3,097,394 3,194.752 3,553,805
General
43.589
38,930
41,661
123,575
Transp. for invest.-Cr.
Railway oper. exps- -335.478,990 546.965,316 563.026.626 575.604.952
Net rev. from ry. oper__ 9,954,518 10,869,557 11,961,682 19,259.808
3,740,700 3,668,357 4,250,024
Railway tax accruals... 3,612.900
15.980
5,880
29.356
10.688
Uncoil, railway revs....
56.330.930 $7,122,977 $8,263.969 $14,993.704
Railway open
1,874.946 2,033.018
1,665,417
-deb.bal._ 1,557,868
Equip.rents
346,600
366.055
192,068
266.384
it,facil. rents
-deb at.
Net ry, oper..incor e- $4,506,678 55,265.492 56,042.423 512.594.731
trai report in Financial Chronicle Apr. 9 '32, p. 2730
larEast complete
W - stern Maryland Ry.
Month of Februcw:
1931.
Net ry. oper. incom • __ $269.271
19 .
U17,5
1933.3285
5335.968
Other Income
8,008
10,093
10.782
1930.
$457,250
13,594
Gross income
Fixed charges
$346.750
285.390
5470,844
290.339
3279,364
272.398
5325,593
269.900
Net income
56.966
2 Mts. End, Feb. 28
Net ry. oper. income
$542.322
Other income
23,870
$55,693
$61.360
$180,505
$629,113
18,357
$793,468
24,586
$919,961
28.951
Gross income
Fixed charges
$647.470
540.615
5818,064
571,493
8948.942
581,330
$566,192
594,171
Net income
$367.612
5106,855
522,021
$246,571
"Last complete annual report in Financial Chronicle May 14 '32, p. 3629
2228
Financial Chronicle
St. Louis
-San Francisco Ry. System.
Month of February1933.
1932.
1931.
19307
Operated mileage
5.890
5,890
5.889
5,830
Freight revenue
$2.463,080 $2,798,970 $3,784,992 $44,723,579
Passenger revenue
176,741
265,867
475.678
752,633
Other revenue
241,775
313,288
396,172
475,354
Total oper. revenue 82,881,596 $3.378,125 $4,656,822 $5.951,567
Maint. of way & struc
503.167
518.082
487,695
650,830
Maint. of equipment
752,138
822,388
872,151
1,104,498
Transportation expenses 1,100,717 1,297,369 1,699.636
2,198,527
Other expenses
243.058
317.136
376.757
359.904
Total oper.expenses $2,599,080 82,954,975 $3.436,240 $44,313,761
Net ry. oper. income
def.148,701 def.29.357
746,046
1.443.973
2 Mos. End. Feb. 28
Operated mileage
5,890
5,890
5,898
5,830
Freight revenue
$5,100,405 $5,736.683 $7.656,353 19.862.893
Passenger revenue
376.772
605.995 1,081,900
1,656,269
Other revenue
508.427
634,439
842,820
973,674
Total oper. revenue_ $5,985,604 $6,977.117 $9,518.073 $12,492.837
Maint. of way & struc
1,019.909 1,055,587 1.053.745 1.442,969
Maint. of equipment
1,517,301
1.671.625 1.812,577 2,437,139
Transportation expenses 2,272,605 2.783.360 3,602.322 4,676,802
Other expenses
515.378
652,956
762.388
733.166
Total oper. expenses- 35.325,192 86.163.530 87,231,032 $9.290.078
Net ry. oper. income
def200.451 def.52.501
1,360,421
2,608,044
IZ"Last complete annual report in Financial Chronicle June 18'32, p.4465
Soo Line System.
(Minneapolis, St. Paul, & Sault Ste. Marie Ry. Co., including
Wisconsin Central Ry. Co.)
Month of February-1933.
1932.
1931.
1930.
Net after rents
-Dr...... $442,008
$432,219
3117,671
169,206
Other income
-Net
--Dr.
88,197
81.533
29,916
4,975
Int. on funded debt
-Br.
530,464
501,484
529,604
520,466
Net deficit
31,060,669 11,015,235
$677,193
$594,647
Division of net profit or
deficit between:
Soo line
-Dr
721,041
681,052
322,875
308,528
W. C. Ry. Co-Dr....
339,628
334,183
354,317
286.118
System-Dr
$1,060,669 31,015,235
3677.193 . $594,647
2 lidos. End. Feb. 28
Net after rents
-Dr
3837,643
1913,096
3294,652
1274,468
Other income-Net
-Dr.
171,116
154,867
28,705
1,858
Int.on funded debt
-Dr. 1,116.306
1,036,809
1,115,956 1,096,379
Net deficit_....
52.125.065 32,104,771 81.439,315 31,372,706
Division of net profit or
deficit between:
Soo Line
-Dr
1.398,942 1.393,825
705,983
699,161
W. 0. Ry. Co.
-Dr....
726,124
710,946
733,331
673,544
System-Dr
82,125,065 12.104.771 11.439.315 $1,372,706
rirpast complete annual report in Financial Chronicle May 14 '32, p. 3628
Texas & Pacific Ry.
Month of February1933.
1932.
11131.
1930.
Operating revenues. _-_ 31,413.115 81.623,859 $2,324,510 83,108,265
Operating expenses
1,097,443
1.250,856
1.665.345 2,717.875
Net rev,from oper- $315.672
3373.003
3659.165
3936,390
Railway oper. income
214,032
254,766
543,407
Net ry. oper. income_...
113.624
135,614
331.915
553.442
Gross income
141,435
170,244
384,904
594.593
Net income
def211,579 def191.288
19,143
255,019
2 Mos. End. Feb. 28
Operating revenues_ _
82.951,033 $3,485,546 84,837.893 $66,252.688
Operating expenses_ _ _ _ 2.267,311
2,629.165 3.532.960 4.731.146
Net rev, from oper
8683,722
3856.381 11,304,933 31,521,542
Railway oper. income
478,853
620,594
1,073,772
Net ry. oper. Income.._
262,542
375,678
653,616
735,968
Gross income
326,698
446,809
742.884
824,645
Net income
def378,569 def271,453
33,262
138,294
ri"Last complete annual report in Financial Chronicle April 30'32, p.3267
April 1 1933
Barcelona Traction, Light & Power Co., Ltd.
-Month of February- -2 Mos. End. Feb. 281933
1932
1932
1933
Pesetas.
Pesetas.
Pesetas.
Pesetas.
Gross earns from oper__ 10,159,867 10,112.601 20,886,277 20,401,435
Operating expenses__-- 3,164,733 3,251,563 6,442,995 6,379,393
Net earnings
6,995,134 6,861,038 14,443,282 14,022,042
The above figures have been approximated as closely as possible, but
will be subject to final adjustment in the Annual Accounts. They are also
subject to provision for depreciation, bond interest, amortization and other
financial charges of the operating companies.
1:0"Last complete annual report in Financial Chronicle July 16 '32, p. 458
Belding-Heminway Co.
lstSiz fos. 2nd Six Wes. Tot for Yr.
Periodof 1932.
of 1932.
1932.
Gross operating profit
$412.712
3677,718 81,090,430
Selling, general & adminis.expenses_ 480,776
533,679 1,014,455
Depreciation
30,068
22.564
52.633
Operating profit
los8998,132
3121,473
323.341
Other income
24,034
47,209
71.243
Total income
loss$74,098
3168.683
$94.585
Expenses of idle plants
105,065
30,605
135.670
Miscellaneous
54,708
16,548
71.258
Interest
18,750
20,871
39,621
Net profit for period..
def$252,621
3100,658 def$151.963
Boston Elevated Ry.
-Month of FebruaryReceipts1933.
1932.
From fares
31.963,881 32.340,367
From oper. of special cars, special motor coaches
& mail service
1,334
1,504
From adv. in cars, on treat., privil at stations, &c_
42,723
64,149
From rent of equipment, tracks & facilities
2,512
4,131
From rent of buildings & other property
4,435
5,183
From sale of power & other revenue
612
5,324
Total receipts from direct operation of the road 32,015,498 $2,420,659
Interest on deposits, income from securities. &c.. _
3,422
8,225
Total receipts
52,018,921 32,428,885
Cost of Serowe
Maintaining track, line equipment & buildings
5214.074
8241,593
Maintaining cars, shop equipment, &c
251,842
321,466
Power
131,430
178,661
Transportation exps.(incl. wages of car serv. men)
614,649
780,348
Salaries & expenses of general officers
5,966
6,939
Law expenses, injuries & damages & insurance
80,144
108,199
Other general operating expenses
86,981
106,248
Federal, State & municipal tax accruals
134,891
111.753
Rent for leased roads
103,363
103,363
Subway, tunnel & rapid transit line rentals
232,988
232,015
Interest on bonds & notes
337,487
324,105
Miscellaneous items
6.153
5,308
Total cost of service
32,199,955 32,520,003
Excess of cost of service over receipts
3181.033
391.118
la''Last complete annual report in Financial Chronicle Feb. 25 '33, p. 1369
Boston Personal Property Trust.
12 Months Ended- Mar. 15 '33 Mar.15'32. Mar.16'31. Mar. 15'30
Income received during
$206,900
year
5309,344
8343,540
$269,720
Commissions. expense &
12,907
interest
18,910
20,989
24.359
Taxes
13,347
11.647
8.992
7,920
x221,731
Dividends
260,860
260.860
214,774
INDUSTRIAL AND MISCELLANEOUS.
Surplus income for year def.S41,085
317.928
352,699
322.667
xBeing on the basis of dividends paid, the dividend of Mar. 30, 1932,
$65,215, is included. If stated on the basis of dividends declared during
the year, there would boa surplus instead of a deficit.
Taxes on capital gains during 12 months ended March 15 1932 were
33,327.
ri"Last complete annual report in Financial Chronicle Jan. 7 83, p. 161.
American Hide & Leather Co.
Boston Worcester & New York Street Ry. Co.
Period End. Mar 4-- 1933-12 Wks.
.
-1932.
1933-36 Wks.
-1932.
Oper. profit after repairs,
deprec.& reserves_ _ _ _
831.874 loss$146,210 x$313,709 loss$245,654
x Before adding prior years Federal income tax adjustment of $455,506
snaking total profit for the 36 week's period, 3769,215.
farLast complete annual report in Financial Chronicle Aug.20'32, p.1333
(As Reported to the Dept. of Public Utilities).
Period1932-3 Mos.-1931.
1932-12 Mos.-1931.
Netloss after all changes.
$18,087
852,729 pref. 82,321
38.124
Associated Gas & Electric System.
Consolidated Statement of Earnings and Expenses of Properties.
-Decrease12 Mos. End Feb. 281933.
1932.
Amount.
%
Electric
873,222.654 877.869.748 $44.647,094 0
Gas
16.487.052 17,725,680 1,238,628 7
Ice
2,554,560 4,025,079 1,470,519 37
Transportation
1.702,246 1,962,737
260,491 13
Heating
1,534,160 1,480,688
x53,472 x4
Water
1,255,362 1,315.449
60.087 5
Total gross oper. revenues_ _396,756.0348104.379.381 $7,623,347 7
oper.exps.,maint.,all taxes, &c 54.690,650 56,629,686 1.939,036 3
Prov. for retire. (deprec.)
8,307,797 9,908.364 1,600,567 16
Operating income
$333.757.587 $37.841,331 34,083.744 11
x -Increase.
rrLast complete annual report in Financial Chronicle Mar. 11 33, p. 1717
Atlantic Gulf tgt West Indies SS. Lines.
(And Subsidiary Companies)
Month of January1933.
1932.
Operating revenues
31.787,929 31,781,047
Operating expenses (incl. depreciation)
1,629.585 1,663.043
Net operating revenue
Taxes
3158,344
20,908
3118,004
20,259
Operating income
Other income
3137,435
6.227
397.744
8,589
Gross income
Interest and rentals
$143,662
144,544
8106,333
157,233
Net income
def$881 def$50,899
rirLast complete annual report in Financial Chronicle May 7 '32, page
3468 and May 14 '32, page 3639.
Baton Rouge Electric Co.
12 Months EndedFeb. 28 '33. Feb. 29 '32.
Gross earnings
11,451,174 31.418.206
Net operating revenue
510,777
513.384
Balance for dividends and surplus (after provision
for retirement reserve)
222,138
230,282
"Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1549
Brazilian Traction, Light & Power Co., Ltd.
-Month 0/February- -2 Mos. End, Feb. 281933.
1932.
1933.
1932.
Gross earns,from oper__ 32,230.394 82,420,300 34,535.962 34.827,302
Operating expenses
1,043,753 1,074,268 2,129,303 2,136,469
Net earnings
61,186,641 61,346,032 82,406,659 32,690,833
The operating results as shown in dollars are taken at average rates of
exchange. They have been approximated as closely as possible, but will
be subject to final adjustment when the annual accounts are made up.
The above figures are also subject to provision for depreciation and amortization. Owing to exchange remittance difficulties the rate of exchange
adopted for the month is necessarily arbitrary, although less than the
official rate, which is nominal only.
131
-Last complete annual report in Financial Chronicle June 25'82, p. 4653
Canada
Northern Power Corp.
-Month of February- -2 Mos. End. Feb. 281932.
1933.
1933.
1932.
Gross
$297,119
$287,314
3604.083
$582,420
Operating expenses
88,553
88,678
178,200
178,350
Net earnings
$208,556
3198,635
6425.883
3404,070
rirpast complete annual report in Financial Chronicle Mar. 25 '93, p. 2066
(The)Commonwealth & Southern Corp.)
(And Subsidiary Companies)
-Month ofFebruary--12 Mos.End.Feb.281933.
1932.
1933.
1932.
Gross earnings
$9.153,140 110,434.4798111.921,3318128,313.161
Operating expenses, incl.
taxes & maintenance.. 4,200,898 4,657,986 50,880,983 5
9.027.410
Gross income
$4.952,241 85,776,493 861,040,348 869,285.751
Fixed charges, incl. Int. amortiz. of debt disc. &
expense, & earns, accruing on stock of subsidiaries not owned by the Commonwealth &
Southern Corp
40,039,493 38,217,960
Net income
821,000.854 331,067,790
Provision for retirement reserve
9,524.871
9,549.112
Dividends on preferred stock
8.995,782 8.995,062
Balance
$2,480,200 312,523,615
la"Last complete annual report in Financial Chronicle May 14 '32, p. 3634
Financial Chronicle
Volume 136
2229
Consumers Power Co.
(The) Nevada-California Electric Corp.
(A Subsidiary of the Commonwealth & Southern Corp.)
Month ofFebruary---12 Mos.End.Feb.281932.
1933.
1933.
1932.
Gross earnings
$2.246,249 $2.597,965 $27,216,458 $30,640,073
Operating expenses, incl.
taxes dc maintenance
1,009.837
1,056,422 11.544.025 12,751,222
(And Subsidiary Companies)
-Month ofFebruary- 12 Mos. Ended Feb. 28
Gross operating earnings $407:241
$486:449 $4,932,469 55,641:557
Maintenance
11,584
14,646
166,674
210,302
Taxes(incl. Fed.inc. tax)
34,733
37,086
402,870
431.792
Other oper.& gen. exp._
145,618
186,502
1,671.033
2,080,511
Total oper., gen. exp.
and taxes
$191,936
$238,235 $2,240,578 52,722,605
Operating profits
215,305
248.214
2,691.890
2,918,951
Non-oper. earnings (net)
1,467
3.003
75,266
103,012
Gross income
Fixed charges
$1,236,412 51,541,542 $15.672,433 $17,888,851
4,539,438 4,007,613
Net income
Provision for retirement reserve
Dividends on preferred stock
$11,132,994 $13,881.238
2,784,000 2,784,000
4,154.672
4,160,002
Balance
$4,188.991 $6,942.566
12irDast complete annual report in Financial Chronicle July 9 '32, p. 294
Eastern Gas & Fuel Associates.
Total income
Interest
5216,772
135,183
681,589
66,482
Balance
Depreciation
$10.838,633
2.563,212
3,694.839
. Balance
Disct.& exp.on secs.sold
Miscell. additions and
deductions (net cr.)-
Net income
Dividends paid on 4;4% prior preference stock
Dividends paid on 6% preferred stock
$4,580.582
1,104.199
2,473,181
Surplus available for
redemption of bonds.
dividends. &c
Surplus
Earns, per sh. on 1,987.676 shs. corn. stk. (no par)
51,003,202
$0.50
Earnings for 12 Months Ended Feb. 28, 1933.
Total income
Depreciation and depletion
Interest, Federal taxes, minority interest
El Paso Electric Co. (Del.)
12 Months EndedFeb. 28 '33. Feb. 29 '32.
Gross earnings
52,689.409 $3,319,460
Net operating revenue
1,440,309
1,132,094
Balance for dividends & surplus (after provision
for retirement reserve)
763,580
459,846
larLast complete annual report in Financial Chronicle Mar. 4 '33, p. 1546
Engineers Public Service Co.
Gross earnings
Operation
Maintenance
Two:*
(And Constituent Companies)
Month of February- -12 Mos.End.Feb.281932.
1933.
1933.
1932.
53.389,203 53,838,157 543,906,220 $50,360,438
1,515,120 17,390,396 20,845,831
1,256,858
2,911,121
165,581
219,479 2,385,136
337.215
337,196 3,974.632 4,041,429
Net operating revenue $1,629,548 51,766,361 520.156,055 $22,562,056
Inc.from other sources_ x
1,246,951
1,275,369
113,491
37,767
Balance
$1,867,316 $1,879,853 $21,431,425 523,809.007
Interest de amortization_
720,260 8,704,112 8,519,689
727,342
Balance
Reserve for retirements
5939.974 $1,159,592 $12,727.312 515.289.318
4,671,385
4,567,407
Balance
Divs, on pref. stock of constituent companies
•
58,159,905 510,617.933
y4,334,898
4,331,699
Balance
$3,825,007 $6,286,233
Amount applicable to common stock of constituent
companies in hands of public
56,549
19,580
Balance for dividends & surplus
53,805,427 $6,229,684
Divs.on prof. stock of Engineers Public Serv. Co. 2,323,549
2,323.548
Balance for com, stock dive. & surplus
51.481.878 $3,906,136
Earnings per share on common stock_z
$2.05
$0.78
x Interest on funds for construction purposes of 5855.766(1932,5806.249)
and income from miscellaneous investments. y Includes cumulative
dividends not paid of $665,490. z After deducting 10.4% (1932, 9.3%)
of gross earnings for retirements.
During a period averaging about 28 years for which records are available,
the companies in the Engineers group have expended for maintenance
a total of 9.3% of their entire gross earnings for the period, and in addition
have set aside for reserves or retained as surplus a total of 10.4% of such
earnings.
tarLast complete annual report in Financial Chronicle Feb. 11 '33, is. 1014
Gulf States Utilities Co.
12 Months EndedFeb. 28 '33. Feb. 29 '32.
Gross earnings
55,256,126 56.202,537
Net operating revenue
2,315,993
2,745,852
Balance for dividends & surplus (after provision
for retirement reserve)
767.422
1,207,883
faIrDast complete annual report in Financial Chronicle Mar. 4 '33. p. 1546
(The) Key West Electric Co.
12 Months EndedFeb. 28 '33. Feb. 29 '32.
Gross earnings
$177,858
$206,248
Net operating revenue
69,234
85,952
Balance for dividends & surplus (after provision
for retirement reserve)
21,950
54,876
riMast complete annual report in Financial Chronicle Mar. 4 '33, p. 1547
Louisiana Steam Generating Corp.
12 Months EndedFeb. 28'33. Feb.29'32.
Gross earnings
52,166.534 $2,352,722
Net operating revenue
704.577
680,497
Vi'Last complete annual report in Financial Chronicle March 4'33, p. 1547
Market Street Railway Co.
-Ifonth of February
-12 Cos. End. Feb. 281932.
1933.
1933.
1932.
Gross earnings
$634.402 57.658.484 58,464,766
$564,781
Net earnings (incl. other
inc. before prov. for
retirements)
70,009
8.54,178
76.912
1.250,4138
Income charges
48.276
48,793
584,066
601,844
Balance
$21,215
$28.636
$270,111
$648.622
New York Westchester & Boston Ry. Co.
-Month of February- -2 Mos. End. Feb. 281933.
1932.
1933.
1932.
Railway oper.revenue
5281.216
5148,625
5132,804
$312.127
Railway oper. expenses_
108,429
217,896
101,227
230,249
Net operating revenue
563.319
$40.196
531,577
$81.877
Taxes
53,708
23,375
26,854
46,750
Operating income_ --Non-operating income_ -
$4,723
3,035
$16,821
2.428
59.611
4,604
$35,127
4,875
Gross income
Deductions:
Rents
Bond, note, equip, trust
certificate interest (all
interest on advances)_
Other deductions
$7,758
$19,249
$14,216
$40.003
33,537
36.160
67,074
72,521
206.200
2,143
201,829
2,237
412,400
4,841
403,658
4,876
$120,648 51,200,401 51,471.826
57,825
752,114
683,575
$15,106
8.755
$62,822
8.924
$448,287
107.534
$788,251
104.844
19,081
1;248
223,740
51.129
825,432
$55.146
$564,493
$734,536
New York Railways Corp.
-19
Month ofFebruary--2 Mos. End. Feb.2.
2
81933.
1932.
Gross earnings
$784,305
5792.900
$383,267
8374,598
Balance after taxes
51,324
104,688
29,479
68,020
*Deficit after charges_ _ _
15,549
31,795
56,024
* These figures include bond 8t4
7in erest and sinking fund requirements of
2
certain controlled companies (for which New York Rys. Corp. states it
has no liability) which are in default, and excludes interest on income bonds
which has not been declared.
a'Last complete annual report in Financial Chronicle Mar. 18'33, p. 1886
New York Telephone Co.
Operating revenues
Uncollectible oper. rev
Month ofFebruary- -2 Mos. End. Feb. 281933
1932.
1933.
1932.
$14,526,539 $16,656,903 $30.060,344 $34,182,941
145,248
153,073
309,319
280,550
Operating revenues__ _514,671.787 $16,809,976 530,369,663 534,463.491
Operating expenses
11,087,719 12,989,594 22,683,796 26,193,970
Net operating revs.-- $3,584,068 $3.820,382 $7,685,867 $8,269,521
Operating taxes
1,216,263
1,298.523 2,464,088
2.596.292
Net operating income_ $2,367,805 52,521,859 55,221,779 55,673.229
12ErLast complete annual report in Financial Chronicle Mar. 11 '33, p. 171$
Ohio Edison Co.
(A Subsidiary of The Commonwealth & Southern Corp.)
-Month ofFebruary- -12 Mos.End.Feb.281932.
1933.
1933.
1932.
Gross earnings
$1,263,973 $1,510,865 $15,122,190 $17.624,760
Oper. exps.,incl. taxes &
maintenance
502,088
574,876
6,097,968 6.745.949
Gross income
$761.884 5935.988 $9,024,222 $10,878,810
Fixed charges
3.797.626
3,564,275
Netincome
Provision for retirement reserve
Dividends on preferred stock
85.226,595 57.314,535
1.200,000
1,200,000
1.864,938
1,869.517
Balance
82.161,657 54.245 018
•
(The) Orange & Rockland Electric Co.
-Month ofFebruary--12 Mos.End.Feb. 281933.
1932.
1933.
1932.
$62 254
558.559
8740.927
$768,621
Operating revenues
Oper. exp., incl. taxes,
but excl. depreciation
Depreciation
33,274
7,563
34,741
7.386
403,610
88.986
408.220
87.098
Operating ncome_ _
Other income
$17,722
2,499
$20,127
1,314
8248.331
31,759
5273.303
22,894
Gross income
Interest on funded debt
Otherinterest
Amortization deductions
Other deductions
Divs. accrued on pf. stk.
Fed'I income taxes incl.
in operating expenses_
$20,221
5,208
1,148
333
8,167
$21,441
5,208
30
1.052
334
6,152
8280,090
62.500
970
13,585
4,330
92,118
8296,197
62,500
1,252
12.626
4,397
73.695
2,750
2,650
34.000
32,725
Puget Sound Power & Light Co.
12 Months EndedFeb.28'33. Feb.29'32.
Gross earnings
$13,212,799 515,448.027
Net operating revenue
6.395,635
7,257.125
Balance for dividends & surplus (after provision
for retirement reserve)
2,294,816 3,035.452
ItarLast complete annual report in Financial Chronicle March 4'33, p. 1548
Railway Express Agency, Inc.
-Month of January--12 Mos.End. Dec. 31
Revenue and Income1933.
1932.
1931.
1932.
Charges for transport'''. $8,399,248 511,287.911 8137703.061 $192041,914
Other revs. & income__
177,474
234,149
3,061.169
3,485,880
Total revs. & income_ $8,576,722 511,522,060 8140764.2308195527.794
Deductionsfrom Revenues Re Income
Operating expenses'
56,131.787 $7,944.840 $84,512,535 $111180.940
Express taxes
111,500
106,958
1,379.540
1,343,435
Int. & disc, on fund. dt_
143,247
146,232
1,745,878
1,749.708
Other deductions
2,413
7,268
35,021
41,017
Total deductions
$6,388.947 $8,205,298 887.678,970 8114309,104
Rail transport'n revenue 2.187,775 3,316,762 53,085,260 81.218,690
(Paym'ts to raii&ot her
carriers, express priv.)
larLast complete annual report in Financial Chronicle Nov. 19 '32, p.3536
Savannah Electric & Power Co.
12 Months EndedFeb.28'33. Feb.29'32.
Gross earnings
$1,862.003 $2,044,416
Net operating revenue
1,017.738
900,942
Balance for dividends & surplus (after provision
for'retirement reserve)
342,810
572.715
repast complete annual report in Financial Chronicle March 4'33, p. 1549
Virginia Electric & Power Co.
Total deductions
5241,880
5240,227
5481.056
5484.315
Net deficit
$234,122
5441,052
$470,099
$220,977
'Last complete annual report in Financial Chronicle April 2 '32, p. 2522
5251.217 82,767,157 $3,021,964
130.568
1.566,755
1,550,137
12 Months EndedFeb. 28 '33. Feb. 29 '32.
Gross earnings
815.140.553 $16,806.017
Net operating revenue
7.746,576
7,261,198
Balance for dividends & surplus (after provision
for retirement reserve)
3,884.513
3.554.408
'Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1550
1
2230
Financial Chronicle
Third Avenue Ry. System.
-Month of February--8 Mos. End Feb. 281933.
1932.
1933.
1932.
-railway-Oper.rev.
3829,601
$975.830 $7.345,839 $8,684,553
Bus
203,225
1.809,442 1.993,803
231,461
Total oper. revenue
$1,032,825 $1,207,291 59.155,281 510,678,356
Oper. exps.-Railway579,121
703,673 5,107.205 6,193,479
ssus
179,728
206,931
1,704,860 1.765.255
Total oper. expenses
$758,850
$910,504 $6,812,064 $7,958.734
Net oper. rev. -Railway
250,480
272,257 2,238,635 2,491,074
Bus
23,496
24,529
104,582
228,547
Total net oper. rev
$273,976
$296,787 $2.343,217 $2,719,621
Taxes
-Railway
67,171
585,796
79,307
672,295
Bus
7,332
7,264
59.343
63,686
Total taxes
$74,503
$86,571
5645.139
$735,982
Oper!income--Railway.
183,309
192,950 1,652,839 1,818,778
Bus
16,164
17,265
45,240
164.861
Total oper. income
$199,473
$210,215 $1,698,079 $1,983,639
Non-oper.inc.-Railway
25,936
26,442
214.109
193.283
Bus
772
834
6,586
6,583
Total non-oper.Inc
$26,708
$27,277
$220,696
$199.866
Grossincome-Railway.
209,244
219.393 1,866,948 2,012,061
Bus
16.936
18,100
171,444
51,826
Total gross income-- - 5226,180
$237,493 $1,918.774 $2.183,505
Deducts.incl.full int. on
adjust. bonds-Ry
213,541
220,270 1,718,228 1,764,997
Bus
16,639
17,839
133,937
135.375
Total deductions
$230.180
5238.109 51.852.165 $1,900,372
Net inc. or loss--Ry_
def4,297
def877
148,720
247,064
Bus
297
261
def82,111
36,068
Tot,combined net inc.
or loss
-By.& bus.. def$3,999
def$616
866,609
5283.132
CarLast complete annual report in Financial Chronicle Oct. 8 '32, p. 2487
United Light 8r Power Co.
(and Subsidiary Companies)
12 Months Ended Dec.311932.
1931.
Gross oper. earns, of sub. & cont. cos. (after eliminating inter-co. transfers)
$76,297,433 883,206,657
Operating expenses
32,598,155 35,497.551
Maintenance,charged to operation
4,100.607 4,798.809
Taxes, general & income
8,077,338 7,510,399
Depreciation
7,400,870 8,671.560
Net earningsfrom operations ofsub.& cont.cos324,120.463 526.728,337
Non-operating income ofsub.& cont.cos
2,413,119 4.084,747
Totalincome ofsub.& cont.cos
$26,533,582 830,813.085
Interest on bonds, notes &c
11,476,588 10,739,974
Amortization of bond & stock discount & expense- 742.980
810,480
Dividends on preferred stocks
4,320,542 4.419,732
Balance
$9,993,472 $14,842,897
Proportion of earngs., attributable to minority
common stock
2,798,389 3,751,508
Equity of United Light & Power Co.in earngs. of
sub. & cont. CO8
$7,195,083 $11,091,390
Earnings of United Light & Power Co
63,981
80,544
Balance
87,259,064 511,171,934
Expenses of United Light & Power Co
121,521
125,742
Gross income of United Light & Power Co
$7,137,543 $11,046,192
Holding company deductions:
Interest on funded debt
2,533,885 2,888,065
Other interest
145,957
2,637
Amortization of bond discount & expense
285,776
336,108
Balance available for dividends
Preferred stcck dividends
Balance available for common stock dividends_ Earnings per share on common stock
x Includes $2,700,000 accrued but not declared.
84.171,925 $7,819,382
x3,600,000 3,600,000
$571,925 $4,219.382
$0.16
$1.21
United States Smelting Refining & Mining Co.
2 Mos. End. Feb. 281933.
1932.
1931.
1930.
Av,silver price(2 mos.)25.737c.
29.958c.
28.098c. 44.097c.
Av.leadi prhnat(2 mos.)__
3.000c.
3.731c,
4.677c,
6.243c.
Av.zinc: price MI=80_
2.842c.
2.914c.
4.024c.
5.205c.
Gross earnings
5478,572
$587,329
$656,728 51.074,688
Reserves
200.327
244.678
289.577
340.510
Net earnings
$278,245
$342,651
$367,151
$734,178
Pref. div. requirements..
272,970
281.867
283.704
283.704
Balance
55.275
560,784
1.83.447
$450,474
larLast complete annual report in Financial Chronicle April 1 '88, p. 2260
Western Public Service Co.
12 Months EndedFeb. 28 '33. Feb. 29 '32.
Gross earnings
$1,998,553 $2,438.989
Net operating revenue
687.757
928,535
Balance for dividends & surplus (after provision
for retirement reserve)
def4,383
207.499
larLast complete annual report in Financial Chronicle Mar. 4 '33, p. 1530
FINANCIAL IMPORTS.
Yale & Towne Manufacturing Co.
(Annual Report-Year Ended Dec. 31 1932.)
W The remarks of W. Gibson Carey Jr., President, and
Walter C. Allen, Chairman of the Board, together with
comparative income statement and surplus accounts and a
comparative balance sheet, will be found in the advertising
pages of today's issue.
INCOME ACCOUNT-FOR CALENDAR YEARS.
1932.
1931.
1930.
1929.
Net sales
$6.216.121 59.766,035 514.026,694 $18.734,066
Cost of sales, &c
6,729,535 10,198.501 14.172.817 15,867,353
Net loss
$513,414
$432.466
$146,123 pf$2,866,713
Int. and dive. rec. and I.
miscellaneous income..
201,961
227,244
376,117
577.068
F Total net earnings_ Joss$311,453 loss$205,222
$229.994 53.443,781
Reserve for taxes
366.764
Depreciation
468.769
521,028
526,925
491,393
Net deficit
$780,222
1726.250
$296.931sur 2.585,624
Dividends (cash)
483,806
851,648
1,459.968 2,320.508
$1,264,028 $1,577,898 $1,756.899 sur$265,116
Deficit
Profit and loss surplus- 4.633,460 7.068.912 9,398,707 13,277.577
Shares capital stock out486,656
486,656
486,656
486,656
standing (Par $25)..-..
Nil
Nil
Nil
$5.31
Earnings per share
-V. 136, p. 1395.
April 1 1933
Western Union Telegraph Co., Inc.
(Annual Report -Year Ended Dec. 31 1932.)
Extracts from the remarks of President Newcomb Carlton,
together with income account and balance sheet for year
ended Dec. 31 1932, will be found under "Reports and
Documents" on a subsequent page.
INCOME ACCOUNT FOR CALENDAR YEARS.
1932.
1931.
1930.
1929.
Gross oper. revenues__ 83,011712 108.736.949 130.58f,857 145,667.195
Oper. exp. (incl. repairs,
res. for deprec., rent
for lease of plants,
taxes, &c.)
80,068,438 99.215.431 118.941,139 129,364,897
Operating revenue
2,945,274 9,521,518 11,640,718 16.302,290
Income from diva. & int. 1.568,250
1,810,297 2,653,893 2,782.659.
Total income
4,513,525 11,331,815 14.294,611 19,084,958
Interest on bonds
5,356,121 5.357.315 5,047,579 3,610.065
Balance, surplus
def842,595 5,974.500 9,247,032 15,474,893
Previous surplus
93.333.051 95,692.697 95.635.228 86,357.183
Total surplus
92,490,456 101,667,196 104,882,260 101,832,071)Divs. paid and declared.. 1,045,026 7.837,683 8,188,344 8,188,206
Adjust, ofsurp.(net)...
308,878
496.462 1.001,219 Cr1.991.357
Trans. to surp. by permission of I.
-S. C. C. 2.105,402
Profit & loss surplus 89,031,149 93.333.051 95,692,697 95,635,228
Shares of capital stock
1,045,279
outstanding (Par $100) 1,045,280
1,023.811
1,023,789$15,11
Nil
Earns.per sh.on cap.stk
$5.71
$9.03
Note.
-Amount appropriated for depreciation for 1932 was $4,221,001.
-V. 136, p. 1720.
Canadian Pacific Railway Co.
(52d Annual Report-Year Ended Dec. 31 1932.)
The remarks of E. W. Beatty, Chairman and President,
together with the income account, balance sheet for 1932;
will be found under "Reports and Documents" on subsequent pages.
INCOME ACCOUNT FOR CALENDAR YEARS.
1932.
1931.
1930.
1929.
Earnings$
$
$
$
16,717,304 19,728,296 28,101,718 34,138,729.
Passengers
91,930,823 103,444.116 126,926,873 153.316.800'
Freight
Mails
3,621,875 3.565.386 3,693,153 3,741,391
Sleeping cars, miscellaneous and expenses- 11,666,712 15,599,850 22,179,060 18,534.038
Total gross earnings-123,936,714 142,337,648 180,900,804 209,730,955.
Operatmg Expenses
Transportation expenses 50,620,242 54,775,068 64,050,979 71.234.627
Maintenance of way,&c. 19,758.918 21,161,119 25,043,282 33,325,104
Maintenance of equipm't 17,360,380 19,660,275 29,933.803 39,853.871
7,409,407 9,871.592 10.149,656 9,922,262:
Traffic
Parlor car, &c
3506,694 4,506,624 2,168,456
-816,543
Lake and river steamers --------1,117,873 1,243,825
Miscellaneous operations 1,479793
General (incl. all taxes).. 3,291,801
7,569,322 7,849,928 8,838,267
Transport'n for invest- 0%249.463 Cr.705,838
Ry.tax accruals & uncollectible ry. revenues-- 4,175.651
Total oper.expenses--103,846,729 116,654.776 142,652,146 166.586,412
20,089,985 25,682,872 38,248,658- 43,144,544
23,619,529 22,050,364 19,159.864 16,149,003
750,000
750,000
750,000
750,000
Balance surplus_ -- _def.4,279,544 2,882,508 18,338,794 26,245,541
Special income
4,537,426 10,951,964 20,042.923 15,232.220
Total income
257,881 13,834,472 38,381.717 41,477,761.
Preferred dividends(2%) a2,745,138(4)5,410,697(4)5,005,623(4)4,674.790
1s16,750,000 W3.242,908 b30.750,000'
Common dividends
(%)
Rate
x(10%)
x(10%)
Net earnings
Fixed charges
Pension fund
-def.2,487,257def8,326,225
Balance,
133,186 6,052,971
Corn.shs.out (par 321)- 13,400,000 13,400,000 13,400,000 y3,300,000
surplus-Earns, p sh. on
$0.63
per
Iii
_
$2.49
I
$11.15
r Semi-annual div. of2% paid Oct. 1 1932; div. due April 1 1933 omitted,
cornbIncludes div. payable April 1 of following year. a Of the 10% in diva.
paid on ordinary stock 7% is from railway earnings and 3% is paid out of'
special income (which account is given below). y Par MO.
-Surplus revenue from operation
Surplus Revenue Account Dec. 31 1932.
Dec. 31 1931, $127,579,894; add: Undistributed balance of special income,
Dec. 31 1931, transferred from surplus in other assets, 554.941,682; total.
$182,521,576; deduct: 2% pref. div. paid April 1 1932 for last half of 1931
$2,745.138; div. on ordinary stock for last quarter of 1931, paid April 1
1932, $4,187.500,• balance, $175,588,938; add: Net income for year 1032,
$257,881; total, 3175,846,819; deduct: Div. on preference stock for first
half of 1932, paid Oct. 1 1932, $2,745,138; loss on lines abandoned, property retired and not replaced, and miscellaneous debits, $2.031.986; provision for losses in respect of investment in lines in United States controlled,
through stock ownership, $4,000,000; surplus revenue Dec. 311932, 8167,069.695.
-Net proceeds land and townsites,
Land Surplus Account Dec. 311932.
Dec. 31 1931, $72,061,226; add: Surplus in lands and properties Dec. 31
1931 transferred from surplus in other assets, $56,316,953; sales and miscellaneous receipts for year 1932, 51,832,052; interest on deferred payments.
681,571; total, $130.891.802; deduct: Land expenses, including irrigation,
1,100.657; taxes, $1,048,545; immigration and colonization expenses,
62,144; Interest on note certificates, $976,135; contracts canceled, $2.733,731; adjustment of land inventory values, $3,602,723; land surplusDec.31 1932,$120,967,867.
SPECIAL INCOME ACCOUNT FOR CALENDAR YEARS.29.
[From thisspecial income is derived 3% in special diva, referred to above.]
1931.
1932.
1930.
Net rev, from invest. &
$
$
$
$
avail. res. (see below)
37,450 3,191,589 3,402,369 3,284.588Int. on dep.& int. & WI's.
on other secs. less exch. 2,962,782 5,648,600 6,689,325 4,119,153
Net earnings Ocean &
Coastal 513. Lines____ 1,034,354
487.516 7,031,939 3,219,63$
Net earnings Comxnercl
Tel. and news dept.,
hotels, rentals & misc..
502,839 1,624,258 2,919,291 4,608,844
Total special income_ 4,537,426 10,951,964 20,042,923 15,232,220
MISCELLANEOUS INVESTMENTS,Par $46,194,475 (Cost $33.303,264).
From these investments was derived the first item in foregoing table.
Coeur d'Alene & Pend d'Oreille By. 1st mtge. bonds
$47,000 •
Consolidated Mining & Smelting Co. stock (305,587 share)
7,639,675
Cambridge Collieries Co. 1st mtge. refunding bonds
250,000
Canadian Pacific Express Co. stock
3,000,000
Duluth South Shore & Atlantic By.ordinary stock
6.100,000
Preferred stock
5,100,000
Minneapolis St. Paul & Sault Ste. Marie By. ordinary stock...... 12,723,500.
Preferred stock
7,000,000
Pennsylvania-Ontario Transportation Co. stock
187,500
Quebec Salvage & Wrecking Co. stock
150,000
Spokane International By. Co. stock
3,941,800.
West Kootenay Power & Light Co. preferred stock
55,000^
14
Financial Chronicle
Volume 136
n.
BALANCE SHEET DECEMBER
1930.
1932.
1931.
$
$
8
dieselsProperty investment-- 871,789,071 868,448,443 837,754,370
116,408,253 116.397,891 114,135,161
Ocean & Coastal SS
178,868,016 177,154,695 164,962,778
Acquired securities
21,949,257
9,458,714
Adv.to controll. prop.,&c. 14,510,776
55,310.829
50.870,516
52,877,075
Deferred payments
792,721
792,721
792,721
Pros.. dr munic. securities
31.701,679
32,398,329
33,303,264
Misceli. Investments_
62,678,851
59,216,053
Lands and property assets 55,795,582
264,832
216,669
Baur. prem. paid In adv.
25,445,272
21,482,562
20,195,759
Materials and supplies_
5,139,055
4,746,078
3,986.902
Agents & co nd ue.balances
1,903,468
382,373
584,309
Traffic balances
1,170,127
2,795,676
859,201
Accts. due for transport'n
10,242,665
10,496,432
10,301,288
Miscell. sects. receivable_
1,710,195
Special deposits
38,783,462
21,876,714
Cash (working assets)_ __ 15,173,491
2,100,000
Dominion Govt. bonds--
1929.
8
798.913,859
100,992,262
154,189,887
17,925,658
57,139,596
792,721
27,456,566
67,678,547
25,769,527
6,125,880
1,038,565
1,216,964
10,490,623
69,656,708
Total
1,375,366,013 1,380,888,588 1,371,969,695 1,339,387,262
Liabilities
Ordinary stock
335,000,000 335,000.000 335,000,000 330.000,000
3,061,715
Payment on subscription137,256,921 137,256,921 129,348,588 117,181,921
el% preferred stock
291,411,549 276,544,882
4% consol. deb. stock... 291,411,548 291,411,549
3,923,700
3,923,700
3,923,700
Mortgage bonds
3,923,700
12,000,000
12,000,000
s% coll, trust bonds
12,000,000
12,000,000
30,000,000
30,000,000
-year coll,trust g. bonds 30,000,000
25
30.000.000
22,341,742
22,289,069
21,899,389
21,523,558
434% s f. see, note etre_
20,000,000
45,000,000
434% coll, trust bonds
45,000,000
45,000,000
6% coll, trust bonds
12.500,000
6,824.698
7,806,116
3,828,065
4,722,604
Audit vouchers
3,929,329
3,587,400
3,128,424
2,481,233
Payrolls
3,357,807
2,949,676
5,893,762
5,717,742
Miscell. accounts payable
25,000,000
Short-term notes
30,000.000
1,104,520
1,137.754
1.240.617
1,389,678
Accruals
36,490,922
42.264,337
Equipment obligations_ _ _
46.140.000
41,850,000
13,682,045
9,019,678
8.419,678
9,419,678
Equipment replacement
19,106.238
18,620,358
Steamship replacement. 27,780,437
26,966,440
23,298,669
14,103.272
Res. for con.&con.war tax
2,785,433
4,553.471
2,308,859
1,069,020
1.050,121
Special reserve tax
Deferred liabilities
1,447,223
Reserve for investment__
4,000,000
Reg.for exchange on working assets& current nab.
727,791
73,050,983
69,288,692
67,276,695
Prem. on ord, stock sold_ 66,390,903
Net proceeds land and
79.358.207
76.170,021
72,061,226
townsites
Burp,rev,from operations
127,579,894 146,822,872 156.428,904
x111,258.635 110,157,693 105,392,120
Surplus in other assetsLand surplus
120,967,867
Surplus revenues
167,069,695
Total
1,375,366,013 1,380,888,588 1,371,969,695 1,339,387,262
-V. 136, p. 1876, 1881.
x See surplus accounts above.
Norfolk & Western Railway Co.
(37th Annual Report-Year Ended Dec. 31 1932.)
The remarks of President A. C. Needles, together with a
comparative income account, balance sheet and other statistical data, will be found under "Reports and Documents"
on subsequent pages.
INCOME STATEMENT FOR CALENDAR YEARS.
1929.
1930.
1931
1932
Operating Revenues
Freight
58,851.540 74,293,922 93.1,819 108,351,499
5,110.928
3,869,012
Passenger
2,638.216
1,673.663
1.841.175
1,288,279
Mail
1,240,929
1,127,122
1,013.468
794.491
Express
578.330
382.806
461,374
All other transportation434.162
327.338
219,787
853.309
975,696
Incid. & it. facil. revs
776,013
520,693
Total
62.775,611 79,854,748
Operating Expenses
Mahn, of way & struc_ 6.495.838
9,715,056
Maintenance of equip.- 11,136,166 15.368.790
Traffic
1,516,369
1,338.269
15.831.447 20,750,502
Transpottation
238,898
Miscell. operations
198,252
3,125,311
General
2,784,062
120,112
Transp. for invest.-Cr38.503
100,530,458 117.631.752
11.831.477 14.838.067
18,803,899 20.848.612
1,562,538
1,442.059
24.297.149 25,897.415
313,764
238.800
2,917,444
3,056.066
131.150
189,170
Totals
37,745.533 50.594,814 59.675.725 66.051,247
Net revenue from oper
25,030.078 29.259.933 40.854,733 51,580,504
9,850,000 10,300,000
Tax accruals
8,150.000
7,200.000
5.437
34.158
5,308
Uncollectible revenue.-14.768
Total oper. income-- 17,815,310 21,104,625 30,999.296 41.246,346
Non-Oper. Income
2,422.115
2.840,734
Hire of freight cars (net) 1.464.322
1,887,444
168.123
132.168
Hire of other equip.(net) Dr58,711
22.420
51.325
Joint facility rents (net). Dr59,823
Dr11,052
Dr36,983
Totals
1,345,788
Net ry. °pa.. income
19,161,098
Inc.from lease of road
3.021
Miscoll, rent income__93,793
Misc.non-op. phys. prop
82,893
Dividend income
11,314
Inc.from funded secur
1,786,878
Inc.from sink.fund,&c.,
reserve funds
43.358
Inc. from unfunded securities & accounts...
179.942
Miscellaneous income_
3,763
2,641,563
2.961,850
1,872.881
22,977,506 33.640,859 44,208,196
1,110
3,021
1.110
100.890
122,610
91,280
163,439
136,039
99,988
7.206
8,071
7.638
3,066,307
2,360.670
2,112,274
Gross Income
21,365,058
Rent for leased roads....
100.979
Miscellaneous rents.-1,959
Interest on funded debt_ 4.116,630
Int. on unfunded debt
22,524
Misc. income charges311.046
37.749
51.617
450.610
6.511
180.641
6,821
610,035
13.390
26,102,786 37,218,891
99,901
100.453
4,444
4,506
4,944.570
4.509.910
11,302
14.381
341.908
314,198
47.143.912
100.380
3,116
4,998.827
Cr40,506
295.633
5,402.125
4,943.450
5.357.451
Total
4,553,139
Net income
16,811,918 21,159,336 31,816.765 41.786,461
Dividends on adjustment
919.692
919.692
919.692
pref. stock (4%)
919.692
12,658,347 16.877,796 16.877.796 16,874.536
-Common dividends
(12%)
(12%)
Rate
(12%)
(9%)
3,233,879
Balance, surplus
Com.shs.outst.(par$100) 1.406,483
Earnings per sh. on com$11.29
V.
- 136. P. 1544.
3,361.848
1,406,483
$14.39
14.019,277
1,406.483
$21.97
23,992.233
1,406.483
$29.05
Union Carbide 8c Carbon Corp.
(Annual Report-Year Ended Dec. 311932.)
The income account and balance sheet as of Dec. 31 1932
will be found in the advertising pages of to-day's issue.
President Jesse J. Ricks March 25 wrote in part:
Current assets at the end of the year 1932, were $61,765,031. The
item of its own capital stock, owned by the corporation, has been transferred from current assets to investments.
The market value of the marketable securities, including such capital
-stock of the corporation, as at Dec. 311932. was $1,819,901 lower than at
2231.
the close of the previous year. This has been written off and charged
to surplus.
Due to the stress of current financial and business conditions, it has
been deemed wise to provide for any increased failure of payment of
receivables which might result from a continuation of these conditions by
transferring an amount of $1,000,000 from surplus as an addition to the
existing reserve for doubtful receivables.
Total current liabilities at the enti of the year were $6,596,984 with a
total working capital of $55368,047. The ratio of current assets to current
liabilities was 9.4 to 1 before and 15.1 to 1 after payment of dividend on
Jan. 2 1933. All construction and other capital expenditures were made
from current assets.
On Dec. 31 1932, the book value of land, buildings, machinery and
equipment, &c. was $215,863,104. There was expended in construction
and acquisition of new properties and in other capital expenditures in
1932, $7,301,297.
The funded debt of subsidiary companies amounts to $9,340.333. as
compared with $9,092,550 at the end of 1931. Non-assumed mortgagee
are not included as a part of the funded debt or as a liability, but do appear
ass deduction from fixed assets by the amount of $3,123,400. The increase
in the funded debt was brought about by the assumption of a previously
non-assumed mortgage in the amount of $700.000 and the reduction by
retirement of debentures and by payment on account, and retirements
through sinking funds, of principal of mortgages to the extent of $452,217.
resulting in the net increase in the funded debt of subsidiaries of $247.783.
Non-assumed mortgages were reduced 5842.000.
Total inventories decreased during the year from $42,127,957 to
$41,054,266.
As of the last dividend record dates in 1931 and 1932, the number of
stockholders increased from 49,369, to 53,439, an increase of 4,070, approximately 8%. The total number of shares of the corporation's stock out
standing at the end of the year remained at 9,000,743.
Although there were substantial increases in the volume and value of
sales in some products, the aggregate sales declined. The trend was
downward from the beginning of the year through July, after which there
was steady improvement until December.
INCOME ACCOUNT FOR CALENDAR YEARS.
1929.
1930.
1931.
1932.
Earnings (after provision
for income tax)
$16,865,074 $26,076.680 $37,002,706 $44,126,066
7,248,526
7,461.239
Deprec. and depletion.- 6,178,425
6,049,658
737,051
564.405
672.720
Other charges
674,802
611,670
695,824
723,772
Interest
563,000
536,678
536.678
536,678
Divs.on pf.stk. ofsubs_
$8,781,426 $18,029,522 $28,041,426 $35,427,024
Net income
43.659,274 98,579,703 96.781,281 86.606.036
Previous surplus
Adjust, of market sec_ _Dr1,819,901 Dr3,507,199
Addit.res.for doubt.rec.Dr1000,000
Miscell,items not affect,
curr. years operating_ Dr638,035 Dr1,188.328
aDr44852,492 Dr2.847,269 Dr4515,122
Adjustments
$48,982,764 $67,061,206 $121975,437 $117517.333
Total surplus
Divs. on Union Carbide
& Carbon Corp. stock 12,601,040 23.401,932 23,395.734 20,736.658
x
($2.60)
($2.60)
($1.40)
Per share
-T703 $96,781,281
Profit & loss surplus_ _$36,381,724 $43,659,275 $98T57i
Shares capital stock out
8,981 581
9,000,743
9,000,743
9,000,743
(no par)
ii.94
$3.12
$2.00
$0.98
Earned per share
follows: Adjustment of fixed asset values, $39,794,031 adjusta As
of net current assets of
ment of power contracts. $1,602,621 adjustment
foreign companies and revaluation of inventories carried in U. S. dollars.
but located in Canada and other foreign countries, on account of decline in
exchange, $3,455,838.
x $1.50 per share on old stock before split-up 3 for 1 and $1.95 per share
on new stock.
CONSOLIDATED BALANCE SHEET DEC. 31.
1931.
1932.
1931.
1932.
$
$
LiabilUies-8
Assets$
x Capital stock _175,163,672 175,163,672
Land, machinery
3,066,481
215,863,104 210,945.269 Accts. payable_ 2,421,745
drc
Marketable sec_ 3,450,637 7,960,329 Interest accrued
196,730
193,872
and due
3,380,936
Co's own cap.stk 2,391,506
7.835,934 14,311,604 Divs. payable__ 2,700,223 5,850,483
Cash
1,713,046
840,913
Accrued taxes-Notes and accts.
. 9,424,192 14,004.146 Accrued divireceivable_ __
74,668
74,666
dends (subs.)41,0.54,266 42,127,957
Inventories
12,361.193 11,592,648 Bond and mortInvestments
82,997
81,725
gage interestPower Toeholds,
Other accrued
Patents,trade812,771
283,838
liabilities ____
1
1
marks, &c--1,488,951 Funded debt
Deterred charges 1,408,945
9,340,333 9,092,550
(subs.)
Res. for depree 59,395,767 59,187,870
Pref. stock subs. 6,911.300 6,911,300
36,381,724 43,659,274
Surplus
293,789,781 305,811,841
Total
293,789,781 305.811,841
Total
-V. 136, p. 1392.
x Represented by 9,000,743 shares of no par value.
General Motors Corp.
(24th Annual Report-Year Ended Dec. 31 1932.)
CONDENSED CONSOLIDATED INCOME ACCOUNT FOR CALENDAR FEARS.
1929.
1930.
1931.
1932.
$
$
$
$
432,311,868 808,840,723 983,375,138 1504404,472
Net sales
from open & invest's, after
Profit
all expenses incident thereto,
but before depree.of real estate.
b43,075,727b180,754,466 214,637,739 337.074,797
plants and equipment
Provision for depreciation of real
37,173,647 37,965,731 37,715,088 35,217,071
plants and equipment
estate,
5,902,081 142.788,735 176,922,651 301,857.726
Net profit
x10,410,074
Non-operating profit
c20.574,514
Extraord. & non-recurring losses5,902,081 122,214,221 187,332,724 301,857,726
Total net profit
Ism provision for:
Guaranteed settlement of 1927
inv. fd. class, mat. 12-31-'32 2,219,155
10,181,836
Employees' bonus
10.181.836
Amt. due Managers Sec. Co
Payment to General Motors
3,965,688 9,870,558
Management Corn
Empl. savings & inv. fund(net) 3,131,461
7,080,022 7,497,330 5,983,283
Special payment to employees
72,120
under stock subscription__ _ _
36,154
69,890
55,420
Provision for U. S. and foreign
Income taxes
284,711 14,342,683 16.128,701 28,120.908
Net income
230,599 96,770,407 153,766,247 247,317,743
G.M.Corp. proportion of net Inc.
164,979 96,877,107 153,766,247 245,970,393
$5 series preferred stock divs
9,206,387 9,375,899
4,369,561
7% preferred stock dividends
5,055,965 9.266.0 7
4
6% preferred dividends
88,142
47,483
124,491
6% debenture stock dividends.,:
65,650
Amt. earned on corn. stock_def. 9,041,408 a87,501,208a144,227,5868236,491,712
Amount earned per share of $10
par common stock outstanding loss$0.21
a$5.44
643.31
8E2.01
Including profit of $10,057,559 from sale of 1,375.000 shares of common stock
of corporation to General Motors Management Corp.
a Including the General Motors Corp.'s equity in the undivided profits or the
losses of Yellow Truck & Coach Mtg. Co., Ethyl Gasoline Corp., Vauxhall Motors.
Ltd., Adam Opel A.G. (since April 1 1929), Ilendix Aviation Corp. (since May 1
1929), General Aviation Corp., successor to Fokker Aircraft Corp. of America (since
June 1 1929), General Motors Radio Corp. (since inception in 1929), and General
Motors Acceptance Corp., the amount earned on the common capital stock is
2232
Financial Chronicle
$87,501,208 ($2.01 per share) In 1931, $141,560,332 (53.25 per share) In 1930 and
$238,803,587 ($5.49 per share) in 1929. b Includes the corporation's proportion of
the net profits or losses of subsidiary and affiliated companies not consolidated.
c Extraordinary and non-recurring losses, including provision for revaluation of the
corporation's net working capital abroad to dollar value basis, and for revaluadon
of security investments to market value as of Dec. 31 1931.-V. 136, p. 1894.
New York New Haven & Hartford RR. Co.
(Annual Report
-Year Ending Dec. 31 1932.)
INCOME ACCOUNT FOR CALENDAR YEARS.
1932.
1930.
1931.
1929.
Average miles operated_
2,076
2,098
2,132
2,127
Operating Revenues$
$
Freight
40,975,029 54,304,178 62,857,804 77,914,074
Passenger
24,809,83634,425,958 42,274.947 46,842,159
Mail, express, &c
8,517,064 12,060.071
5,628,867
7,185,121
Incidental
2,660,973
3,368,195 4,037,511
4,439,285
Joint facility
1.047,641
1,198,186
1,203,080
898,545
Total
Operating ExpensesMaint. of way & struc_ Maint. of equipment__ _
Traffic
Transportation
Miscall. operations
General
Transp. for investment_
9,327,713 13,974,850 16,587,199 20,017,176
11,326,896 14,579,939 18,002,612 23,382,074
1,005,696
1,195.967
1,201,347
1,284,307
26,876,299 34,097,184 38,231,104 43,310,452
1,520,005
1,853,035
2,191,335 2,155.286
2,930,342 3,449,458
3,749,647
3,990,206
Cr1,744
Cr36,711
Cr7,896
Cr20,957
Total
Net oper. revenue
Tax accruals
Uncollectible revenues
52,985,207 69,113,722 79,955,347 94,118,545
21,988,045 31,217,371 38,930,168 48,340,126
4.800,077
5,336,490 6.717,488
8,066,950
32,111
7,871
22,368
33,880
74,973,252 100,331,094 118,885,515 142.458,670
Operating income
17,155,857 25,873,010 32,190,312 40,239,295
Hire of freight cars
1,822.455
2,536,939 2,309,760
2,100,422
Rent of equip. (net)
Cr.18,678
56,790
64,789
38,367
Joint facility rents (net)_ 4,108,712
4,621,605 4,730,822
4,469,362
Net ry. oper. Income- 11.243,367
Non-Operating Income
Dividend income
54,440
Inc. from funded scours_ 2,139,534
Inc. fr. unfund. securs
245,043
Inc. from lease of road
333,599
Miscell. rent income_ _ 1,942,195
Miscellaneous
90,117
Total non-oper. inc
Gross income
Deductions
Rent for leased roads__ Int. on funded debt..,.,.
Int. on unfunded debt.._
Miscellaneous
18,657,675 25,084,940 33,631,143
1,236,179
2,474,278
222,727
333,778
2,389,332
87,719
2,241,426
1,257,202
1,051,727
334,980
2,002,414
78,936
414,931
1,326,251
1,414,246
292,173
1,787,617
71,189
4,804,929 6,744,012 6.966,686
5,306,407
16,048,296 25,401.687 32,051,626 38.937,551
2,788,874
2,783,674 2,760,956
2,743,071
11,650,764 11,673,217 11,937,271 12,525,255
1,111,399
825,251
467,802
440,540
890,306
939,676
1,021,804
932.417
Net corporate income- def393,047
Preferred dividends,,.,,,
858,142
Common dividends
9,179,869
3,432,569
6,284,744
15,863,791 22,296.268
3,432,569 3,417,120
9,427,108 7.463,100
Balance,surplus_ __ _def 1,251,189 def537,444 3.004,114 11,416,048
Shares of cap, stock outstanding (par $100).. 1,571,186
1,571,186
1,571,186 1,571,179
:Earn. per sh.on com.stk
Nil
$3.05
$7.33
$11.72
x After deducting guarantees on separately operated properties as follows:
1931. $962,550; 1930, $921,330; 1929, $457,712.-V. 136, p. 1197.
Bangor & Aroostook RR.
(Annual Report-Year Ended Dec. 31 1932.)
INCOME ACCOUNT
-CALENDAR YEARS.
1932.
1931.
1930.
1929.
$5,432,727 $6,183,950 $7,442,917 $7,073,357
224,032
389,056
553,019
580,068
255,119
312,194
369,821
482,249
Freight revenue
Passenger revenue
Mail, express, &c
Railway oper. revenue $5,911,878 $6,885,200 $8,365,757 $8,135,674
Maint. of way & struct_
1,395,497
996,876
1,434,512
1,303,873
Maint. of equipment __ _ 1,110,199
1.321,099
1,503,103
1,662.349
Traffic
54,689
70.255
66,968
69,164
Transportation
1,447,857
1,750,800
1,997,747
1.953,561
General & miscellaneous
317,292
364,806
350,945
353,652
Transp. for invest. (Cr.)
325
2,828
3,036
2,085
Net oper. revenue._
$1,985,290 $1,985,570 $3,015,519 $2,795,160
Tax accruals & uncollec_
501,210
597,247
701,317
613,906
Railway oper. income- $1,484,079 $1,388,323 $2,314,202 $2,181,253
Hire of equipment
26,400
9,120
99,442
Other income
57,808
61,491
112.807
77,227
Gross income
$1,541.888 $1,458,936 $2,453,409 $2,357,922
Interest on funded debt807,885
810,754
866,777
932,542
Int. on unfunded debt
53
1,881
1,294
2,551
Miscellaneous charges
32,446
23,072
27,037
23,533
Amort.of disc. on fd. dt.
527
85
852
Net income
$701,493
$623,133 $1,557,762 $1,398,433
Preferred dividend (7%)
243,600
243,600
243,600
243,600
Common dividend
283,584
496,272
500,239
398,950
Balance, surplus
Sits. com.outst.
(par $50)
Earns, per sh, on com
-V. 136. p. 838.
$174,309 def$116,739
141.792
141.792
$3.23
$2.68
$813,923
141.792
$9.27
$755,883
136.436
$8.39
Pullman Incorporated (and all Subsidiaries).
(Annual Report-Year Ended Dec. 311932.)
David A. Crawford, President, reports in substance:
Financial Condition.-The consolidated balance sheet as of Dec. 3)1932,
shows net working assets of $64.277,882. as compared with $68,335.806
at end of 1931. The total of $37,895,923 in cash and Government securities
represents a decrease of $1.446.463 under the amount of similar assets as
reported at end of 1931.
The decrease of $2,432,082 in total invsntories reflects the contracted
scale of operation In the manufacturing subsidiaries. The inventories of the
carrier subsidiary represent operating supplies that will be consumed in the
conduct of the sleeping car business. Stocks of foundry metal not for
designated orders are carried at market.
1932 Operations.
-The outstanding features of 1932 operations were
"For the first time in nearly two-thirds of a century the Pullman carrier
business was operated at a loss, owing to the unparalleled contraction in
passenger travel. In spite of drastic retrenchment in every department of
the business, the carrier subsidiary had an operating loss of $1,220,035.
against net earnings of $3,263,619 in 1931.
"Manufacturing operations in American plants were practically suspended, resulting in an operating loss of $4,074,830 for all manufacturing
subsidiaries, as compared with a deficit of $2,340,175 in 1931.
"Reduction in rate and amounts of income from investments, which
yielded an earning of $1,460,140 in 1932, a shrinkage of $381,147 from
the income realized from this source in 1931."
Additions to Property.-During 1932 there were gross additions of $2,100,968 to property and equipment account classified as follows: For air conditioning equipment in cars, $763.088; for routine additions and betterments in cars, $120,804; for 35 steel cars rebuilt and revalued, $953,811;
Improvements at laundries, shops, district offices, &c., $112,536; improvements at manufacturing plants,$150,727.
Included in the retirements from property and equipment account during
1932, were charge-outs for 35 steel cars rebuilt, and for 204 cars of obsolete
type that were scrapped. In continuation of the procedure mentioned in the
April 1 1933
1930 and 1931 reports, the retirement of the 239 cars resulted in an adjustment of $1,560,280 necesary to write out of valuation surplus wet
-up in
formation of Pullman Inc., April 30 1927, the value of the useful life unrealized but then estimated for the cars now retired.
Adjustment of Asset Values.
-On recommendation of the management,
supported by opinion of technical advisors on valuation, accounting and
legal questions involved, the board of directors at its meeting held on
March 15 1933, authorized appropriation out of surplus as of Dec. 31
1932,in total amount of $23.445,016 to adjust the values of assets as nearly
as may be to the basis of real worth. It should be understood that this
adjustment has no effect upon the relative position of stockholders but in
fact benefits all concerned by revising asset values to accord with present
conditions.
Summarized, the effect of these adjustments on the valuation bests of the
various classes of property and the amount of adjustment on each class of
property are as follows:
Amount of
Adjustment.
Manufacturing properties
$11,935,261
Carrier equipment
7,050,678
Non-operating real estate
1,950,482
Non-marketable securities
843,154
Marketable securities
790.546
Treasury stock
874,897
Total
$23,445,016
Depreciation.
-R Is to be noted that in the fiscal year 1932 the subsidiary companies continued their regular depreciation charges against
earnings and it is proposed to continue depreciation charges In 1933 at the
same rates heretofore applied, except as to those assets which have been or
will be entirely written off the books by the application of regular or special
reserves.
-On account of adoption of the policy of general adjustment of
Reserves.
asset values affecting certain of the security holdings against which the 1931
reserve of $5,000,000 was provided, that appropriation has been canceled
and restored to surplus, and a new appropriation of $2.500.000 out of
surplus has been authorized as a rserve for contingencies, to take care of
possible future losses, not otherwise provided for, on securities, trade receivables of various kinds, and other credits.
CONSOL. INCOME ACCT.(INCL. SUBSIDIARIES) FOR CAL. YEARS.
Earnings1932.
1931.
1930.
1929.
From carrier business of
Pullman Co., after deall exp. Inciducting
dend to operations,.__ $8,773.520 $13.783,364 $16.367,206 $20,765,087
-Charges & allowLess
ances for depreciation- 9,993,554 10,519,744 10,676,129 10,338,488
Balance
def31,220,035 $3,263,619 $5,691,077 $10,426,599
From all mfg. properties
& Pullman RR., after
deducting all exp. incident to operations _ _def1309,067
484,478 12,419,606
7,365,288
-Charges & allowLess
2,824,653 2,373,496
ances for depreciation- 2,765,763
1.203,394
Balance
def$4,074,830def$2340,175410,046,110 $6,161,892
From investments, &c__ 1,460,140
1.841,287
3.324,424
3.040.652
Total earnings from all
def$3,834,725 $2,764,732 $19,061,611 $19,629,143
sources
-Reserve for Fed'I
Less
.4
income tax
386,100 2,118,530
1,950,445
Balance of earnings-def$3,834,725 $2,378,632 $16,943,081 $17,678,698
Diva.paid by Pullm.Inc. 11,460,086 14.528,498 14,996,139 13,491,831
Rate
($3)
($3.75)
($4)
($4)
Proport. of div. of sub,
corps. paid to minority
stockholders
455
3,728
25,963
Bal. to surplus-def$15.295.266def$12149865 $1,943,215 $4,160,904
Shs. cap. stk. outstand'g 3,820.307
3.875,000 3.875,000 3,375,000
Earnings per share
Nil
$0.61
$4.37
$5.23
x 1930 figures include 10 months' earnings from Osgood Bradley Oar
Corp.and Standard Steel Car Corp.and subsidiaries not represented in 1929.
CONSOLIDATED SURPLUS ACCOUNT YEAR ENDED DEC. 31 1932.
Balance ofsurplus,as at Dec.31 1931
$112.565,684
Restoration to surplus,of 1931 reserve for deprec.on securities_
5,000.000
Total
$117.565.684
From valuation of properties
$89,637,855
Adjustment on revalued property units (239
cars) retired in 1932
$1.560.281
Adjustment of asset values per detail in this
annual report
23,445,016
Balance
$64,632,558
From earnings, after dividends
$27,927,829
Deficit from operations, 1932
3,834,725
Dividends piaid
11,460,086
Divs. paid to minority stockholders in The
Pullman Co
455
Reserve for contingencies, appropriated as of
Dec. 31 1932
2,500,000
Balance
$10,132,564
Balance ofsurplus, as at Dec.31 1932
$74,765,122
CONSOLIDATED BALANCE SHEET DEC. 31.
Assets1932.
1931.
1930.
Inventories at cost
$7,891,752 $10,323,834 $14,316,419
Accounts and notes receivable
7.176,721
9,291,171
9,463,294
Marketable securities
1,720,138
1,852,954 29,185,116
Cash and Government securities
37.895.9M 39,342,386 39,308,722
Deferred charges
358.669
348,975
305,865
Equipment trust ctfs. and car leases
20.486,09921.583,506
Investment in company's capital stock
4.131,547
Investment in affil. companies, &c
2,881,293
2,941.178
Pension and reserve assets
7,502,462
7,524,395 7,226,308
Equipment and property
a203,047.638a236,890,645 252,470.719
Total
$288,960,697 1334230,590 1352276,443
Liabilities
Current accts. payable &
-- $7,372,860 $9,755,532 $13,457,815
Accr. taxes not yet due, payrolls-Incl. res.for
Federal tax
3,519,892
4,302,513
0,070,824
Res. for deprec. of securities, &c
5.000,001)
Pension and Maur. reserves
7.692.374
8,695,145
7.996,156
Reserve for contingency
2,500,000
Other reserves
1,868,769
Deferred credits
207,680
161,716
Capital stock
12191,015,3766193,728,283 193,720,573
Capital stock (Pullman Co.)
18,624
21,717
29,427
Surplus
74,765,122 112.565,684 130,992.648
Total
$288,960.697 $334230,590 1352276,443
a After deducting ordinary retirements during year of
$6,213,663, adjustments of $20,936,418; depreciation reserve ($170,107,139, less
on account of retirements during year $3,965,424). $166,141.716.charges
b Represented by 3.820,307 shares (no par)
.-V. 135, p. 3368.
General Electric Co.
(41st Annual Report-Year Ended Dec. 311932.)
Owen D. Young, Chairman, and Gerard Swope,President,
March 28 wrote in substance:
Orders received during the year 1932 were $121,725,772, compared
with
$252,021,496 in 1931, a decrease of 52%.
Unfilled orders at the end of the year were $20,142,000, compared
with
$49,308,000 at the end of 1931, a decrease of 59%.
Volume 136
Financial Chronicle
Committees of the board of directors reviewed the valuation of manufacturing plants, investments in associated companies and miscellaneous
securities, inventories, and notes and accounts receivable, and the figures
used in this report are the result of such reviews.
Manufacturing Plants.
From the formation of the company in 1892, there had been
expended
manufacturing pb.nts to Dec. 31 1931
S336,825,471
Added during
on1932
5,747,432
$342.572.903
Dismantled, sold, or otherwise disposed of to
Dec.31 1931
$137.695,738
Dismantled, sold, or otherwise disposed of
during 1932
14,149,297
151,845,035
Cost of present plants
*190,727.868
General plant reserve and depreciation, Dec.
31 1931
$153.068,713
Added by charges to income during 1932
6.254.717
Proceeds from sale of dismantled equipment.
&c., during 1932
764.213
$160,087,644
Less: Cost of plants dismantled, sold, or otherwise disposed of during 1932
14,149,297
145,938,347
Net book value, Dec. 31 1932
$44,789,520
Expenditures for manufacturing plant in 1932 amounted to $5.747.432.
compared with $9,600,173 in 1931. The only project of importance
was
the continuation of construction of
-kilowatt
3J
mercury turbine generating station at the 20.000 works. (26,800-124
Schenectady
This station
will be completed and put into operation in 1933.
Company expended for manufacturing
during
last 10 years approximately $144,000,000 plant and equipmentperiod the
, and during the same
took
out of service or wrote off approximately $162,000,000, leaving
the net
book value at the end of
318,000,000
During that period there1932 no increase less than it was 10 years earlier.
was
which is approximately 25,000,000 square in the manufacturing floor area,
feet.
Consent Decree in Radio Suit.
In the spring of
the anti-trust laws 1930 the U. S. Government instituted an action under
of America and other defendants.
of which company against Radio Corp.among other things, that certain
was one, alleging,
exclusive features of the cross-licensing agreements among the defendants
were illegal, and that the ownership
Westinghouse
by
Electric & Manufacturing Co. of stock company and byresulted in an
of Radio Corp.
illegal restraint of trade.
At the time that these arrangements were entered into, directors were
advised by counsel that they were,in all respects lawful and proper. Directors are still so advised, but it was recognized that great waste and business
disorganization would result from a protracted trial of the issues, and
negotiations were entered into with the Government in an effort to seek
a basis for the continuance of relations among
be satisfactory alike to the Government andthe defendants which would
to them. After extended
negotiations a solution was reached on which a consent decree was entered
In the U. S. District Court for the District of Delaware on Nov.
21 1932.
The stipulation underlying the decree
on the part of defendants, and the entry expressly states that such consent
of the decree, shall not constitute
or be considered an admission that
the defendants have violated any law
of the United States.
This stipulation was based on new agreements
which modify the crosslicensing agreements so as to remove
the exclusive features to which the
Government objected, and permit General Electric and Westinghouse
companies to manufacture and sell in the
radio field under their respective
patents, and also grant them certain
licenses to manufacture and sell in
the radio field after an interim period
of 2ji years under patents and
patent rights of Radio Corp. The
and Westinghouse companies shall decree provides that General Electric
Radio Corp. by distribution to their divest themselves of their stock of
stockholders and otherwise.
On Nov:211932, Radio
dise. As part of the new Corp. owed $11,695,546 to company for merchanarrangement this indebtedness was satisfied by
the conveyance to company of
the
N. Y. City, at 84,745,000, which RCA Building, 570 Lexington Ave.,
value, by the delivery to company was somewhat less than its assessed
of 31,587.000
10
-year
debenture bonds, and the balance of $5,363,546 of Radio Corp. benefits
by the rights and
accruing to company under new agreements.
The decree further provides that
certain matters relating to the foreign
situation are reserved for further consideration.
Pursuant to the decree, directors voted to distribute on Feb.
20 1933,
4,807,320 5-6 shares of the
stock owned by company as5,188,755 shares of Radio Corp. common
a dividend to its common stockholders of
record on Dec. 16 1932, on the basis of one-sixth of ono share
of Radio
Corp. common stock for each share of common stock
Co. The balance of company's holdings was left to of General Electric
be disposed of by
directors within three years from the date of the decree.
General.
Investments in associated companies and miscellaneous
Include advances to associated companies, were increasedsecurities, which
during 1932
20,210,082. The larger investments during the year were purchases by
of
2
.000
$7,500,000
• of 8%.000 of common stock of Electrical Securities Corp.. andThere were
preferred stock of G. E. Employees Securities Corp.
also added to this account $1,587,000 of Radio Corp. debentures,
and $4,745,000 representing an increase in the assets of General Electric
Realty
Corp., to which the RCA Building was transferred.
The reappralaal of these investments, after deducting tne value
of
Corp. shares td%e distributed as a dividend, resulted in a charge to Radio
surplus
of $19,498,309, leaving a final valuation of $153,579.518
.
Loans to Insult Companies.
The publicity given to the General Electric Co.'s loans to the
companies has not always been correct. The facts in connection Insull
therewith are as follows:
Early in Dec. 1931, Samuel Insull requested loans of $2,000,000
for
some of his companies. Mr. Insull was at the head of companies
been good customers of your company for 40 years, during which that had
time
purchases of General Electric products had amounted to well over their
000,000. Your company has, from time to time, made loans to$100,other
important customers. At the time the loans were made, the market value
of the collateral was substantially in excess of the loans. At the
year the loans were included in assets at the market value of the end of the
collateral,
Which was approximately $313,000.
Foreign Business.
Canadian General Electric Co., Ltd., reported net profit of $1,165,661
for the year 1932. compared with $2,308,155 for 1931. Dividends
of 7%
were paid on 38.557,750 of preference stock, and 8% on
89.442,250 of
common stock outstanding.
International General Electric Co., Inc., conducts the export and foreign
business of your company outside of Canada, and, for 1932, had a profit
of 81,901,852 available for interest on capital advances and
dividends,
compared with 82.963,222 for 1931. Interest and dividends paid in 1932
amounted to $1,900,000, compared with $2,846,667 in 1931.
Electrical Securities Corp.
Your company purchased from Electrical Securities Corp. during 1932
$2,000,000 of common stock, and transferred to that corporation for its
capital surplus, securities from the portfolio of General Electric Co. having
a valuation of $21,935,000. As General Electric Co. owns all of
the
common stock of Electrical Securities Corp.,this transfer of securities does
not change tho total amount of your company's investment in associated
companies and miscellaneous securities.
Earnings of Electrical Securities Corp.for 1932 were $2,927,263,compared
with 32,675,199 for 1931, and dividends were paid out of earnings at the
annual rate of 5% on the preferred stock, and $1,925,237 on the common
stock.
I
O. E. Employees Securities Corp.
Your company purchased from G. E. Employees Securities Corp. during
1932 $7,500,000 of 8% preferred stock, and transferred to that corporation
for its capital surplus, securities from the portfolio of General Electric Co.
having a valuation of 828,989,822. As General Electric
the capital stock of G. E. Employees Securities Corp., Co. owns all of
this transfer of
securities does not change the total amount of your company's investment
in associated companies and miscellaneous securities.
2233
Earnings of G. E. Employees Securities Corp. for 1932 were $1,819,523.
compared with $1,798,226 for 1931, and dividends were paid out of earnings
at the annual rate of 8% on the preferred stock, and $1.318,313 on „tne
common stock.
General Electric Contracts Corp.
The General Electric Contracts Corp. was formed in 1932 to purchase
from distributors and dealers instalment payment obligations covering the
sale of General Electric household appliances and other General Electric
products. The corporation began operations in
1933 in the New
York metropolitan area, and will expand as service Jan. volume of business
and
require.
Stockholders.
On Dec. 16 1932, there were 181,310 holders of common and special
stock, approximately half of this number (exclusive of corporations, institutions, &c.) being women. This compares with 150,073 on Dec. 18 1931
(an increase during the year of 21%), and with 116.750 in 1930 and 60,374
In 1929.
CONDENSED INCOME ACCOUNT FOR CALENDAR YEARS.
1932.
1931.
1930.
1929.
147.162.291 263,275.255 376,167,428 415.338.094
143,532,246 234,884.372 335.717,167 365.942.197
Profit from sales
3.630,044 28,390,882 40.450,261 49,395.897
Int.& disc. & sund. prof. 3,766,251
4.320,702 4.863.833
7,814.858
Income from securities_ - 7,322,160
8.678,645 15,211,369 13,611,220
Total
14,718,457 41,390,229 60.525,464 70,821,977
Deduct
Interest payments
314.346
433,234
313.079
450.806
General reserve
2,721.470 3.081.290
Net profit
14,404,110 40,956,996 57,490,915 67,289,880
Common diva..cash_ _b15,864,157 c46.150,257 d46,150,204 a39,660.234
b15,864,157
Cash diva, on spec.stock 2,575,033
2.574,952
2.575,005
2.574.819
Balance, surplus
df4.035.080 def7,768,266
8.765,759 25,054.827
Previous surplus
172.198,373 179,966,640 171,200,881 132.674.652
Total surplus
168,163,293 172.198,374 179,966,640 157,729,479
Direct credits to surplus
13.471.402
Net prov for revaluation
of assoc. cos.& miscall.
securities
19,498,310
Div. pay. in R. C. A.
common stock
26,440.265
ReceiptsNe
isbllled
:Cost ofsales
Profit & loss surplus- _122,224,721 172,198,374 179,966,640 171.200,881
Shs. corn. out.(no par). 28,845.927 28,845.927 28.845.92.8 7.211,482
Earns. per sh. on coin10.41
$1.33
*$1.90
88.97
a$5.50. b$0.85. c $1 60. d$1.60. z Includes provision for all
taxes. *Number of shares increased four for one in 1930.
-Company's radio set and tube business was transferred to the
Note.
Radio Corp. of America as of Jan. 1 1930, and as a result, the orders
received, unfilled orders, sales billed, and net income from sales for 1930
do not include radio sets and tubes, except the General Electric radios
which were introduced to the public in the latter part of the year.
CONSOLIDATED BALANCE SHEET DEC. 31.
1931.
1932.
1932.
1931.
Assets
$
$
Pats.,franchises,
yCommon stock.180,287,046 180,287,048
d‘c
1
1 Special stock._ 42,929,635 42,929,635
Radio Corp. of
34% debentures 2,047,000 2,047,000
Am. corn. stk.
Chas. A Coffin
(contra)
Foundation __
26,440,265
400,000
400,000
:Mfg. plants___ 44.789,520 46,061,019 Accts, payable la
Real estate, ate_
194,079
accrued
13,050,988 16,301,469
228,4i6
Furn. & apprem
Adv. on comets 8,187,289 9,684,175
(other than in
Div.pay in corn.
factories)_
stk. of Radio
Assoc. cos. di
Corp. of Am.
miscell. secs__153,579,318 179,308,010 (contra)
26,440,264
Cash
107,804,164 115,056,113 Divs. payable... 3,528,152 12,181,319
Notes & accts.
Res.for self-ins..
recelvable
23,976,484 39,192,434
compensation,
Marketable sees 8,303,852 7,122,820
5,058,891 4,063,497
Work in progress 6,304,820 10,063,820 General reserve_ a9,154,051 z14,517,597
Inventories
41,688,432 57,335,499 Surplus
122,224,721 172,198,374
Deferred charges
228,899
241,949
Total
413,308,037 454,610,112 Total
413,308,037 454.610.112
a After deducting S145,938.348 in 1932 and $153,068.714 in 1931 for
reserve for depreciation. y Represented by 28.845.927 shares of no par
value. z After applying 325,246.067 in reduction of book value of "Associated companies and miscellaneous securities." a After applying
$5,363,546 against patents and franchises acquired in 1932.-V.136. p.2077.
National Dairy Products Corp.
(Annual Report-Year Ended Dec. 31 1932.)
Thomas H. MeInnerney, President, says in part:
Our policy of writing off depreciation and of maintaining at all times
our properties in excellent physical condition has beeritcontinued, charges
during the year in respect to repairs, maintenance and depreciation aggregating $19.403,849. In view of the expenditures of past years for capital
additions the amount necessary to be spent for that purpose
margin
from the reserve for depreciation of an amount sufficient toleft a care of
take
the sinking fund requirements on our debentures so that the acquisition of
• debentures for that purpose did not diminish our working capital.
Dairy products price levels during the past year followed
downward trend of other commodity prices. It was necessarythe general
because of
agricultural conditions to absorb a considerable portion of this decline.
To offset this, your management found it necessary to effect increased
economies, including general wage reductions in which every officer
and
every employee $25,
eparticipa
The cash item of
427.742 shown in the
.
ing $3,315,606 for dividends paid on Jan 3 balance sheet, Is after deducta8
1933.
Stockholders now number in excess of 65,000.
CONSOLIDATED INCOME ACCOUNT (CO. AND SUBSIDIARI
ES).
Calendar Years1932,
1931.,
1930.
1929.
Netsales
374,558,411 300,021.483
Cost ofsales,exp.& depr
343.703,598 275,403,127
Gross profit
c16,355,500 27.748,882 30,854,813 24,618,356
Other income
2,007.960 2,156,268 3,252.081
1,708.689
Total income
Int.on fund.debt ofsubs. 18,363,460 29,905,150 34,106,894 26.327.045
146,405
223,535
373,903
375,934
Pref. dividends of subs.
186,536
201,066
133.050
1,937
Federal tax
2,882,070 3.358,776
2,455,753
Int.on Nat. Dairy Prod. 1,590,949
Corp. funded debt
3,902,189 4.050,506
4.167.477
2.515,695
Interest adjustment_
bCr180,638 aCr596,513
Net profit
12,537.380 22,547,973 26,254.326 21,574.239
Preferred dividends., -749,682
782.614
783,384
817.278
Common dividends
14,384,761 16,184,865 12,486,016
7,216.993
Surplus
def2.597,063
5,580,494 12,984,926 13,539,968
Shs. corn. stk. outstand- 6,263,155
6,263.150
6.202.178
5,135,646
Earnings per share
$1.88
$3.47
$4.10
$4.04
a Interest paid on funded and floating debt of
floating debt of National Dairy Products Corp. subsidiary companies and
retired in 1929 from proceeds from sale of stock. b Interest paid on
funded and floating debt of
subsidiary companies retired in 1930 from proceeds
of sale of stock in 1929.
c After deducting all operating charges, including depreciation
of 89.728.959 and repairs and maintenance of $9.674,890.
Financial Chronicle
2234
Consolidated Statement of Earned Surplus for Year Ended Dec. 31 1932.
$42,667,242
Earned surplus at Dec. 31 1931
12,537.380
Net profit for 1932 (as above) before dividends
$55,204,622
Total
1,000,000
Reserve for employees' loans
749,682
Preferred dividends
14,389.761
Common dividends
$39,070,179
Dec. 31 1932
Earned surplus at
Consolidated Statement of Capital Surplus for Year Ended Dec. 31 1932.
$16,818,981
Capital surplus at Dec. 31 1931
Net tangible assets attaching to minority stockholders' shares
acquired during the year in excess of stated value or cost of
company's common stock issued
62,567
Discount on preferred stocks of National Dairy Products Corp.
21.629
purchased and retired
$16,903.178
Total
Good-will purchased and written off
222,308
Adjustments from disposal of plants and equipment of subsidi• ary companies, as of dates of acquisition
1,579,622
212,942
Other corrections of sub. co.'s net assets, as of dates of acquis'n
.
18,532
Premium on pref. stocks of sub. cos. purchased and retired_.,_
Organization expenses incurred in purchase of sub. co's
17,436
$14,852,339
Capital surplus at Dec. 31 1932
CONSOLIDATED BALANCE SHEET DEC. 31.
1932.
1932.
1931.
Assets
Cash in banks
and on hand.. 25,427,742
Marketable sec.
99,878
Notes and accts.
receivable__ _ 16.381,974
Inventories _ _ _ - 11,267,263
Miscell. supplies
Cdt repair parts 2,599,071
206,371
Co.'s corn. stk.
Rec. from empl_ 2,155,117
277,588
Life insurance__
Invests. & advs. 4,059,288
z Land, bldgs.,
mach'y, 80_123,686,974
Prepaid taxes,
ins., Its., dce.
918,173
300,338
Sundry expenses
Good-will perch. 22,391,853
23,446.407
117,943
20.012,255
14,050,818
3,101,193
2,522,297
284,705
3,901,760
129,037,486
1,391,509
292,034
22,391,854
Accts. pay,Inc
sundry accr'd- 14,630,133
Divs. payable
accrued
Prov. for Fed
income tax_ _ _ 1,743,020
Res.for contine•
933,098
01% gold debs _ 73,427,500
Sub. co. bonUs
and mtges_ _ _ 1,098,359
Minority int. I
capital & sorplus of subsid. 2,169,475
Class A pref.stk. 5,878,900
Class B pref.atk. 4,637,000
v Common stock 51,331,630
Capital surplus_ 14,852,339
Earned surplus _ 39,070,179
1931.
15,297,830
46,478
2,995,020
790,378
75,446,500
1,470,225
2,538,816
6,184,400
4,962,800
51,331,590
16,818,981
42,667,242
Total
209,771,632 220.550,260
209,771,632 220,550,260
Total
x After &ducting $53.149,750 for depreciation in 1932 and $49,781,445
In 1931. y Represented by 6,263,155 shares of no par value in 1932 and
6,263,150 in 1931.-V. 136, p. 2081.
Montgomery Ward & Co., Inc.
(Annual Report -13 Mos. Ended Jan. 31, 1933.)
Sewell L. Avery, President, state in brief:
To secure the advantages of taking inventories at a period most favorable
to retail merchandising, the company has changed its business year to
end Jan. 31. The financial accounts presented are for the 13 months
ended Jan. 31 1933.
The operations of the company for the 13 months show a loss of 85,686,784
as compared with a loss of $9,737,083 for the 13 months ended Jan 31
1932. Sales declined from $210,945,672 to $176,488,690, or $34,456,982,
equivalent to 16.33%.
The financial position of the company is strong. Current assets at
Jan. 31 1933 (excluding first mortgage notes on homes sold, heretofore
shown as a current asset) were $83,460,336, against current liabilities of
$7,140,395, a ratio of 11.7 to 1.
Cash and marketable securities amounted to $27,823,967. Inventories,
valued at cost or market prices, whichever lower, are larger than a year
ago, having been built up in accordance with revised merchandising policies.
The 99,764 shares of common stock held in the treasury consist of 50,586
shares acquired prior to 1932, of which 43,117 were repurchased from
employees at cost to them plus 5% interest in accordance with contracts
of sale. The remaining 49.178 shares were purchased in the open market
. at an average cost to the company of $8.43 per share. These are substantially all of the block of 100,000 shares of the company's conunoa
stock on which the president was granted an option at $11 per share,
tinder the arrangement made when he came with the company.
COMPARATIVE INCOME ACCOUNT FOR STATED PERIODS.
Calendar Years
13 Mos. End.
1931.1930.
Jan. 31 '33.
1929.
176.488,690 198.118,920 249,097,223 267,325,503
Net sales
Cost of goods sold, oper.
al78,839,278a203,963,046 246,060.740 251,120,710
expenses, dEc
2,468.272
1.699,858
3.247,965
2.867,898
Depreciation
145,000
1,070.000
Iles. for income tax
769,445
Int. & diva. on sec_ _Cr _
Loss on sale of sec. acq.
857,675
in prior years
423.211 13,434.935
loss5,686.784los88,712.023
Net income
1,427.818
1.427,818
1.427.818
356,954
Class A dividends
10,229,735 10.440.843
Common dividends_
Deficit
6,043,738 10,139.841 111,234,342 sunl ,566,274
14.514,582 35.254.424 46.793.070 45.597,906
Previous surplus
Total surplus
.
8,470,844 25,114.583 35,558.728 47,164.180
Additional Fed. income
304,305
.
tax for prior years_ _ _
b10,600,000
Profit es loss deductions..
371.110
Profit and loss debits__
Total
8.470,844 14,514,582 35,254,424 46,793,070
SharOs corn, stock out4,620,768
4.565.004
standing (no par)
4,514,193
4,465,240
Nil
$2.60
Nil
Earnings per share
Nil
a Includes inventory write-down (15,300.000 in 1931)•
b Estimated loss in lease rentals and fixtures to stores to be closed or
relocated (in excess of reserves already available). $2,350,000; possible loss
on realization of receivables, collection expenses, Sze. (in excess of reserves),
11,081,200; possible loss on marketable securities and investments in affiliated companies, $500,000; reduction in cost of treasury common stock
to/average share value for all common stock issued, $1,285,900; balance of
preopening expenses of retail stores and mall order plants, heretofore
deferred, now written off, together with reduction in value of surplus
equipment to liquidation basis, $5,382,900.
COMPARATIVE BALANCE SHEET.
Jan. 31 '33. Dec. 31 '31.
Jan. 31 '33. Dec. 31 '31.
5
Liabilities$
Assets
xCapital stock __121,232,141 121,893,572
RI.est.. bldgs.,
plants, &e__ 44,340,777 47,318,836 Accts. payable_ 4,079,442 3,696,345
1,530.701
9,300,907 17,344,164 Due customers_ 1,033,324
Cash
Long-term debts 2,024,000
2,043,300
sNlarket.securs.
18,523,060 16,696,045 Mat, on long-tr.
(at cost)
debt due withetEL & I'd con194,600
in one year_
tract on homes
Employ, pay on
10,628,930
sold, &c
Invest. dc sav14,886,841 31,377,133
Receivables_
236,441
633,878
ings plan__
493,837
Investments1,692,199
40,749,557 36,305,748 Accr. expenses_ 1,833,028
Inventories-_ _
2,688,576 6,510,052
2,441,389 Reserve
2,632,046
Yr( I (items_
Earned surplus. 8,470,844 14,514,582
Total
141,555,957 152,117,193
141,555,957 152,117,193
Total
x Represented by 201,554 ($205,000 in 1931) shares of no par class A
per share cumulative) and 4,465,240 (4,514.193 in 1931) no par
stock ($7
common shares. y After reserve for depreciation of 813,718,695 ($11.881.($15,216,141 in 193.).598 in 1931). z Market value $18,434,241
V. 136, p. 1730.
April 1 1933
Canadian National Ry. System.
(Annual Report-Year Ended Dec. 31 192*.)
INCOME ACCOUNT YEARS ENDED DEC.31 (INCLUDING EASTERN
LINES).
Revenue1931.
1932.
Freight
$120,715.008 $148,951,631
Passenger
17.258,919
23,199,737
Express
9,051,421
11,027,248
Mail
3,408,669
3,731.562
Other
10,669,569
13,594,971
Total
Expenses
Maintenance of way and structures
Maintenance of equipment
Traffic
Transportation
Miscellaneous operations
General
Transportation for investment-Cr
$161,103,594 $200,505,162
Total
Net revenue from ry.operations
Railway tax accruals
Uncollectible railway revenues
$155,208.161 $199,312,995
5,895,433
1,192,167
5,204,948
5,774,074
141,062
44,511
Railway operating income
30,130,325
32,216,989
5.703,493
78,029,131
1,188,391
8,157,544
217,713
42,256,229
43,746,870
7,529,481
95,852,140
1,851.630
9,065.210
988,564
$549,421 loss$4626419
Revenues from hotel operations
Expenses of hotel operations
Taxes on hotel property
-deficit from hotel operations
Net income
Rent from locomotives
Rent from passenger-train cars
Rent from floating equipment
Rent from work equipment
Joint facility rent income
Income from lease of road
Miscellaneous rent income
Miscellaneous non-transportation property
Dividend income
Income from funded securities
Income from unfunded securities & accounts
Income from sinking & other reserve funds
Contributions from others
Miscellaneous income
$2,360,929 $2,951,630
2.290.538
3,028,290
129.873
116,650
$59.482
$193,310
$161,584
$210,630
224,156
250.661
360
349
139.616
238,731
1,533,076
1,569,718
47,442
39,012
1,029,914
1,057.624
116.088
124,648
161.654
600,497
1,265,104
1,255,900
504,439
3.028,670
1,069.423
1,106,732
100,000
100,000
3,053,649
1,110,970
19.406,511 110.694,146
$9,896.451 $5,874,416
Gross income
$693,381
$453,878
-debit balance
Hire of freight cars
32.045
Rent for locomotives
41,449
270,368
Rentfor passenger-train cars
315.619
5,388
Rent for floating equipment
13,616
10.625
Rent for work equipment
39.049
2,294,995
Joint facility rents
2,097,901
1,350,197
Rent for leased roads
1,328,621
724,168
Miscellaneous rents
309.744
126,549
Miscellaneous tax accruals
113,773
-loss
1,654,747
Separately operated properties
1,805,340
967,189
Interest on unfunded debt
1.362.972
Amortization of discount on funded debt
907,515
852,966
Miscellaneoqs income charges
5,559,594
2,105,380
Miscellaneous appropriations of income
80.827
77,249
Netdeficit before interest
$4,041,640 15.282.649
Interest due public on long-term debt
56.965,278 55,587,145
Net deficit before interest on government loans- 461,006,919 $60,869,794
35,525.540 32,643,624
Interest on Dominion Government loans
Net deficit
$96.532,459 $93,513.419
.
CONSOL. BALANCE SHEET DEC. 31 (CAN. NAT. RY SYSTEM),
1931.
1932.
1930.
Assets1929.
Inv. In road & equip_22,136,895.346 $2,137,388,433 $2,111,519,813 $2,038,398,433
3,627,302
3,532,070
3.464,459
Imp.on leas'd ry.prop
2,707,483
19,851,491
19,708,598
19,134,345
Sinking funds
17,061,995
Deposits in lieu of
4,954,224
4,898,847
5,617,557
mtgd. prop. sold. _
5.073,405
60,410,641
59,650,506
57,178,042
Misc, physical prop_
53,816,942
28,094,692
29,045,428
26,723,552
Inv.In attn. cos
46,241,160
2,301,088
2,744,245
2,291,378
Other inv. at cost_ _ _
5,348,073
12,338,890
14,481,436
7,644,258
Cash
18,233,300
6,528,976
6,505,523
6,298,655
Special deposits
47,680,951
Traffic dc car service
833,261
1,369,898
627,878
balance receivable_
1,574,980
Net balance receiv.
1 7 ,3gt
4,277,767
:(4,
1 r
3,427.483
16,211,399
from agents & con_
7,601,571
6,350,418
Misc. accts. receiv..
0,051,758
Dom. Govt. over.
2,394,906
1,888,872
887,075
def. on East. lines_
883,643
39,961,850
34,565,179
42,988,695
42,582,882
Materials dr supplies..
822,241
825,495
871,721
Int.& diva. receiv
1,230,074
53,944
53,974
152,478
Rents receivable._._
130,669
880,644
543,092
801,252
Other current assets.
771,693
192,161
263,067
360121
Working fund adv.__
336,967
11,408,581
11,125,978
Insurance, &c.,funds
10,583M8
10,480,455
19,606
Other funds
8,392,497
7,136,882
9,454,900
Other da. assets.... _
9,725,567
Rents & ins, prem.
216,690
235,915
301,831
paid in advance _..
287,059
189,620
Disc, on cap. stock...
189,620
189,620
189,710
16,309,412
12,943,599
Disc, on funded debt
15,396,007
11,087,025
5,416,372
4,018,989
4,418,119
Other unadj. debits.
3,773,296
669,692,327
763,765,143
579,755,822
Profit & loss deficit..
513,294,188
$3,119,751,478 $3,043,784,988 $2,924,446,560 $2
Total
,847,173,107
Liabilities
$270,213,564 $270,220,964 $270,221,124 $270,223,249
Capital stock
10,600
10,600
Stock nab,for cony
10,600
17,153,638
Grants maid collat. _
17,406,770
17,026,667
16,841,136
Fund, debt held by
public
1,264,517,167 1,276,457,207 1,168,565,863 1,122,559,493
Dorn. Canada acct.- 1,084,653,588 1,363,788,593 1,330,006,076 1,308,684,662
Dorn. of Canada exp.
for Canad. Govt.
405,170,074
railways
35,008,251
820,673
55,653,542
Loans and bills pay..
44,829,600
Traffic and car serv.
2,961,806
2,561,446
3,593,249
balances payable.4,971,468
Aud. accts. & wages
14,041,300
17,440,134
9,544,898
payable
21,459,832
2,433,523
2,584,631
2,105,418
MLsc,accounts pay....
3,297,974
7,866,496
7,884,301
8,907,658
Int. matured unpaid_
8,449,964
28,960
24,097
111,230
Fund.debt mat. unp.
93,127
11,213,285
11,052,420
9,298,594
Unmat,int. accrued.
9,148,642
385,059
379,354
402,250
Unmat. rents acced.
377,867
114,484
154,429
774,576
Other cure, liabilities
72,874
4,565,358
4,587,819
5,004,355
Other deferred Bab_
4,800,661
2,477,299
2,574,406
2,147,191
Tax liability
2,140,688
11,110,836
10,568,401
11,408,581
Maur.& cas. reserve_
10,485,771
2,662,300
2,681,497
2,717,264
Accrued deprec.-Rd
2,407,829
12,199,864
12,984,206
11,123,176
Accr. depre.-Equip.
8,488,322
1,297,284
1,229,799
1,138,977
Accr. depre.-MLsc_
1,036,009 3,138,183
2,543,993
2,827,899
Other unadj. credits.
2,441,995
Add, to prop. thru
659,852
645,018
682,428
Income & surplus
611,239
Funded debt retired
587,465
587,465
587.465
through Inc.& air.
583,000
915,952
997,626
840,609
Sinking fund reserve_
771,926
2,553,914
2,501,607
2,666,379
Appropriated surplus
2,385,177
23,119,751,478 23,043,784,988 $2,924,446,560 $2,847,173,107
Total
-V. 135, p. 3159. ma
•
2235
Financial Chronicle
Volume 136
General, Corporate and Investment News
STEAM RAILROADS.
with headquarters at El Reno and the Oklahoma Southern division with
headquarters in Fort Worth. The first division comprises 780 miles of
right of way and the second 713.-V. 136, p. 1537. 1543.
Fewer New Freight Cars Placed in Service Drying First Two Months.
Class I railroads of the United States in the first two months of 1933 placed
In service 476 new freight cars, the Car Service Division of the American
Railway Association announced. In the same period last year, 870 new
freight cars were placed in service. The railroads on March 1 this year had
1,974 new freight cars on order compared with 3.214 on the same day last
year.
The railroads placed no locomotives in service in the first two months
this year compared with three in the same period in 1932. New locomotives
on order on March 1 this year totaled three compared with 36 on the same
day last year.
Freight cars and locomotives leased or otherwise acquired are not included in the above figures.
Frei'ght Cars in Need of Repairs Increase.
-Class I railroads on March 1
had 269,378 freight attain need of repair or 12.9% of the number on line,
according to the Car Service Division of the American Railway Association. This was an increase of 2,784 cars above the number in need of
repair on Feb. 1, at which time there were 266,594 or 12.7%. Freight cars
in need of heavy repairs on March 1 totaled 149,473, or 9.3%, a decrease of
3,369 cars compared with the number in need of such repairs on Feb. 1,
while freight cars in need of light repairs totaled 74,905, or 3.6%, an increase of 6,153 compared with Feb. 1.
More Locomotives in Need of Repairs.
-Class I railroads of this country
on March 1 had 10.290 locomotives in need of classified repairs or 20% of
the number on line, according to reports filed by the carriers with the Car
Service Division of the American Railway Association. This was an increase of 276 compared with the number in need of such repairs on Feb. 1,
at which time there were 10,014 locomotives in need of classified repairs or
19.4%. Class I railroads on March 1 had 8,966 serviceable locomotives in
storage compared with 9,419 on Feb. 1.
Matters Covered in the "Chronicle" of March 25.-(a) Shops of Great
Northern RR, to reopen with 250 men, p. 2011. (b) Railroads to end
revenue pooling; I. 0. Commission is told that plan to aid "weaker" lines
-S.
during depression is futile; surcharges stay; credit corporation to be dissolved. P. 2011.
Denver & Rio Grande Western RR.
-$2,250,000 Loan
Approved.
-
Ann Arbor RR.
-Seeks $265,243 Loan from Reconstrunctio
Finance Corporation.
-See under "Current Events and Discussions" on a preceding page.
-V.135, p. 4557.
Boston & Maine RR.-To Vote on Refunding.
Stockholders at the annual meeting scheduled for April 12 will vote on a
proposal to authorize the execution of an equipment trust agreement for
the purpose of obtaining additional rolling stock or other equipment, and
for financing this equipment. They will also be asked to authorize the
management to make any application for loans, for such amounts as are
deemed advisable, to the Reconstruction Finance Corporation.
The stockholders will also be asked to take action with respect to refunding $1,872,000 of Fitchburg RR. 5% bonds, due Jan. 1 1934, and vote on
aproposal to issue, under the mortgage, bonds for refunding or retiring
J
maturity. $7,500,000 of Boston & Maine series Kir 5% bonds, due
March 1 1952. and $17,500,000 of series LL 6% bonds. due June 1 1962,
such new bonds can be sold or otherwise disposed of upon a more
F
favorable basis.
Another proposal on which stockholders will take action is the issuance of
163,460 shares of 7% prior preference stock, the number of shares required
to take care of any possible conversion of general mortgage bonds this Year.
-V. 136, p. 155.
Chesapeake Corp -Earnings..
Calendar Years1930.
1929.
1932.
1931.
Income from dividends-310.166,270 $10,320.583 $9.422.375 $7.124,300
Int. earned & misc. Inc__
163,610
21,327
30.501
25,194
Total
510.187.597 $10,345,776 $9.452.876 $7.287,909
Bond interest
2.354.082
2,191,976
2,327,443
2,248.212
Other interest expense.._ 1,805,215
199.026
1,549,687
823,472
General expense
60,628
34,740
53.357
44,035
Net profit
Dividends
$6.129.779 $6,494.519 $6.257,927 34,700.068
4,049,618
4,049,426
5,399.235 5.399,236
Balance
$650.443
$2.080,353 $1,095,284
$858.691
Shares capital stock outstanding (no par)
1,799,745
1,799,745
1.799,745
1,799,745
Earnings per share
$3.41
$3.61
$3.48
$2.61
Paid-In Surplus Account Dec. 31 1932.
-Balance Jan. 1 1932,$7,644,028;
Profit on bonds purchased and tendered to sinking fund trustee. $444,565;
total, $8,088,593; loss on sale of securities, $294,052; balance Dec. 31 1932,
$7,794,540.
Balance Sheet Dec. 31.
1932.
1932.
1931.
1931.
Assets-Liabilities$
$
Cash
117,578
888,867 bCapital stock_ 74,242,042 74,242,042
Div.& Int. reel° 2,543,055 2,561,880 5% cony, coll.
Investments __a161,989,650 163,126,653 trust bonds__ 43,334,000 44,495,000
Special deposits713,587
386
619 Accr. int, on bds
283,059
L'ns& accts. pay 31,943,842 35,371,587
Paid-in surplus- 7,794,541 7,644,028
Earned surplus- 6,622,657 4,542,305
Total
Total
164,650,669 166,578,020
164,650,669 166,578,020
a Consists of(1) 4,066,508 shares of common stock of Chesapeake & Ohio
Ry., 27,500 shares common stock Pere Marquette Ry.. 69,000 shares common stock of Erie RR., and $238,000 par value 20
-year 5% cony. coll.
trust bonds of Chesapeake Corp. b Represented by 1,799,745 (no par
shares).
-v. 136, p. 854.
Chesapeake & Ohio Ry.-Correction.In the income statement given in last week's "Chronicle" the amount
of common dividends chargeable against the 1932 earnings should have
been $19.131,979 and not $14,351,960.
Excess Earnings.
The I.
-S. C. Commission has issued tentative excess net railway operating
Income report showing that the company earned excess of $37.549,810 in
the seven years ended 1926 and the Hocking Valley $5.111,118 in the
seven years endindwith 1927. Of these amounts, one-half or $18.774.905
and $2,555,559, respectively, is recapturable. Payment is required within
-V. 136. p. 2057.
30 days unless protests are filed.
-No
Chicago Milwaukee St. Paul & Pacific RR.
Interest Paid on 5% Cony. Adj. Mtge. Gold Bonds, Series A,
Due 2000.
The board of directors has declared no interest to be due and payable
April 1 1933 on the 5% convertible adjustment mortgage gold bonds.
series A, due 2000,rsolthat coupon No. 12, maturing April 1 1933, has no
value. .A ccumulatfons of cumulative interest on the adjustment mortgage
bonds will be paid (but without interest thereon) against future coupons
when and as declared by the board of directors in accordance with the adjustment mortgage.
-V. 136, p. 2064.
Chicago Rock Island & Pacific Ry.-To Vote on Bonds.
The stockholders will vote on May 5 on approving the creation of an
authorized Issue of consolidated first mortgage bonds.
Merges Units.
All lines of the Rock Island in Oklahoma, formerly separated into two
operating.divisions4will be combined into a single division effective April 1.
The:present system includes the Panhandle Indian Territory division
The company on March 23 was authorized by the I.
-S. C. Commission
to borrow $2,250,000 additional from the Reconstruction Finance Corporation. The money is to be used to meet obligations of the company,such as
taxes, interest and principal of equipment trust notes and mortgage bond
Interest due from Feb. 20 to July 20.-V. 135. p. 4558.
Est RR. Co. of France. (Compagnie des Chemins de
Fer de L'Est). France. -Smaller Dividend.The company has declared a dividend of 52 francs per share for the
year 1932 as compared with 53;4 francs paid 12 months ago for the year
1931.-V. 134, p. 2331.
Galveston Houston &
Cash on Bond Maturity.
-
Henderson
RR.
-Offers 50%
Holders of $2,122,000 1st mortgage 5% gold bonds maturing April 1,
will receive for each $1,000 bond. $500 in cash and $500 in new 1st lien &
refs. gold mortgage bonds,series A, 534%,maturing April 11938. under a
plan which has been worked out with the assistance of the Reconstruction
Finance Corporation, according to a letter sent out by G. G. Moore, VicePresident of the road. J. & W. Seligman & Co. and White, Weld & Co,
who brought out the bond issue, recommend acceptance of the plan as in
the interest of the bondholders. The letter dated March 27, follows:
The $2,122,000 bonds outstanding mature on April 1 1933. It is
Impossible for the company under present conditions, to refund the
first mortgage bonds by the Issue and sale of new bonds to the public. The
Reconstruction Finance Corporation has with the approval of the 1.-S. C.
Commission, approved a loan of sufficient funds to the company to enable
it to propose the following plan:
Subject to the plan being declared operative, the company has arranged
for the purchase of all first mortgage bonds deposited under the plan. Payment for each $1.000 bond to be made as follows:
(a) $500 in cash;
(b) $500 in new 1st Lien & Ref. gold mortgage bonds. Series A, bearing int. at 5;4% and maturing April 11938.
The indenture securing the new Bonds, in addition to creating a direct
lien (subject to the existing first mortgage until the same shall have been discharged) on eli of the company's properties, rights and franchises, now
owned and hereafter acquired, will provide for (1) the specific pledge thereunder of all first mortgage bonds purchased pursuant to the offer herein
made,or at any time acquired by the company, bonds so pledged to be held
alive without impairment of lien until all first mortgage bonds heretofore
Issued have been acquired and pledged under the indenture, or have been
Paid or otherwise discharged, and (2) the specific assignment of the company's interest in two substantially identical contracts under which Missouri-Kansas
-Texas RR. of Texas and International-Great Northern RR.,
respectively, use the lines of the company,together with agreements supplemental to said contracts providing, among other things, that said contracts
shall continue in force until 1941. and that the tenant companies will pay,
In equal amounts, in addition to all other payments thereunder, sums required for the interest upon the Series A bonds issuable pursuant to the foregoing offer and upon the above-mentioned loan from the Reconstruction
Finance Corporation.
The 1st lien bonds will constitute an authorized Issue not exceeding
35.000,000 principal amount at any one time outstanding, all issued under
and secured by an indenture dated April 1 1933, to be made to Central
Hanover Bank & Trust Co.,as trustee. Series of 1st lien bonds, other than
Series A, may be created with such maturities, bearing interest at such
rate or rates, and containing such terms and provisions with respect to
redemption and otherwise, as directors may from time to time determine,
In conformity with the provisions of the mortgage. First lien bonds a
any other series may be issued to refund the Series A bonds and first lien
bonds of any series may also be issued to reimburse the cost of additions
and betterments including, to the extent permitted by the mortgage, uncapitalized additions and betterments made prior to the date thereof. The
mortgage will contain such other provisions as counsel may advise to be
appropriate for the security and protection of the holders of the first lien
bonds.
The first lien bonds, Series A, will be dated April 1 1933, will mature
April 1 1938, will bear interest at the rate of 5;4% per annum, payable
semi-annually Oct. 1 and April 1. Denom. c* $500 and 51.000 and r*
$500 and $1,000. Redeemable in whole but not in part,on any interest date
on 60 days' notice at 102;4 and int., if red. on Oct. 1 1933, and thereafter
at a premium decreasing by ;:( of 1% for each 6 months elapsed subsequent
to Oct. 1 1933. First lien bonds, Series A. in addition to the principal
amount of not exceeding $1,061,000 deliverable under the foregoing offer,
will presently be issued only in the principal amount of $1,591,500, all of
which whl be pledged with the Reconstruction Finance Corporation as
security for the loan.
Upon the acceptance of the above offer by all holders of 1st mortgage
bonds,the 1st hen bonds will constitute the only outstanding mortgage debt
of the company.
The above offer of cash payment and delivery of 1st lien bonds, Series A,
is subject(1) to authorization by the 1.-S. 0.Commission,and by any other
governmental authority hawing jurisdiction, and (2) to the plan being declared operative, whether before or after April 1 1933, by published notice.
Company may, at any time, abandon the plan by like notice.
Before the plan can be declared operative the offer must be accepted by
substantially all the 1st mortgage bonds. The Reconstruction Finance
Corporation has limited its loan to one-half of the amount of the 1st mortgage bonds, and funds to make an additional payment are available from
no other source. The alternative to prompt acceptance by substantially
all the 1st mortgage bonds will be default with a consequent probability
of receivership and foreclosure.
Holders of 1st mortgage bonds are urged to accept the above offer and
assent to the plan by depositing their bonds promptly at the office of Central
Hanover Bank & Trust Co.,70 Broadway.New York City,depositary under
the plan.
Coupons due April 1 1933, on 1st mortgage bonds should be detached
before deposit and presented for payment in the usual way.
-V. 136.
P. 1881.
Genesee & Wyoming RR.
-Bonds.
---The I.
-S. C. Commission on March 22 authorized the company (1) to
issue a promissory note for $270,000 and, from time to time, other notes
In renewal of any unpaid balance thereof and of such renewal notes; and
(2) to pledge and repledge, as collateral security for said notes, all or any
part of $400.000 of 5% 1st mtge, gold bonds.
-V. 135. p. 1820.
Gulf Mobile & Northern RR.
-Seeks Unification.
-
The Gulf Mobile & Northern RR.,and the New Orleans Great Northern
have applied to the I.
-S. 0. Commission for approval of a tuilfication plan
by which Gulf Mobile & Northern would lease the lines of the other carrier
for 99 years and operate the road.
II
Niel;
A new company, the New Orleans Great Northern By., whlchwill
acquire the properties of the old company, the Gulf, Mobile & Northern
R., will lease the properties to the G.
R
& N.
In this connection the new company proposes to issue $5,367.000 of first
mortgage 5% 50
-year bonds, $4,124,000 of 5% income debentures, and
$824.000 of common stock.
-V. 136, p. 2064.
Illinois Central RR.
-To Shift Collateral.
-
Incident to the consummation of a pending loan of $5,000.000 from:the
R. F. 0.,the road has asked the I.
-S. C. Commission's approval to pledge
$2,384,000 of bonds as collateral for short term notes.
The road will substitute $1,605,000 of Yazoo & Mississippi ValleyIRR.
5% improvement bonds and $779.000 Illinois Central ref. mtge. 4% bonds
for $1,500,000 of Illinois Central Western Lines 1st mtge. 4% bonds as
:
2236
Financial Chronicle
security for the loan of $1,000.000 from the Railroad Credit Corp. and of
11.000.000 Illinois Central RR. Western Lines 1st mtge. 4% bonds and
$400.000 Southern Illinois & Missouri Bridge Co. bonds required for the
loan of an additional $1,000,000 approved by the Railroad Credit Corp.
This substitution will release the Illinois Central's Western Lines bonds and
the Southern Illinois & Missouri Bridge Co. bonds which the I.
'
-S. C.
Commission has approved as proper collateral for loans from the R. F. C.
-V. 136. p. 1543.
Kane & Elk RR.
-Application for Reconstruction Loan
Dismissed.
The application of the company to the Reconstruction Finance Corporation for a loan of $30,000 filed Oct. 19 1932 has been dismissed by the
I. S. C. Commission, the company having withdrawn its application
March 25.-V. 124. p. 788.
Kansas City Fort Scott & Memphis Ry.-No April 1
Interest.
The interest due April 1 1933 on the guaranteed 4% ref. mtge.gold bonds.
due 1936, will not be paid on that date.
-V. 127. p. 679.
Missouri Pacific RR.
-Shippers Seek Receivership-St.
Louis Iron Mountain Road Also Sued for Claims from Old
Freight Rate Charges.
A large body of shippers,in two suits filed March 28 at St. Louis against
the Missouri Pacific and St. Louis Iron Mountain & Southern roads, asks
that the Federal Court reinstate the receivership of the roads, which was
in force from 1915 to 1917, and that it then remove the old receiver and
appoint another to take charge of the assets. An Associated Press dispatch from St. Louis further adds:
The suits are based on claims amounting to about $3,000,000 for refunds
offreight charges paid in excess of the rates fixed by State law in the period
1905-1913. when the State freight law was under attack in Federal Court.
The name of St. Louis Iron Mountain & Southern formerly designated the
southern and southwestern lines of the present Missouri Pacific system.
The name is not now used in operations.
None of the usual allegations of a receivership suit are made in the case
and the proceeding appear to be for the purpose of collecting the refund
claimed by the shippers.
The New York •'Herald Tribune" March 29 states:
Wall Street was not inclined to regard the receivership petition above
mentioned very seriously, it being pointed out that claims made by other
shippers on the same basis had not been awarded by the courts.
The Missouri Pacific will soon place itself under the bankruptcy law and
seek to effect a plan of reorganization which is now being developed into
is final form.
Files Petition in Federal'Court Seeking to Effect Reorganization Under New Bankruptcy-Law.
The company has filed a petition in the Federal Court at St. Louis
seeking to effect a plan of reorganization under the new bankruptcy law
passed by Congress. The petition states that there Will become due April
1 and within 30 days thereafter the following obligations:
Principal and interest on obligations which constitute a lien on the company's property due May 1 and totaling $38,183.918.
Interest aggregating $1,110,411 due April 1.
Taxeson property due April'10 totaling 11.295,000.
The petition declares that the debtor is without funds to pay and discharge these obligations as they mature and believes that it has no means
of borrowing or otherwise procuring funds and therefore desires to effect
a plan of reorganization pursuant to Section 77 Chapter 8 of Act of Comp
-eau
relative to bankruptcy. A copy of this petition is being filed with I. S. C.
Commission.
The filing of the petition was authorized by the executive committee of
the board of directors at a meeting March 31. The petition prays that an
order may be entered by the court approving the petition.
Bankers Issue Statement Regarding Step Taken by Road.
The following statement was issued by J. P. Morgan & Co.
last night:
J. P. Morgan & Co. and Kuhn, Loeb & Co., who have heretofore issued
certain securities of the Missouri Pacific RR., have been advised of the
steps taken by the Missouri Pacific RR., the New Orleans Texas & Mexico
By. and the International-Great Northern RR. to secure for such corporations and their security holders the protection afforded by the Act
recently passed by Congress in aid of railroad reorganizations, with the
Intent of submitting to the L-S. C. Commission a plan of reorganization
as contemplated by the Act.
The procedure under the Act contemplates that full opportunity will be
afforded to security holders or their representatives to participate in the
hearings provided for in the Act and, before being invited to give their
final assent to any plan of reorganization, to present their views to the
L-S. C. Commission.
-V. 136. p. 2064.
-Abandonment.
Natchez, Columbia & Mobile RR.
-S. C. Commission on March 18 issued a certificate permitting
The I.
the company to abandon, as to inter-State and foreign commerce, its
entire railroad extending from Norfield to Tilton, 29.6 miles, and the
abandonment by it of operation, under trackage rights, over the railroad
of the Denkmann Lumber Co. between Tilton and Oak-vale, 3.6 miles,
-V. 122. p. 2489.
all in Lincoln and Lawrence counties, Miss.
-$7,000,000 New Loan from
New York Central RR.
Reconstruction Finance Corporation Approved.
-See details
under "Current Events and Discussions" on a preceding
-V. 136, p. 1882.
page.
-To Appeal
New York Chicago 8c St. Louis RR.
Judgment of $84,000.
The company will appeal from the recent decision of the New York
State Supreme Court awarding a judgment of $84,000 to a holder of its
6% notes that matured last Oct. 1. Appeal has been taken from a previous judgment of 810,000 granted to the same plaintiff, Julius Litt..
The road was unable to pay the $20,000.000 note issue when due, but
Is offering to pay 25% cash and the balance in new 6% notes due 1935.
Approximately 91% of the old issue has been refunded in this manner.
-V. 136. p. 1881.
New York New Haven & Hartford RR.
-Asks Permission to Guarantee All of Westchester & Boston Issue.
-S. C. Commission to guarThe company has asked permission of the I.
antee the principal and interest on 12.000.000 of the 1st mtge. 4II% bonds
of the New York Westchester & Boston Ry. which it now holds in its
treasury. The securities are part of a total Issue aggregating $22,351,000
face value, of which $19.200.000 are held by the public and 13.151.000 are
in the New Haven's treasury.
The bonds held by the public and the remainder of the issue held by the
applicant are now endorsed with the New Haven's guarantee. It is proposed to guarantee the $2,000,000 additional in order to give them equality
of security with the others.
At the annual meeting to be held April 19 stockholders will be asked to
approve issuance of bonds. notes and other evidence of indebtedness for
any lawful purpose, and the issue or assumption of obligation or liability
in respect of equipment trust shares or obligations. This is the usual
blanket authority sought from stockholders to take care of any possible
financing contingencies -V. 136. p. 1197.
Nord Ry. (Compagnie du Chemin de Fer du Nord),
France. -Smaller Dividend.
The company has declared a dividend of 85 francs per share for 1932
against 100 francs for the year 1931 and 105 francs paid for 1930.-V.
135, p. 1326.
-Stockholders Authorize Bonds.
Old Colony'RR.
The stockholders, at their annual meeting held on March 28, voted
approval of an issue of bonds not exceeding $600,000 under the first mortgage for the purpose of reimbursing the New York, New Haven & Hartford
RR,for permanent extensions, additions and improvements. The issue is
April 1 1933
subject to the approval of the I.
-S. C. Commission and the Massachusetts
Department of Public Utilities.
-V.136, p. 2064.
Paris-Lyons-Mediterranean RR. (France). -Decreases
Dividend.
The company has declared a dividend of 50 francs per share for
as against 60 francs a year ago for 1931 and 85 francs per share paid1932
two
years ago for 1930.-V. 135. p. 3351.
Paris-Orleans RR.(Compagnie du Chemin de Fer de
Paris a Orleans), France. -Reduces Dividend. •
The company has declared a dividend of 65 francs per share for the year
1932 as against 70 francs per share a year ago for 1931.-V. 136, p. 1011.
Pennsylvania RR.
-Company and Wabash Will Merge
Trains.
The Pennsylvania RR. and Wabash By will consolidate their ChicagoDetroit passenger trains beginning on April 2. The Wabash will discontinue service between Detroit and Buffalo. Henceforth. the Pennsylvania and Wabash will transfer trains to Pennsylvania tracks between
the Union Station in Chicago and Fort Wayne,Ind.
-V. 136, p. 2065.
Richmond Fredericksburg & Potomac RR.
-Recapture
Case.
The U. S. Supreme Court has refused to grant this company's petition
for a review of the decision of the court ofappeals of the District of Columbia
which dismissed its bill for an order restraining the comptroller general of
the United States from withholding money due the carrier for the transportation of mail as an offset against the amount which the I.
-S. C. Commission is seeking to recapture from the road. The question of the legality
of the Commission's order is pending in another case in a suit brought by
the government to recover the money.
-V.136, p. 656.
St. Louis-San Francisco Ry.-Plan Delayed.
-
The board of readjustment managers took no action March 27 after
discussing with counsel proposal to effect reorganization through recently
enacted bankruptcy legislation
The following announcement was made after the meeting:
the meeting of the readjustment managers under the St. Louis
San Francisco Ry. readjustment plan held to-day (March 27) various
questions were discussed, including the procedure for carrying out the
Westmont plan. It is expected that a further meeting will be held
sho. tly."
Counsel for the road said that the 'Frisco probably would in "due course"
take advantage of the bankruptcy law to place their plan in effect.
Before this can be done, the plan will have to be approved by the 1.-S. C.
Commission. The law provides that two-thirds of the holders of a mortgage may force the other holders in acceptance of a plan. The 'Frisco
managers have obtained deposits of more than two-thirds of each issue
affected by the plan, with the exception of the Ft. Scott bonds, of which
slightly more than 65% have been depoaited.-V. 136. p. 2065.
St. Louis Southwestern Ry. of Texas.
-Abandon.
The I.
-S. C. Commission on March 20 issued a certificate permitting
the company to abandon part of its line of railroad extending from Prestridge
to White City, about 30 miles, all in Angelina, Nacogdoches and San
Augustine counties, Texas.
-V. 135. p. 459.
Savannah & Statesboro Ry.-Sale--Distribution to
Bondholders.
The "Chronicle" has been advised that the mortgage covering the issue
of 1st mtge.5% gold bonds,due Jan. 1 1953, wasforeclosed and the property
sold. The sale was ratified by the U. S. District Court for the Southern
District of Georgia at Savannah. Ga., on Feb. 8 1933. At the sale the
property was bid in for 17.500 by the bondholders' protective committee
for the subject issue, representing 148 of the 185 bonds outstanding.
Of the sale price, the Continental Trust Co. substituted trustee, has
received only sufficient to pay the costs and expenses of the foreclosure proceedings, and the balance amounting to something less than $3,000
-is
payable upon further order of the Court. Just when such an order will be
passed is not known.
Prior to the foreclosure of the mortgage, the receiver of the company,
acting in pursuance of a Court order, turned over to the substituted trustee
funds sufficient to pay in full, the Jan. 1 1931 coupons from these bonds
and $9.32 on account of each of the July 1 1931 coupons.
Prior to the receivership of the subject company, the substituted trustee
held in the mortgage principal account, proceeds from the sale of certain of
the mortgaged property. In pursuance of Court orders the trustee paid
from this fund taxes for the years 1931 and 1932. leaving in its hands a sum
sufficient to pay $32.46 on account of the principal amount of each of the
outstanding bonds. This amount has been collected in respect to all of
the bonds deposited with the bondholders' protective committee and the
holders of the remaining 37 bonds can receive like payment upon presentation of their bonds at this office.
Under the order of Court passed Feb.8 1933, the holders of the 37 undeposited bonds are given the privilege during the six months ending Aug. 1
1933, of depositing their bonds with the Maryland Trust Co., Baltimore.
Md. as depositary for the bondholders protective cormnittee, to
•
that the holders thereof may participate in the property purchasedthe end
by the
committee or in the proceeds thereof. Only the bonds in respect to which
the $32.46 payment has not been made are eligible for deposit under this
provision of the Court Order.
-V. 136. p. 1198.
Southern Railway.
-Abandonment.
The I.
-S. C. Commission on March 16 issued a certificate permitting
the company to abandon a branch line of railroad extending in a general
southwesterly direction from Okalona, through Ifouston, to Calhoun
City. 37.34 miles, in Chickasaw and Calhoun counties, Miss., and the
receiver of the Mobile & Ohio RR. to abandon operation thereof.
-V. 136.
p. 1372.
Texas 8c Pacific Ry.-Loan of $700,000 Approved.
-
The company has been authorized by the 1.-S. C. Commission to borrow
$700,000 from the Reconstruction Finance Corporation to meet part of its
interest payments due April 1 and to pay $95.000 of equipment trust certificates.
-V. 136, p. 1882.
Union Pacific RR.
-Declines Unification Conditions.
-
The company has notified the I.
-S. C. Commission that it will not accept
the conditions imposed by the Commission for permission to unify its
system by leasing several owned subsidiaries.
The time for filing acceptance of these conditions expired March 27.
The Commission recently refused to grant a rehearing of the
before the full Commission. The directors of Union Pacific application
had declared that the company could not undertake to purchasepreviously
two short
lines that intervened in the case, but the Commission decided that Union
Pacific would have to agree to buy these lines at commercil value if the
Commission found it necessary in supplementary proceedings.
No review of the case by the courts is possible.
-V. 136. p. 2065.
Wabash Ry.-Seeks $3,000,000 Loan from Reconstruction
Finance Corporation.
-See under "Current Events and Discussions" on a preceding page.
A. K. Atkinson,Treas, for the receivers of the Wabash By. and the Ann
Arbor RR. has issued the following statement:
"Application has been made by the Wabash receivers for a IL F. 0.
loan of $3.000.000 to provide estimated additional cash required to enable
them through 1933 to pay interest on first and second mortgage bonds,
division mortgage bonds and maturing principal and interest of equipment
trust obligations. A similar application has been filed by the Ann
receivers for a loan of $365,243 to pay interest on first mortgage Arbor
bonds
and maturing principal and interest of equipment trust obligations during
1933.
"Pending action on these applications, the receivers are arranging under
authority of the respective United District Courts at St. Louis and Toledo,
to defer all such payments due April 11933.
"It is hoped that provision for the deferred payments will be made
well within the authorized periods of grace."
-V.136, p. 656.
Western Pacific RR.
-Pays Equipment Principal.
-
The company on March 27 paid the Installment of $375,000 principal on
equipment trust certificates which matured March 1.
Volume
2237
Financial Chronicle
136
The road obtained from the Railroad Credit Corporation a loan covering
March 1 interest requirements. The interest had been paid by the railroad but insufficient cash was left to take care of the equipment trust
-day period of grace
principal. This was deferred, therefore, under the 30
allowed by the indenture.
se Company officials expect that no further loans will be necessary until
at least Sept. 1, and in the negotiations for funds recently stated that no
-V. 136, p. 1544.
assistance would be needed for the rest of the year.
mark the second step in the expansion of Bell System telephone service
across the Pacific. Connection with the Hawaiian Islands through the
California stations was made late in 1931. Tests are already in progress
looking to the eventual estaolishment of service with Japan and other
points in the Far East.
A three-minute conversation between San Francisco and Manila will
cost $30. Charges for calls with cities in the Middle West and East will be
greater, depending on the distance involved. The service will include all
Bell and Bell connecting telephones in the United States, Canada. Cuba
and Mexico.
-V. 136. p. 2066.
Wisconsin Central Ry.-April 1 Interest.Interest due April 1 on the 1st & ref. 4s, 1959, will be paid April 3 by
the Minneapolis St. Paul & Sault Ste. Marie, which guarantees interest ""*"..Appalachian Gas Corp.-Delaware Court to Pass on Sale
on these bonds. The Bank of Montreal, fiscal agent, issued the following
and Reorganization April 21.•
statement to bondholders.
The Chancellor of Delaware will hear on April 21 a petition of the re"This is to notify you that the Wisconsin Central By. defaulted in payorganization committee asking for the sale of all assets of the corporation
ment of April 1 coupons of its 1st & ref. bonds; that funds with which to
and the receivership estate, in pursuance of the plan of reorganization.
pay the amount specified in the coupons on April 3 1933 have been or
The court will determine also whether the plan of reorganization is fair
will be furnished by the Minneapolis St. Paul & Sault Ste. Marie By.
and equitable, whether the sale of the assets can be conducted, and the
as:guarantor of such payments; and that the coupons are not to be canceled
terms and conditions for the sale. John C. Adams of New York is Chairman
but are to be kept alive by the undersigned for the benefit of the Minneaof the reorganization committee, which on Oct. 25 last introduced a plan
polis St. Paul & Sault Ste. Marie By.as unpaid obligations of the Wisconsin
for a new company. The time limit for deposits of securities of the old
Central Ry. under its above mortgage.
company for those of the new was extended recently until May 1.-V. 136,
"Any coupon holder objecting to the above arrangement may have his
P. 1882.
coupon returned to him within 15 days hereafter upon so demanding of
the undersigned and returning the amount of the payment made by it on
Arkansas-Missouri Power Co.(& Subs.).-Earnings.such coupons; otherwise the owners of the coupons will be regarded as
1930.
1931.
1932.
Calendar Yearsacquiescing in the above arrangement."
$1,167,266 $1,355,507 $1,476,783
Operating revenues
Receiver's Certificates. 930,815
x802,857
693,323
Operating expenses
to issue
8,519
-S. C. Commission on March 20 authorized the company
The I.
5.430
Uncollectible bills
66.983
73.030
8250.000 of receiver's certificates, to be sold at not less than par, the
75.975
Taxes
proceeds to be used in the operation, maintenance and improvement of
$470,465
$474,189
Net operating income
$397,968
the properties, or in payment of indebtedness incurred for such purposes.
9.484
6.069
Non-operating income
3.170
V. 134, p. 3629; V. 135, p. 4031, 4383; V. 136, p. 155, 1544.
$479,949
$480,258
Gross income
$394,798
269,147
y290,556
Interest on funded debt
302,007
41,778
43,671
Misc, interest deductions
31,716
30,649
PUBLIC UTILITIES.
35,255
Amort. of debt discount and expense
35,856
2,946
3,136
Misc. deductions
3.721
5.551
Dividends on pref. stock of sub
6.009
-Production of electricity
Matter Covered in the "Chronicle" of March 25.
$131.707
Net income
$102,088
$19,209
again falls off. P. 1964.
398,985
111,632
Surplus. Dec. 31
123.755
Altoona & Logan Valley Electric Ry.-Earnings.-8530,692
Total income
$213,720
$142,963
89,810
Dividends on 7% preferred stock__ _
89,966
7,491
1929.
1930.
1931.
Calendar Years
1932.
40,500
Dividends on common stock
Earnings from operation $751,564
$982,140 81,129,246 $1.229,354
Direct surplus charges
165,706
Expenses-Direct oper.,
maint., taxes. Federal
31
$400,382
$123,754
Surplus, Dec.
def$30,233
822,708
766,298
678,248
538,562
income tax & deprec-x Including retirement provision of $13,656. y Less interest charged
to construction $2,940.
earns, from oper.
Net
Consolidated Balance Sheet Dec. 31,
after Fed, taxes and
$406,645
8362.948
$303,892
1932.
depreciation
8213,002
1931.
Liabilities1931.
ARM1932.
1,684
2,862
4,514
5,391
Other income
Fixed capital
$7,791,483 $7,799,558 7% preferred stock$1,284,260 21,286,560
72,9663'COMMon stoCk __ 1,165,000 1,165,000
Cash188,870
$408,329
$366.810
$308.406
Total income
$218.393
3,583 7% pref.stock East
2,034
Notes receivable_
266,913
273.725
271,174
271.767
Int.& other fixed chgs
88,600
88,100
Mo.Power Co__
207,981
Accounts receivable x95,867
4,893,820 4,907,020
97,978 Funded debt
71,422
Materials & suppl$141,413
$92,085
$37.232 .
Net income
def$53,374
3,600
9,313 Capital stock subs
Prepayments
51,009
60
60
60
Common dividends
65,280
21
3,120 Deferred liabilities
Subser. to cap.stk.
387,163
Due to atilt. cos
Unbilled revenues_
61,077
$141.356
$92,026
$37,172
Sur. for yr. after diva_ def$53.395
38,475
29.640
535,302 Notes payable_ _ _•_
Deferred debits_ _ 382,594
245,451
386.807
Prev. sur. after adjust__
39,223
482.716
465,644
2,058 Accounts payable_
Reacquired secur.
81,445
Consumers deposits
Due from still co_
13,068
8386,807
8478.832
Total surplus
$519,888
31,332
8412,249
30,506
129,630 Accrued taxes____
MIscell. assets5,780
Fed.Income taxes_
Besides the bondholders protective committee listed in V. 135, p. 1161
131,617
Accrued interest__ 132,426
another committee headed by E. Clarence Miller care of, Brown & Co.
16,533
1,501
Philadelphia has been formed to protect the interests of the consol. mtge.
Accrued dividends
1,881
MLseell. curr. Ilab_ - 967
% bonds. Other members ofthis committee are: John J. Henderson,
247,113
300,387
Reserves
Phlla, John W.Storb, Pottstown, Pa., H. F. Heuer, Phila. (Sec.), Guckes,
3,000
Schnider, Burtt, Tornlon and John R. IC. Scott and Wm. T. Conner,
Miscell. unisli. cred
288,750
Capital surplus_ __ 295,166
Phila., counsel. Tradesman National Bank & Trust Co., Phila., de123,755
Earned surplus__ def30,233
positary.
-V.135. p. 1161.
-Resignations.
$8,657,424 $8,861,487
American & Foreign Power Co. Inc.
Total
-4
$7112- $8,861,487 Total
Charles E. Mitchell and Clarence Dillon have resigned from the board
x After reserve for uncollectible accounts of $19,183. y Represented by
of directors.
-V. 136, p. 325.
-V. 134. p. 3978.
160,000 shares of no par value.
-New Chairman.American Gas & Electric Co.
C. E. Groesbeck, Chairman of the Electric Bond & Share Co., has been
Electric
Co., sucelected Chairman of the board of the American Gas &
ceeding S. Z. Mitchell who recently resigned from all his business activities.
-V.135, p. 4032.
American States Public Service Co.(& Subs.).
Results for Calendar YearTotal operating revenues
Non-operating Income
•
1931.
1930.
1932.
$1,803,037 81,789,506 $1,749,432
14,931
20,438
14,193
817,230 $1,804,437 $1,769,869
Total revenuesSl,
622,665
638,536
645,512
Operating expenses
s
94,107
96,739
Maintenance98,774
99,119
96.848
102,127
Taxes
15,121
25.735
Uncollectable accounts
537,094
576.595
610,521
Interest on funded debt
2,723
29,059
48,843
Other interest
23,668
14,097
Amortiz.of debt discount & expense34,227
18,195
14,045
Miscellaneouscharges21,648
1,542
5,467
6,282
Amount applic. to subs. acquired_-72,411
78.573
83,780
Depreciation
6,788
Amortization ofimprovements
$267,462
$261,414
8141,828
Net income
48,629
Profit on sale of prop. of a subsidiary
Not income
Preferred dividends
Common class A dividends
$141,828
100,499
8267,462
96,811
120,514
$50.137
$41,329
Consolidated Balance Sheet Dec. 31.
1932.
1931.
1932.
8
LiabilitiesAssets.$
$
1,723,288
Plant, branch, &c.18,854,476 18,120,379 Pref. stock
79,828
116,296 Common stk. Cl. A 2,129,803
Cash
Common stock el B 1,383,122
Notes receivable
iii,iii
241,330 Bubscrip. to pref.
Accts. receivable
45,903
500 stock
Marketable sec_
11,244,000
Funded debt
Mdse. materials &
93,363 Notes payable .. _ __ 244,636
74,298
supplies
60,920 Prop, porch. obilg. 836,315
32,450
prepayments
68,520 Accounts payable_ 118,860
247,061
Miscall. assets
480,103 Consumers' meter
910,165
Def, debit items
52,256
.
deposits- ----Accrued liabilities_ 175,731
25,767
Dividends payable
Consumers' advs.
for construction 178,479
33,513
Misc. def. credits_
1,838,747
Reserves
Capital surplus- _ 249,191
200,381
Profit & loss
Surplus
20,457,994 19.181.482
Total
-V.135, p. 2489.
Total
$310,043
96.254
153.562
860.228
1931.
$
1, ,508
634
2,129,841
1,363,122
45,150
10,245,000
570,885
334,107
162,444
53,990
139,970
24,495
187,686
4,215
1,788,918
359,935
137,417
20,457,994 19,181,482
American Telephone 8c Telegraph Co.-Commercial
Telephone Service to Link U. S. with Philippines.
Commercial telephone service between the United States and its most
March 30,
distant dependency, the Philippine islands, was opened on and Manila.
through short wave radio telephone stations near San Francisco
Telephone
This company has arranged with the Philippine long Distance 7.000 mile
CO. for interconnecting the wire lines of the two systems by a
linking the Bell System stations in California and
short wave channel
stations of the Radio Corp. of America in the Philippines. The opening will
Associated Gas & Electric Co. -Output Off
For the week ended March 18. the Associated System reports electric
output, excluding sales to other utilities, of 46,059.274 units (kwh), which
is a decrease of 3.692,465 nits, or 7.4%, below the total of 49.751.739 units
reported last year.
Gas output of332.715,300 cubic feet for the same week, was 12% below
the total reported last year when a cold wave boosted house heating sales.
Earnings.
For income statement for 12 months ended Dec. 31 see "Earnings De-V. 136, p. 2066.
partment" on a preceding page.
"Birmingham Electric Co.-Smaller Preferred Dividends.
The directors have declared a dividend of 88 cents per share on the
$7 cum. pref. stock, no par value, and a dividend of 75 cents per share
on the 86 cum. pref. stock, no par value, both payable April 1 to holders
of record March 25. In preceding quarters, regular distributions of $1.75
per share on the $7 pref. and 81.50 per share on the $6 pref. stock were
-V. 135, p. 293.
made.
-Earnings.
Boston Consolidated Gas Co.
1930.
1931.
1932.
812,600,108 $13,334,083 $12,854,241
9.466,505 10,355,406 9,868.906
Calendar YearsGross earnings
xOperating expenses
$3.133,603 $2,978,677 $2,985,335
688,813
864.725
574,565
Net earnings
Interest paid
$2,559.037 $2,113,952 $2,296,521
Balance
z Includes $357.636 depreciation in 1931, $522,228 in 1930 and 8364.779
In 1931.-V. 135. P. 3855.
-Earns.
Boston Worcester & New York Street Ry. Co.
For income statement for 3 and 12 months ended Dec. 31,see "Earnings
-V. 135. p. 4032.
Department" on a preceding page.
Brooklyn Edison Co., Inc.-New Directors.
Franklin H. Nickerson, Vice-President of the Consolidated Gas Co.,
,have
and Robert B. Grove, Vice-President of the New York Edison Co.
been elected directors.
-V. 136, p. 1373.
Brooklyn-Manhattan Transit Corp.-Unification Committee.
Gerhard M. Dahl. Chairman of the board has announced that In accordance with the Mayor's suggestion, he has appointed a committee representing very substantial holdings in the company to take up the question of
unification with the City, the committee consists of Charles Hayden.
Herbert Bayard Swope and Arthur H. Bunker. See also under Rapid
Transit in DI Y. City below and in V. 136. p. 2169.-V. 136, p. 2066.
--Central Indiana Power Co.
-Earnings.
Calendar YearsGross earnings
Oper. exp. & taxes
Net earnings
Other income
Gross income
Interest charges
Amortizations. &c
Net income
Div. on pref. stock
Common dividends_
Balance
1932.
1929.
1931.
1930.
$4,094,331 $8.066,617 $7.476,917 87.228.905
3,257.410 4.524,195 4.524,886 4,388,764
$836.921 83,542.423 82,952.030 82.840.141
218.984
7,607
123.161
12,024
'$1.055,905 83.665,583 $2.964.054 $2,847.748
600.811
1.783.467
1,713.657 1,531.752
52.570
327.953
288.622
215,032
$961.775
528,446
753,023
$988.043
531,360
$246,602 def$319.693
$456.683
8402.524 81,667.084
264,416
528,010
892,472
$138.108
Consolidated Balance Sheet Dec. 31 1932.
Liabilities
Assets
$5,637,000
7% pref. stock
Plant, property, rights,!ran30,200
$19,563,578 Merchants P.U.Co.6% pref.
P chises, &c
Common stock ($100 par)._ _ 12,033,000
abandoned or retired
Property
9,749,500
4,366,333 Funded debt
from service
89,620
Deferred liabilities
Inv. in common stock of
162,734
Public Service Co. of Ind__ a9,333,446 Accounts payable
132,629
423,017 Due to MM.cos.on open acct.
Capital stock disc. & expense
259,556
Accrued taxes
Misc. invs., special deposits,
301,379
88,054 Accrued interest
dte
109,867
Contributions for Extensions
Debt Disc, and expense in
5,156,700
729,911 b Capita 1 surplus
amortization__
process of
2,168,870
Surplus
Prepaid accounts and deferred
234,878
Charges
55,848
Cash and working funds
287,685
Cash for pay. of bond interest
327,024
Notes and accounts receiv_
161,645
Unbilled revenue
Due from ant). cos, on open
12,735
account
246,902
Materials and supplies
$35,831,055
Total
$35,831,055
Total
a 161,451 shares. b Arising from donation of 51,567 shares of common
stock.
Contingent Ltabilities.-Guarantee as to principal and interest, by
endorsement by Central Indiana Power Co. of $14,254.800 series A, B and
0 bonds of Indiana Electric Corp.. of which $93,800 are owned by Public
Service Co. of Indiana and pledged as collateral to its first mortgage and
refunding gold bonds.
Undeclared and unpaid dividends on 7% and 6% cumulative preferred
stock to Dec. 31 1932, $144,310.
-Company is a party to a voluntary service annuity (pension)
Note.
plan, administered by an affiliated board of trustees. Based on the records
of employees in service at Dec. 31 1932, company officials Estimate the
reserve liability to be approximately $312.000. (lieserve liability for
present annuitants $21,450.)-V. 136. p. 2066.
-Earnings.Central Power & Light Co.(& Subs.).
1930.
1932.
1931.
Calendar Years$7,830,687 $9,606,477 $9,773.260
Operating revenues
5,354,876
5,409,916
4,674,505
Operating expenses and taxes
$3,156,182 $4,196,561 $4,418,384
Operating income
22,567
10,802
Rent for leased lines and plants
$3,156,182 $4,185,759 $4,395,817
Net operating income
87.435
65.002
Dr.9,782
Non-operating income
83,146,400 $4,250,761 $4,483,252
Gross income
1,701,398
1,477,808
1.823,335
Interest on funded debt
269,180
279,986
238,141
Miscellaneous interest, amortiz., &c$1,084,923 $2,280,183 $2,725,458
Net income
838,686
807,175
843.436
on preferred stock
Dividends
1.497,440
909,810
454,905
Dividends on common stock
$531,687
$420,843
def$213,418
Balance to surplus
Consolidated Balance Sheet Dec. 31.
1932.
1931.
1931.
1932.
Assets
58,390,693 60,355,829 zCommon stock_ _15,277,350 15,277,350
Fixed capital
403,963 7% pref.stock__ 9,365,500 9,441,100
913,956
Cash
Notes & accts. rec. x997,106 1,622,810 6% pref.stock_ ___ 3,167,700 4,100,000
237,800
508,047 Pref, stock subs_
Mat'is & supplies- 309,602
13,147 1st mtge.5% 195634,713,700 34,714,500
Interest ree
75,342 1st mtge. serial
156,791
Prepayments
182,000
211,000
Aransas Pass_ __
Lineman. debt dis4,583,556 4,027,550 1st 64s, 1951____ 1,000,000 1,000,000
count & exp
175,539
y889,989 Fur. contr. obi's- 169,533
Reacquired securs15,000
340,000
1,609,323 2,206,184 Notes payable____
Other assets
709,597
Accounts payable_ 298,860
769,062
Interest accrued_ 768,270
Taxes & other ha-•
259,978
bilitles acced___ 694,130
349,156
Consumers' deps.- 414,378
18,323
5,599
Misc. curr. Habil__
Retirement res've. 345,100 1,549,559
38,552
35,410
Contrib.for extens.
21,405
191,746
Miscell. liabils____
471,225
735,464
Surplus
-
66,961,026 70,102,861
Total
66,961,027 70,102,861
Total
x After reserve for =collectible notes and accounts of $164,862. y Inand 9.420 shares 6% consolidated
cludes 188 shares 7% cum. pref. stock
-V. 134,
Pref. stock. z Represented by 202,180 shares of no par value.
P. 4658.
Central States Electric Co.(& Subs.).-Earnings.
1929.
1930.
1931.
1932.
Calendar Years$1,008,939 $1,121,398 $1,113,361 $1,040,932
Gross revenues
542,271
560,715
530.980
478,504
Operating expenses....
69,224
68.812
66,246
63,342
Taxes accrued
204,141
219,676
247,258
250,004
Interest
$264,158
$225,296
$276,914
$217.089
Balance Sheet Dec. 31.
1931.
Liabilities
1932.
1931.
Assets1932.
$4,033,346 $4,037,746
Property account_57,015,817 56,980,203 Capital stock
3,725,300 3,734,400
Investments
1,264,205 1,231,509 Bonded debt
498,369
Other funded debt 435,272
Treasury stock, Cl.
123,866
264,827 Current liabilities- 113,570
A common
264,827
134,971
114,029 Accrued liabilities_ 132,200
Materials & suppl.
72,485
2,916
1,984
Cash
83,338 Miscell. credits
71,304
173,633
118,089
Reserves
Current accounts &
160,070
134,477
notes receivable 280,795
282,950 Surplus
360,775
Miscellaneous items
4,233
5,436 Capital surplus_ _ 360,775
Def, debit items_ 163,416
182,385
Balance
Total
$9,137,082 $9,144,677
-V.131, p. 2062.
Total
$9,137,082 $9,144,677
Chesapeake & Potomac Telephone Co. (District of
Columbia).
-Earnings for Calendar Years.
1931.
1930.
1929.
1932.
Telephone oper. rev____ $9,341,130 $9,223,629 $8,654,335 $8,334.166
Telephone oper. exps.-- 6,548,108
6,286,029
6,145.666
6,179,983
Uncollectible oper. revs.
43,768
65,158
32,993
118,265
570,370
513,015
686,747
Taxes assignable to oper.
696,255
Operating income____ $1,978,502 $2,291,741 $1.754,167 $1,642,492
60,159
75.149
42,541
48,738
Net non-oper. income-Total gross income... $2,027,240 $2,334,283 $1,814,327 $1,717,641
52.006
49,181
71,366
41,827
Deduct-Rent & miscell_
464,085
350,733
268,329
326.824
Bond and other int1,080,000
Dividends
1,270,000
1,040,000
1,440,000
$218,236
$695,632
$277,728
Bal.for corp. surplus.. $247,546
Comparative Balance Sheet Dec. 31.
1932.
1931.
1932.
1931.
Liabilities$
$
$
AssetsLand and bidgs- 5,815,696 5,797,189 Common stock__18,000,000 18,000,000
Tel. plant & equip.28,141,994 26,327,806 Long-term debt-- 5,449,064 3,647,373
955,883
653,593 Accounts payable- 731.973
General equipment 599,648
•i
69,53 Subscr. dep.& ser.
Cash and deposits_ 124.365
2,500
billed In adv__- 243,884
263,346
2,500
Marketable secs.Accts.receivable_. 977,282 1.080,557 Accrued liabilities,
283,911
not due
325,158
60,845
22,581
Materials & suppl_
1,000
1,000
1,200 Def'd credit Items1,400
Accr. Inc. not due199,694 Fixed cap. res've- 6,699.703 6,798,345
Def. debit items-- 152,356
4,448,288 4,201,810
Surplus
35,837.823 34,192,914
Total
-V.134, D.2143.
April 1 1933
Financial Chronicle
2238
Total
35,837,823 34.192,914
Central West Utilities Corp.-Acquires General Utilities
Co. Properties.-See latter company below.
Chesapeake & Potomac Telephone Co. of Balto. City.
1929.
1931.
1930.
1932.
Calendar YearsTelephone open rev____$13,162,398 $14,114,173 $13,993,188 $13.458,449.
8,981,855.
8,987,712
9,296.386
Telephone oper. exps___ 8.474.919
Net telep. oper. rev-- $4,687.479 $5,126,462 $4,636,801 $4,476,594
93.322
58,347
144.000
39,729
,
Uncoll. oper. revenues...
1.513.293
1,409.250
1,324,541
Taxes assign. to oper-__ 1,504,488
Operating income- --- $3,038,992
13.426
Net non-oper. income--
$3,519,846
13,311
$3,169,205 $3.112,321
48,331
19,887
Total gross income.-- $3,052,418 $3,533,157 $3,217,536 $3,132,203
246,133
232,019
229,646
219,237
Deduct
-Rent & naiscell.
241,883
29,1,280
221,260
268.255
Interest
210.000
210.000
210,000
210,000
Preferred dividends_ 2,400,000
2,200458
2.400,000
2,145,944
Common dividends
$435,141
$274,779
Bal. for corp. surplus_ def.$45,075
Comparative Balance Sheet Dec. 31.
1931.
1932.
1932.
Liabilities$
$
Assets$
.30.000,000
Land and bldgs_ 3,563,815 3,583,747 Common stock..
Preferred stock-- 3,000.000
Telephone plant &
45,637,059 45,362,417 Prem. on cap. stk.
15,419
equipment
894,740 Advances from sysGeneral equipm't_ 791,073
tern companies_ 3,675,000
4,507
4,507
Miscell.investml.
359,535 Notes
1,164,817
Cash and deposits_ 367,556
150,300Accounts payable_ 462,786
Marketable secure'. 150,300
Acc'ts receivable__ 1,217,598 1,393,374 Subscr. dep.& service billed In adv 316,659
154,432
Materials & Bunn'. 154,334
Accr. liab. not due 716,267
Accr'd income not
2,599 Def,credit items__
1,855
3,589
due_ _ _ 179,645 Res.for accr. dept. 9,992,298
122,204
Prepayments
190,385 Res. for amort. of
91,427
Other def. debits..
Intangible cap'1. 237,682
Corporate surplus
unappropriated_ 2,517,209
52,101,727 52,255,682
Total
-V. 134, p. 2143.
Total
$325,353
1931.
$
30,000,000
3,000,000
15,419
3,825,000
1,013,312
781,670
350,807
807,041
3,721
9,653,338.4
233,910.
2,571,465
52,101,727 52,255,682
Chesapeake & Potomac Telephone Co. of Va.-Earns.
1932.
Calendar YearsTelep. oper. revenues_ - _ $7,765,881
Telep. oper. expenses_ _ _ 4,900,278
117,341
Uncollectible oper. rev__
786,881
Taxes assign. to oper___
1931.
1930.
1929.
$8,494,401 $8,173,272 $7,650,554
5,235,010
5,426,881
5,049,547
93,548
28,293
29,039
821,673
724,125
678.608
Operating income_ _- _ $1,961,381 $2,344,170 $1,993,972
67,300
130,264
74,568
Net non-oper. income__
$1,893,360.
68,627
$2,035,948 $2,411,471 $2,124,236 $1,961,987
Total gross income
218,364
197,628
231,650
Rent & misc. deductions
211,968
427,991
463,851
516,670
Interest and discount __ _
379,170'
1,440,000
1,440,000
1,152,000
Dividends
1,056,000.
def$65,531
$325,116
$223,916
Comparative Balance Shee • Dec. 31.
1931.
1932.
1932.
Liabilities$
Assets
Land & buildings_ 3,564,250 3,447,827 Common stock_ ...A 8,000,000
Tel. plant & equip.27,205,295 26,826,783 Bonds
4,353,900
549,122 Advances from sysGeneral equipment 509,200
tem corporations 3,650,000
Investment securs. 1,104,220 1,104,220
6,721
6,721 Notes
571,939
Miscell. investm'ts
92,008
118,830 Accounts payable_ 328,432
Cash and deposits_
2,680
2,680 Subs°. dep.& servMarketable secure.
ice billed In adv 233,046
10,000
Bills receivable...
Accts. receivable__ 716,157 1,087,741 Accr. nab. not due 357,589
173,383
150,677 Derd credit items_
Materials & suppl_
26,286
28,772 Reserve for accrued
29,269
Accr. Inc. not duedepreciation.... 4,352,155
205,497
Sinking fund assets 232,620
75,985 Res've for am ort of
.
70,880
Prepayments
Intangible capl- 234,344
Unamortized debt
121,501 Corporate surplus,
disct. Sc expense 109,947
118,374
79,615
unappropriated_ 1,837,313
Other def'd debits_
Balance, surplus
33,945,005 33,805,971
Total
-V. 135, p. 3352 V. 134, p. 2143.
Total
$314,849
1931.
$
18,000,000.
4,386,900
3,525,000
479,402
393,92%
261,244
425,515
26,114
4,169,51)1
234,976
1,903,390
33,945,005 33,805,971
Chesapeake & Potomac Telephone Co
1931.
1930.
Earns.for Cal. Years1932.
1929.
Telep. oper. revenues.-- $5,288,015 $6,047,756 $6,150,273 $5,973,627
4,257,785
4,399,577
Telep. oper. expenses...3,949,247
4,248,926
49,250
36,129
Uncollectible oper. rev..
91,882
21,486513,589
448,235
Taxes assign. to oper___
491,563
476,013
Operating income_ _ _ _
Net non-oper.income_ _ _
$798.651 $1,227,132
26,433
27,779
Total gross Income...
Rent & misc. deductions
Interest
Dividends
$825,084 $1,254,911 $1,230,483 $1,232,375
162,524
196,019
178,503
168,607
328,501
271,332
264,697
202,386
324,000
648,000
648,000
972,000'
$1,223,004
7,479
$1,227,197
5,178
$10,059
$139,561
$139,185 def$110,618
Balance Sheet Dec. 31.
1931.
1932.
1932.
1931,
Liabilities$
$
$
Assets$
Land & buildings.. 2,558,041 2,466,116 Capital stook
16,200,000 16,000,000
Tel. plant & equip.21,790,618 22,332,582 Advances from sys512,678
tern corporations 4
General equipment 490,605
.12 227 4 1 13..gga
:
.
V
28,622 Notes
28,622
MIscell. Investmls
58,344 Accounts payable_ 246,182
90,574
Cash and deposits_
447,227
633,452 Subse. dep.& eeryAccts. receivable__ 520,651
151,927
ice billed In adv. 171,340
Materials & suppl. 158,438
204,785
440 Accr. 'lab. not due 289,983
28
Accr. Inc. not due
417,178
122,101 Defer. credit Items
90,668
48,852
Defer, debit items
26,849
Fixed capital res
3,075,599 3,283,799.
Surplus
502,784
503,999
Bal. for corp. surplus-
25,728,245 26,306,262
Total
-V. 136, p. 1373.
Total
25,728,245 26,306,263
Chicago Rys. -Supreme Court Decision Not to Be Reviewed
-Committee for Participation Certificates Issues Statement
-Holding Ruling Does not Dispose of all Rights.
C. H. Wilmerding, successor to Orville E. Babcock as chairman of
the protective committee for Chicago Rys. participation certificates,series 1,
In a circular letter to the certificate holders March 24 states that the recent
decision of the U. S. Supreme Court refusing to review the decision of the
lower courts denying the certificate holders right to receive annual payments from 1917 to 1927 provided by the plan creating the certificates
In 1907, does not dispose of all the rights conferred by the ordinance of
1907. The letter indicates the possibility of further litigation based
on those rights in connection with pending effort to revive a traction
settlement based on the 1930 traction ordinance.
Mr. Wilmerding and associates, including W. W. Alexander, representing the estate of W. L. Elkins, Philadelphia. D B. Fulton, the estate
of Mrs. Nancy Lathrop Carver Campbell, a daughter of LeviLZ. Leiter,
and H. C. Edmonds, the Bass estate, Chicago, are credited with being
the only security holders who actively opposed the merger based on that
ordinance, launched over three years ago by Samuel Insull and Halsey
Stuart & Co. with the active support of leading Chicago bankers.
Arguing that the Surface Line bondholders and the bankers who'represent
them have in effect been saved by the participation certificafe_holders
from disaster, the circular says:
2239
Financial Chronicle
Volume 136
Consolidated Balance Sheet Dec 31.
1931.
1932.
1932.
1931.
Assets
Liabinties47,107,000 47,169,500
,
Funded debt
Property, plant &
311,424
equipment
77,073,023 76,526,162 Accts.& notes Pay.
225,214
Cash held by trus- 227,170
240,901 Int. & dive. pay.. 219,395
Cash in banks and
148,585
Other current liab_ 154,456
on band
999,241
799,711 Accrued liabilities.. 981,660 1,006,856
134,995.
Dep.for int.,k dive 244,699
248,110 Deferred credits-106,758
Accts.receivable_ _ 1,379,416 1,325,490 Consumers' exten602,811
Materials & suppl- 366,863
382,886
sion deposits__ 793,719
Other assets
17,602
26,873 Res. for retirement
Collat. note receiv. 664,304
693,316
of property..___ 8,304,811 7,872,8977
Debt discount ee
Res. for collateral
note receivable_ 346,658
346,658.:
expense, &c___ _ 3,376,488 3,548.515
Commission & exp.
Res. for coating.- 100,000
50,877
58,729603,073 Other reserves___ on sale of pr.stk. 609,238
Sub.so.'s pref.stk.10,355,442 10,354,742•
Mln.equIty in corn.
301,733.
stk.d/sur. of sub. 313,037
a Preferred stock_ 3,620,972 3,620,972.
b Common stock_ 1,122,130 1,122,384c Capital surplus_10,028,578 10,116,824Earned surplus- 1,011,009 1,000.735
"The delay caused by this litigation and other litigation sponsored by
members of this committee in the Illinois State courts has prevented
the carrying out of the financial scheme of reorganization, known as the
Insult plan, formally accepted by the protective committees for other issues
of Surface Line securities on April 1 1931. The effect of that financial
scheme would have been to dilute all securities of the Surface Lines, which
have large earning power, cash assets and property values, by giving
preferential treatment to securities of Chicago Rapid. Transit Co. That
company since has been thrown into receivership because of its insolvent,
unprofitable and rundown condition. Furthermore, consummation of
the scheme would have been disastrous to the bankers who promoted it
and who would have been called on to buy $25,000,000 of new securities
under it."
The possibility of further litigation against acceptance of the ordinance
In its present form is foreshadowed.
'Revision of the financial scheme is reported to be under consideration,
and for that purpose the time for acceptance of the 1930 traction ordinance
has been extended to Jan. 31 1934 by the city council. Committee was
not consulted in regard to the extension, and has not been asked as yet
to participate in reconsidering the financial scheme.
"Your committee considers that the 1930 ordinance does not provide
adequate protection for junior security holders and that its value to other
Surface Line security holders and to the traveling public is open to serious
question. In case you are offered junior securities under that ordinance
for any substantial part of your claims, your committee proposes to resist
acceptance of the ordinance on the basis of certain provisions in the orTotal
Total
84,958,044 84,395,037
84,958,044 84,395,037
dinance of 1907 which are believed to afford you protection."
a Represented by 39.078 shares (no par). b Represented by 1.125,171
-Ridgway engineers'
According to Mr. Wilmerding, the so-called Parsons
shares (no par). c Represented pr ncipally appraisal surplus and conbased,
report, upon which the State Street subway project is said to be
tributions for extensions, less reserve for collateral note receivable.
sPecificallY states that the use of steam railroad rights of way was not
V. 135, p. 2490.
exhaustively investigated in connection with the engineering plan.
"Such an important omission places the entire program under susCities Service Co.-Kansas Decision.
picion," said Mr. Wilmerding. "There are other unsound and unsafe
Henry L. Doherty & Co., New York, obtained on March 17 a temporary
features in the ordinance such as the elevated's excessive valuation and the
permit to sell $10,000,000 of securities of the Cities Service Co. in Kansas.
provisions of sections 19, 21 and 26 making virtually impossible the sale
The permit was granted by the State Charter Board on an application
of common stock, which should condemn it in the eyes of all Surface Line
filed by Doherty & Co. in line with a Supreme Court decision handed down
security holders and the traveling public alike. It should be recognized
at Topeka March 11 that under the Kansas speculative securities act
that the ordinance and engineering plan, as well as the now discredited
securities of a utility holding company could not be sold in Kansas without
financial plan, are the product of a day that is passed, and should be reconsidered before any important commitments are made. The city
rpermit authorized the
a Ve mit
fae
f $3,000,000 of common stock, $2.000.f
council and the bankers who have been rescued through no effort of their
000 of $6 cumulative preferred. $4,800,000 of 5'V,, debentures and $100.000,
sale°
own from the natural consequences of their mistake in promoting the
each of class B and class BB preference stock.
-V.136. P. 1884.
Insull plan, should do everything possible to facilitate a fresh and disinterested approach to the amendment of the bad features of the ordinance, ---Columbus Delaware & Marion Electric Co.-Permanent
regardless of whether amendment requires an additional referendum.
Receiver.
Neither the traveling public nor the security holders have ever been offered
a sound and honest solution of this problem. Until they are, it cannot
M. L. Sindeband has been named permanent receiver succeeding W.P.
be predicted what the result of a referendum, if a referendum is necessary
Maloney, formerly Vice-President, as receiver. The interest due Jan. 1'
for amendment, will be."
-V. 136, p. 841.
and sinking fund requirements on the 1st & ref. mtge. 5% bonds and the
-V. 136, p. 1545.
-year bonds have not been paid.
6% 20
Chicago City Railway Co.
-Annual Report:
-New Member of
Consolidated 'Gas Co. of N. Y.
Years Ended Jan.31- 1933.
1932.
1931.
1930.
Executive Committee.
South Side Lines (40%).. $2,677,667 $3,300,900 $3,764,459 $5,386,866
x Joint acct. exp., &c_-- 4,115,404 4.261,800
3,750,770
3,774,097
Frank W. Smith, President of the New York Edison Co. and the United
Electric Light & Power Co. and Chairman of the board of the New York
Net earnings
$13,689 $1,612,769
def$1,437,737 def$960,900
& Queens Electric Light & Power Co., has been elected to the executive
City's proportion, 55%,
-V. 136, p. 1366.
committee of the Consolidated Gas Co.
as per ordinance
887,023
7,529
6
--b
onsolidated Gas Utilities Co.
Co.'s proportion, 45%,
_Exchange removed from the list 151,918 shares
he New York Cur
j
as per ordinance.. _def$1,437,737 def$960,900
$725,746
$6,160
el
A (no par) stock V. 136, p. 1374.
South St. Ry. prop
39,045
331
313,325
y49,871
Co.'s proportion_ _ydef$1,364,412ydef$911,029
Int. on capital invest__ 2,875,638
2,868,819
$5.829
2,810,243
$686,701
2,804,491
Income from oper_
Other income (net)
$1,511,225 $1,957,790 $2,821,071 $3,491.192
134,346
97,214
196,512
149,763
Net income
Interest on bonds
$1,608,439 $2,107,553 $3,017,584 $3,625,538
1,696,300
1,611,485
1,526,670
1,526,670
Balance, surplus
$81,769
$580,883 $1,406,099 $1,929.238
Shares capital stock outstanding (par $100).180,000
180.000
180,000
180,000
Earned per share
$10.72
$7.81
$0.51
$3.23
x Joint account expenses interest on capital investments of the Chicago
City Ry. and Calumet & South Chicago Ry. and Southern Street Ry.
y Shall be paid out of receipts of subsequent year or years, as per ordinance.
Balance Sheet as of Jan. 31.
1932.
1933.
1933.
1932.
AssetsSi
Liabilities$
$
Pur. price of prop.
First mortgage
In terms of ord-57,408,870 57,500,099
30,533,400 30,533,400
55
Cash on hand____ 2,325,903 2,173,045 Bond interest_
- 763,335
763,335
Accts.reeelvable_ 205,728
1,000
1,000
185,588 Accounts payable..
Real estate
911,029
15,862 Deferred liabilities 2,275,442
15,862
Inv. in 1,403 co.'s
Capital stock
1st mtge. bonds
authorized and
18,000,000 18,000.000
(cost)
995,918 issued
995,918
11,654,545 11,572,775
Deferred assets_ __ 2,275,442
911,029 Surplus
Total
-V. 136.
63,227,722 61,781,540
Total
63,227,722 61,781,540
p. 491.
Chicago South Shore & South Bend RR.
-Offers
Higher Interest on Extended Equipment Trusts.
The company is asking holders of Its series A, B and C equipment trust
certificates to extend principal payments for three years. The certificates,
of which $1,341,000 are outstanding, constitute the road's only funded
debt. It has notes payable to Midland Utilities Co. covering advances In
amount of $4,027,502. The road proposed to increase the interest rate on
deposited certificates to 6% from 5 %•
Deposit of certificates with First Ilion Trust & Savings Hank, Chicago,
is asked on or before April 15 1933. The maturities of principal this year
are on April 1 and July 1 and amount to 3257,600. Similar principal
-V.136, p. 1545.
amounts mature annually for the next few years.
-Earnings.
Community Water Service Co.(& Subs.).
1932.
1931.
Calendar Years$7,410,293 $7,489,085
Operating revenues
3,448,984
Oper. exp., maint. & taxes (other than Federal)- 3,354,567
Net earnings
Other income
$4,055,726 $4,040,101
49,167
142,695
$4,104,893 $4,182,796
Gross income
Int. & amortiz. of debt disc. & exp. of subsid. cos- 2,270,545 2,218,945
*681,716
680,191
Preferred dividends of subsidiary companies
10,677
Minority equity in earnings
11,791
Balance
Retirement expense
Provision for Federal income tax
$1,141,955 81.271,869
447,454
439,139
80,449
31,583
$614.051
393,000
$801,146
392,945
69,536
82,703
$462,536
Balance
Interest on Community Water Service Co. deben's
Amortiz. of debt disc. & expense and other deductions
-Community Water Service Co
$475,648
8151.515
$325,498
Balance,surplus
*Includes $10,233 cumulated dividendsfrom April 1 1932 to Dec.31 1932
on preferred stock of Ohio Cities Water Corp. not declared or paid.
-Earned surplus
Consolidated Earned Surplus Year Ended Dec. 31 1932.
Jan. 1 1932, $1,000,734 balance for 1932, $151,515 profit on bonds reacquired for sinking fund, $25,141 total, $1,177,391. Reserved for contingencies, $100,000 surplus adjustments (net), 320,791 dividends paid
on pref. stock (Jan. and Feb. 1932), $45,591 earned surplus Dec. 31 1932,
$1,011,009.
-Earnings.
Cumberland County Power & Light Co.
1929.
-1930.
1931.
Calendar Years
1932.
Gross earnings
198,245 $4,986,520 $4,895,284 $4,720,285$4,
3,168,991
3,231,236
3.107,594'
Oper. exp., maint. & tax 2,545,168
Uncollectible bills
18,584
263,548
263,548
Rent for leased props
263,548
263,548
402,025449,464
Bond & 0th. int. charges
473,751
517,711
Amort. of debt discount
63.874.
0
55
and expenses
75,863
66:3
506
64,793
Miscellaneous
15,724
9.487
8883.244
Net Income
8941.919
8914,051
$791,301
1.505,089
.
Previous surplus
1,850,400
1,694.297
1,935,852
Dr.17.620,
Adjustments
19,674
Dr.69,734
Res've for contingencies- Dr.200,000
Charges not applic. to
current operations...... Dr.5,252
Total surplus
82,452,167 $2,784,125 $2,636,216 82,370.713:
241,416.
241,416
Divs,on preferred stock..
241.174
239,964
435,000
544,400
Divs, on common stock.607,100
257,850
Profit & loss surplus-- $1,954,353 $1.935,852 $1.850.400 $1.664,23T
Comparative Balance Sheet Dec. 31.
1931.
1932.
1931.
1932.
$
Liabilities$
Assets$
8
Fixed capital
22,134,699 21,787,021 6% pref. stock_ 4,023,600 4,023,600
235,682 xCommon stock.... 3,295.800 3,245,800
306,219
Cash
12,933,000 13.135,000
638,989 Funded debt
Notes & accts. rec. 566,391
366,635 Due to affil. co--.
7,100
Materials & suppl- 283,033
78,978
278,199
77,095 Accounts payable_
Prepayments
102,379
Consumers' deps- 118,914
121,938
Notes rec. from at100,000 Prov.for Fed.taxes 127.427
filleted company
Unredeemed Car..
Due fr. Port,. RR- 532,669
16,481
15,808
Invest, in sub. co..
fare coupons-32,794
Accrued liabilities_ 166,019
141,566
Inv. in secure, of
leased prop-- 481,360
403,272 Mat. Int. & diva.
Adv. to Saco-Lowunpaid
211,200
Due to Portland
ell Shops
350.000
RR. Co
516,676
Misc. Investmls170,659
17,406
898 Reserves
3,268,989 1,821,290
Spec.funds & dep_
689
Misc. unadj. cred957
56,703
Unamort. cost of
Capital surplus.._. 227,598
227.598
land, bldgs. and
equipment
47,501
Earned surplus- 1,954,353 1,935,852
Deferred debits__ 1,553,492 1,717,998
21,780
21,780
Reacquired secure.
Total
Total
26,430,416 25,520,028
26,430,416 25,520,028
x Represented by 47,200 shares no par value In 1932 and 46,699 8111'6;13(3m value andone share of old common stock of $50 par valuein 193 .
Dakota Central Telephone Co.
-Earnings.
Calendar Years1032.
1931.
1929.
1930.
Total telephone rev---- $1,358,451 $1,566,205 $1,678.878 81.653,011
Operating expenses
455,413
488.393
505,721
528,731
Current maintenance_
196,504
262,435.
273,178
298,594
Depreciation
322,983
319,431
309.632
289,363
Taxes
146,137
167,231
155,959
162.654
Net telephone earns
Sundry net earnings
$237,414
3,548
$311.916
2,567
$379,267
5.672
$455,559
4,840
Total net earnings
Interest
Divs.,pref.& common
$240,962
106,635
175,107
$314,483
111,168
175.107
$384.939
105,931
175,105
$460,39997.861
175.165
Balance for surplus..
-V.134, p. 2144.
def$40,779
$28,208
$103,903
81870373-
Denver Tramway Corp.
-Plan Operative.
-
The plan to exchange new notes and cash for present outstanding 6%
1st mtge. collat, trust sinking fund notes due Oct. 1 1933, has been declared
operative. The issue to be retired by exchange consists of $1,750,000, of
which $500,000 has been retired through sinking funds and $1,250.000 is
outstanding. They are secured by $2,000,000 Denver City Tramway Co.
1st mtge. extended 6% bonds maturing Oct. 1 1933 and $598,000 Denver
Tramway Power Co. 1st mtge. imp. extended 6% bonds maturing on the
same date.
Holders of bonds refunded will receive 20% in cash and 80% in new
notes to be dated April 1 1933 and maturing April 1 1943. New notes
will be limited to 81,000,000 and will have the same collateral security a&
the old notes.
-V.136. D. 1545.
Financial Chronicle
2240
Dry Dock East Broadway & Battery
RR.-Distribution
to Bondholders.
The City Bank Farmers Trust Coas trustee, is notifying holders of
gen. mtge. bonds, due Dec. 1 1932 of ale above company that distributive
shares of the outstanding bonds and of Dec. 1 1931 interest coupons, out
of proceeds of the sale of the mortgaged property, were finally fixed by
order of the New York State Supreme Court for New York County at
$18.516 for each $1,000 bond and 46.4 cents for each coupon. Such distributive shares will be paid upon presentation at the office of the trustee,
-V. 135, p. 2173.
22 William St., N. Y. City.
-Earnings.
--Eastern Gas & Fuel Associates.
For income statement for 12 months ended Feb. 28 1933, see "Earnings
-V. 136. p. 1374.
Department" on a preceding page.
-New Chairman, &c.
Electric Bond & Share Co.
Sidney Z. Mitchell on March 27 resigned as Chairman of the Board of
this company,and will also resign all other business connections due to ill
health, it was„announced. He will be succeeded as chief executive of the
Electric Bond & Share Co. by C. E. Groesbeck, formerly President, who in
turn will be succeeded by S. R.Inch, formerly Executive Vice-President.
Mr. Mitchelljis a member of approximately 35 boards of directors.
Among those he will relinquish are the following: American Gas & Electric
Co., American Power & Light Co. Commonwealth & Southern Corp.,
'
International General Electric Co., Irving Trust Co., National Power &
Light Co., Postal,Telegraph & Cable Corp. and United Gas Corp. Of some
these boards he is Chairman, in addition to being on the executive comof
mittees.
succeed Mr. Mitchell
b It is regarded likely that Mr. Groesbeck will-V.136, p. 492,485. in all
his posts with the Electric Bond & Share group.
-Earnings.
Empire District Electric Co.
1929.
1930.
1931.
1932.
12 Mos.End.Dec.12Cross operating revenue. $2,268,450 $2,652,482 $3,399,606 $3,798.905
Oper. expense, maint. &
1,920,977
x1,183,213 x1,392,371 x1,770,283
all taxes
Net operating revenue $1,085,237
12,211
Non-operating income- _
$1,260.111
26,397
$1,629,323 $1,877,928
43,682
37,871
April 1 1933
Illinois Northern Utilities Co.-Earnings.Calendar Years1932.
1931.
1930.
1929.
Gross earnings
$3,348,602 $3,726,534 $3,889,435 $3,836,876
Oper. exp.. taxes, &c.._ _ 1,962,745
1,962,816
2,176,270
2,191,378
Interest charges
510,751
507,552
513,970
491,524
Rent of leased lines and
Cr58,134
plants
Cr44,191
18,526
Amort. of debt discount
32,774
and expenses
34,080
34,080
33,427
Miscell. amortization_
21,188
21,009
30,255
3,782
Miscell. deductions
1,706
Net income
$840,626 $1,255,250 $1,188,295 $1,071,765
Previous surplus
2,328,298
1.933.708
1.605,585
1,357.002
Total surplus
$3,168,924 $3,188,958 $2,793,880 $2,428,767
Preferred dividends__ _ _
281,310
288,298
287,776
266,560
Junior pref. dividends
54,868
56,978
58,396
58,555
Common dividends
411,200
514,000
514,000
498,066
Surplus changes
684.049
1.384
Surplus, Dec. 31
$1,737.497 $2,328,298 $1,933,708 $1,605,585
Earns, per sh. on com$9.81
$17.33
$16.04
$14.22
Comparative Balance Sheet Dec. 31.
1932.
1931.
1932.
1931.
AssetsLiabilities$
$
$
Fixed capital
22,674,685 22,658,666 Preferred stock ___ 4,682,900 4,848,300
325,884 Junior pref. stock_ 781,700
Cash
477,145
778,758
Notes receivable_
236,457 Common stock...... 5,140,000 5,250,000
Accts. receivable.. 257,101
393,960 Cap,stock subscrip
2,400
Interest receivable
11,026
21,042 Funded debt
9,818,500 10,117,400
Materials 3c suppl_
169,249
216,320 Purchase contract
Tax anticip. want_
x20,724
obligations
161,500
Prepayments
11,128 Accts. payable_ .._
13,409
66,203
89,191
Consumers deposit
Subscrib.to capital
65,573
55,804
stock
2,034 Miscell. cure. liab_
16,705
1,023
542,300 Accrued liabilities- 865,108
Invest. In Mill. co's 214,922
568,880
47,575 Est. curr. obit. to
Miscell. Invests11,822
249
empl
Special deposits_
18,000
866.059 Reserves
1,578,797 1,237,431
Deferred debits_ __ 828,085
136.891 Miscel. unadj. cred 107,184
Reacquired securs
19,579
Surplus
1,737,497 2,328,298
$1,097,448 21,286,509 $1,667,195 $1,921,610
Total income
610,718
648,030
656,570
644,385
Interest on funded debt..
61,209
64,772
182,448
190,930
Int.on float.debt & disc.
Cr.370
to construe.
Int.charged
Total
24,678,168 25,458,585
24,678,168 25,458,565
Total
x Including warrants of $11,524 to be used in payment of current local
taxes.
-V. 135. p. 2831.
$945,853 $1,249,682
$447,548
Bal. carried to surp- - $270,984
1.038,909
993.364
475.327
179.585
Previous surplus
$922,875 $1,939,216 $2,288,591
$450,569
11114Total surplus
442,920
442,920
442,920
221,460
Preferred dividends_ -- 540,000
640,000
Common dividends
422,800
480,000
300,000
180.000
Reserve for replacements
Dr.969 Cr.110,493
Dr.370
Dr.1.882
Adjustments
$993,364
$475,327
$179,585
$47,227
Surplus
x Includes 25,266 for Federal income tax in 1932 $14,257 in 1931 and
$64,328 in 1930.
Comparative Balance Sheet Dec. 31.
1931.
1932.
1931.
1932.
$
Liabilities$
$
Assets$
6% preferred stock 7,382,000 7,382,000
Public util. other
.
Prep. & invest_ _27,752,058 27,401,077 Common stock.. _ 3,000,000 3,000,000
13,126,000 13,127,000
200,357 Funded debt
238,853
Sinking fund
110,500
66,000
95,632 x111,798 Notes payable__
Cash
2,383
20,145
478,709 Accounts payable_
463,986
Cust. acct. rec
Accts. pay. ail!.
from
Accts. rec.
22,510
companies
33,604
43,229
35,564
affiliated cos.__
354,602
Int. & taxes am_ 322,001
0th. notes & accts.
33,727 Accts. pay. to Par
33,466
receivable
ent company..
2,879,674 2,830,057
259,025
Matta. & supplies_ 232,714
29,703 Costs. & line ex10,377
Prepd. insur., &c..
107,769
tension deposits. 101,754
Balances in closed
Accts. payable not
789
banks
4,800
current
jury dc damage
2,328,085 2,238,541
65,978 Reserves
fund
938,957
Deferred charges. _ 1,386,810 1,670,300 Capital surplus.. _ 938,958
179,585
47,227
Earned surplus_ _
1932.
1931.
1930.
Calendar Years1929.
Telephone oper. rev-..._$11,275,024 $12,850.634 $13,417,509 $13,323,338
8,168,787
Telephone oper. exp....-- 7,285.163
8,658.384
8,479,165
170,111
Uncollectible open rev-108,772.
47,832
1,504.784
Taxes assign, to oper__ - 1,385,513
1,537,063
1,578.651
93,234
Net non-oper. inc.-Cr_
117,760
113,406
181,649
Rent and miscellaneous259,495
256,283
214,338
172,503
Interest
345,789
453,670
401,582
282,312
Net income
$1,842,042 $2,556,241 $2,645,841 $2,946,525
Dividends
2,640 000
2,640,000
2,400 000
2,400,000
Balance,surplus
def$797.957 def$83,759
$245,841
$546,525
Comparative Balance Sheet Dec. 31.
1932.
1931.
1932.
1931.
Assets$
$
Liabilities$
$
Land & buildings_ 5,169,788 4,377,045 Capital stock
33,000,000 33,000,000
Tel. plant & equip.40,850,194 41,564,860 Bonds
838,500
933,550Adv. from system
General equipsn't. 831,752
818,813
Invest. securities.. 1,902,936
corporations ...... 7,294,359 5,939,839
194,562 Notes payable _
Miscell. investmls 195,745
1,338,614 1,190,342
Cash and deposits_ 275,617
252,892 Acc'ts payable
716,785
749,834
244 Bills payable
Marketable secure
11,600
2,000
Bills receivable_ _ _ 533,974
334,000 Accr. liab. not due 1.561,855 1,722,467
Acets receivable__ 963,318 1,193,036 Oef. credit items
44,044
42,519
296,319 Res.for accr. depr. 4,548,081 4,149,392
Mails & supplies_ 499,128
26,262 Res. for amort. of
10,330
Accr. Inc. not due.
84,872
77.755
Intang. capital.. _
Prepayments
87,705
67,338
49,789
700,037 Corporate surplus.. 2,777,382 3,574,762
Other def. debits_
30,250,247 30,293,904
Total
30,250,247 30,293,904
Total
-V. 135, p. 4559.
x Including $3,009 in closed banks.
-Correction.
Federal Light & Traction Co.
The directors at an adjourned meeting held on March 8 took no action
on the quarterly dividend ordinarily payable about April 1 on the common
stock, par $15. A quarterly dividend of 25 cents per share in cash and
1% in stock was paid on this issue on Jan. 3 last and on Oct. 1 1932, as
against 3734 cents per share in cash and 1% in stock in each of the 14
-V. 136, p. 2067.
preceding quarters.
-Defers Dividend.
Power & Light Co.
The directors have decided to defer the quarterly dividend due April 1
the $7 cum. pref. stock, no par value. The last regular quarterly
payment of $1.75 per share was made on this issue on Jan. 3 1933.-V. 135,
13. 294.
on
Florida Public Service Co.-Decision.
The Circuit Court of Lake County, Fla., has handed down a decision
dismissing the suit instituted in Jan. 1932 by Benjamin Foster against the
company, an affiliate of Associated Gas & Electric Co., attacking the
payment of management, engineering and purchasing fees made by that
company and asking for the appointment of a receiver. The suit was brought
by Mr. Foster as a stockholder of the company. A similar suit was filed
by John C. Meiners in Jan. 1930 in the U.S. District Courtfor the Southern
District of Florida, and resulted in a decision in favor of the company in
June 1931.
The dismissal of the Foster suit was based on the decision of the United
-which was instituted in his
States District Court in the Meiners' suit
behalf and all other stockholders of the company-which, it was held.
was binding on the State courts of Florida and required dismissal of the
-V. 135, p. 2996.
suit then pending.
-Monthly Dividends.Gas Securities Co.
•
The company has announced a monthly dividend of 34 of 1% in scrip
on its common stock and the regular monthly dividend of 50 cents on its
pref. stock, such dividends being payable April 1 1933 to holders of record
-V.136.9. 1546.
March 15 1933. Like amounts were paid on March 1 last.
General Utilities Co., Kansas City, Mo.-Sale.---
The sale of the company's property to Stern Brothers & Co.for $271,000
was approved March 21 by Judge Merrill E. Otis in Federal court at Kansas
City. The price offered by the banking house at a trustee's sale on Feb.8
had 'been attacked as insufficient by the general creditors. Judge Otis
heard the appeal of the creditors from the order of approval issued by Fred
one
S. Hudson, referee in bankruptcy, on March 16. Judge Otis held onlythat
basic objection had been raised to the sale price by the creditors, and
purchase price might be obtained at a resale.
was that a larger
It was pointed out by Judge Otis that the law contemplates that a property
In bankruptcy shall be sold for "cash in hand, not for the pot of gold that
some may dream exists out yonder at the rainbow's end."
"No better sale than this one reasonably can be hoped for," the opinion
stated, in approving the sale.
The Central West Utilities Corp. has been formed to take over the gas
utilities formerly owned by the General Utilities Co. The new corporation
has applied to the Kansas Corporation Commission for an order approving
State.
in
the transfer of the propertieswasthat
placed in receivership in July 1931, and
The General Utilities Co.
receivership in bankruptcy ultimately was ordered by the Feceral court.
a
named trustee of the bankrupt company.
James B. Nourse,a lawyer, was
V 133, p. 641.
-Changes in Par.
International Hydro-Electric System.
the par value
pThe stockholders will vote April 2600 changing from no par of the pref.
to $25 per
to $50 per share, class A stock
no par
stock from
no par to $20 per share and common stock
share, class B stock from share -V. 136, p. 2068.
per
from no par to five cents
-Earnings.
Indiana Bell Telephone Co.
Total assets _ _51,360,326 50,776,491
-V.134, p. 2521.
Total
51,360,326 50,776,491
Interborough Rapid Transit Co. Security Holders
Represented at Unification Hearings.
The committee for the 1st & ref. mtge. 5% gold bonds due Jan. 13966
and the 10
-year secured cony. 7% gold notes (J. P. Morgan, Chairman) is
being represented at the unification hearings by A. M. Anderson.
As stated in August 1932, this committee has participated in previous
discussions regarding unification in the hope that a unification plan which
properly protected the interests of the 5% bonds and 7% notes might be
formulated and agreed upon. In accordance with the terms of the deposit
agreements, the committee, if it should approve any plan of reorganization, readjustment or unification, will publish notice of such approval and
holders of certificates of deposit will be given the right, within 30 days of
such publication, to withdraw their deposited bonds upon the conditions
stated in the agreement.
The committee has already received substantial deposits and will represent
the deposited bonds and notes in the contemplated negotiations, but it is
of the utmost importance that all bondholders and noteholders who have
not yet deposited their bonds or notes should do so promptly in order that
the committee in such negotiations may represent all or substantially all
the outstanding bonds and notes.
Deposits should be made with Messrs. J. P. Morgan & Co., 23 Wall St.,
New York City, the depositary of the committee.
Arthur W. Loasby, as chairman of the committee for Interborough
Rapid Transit Co. capital stock and voting trust certificates announced
that the committee is prepared to co-operate in every way possible with
Mayor O'Brien in the proposed negotiations.
Certificate holders who have not yet made deposit with Manufacturers
Trust Co., depositary
for the committee, are urged to do so promptly in
order to obtain the benefit of united representation in the negotiations.
Rogers S. Lamont,48 Wall St., is Sec. of the committee, the other members
of which are Edgar S. Bloom, A. J. Brosseau, II. W. Croft and Ellery W.
Mann. Sullivan & Cromwell are counsel.
The committee for the 10
-year 6% gold notes, due Oct. 1 1932 has
accepted the invitation of Mayor O'Brien to the security holders of the
corporations interested to participate in negotiations concerning unification of the rapid transit facilities of the city,and designated representatives
for such purpose.
Louis J. Horowitz has been appointed as chairman and member of tilt
committee to succeed Charles Hayden, who resigned.
See also under Rapid Transit in N. Y. City below and in V. 136, p. 2069
V. 136, p. 2068.
Iowa Electric Co.
-Earnings.
Calendar YearsGross revenue
Operating expenses
Taxes accrued
Interest
1932.
1931.
1930.
1929.
$1.387,837 $1,504,862 $1.541,478 $1,439,891
859,196
780,344
910,211
789,238
70,266
72,493
78,430
80,573
283,840
289,377
299,381
282.923
$283,798
$253,385
$253.476
$287,157
Balance Sheet Dec. 31.
AssetsLiabilities1931.
1932.
1932.
1931.
Property accounts$7,517,700 $7,029,392 Capital stock
$3,457,448 $3,4713,220
Bonded debt
Stocks, bonds dr
4,472,400 4,472,400
856,951 Other funded debt 253,228
other investmls 535,989
330,050
99,995 Loans & notes pay.
53,000
Material & suppl__
67,349
50,000
Cash
709 Current liabilities_
32,335
182,979
156,748
344,593 Accrued liabilitiesAccts.& notes rec.. 271,480
98,549
127,665
83,530 MLscell. Items
MIscell. Items.
20,379
2,642
268,933 Reserves
Def. debit Items._ 230,293
80,011
53,698
Surplus
77,890
14,685
Balance
Total
$8,675,505 $8,684,103
-V. 135. p. 817.
Total
$8,675,505 $8,684.103
Financial Chronicle
Volume 136
Iowa Electric Light & Power Co.-Earnings.-
2241
1932.
1931.
1929.
1930.
$4.765,117 $5,261,362 $5,524,630 $5,463.120
2,130,204
2.836.069
2,540,641
2,742,671
262,054
275,015
262.252
278.601
927.256
815.657
888,475
863,117
31.445.603 $1,579,994 $1,640,241 $1.536,379
Balance Sheet Dec. 31.
1932.
1931.
1932.
1931.
Assets$
Liabilities8
$
Property accounts31,110,630 30,961,279 Capital stock
17,523,347 19,801,009
Stocks, bonds &c.,
Bonded debt
13,600,000 15,672,000
investments- __ 2,835,223 3,586,259 Gold notes
2,013,350
538,200
Material & supplies
28,117
33.321
Other funded debt
on hand
414,490
479,895 Notes payable__ _ _
143,661
227,107
Cash
339,429
358,542
43,598 Other current liab. 220,190
Accounts and notes
456,494
Accrued liabilities_ 473,218
receivable
581,306
844,959 Deferred liabilities 102,021
93,741
Prepaid ins. & int_
5,535
14,285 Reserves
373,453
1,765,822
Def. debit items
1,067,620 1,709,839 Misc. unadj. credits
3,376
442
Misc. unadj. debits
25,554
68,746 Surplus
610,357
231.190
Insurance fund__ _
100,738
79.573
subsequent coupons attached, to one of the following depositaries of the
company: First Union Trust & Savings Bank, Chicago; Central Hanover
Bank & Trust Co.. New York: Commerce Trust Co., Kansas City. Mo.:
Mercantile Trust Co., Baltimore. Md.. or Canal Bank St Trust Co..
New Orleans, La.
Consolidated Income Accountfor Calendar Years.
[Including the Wyandotte Rys. Co. (Kan.) subsidiary.)
Calendar Years1931.
1932.
1930.
1929.
Gross revenue
$6.476,421 $7,840.232 $8,377,152 $8,951.616
Way and structures_ _ _ _
433,752
626.091
590,849
588,139
Equipment
445,950
605.244
627,420
660,254
Power Maintenance exp.
24,294
29,004
30.743
28,744
Power oper expenses_ _ _
837,505
849,323
946,975
1.021.790
Transportation
1,798,955
2.135,496
2,515.960
2,333,764
Traffic
26,693
37.590
42,511
64,405
General & miscellaneous
460.881
535.548
594,475
632.206
Injuries and damages...
481,615
503,357
528,490
503,656
Motorbus operating exp.
509.147
393,123
587.287
663,069
Reserve for maint. re
newals & retirements_
334.368
199,528
268.340
335.147
Taxes
382.040
482,515
481,698
501.786
Valuation expense
65,678
84,256
Total
36,480,52 37,788;433
-V.136. p. 2068,
t
Gross income
Interest on bonds
Miscellaneous charges
Calendar YearsGross revenues
Operating expense
Taxes
Interest
Balance
Total
36,480,525 37,788,433
o.) Publ*c Service Co.-Readjustment
-"K plan of readjustment has been promulgated and
Plan..
submitted to the holders of the 1st mtge. gold bonds for
their consideration and approval. The plan is to be effected
by an exchange of present bonds for new bonds. The
holders of substantial amounts of the outstanding bonds
have already signified their concurrence. The alternative
is a receivership, according to a letter signed by Peter W.
Goebel, Chairman, and Powell C. Groner, President.
The primary objects of the plan may be summarized as follows:
(a) To grant to the company a temporary reduction in bond interest
charges to a point commensurate with the company's indicated ability to
pay during the next several years and without any scaling down of principal;
(b) To return to the bondholders, over the remaining life of the new
bonds. (after expiration of the interest reduction period), all interest temporarily foregone;
(c) '1'0 effect, through a sinking fund, a reduction in the outstanding
bonded debt, with enhancement of the market value and security position
of the new bonds; and
(d) To protect the bondholders against any diminution of corporate
assets through payment of dividends during the interest reduction period.
The situation which the plan is designed to meet is this: The long
continued depression has caused large declines in revenue, which drastic
economies have only partially been able to offset. The result was a deficit
of approximately $100,000 in 1932 after full payment of bond interest. A
deficit of more than $.300,000 is anticipated for 1933. Indications are that
the company will fail to cover its present annual interest charges by a substantial margin until general business conditions show material improvement. When that will occur is a matter of conjecture. As a direct reflection of the situation, the bonds are now quoted around 19 cents on the dollar.
The company has not been in a position to accumulate
liquid resources needed to withstand the drain of continued deficits.the
Income has
always been modest and, to the extent not required for interest and other
charges, has been applied largely to rehabilitation and
of the
system. Franchise requirements and the demands improvement public
of
service have necessitated the expenditure of large sums,adequate
which were not
obtainable during the latter years from outside sources and
have had to
be drawn from earnings, to the detriment of the company's cash position.
Obviously, therefore, a continuation of deficits without
temporary
relief from interest charges will inevitably lead to default. Funds partial
to
the current year's interest requirements will not be available unless meet
borrowed, and procurement of the necessary
loans under present conditions
virtually impossible.
is
A receivership would not 800M to be
best interests of the bondholders. Judged by past experience, it to the probably occasion substanwould
tial expense and delay, with loss of interest during the receivership period
and ultimate sealing down of the bonded debt. Any such outcome should
be avoided if possible and this plan is conceived to that end. A voluntary
and equitable readjustment, such
contemplated,
sufficient to meet the problem and as here to the ultimatewould appear
good of all
prove
oncerned.
•
.0 as
Digest of Plan of Readjustment.
(1) New Bond Issue.
-Company will authorize a new issue of bonds
under the present mortgage and deed of trust, to be denominated "first
mortgage gold bonds, series B (refunding & sinking fund issuer or other
suitable designation, limited to $15.000,000 maximum principal amount
(this being the amount of series A bonds now issued). Series B bonds will
mature July! 1951 (date of maturity of series A bonds) and will be redeemable at any time at par and int. They win bear interest at the rate of 3%
per annum for the first 6 years and at rate of 7Si% per annum for the final
12
years (instead of straight 6% rate as at present), such interest being
payable semi-annually on Jan. 1 and July 1 in each year, the first installment being due July 1 1933 for the preceding 6 months' period. Series B
bonds Will be issued in coupon and registered form in the same
tions as the present series A bonds, will be payable as to principaldenominaand interest at the same agencies in New York. Chicago and Kansas City established
for the series A bonds, will contain the same provisions relative to the company's assumption of Federal income taxes upon bond interest as
contained
in said series A bonds and otherwise than as herein provided will be in substantially the same form as the series A bonds.
Series B bonds will be exchanged par for par for series A bonds,
the
series A bonds so exchanged to be canceled.
(2) Security for New Bonds.
-New series B bonds will be equally and
ratably secured, both as to principal and interest, under the present mortgage and deed of trust with any series A bonds which may not 130
and therefore remain outstanding. They will be further secured exchanged
by
and pledge of all series B bonds acquired from time to time throughdeposit
operation of the sinking fund hereinafter provided.
(3) Sinking Fund for New Bonds.
-A sinking fund, to be applied exclusively to the series 11 bonds, will be established, providing in substance
as follows:
(1) During each year that the 3% interest rate is in effect
there shall be applied to the sinking fund, to the extent that(1933-1938)
net income
permits (a) 3% of the principal sum of all series B bonds outstanding on
the last day a such year, plus (b) 75% of any additional net income for
year. with the proviso that such additional net income so to be applied
such
shall not in any one year exceed $100,000; and
(2) During each year that the 7 Yi% interest rate is in effect (1939
July 11951) there shall be applied to the sInIdng fund, to the extent that
net income permits (a) the sum of $900,000 (being the present annual
Interest requirements for the entire issue of series A bonds), minus (b) the
sum required to meet full annual interest charges for such year on all issued
series A and series B bonds other than those in the sinking fund.
(4) Exchange of Bonds.
-The new series B bonds will be exchanged for
the present series A bonds on a par for par basis. Series A bonds heretofore
or hereafter acquired by the company and held alive in its treasury may be
so exchanged and the series B bonds so received may be similarly held alive.
To the extent that the 815,000.000 authorized issue of series B bonds are
not utilized to make the exchanges herein contemplated they shall remain
unissued,so that tho aggregate issued amount of bonds of series A or series B
or both, as a result of this plan, shall never exceed $15,000,000 principal
amount.
Exchanges shall be made prior to May 1 1933. unless the time is specifically extended by the company, in which event proper interest adjustment
will be made. Series A bonds presented for exchange shall have attached
thereto all coupons maturing July 1 1933 and .thereafter, unless proper
adjustment is made as to any missing coupons.
5) No Dividends During Interest Reduction Period.
-Company will coypant that no dividends, whether from earnings, surplus or otherwise, will
be paid upon any class of its stock during the 6
-year reduced interest period
of the series B bonds (1933-1938).
-Any bondholder desiring to participate in the
Method of Participation.
plan should promptly forward his series A bonds, with July 1 1933 and
Net income
*Employees partic
Preferred dividends
$857.245 $1.327,389 81,278.922 $1,352.204
868.049
881,042
856,968
881,421
36,311
69,713
96.189
44.969
def$95,912
$423,029
105,757
$328.167
$425,814
82.840
330,726
Balance,surplus
$245.327
995.088
def395.912
$317,272
* Effective Jan. 1 1931,the employees, by agreement of board of directors
were given a participation in company's net income to extent of 2.5%
thereof.
Consolidated Balance Sheet Dec. 31.
[Including the Wyandotte Rys. Co.(Kan.) subsidiary.]
1932.
1931.
1932.
1931.
ASS.313Road & equipment 36,523,850 36,465,909 x Common stock_ _10,184,423 10,202,573
Misc. phys. prop- 483,661
555,981 $7 preferred stock_ 8,286,400 8,318,400
Dep. in lieu ot
Long-term debt_13,838.800 14,400,000
mtgd. prop. sold
490
25 Note pay., secured
225,000
Work in progress20,151
389,390 Audited accts, and
Investments, dre__
55,605
57,880
wages payable__ 224,182
313,853
Cash
556,044
531,853 Miceli.accts. pay.
42,993
11,422
Government and
Matured int. let
municipal secur.
394,486
mtge. unpaid_ __ 415,164
468,201
Special deposit _ _ _
8,051 Prov. for propity,
7,551
Due from emtaxes, Jrc
51,382
297,099
3,936 Unredeemid tickets
ployees
9,733
30,751
12,315
Notes receivable
Unclaimed dive. &
10,000
Accts. receivable__
int. coupons__ _ _
70,723
49,691
42,090
Materials and supp 324,680
373,504 Due to trustees
Deferred charges__ 280,016
346,377
empl. partic. id17,700
Deferred liabilities
97,314
125,623
2,978,427 3,154,059
Reserves
2,131,820 1,649,595
Surplus
38,323,746 39,195,840
Total
Total
38,323,746 39,195,840
x Represented by 182.083 shares of no par value in 1932 (1931, 182,425
shares no par value).
-V. 136. p. 1885.
(The) Kansas Electric Power Co.
-Earnings.
Calendar YearsOperating revenues
Operating expenses
Uncollectible bills
Taxes
Operating income
Non-operating income
1930.
1932.
1931.
$2,174,636 $2,518,955 92,719.361
1,657,271
1,444,699
1,136.438
7,740
4,342
209,443
234,120
231,843
$828,755
21,288
8835.794
17.093
$822,507
15.159
Gross income
x$850,043
Interest on funded debt
320,000
Miscellaneous interest deductions....
6,154
Amortization of debt disct. & expense
47,715
Miscellaneous deductions
Interest charged to construction-Cr.
331
9852.887
320.000
2,557
53,742
3,043
9837,666
320,000
7,030
47,679
1.647
Net income for the year
Surplus Dec.31
$473,545
835,942
$461.310
825.091
Total surplus
7% preferred stock dividends
6% preferred stock dividend
Common dividend
Miscellaneous debits
x$476,506
862.150
$1,338,656 $1,309,487 $1.286,401
140.546
172,171
148,070
37,954
236,250
262.500
301,875
25,923
12,666
514
Surplus Dec. 31
$897,983
$862,150
x Subject to the adequacy of the provision for depreciation.
Balance Sheet Dec. 31.
1932.
1931.
ASSe13LIabilities$
$
Plant .4 property-11,448,817 11,894,545 7% cum. pref.stk.
Cash
264,522
118,464 6% cony. Junior
Accts.receivable_), y135,327 {311,787
preferred stock_
Notes receivable J
13,101 x Common stock__
UnbUled revenuesCap, stock subscr77,479
Due on subscrip.
Funded debt
to pref. stock_
6,498
Purchase money
Materials & suppl37,082
64,917
obligations
Prepayments
6,704
6,042 Deferred liabilities
Adv. to MM.cos
50,000 Notes payable_ _
Cap, stock subscr13,378 Accounts payable_
Miscell. Investits75,991 Consumers' deSpecial deposits_
4,695
329
posits
Unamort. debt disMiscellaneous curcount & expense 323,271
370.711
rent liabilities_
Due from WM.cos. 252,440
Taxes accrued
Cost of pref. stock
Interest accrued_
sales
19,115 Reserves
Jobbing accounts277 Capital surplus
Misc. derd debits_
22,575 Surplus
Reacquired secure.
95,528
9835.941
1932.
1931.
2,004,500 2,115,000
644,000
547.000
1,245,172 2,832,907
10,800
24.100
5,500,000 5,500,000
33,050
144,050
900
90,218
97,715
124,113
315
180,384
26,667
719,957
124,256
26,667
732,952
1,128,741
897,983
862,150
Total
12,556,836 13,056,759
Total
12,556,836 13,056,759
Represented by 52,500 shares (no par). y After reserve for
uncollectible notes and accounts, 317,724.-17. 134, p. 3824.
Kentucky Utilities Co.(& Subs.).
-Earnings.-
Calendar Years1932.
1931.
Operating revenues__ $6,256.950 86.818,466
Oper. exp., incl. taxes.._ 3,235,383
3,756,488
Rent for leased lines_
13,614
Net earnings
$3.021,567 $3,048,363
Miscellaneous income
13,948
313,786
Gross income
$3,035,516 $3.362,149
Interest charges, &c.1,847,880
1.579.185
Net income
$1,187,637 $1.782,964
Preferred dividends....
835,380
851.689
Common dividends...-.
411,784
823.568
Balance, surplus
def$59,527
$107,707
Profit and loss, surplus. 1,024,460
2.045.073
Shs.corn. out.(par $100)
102,946
102 946
Earns, per sh. on corn
$33.42
$9.04
.
1930.
1929.
$7,165,599 $6,986,556
4,057,871
3,876.590
13.388
9.526
$3,094,339 $3,100,440
281,478
263,735
$3,375,817 $3,364,175
1,481,560
1,391,633
$1,894,257 $1,972,542
851,393
852,532
823,568
790.768
$219,297
1.982,608
102,946
$10.13
$329,242
1,650.073
98,846
$11.33
Pinancial Chronicle
2242
Comparative Balance Sheet Dec. 31.
1931.
1931.
1932.
1932.
8
$
Assets$
50,112,328 47,192,484 6% pref. stock... 7,601,100 7,714,300
Fixed capital
7% junior pref.
Properties of sub.
cumul. stock_.. 5,410,100 5,837,750
cos. abandoned- 155,635
1,876,042
418,356 Common stock_..10,294,600 10,294,600
Cash
97,104 Cap, stock subscr.
16,500
Notes receivable 1 x700,0751
32,111,900 27,186,900
856,254 Funded debt
Accts. receivable (
320,149
166,015
Int. & diva. teeth.
3,190 Accounts payable125,684
413,403 Consumers' depos.
Mat'l & supplies__ 340,068
14,765
281,867
Working funds...
Deferred nab_
176,071
320,680
Dividends declared
Hub'Iled revenues. 103,869
16,163
Misc. curr. Habil52,069
31,135
Special deposits__
930,214
891,299
Accrued liabilities_
Unamortiz. debt
494,084 1,036,047
Reserves
disc. & exp. in
142,714
Misc. unadj. credprocess of amort. 3,118,067
1,024,460 2,045,073
61,957
13,527 Surplus
Prepayments
8,281
Subscr. to cap.stk.
Miscell. invest'ts_ 1,222,439 3,206,941
2,913,621
Deferred debits__
501,666
Disc, on cap. stock 767,186
361,944
Reacquired secure.
Total
58,503,565 55,986,772
Total
58,503,565 55,986,772
x Including $31,408 due from °freers and employees, less reserve for
uncollectible accounts and notes of 874,500.-V. 135, p. 4559.
Keystone Public Service Co.(& Subs.).-Earnings.
1932.
$1,263,408
578,833
1931.
$1,399,316
778,196
Operating Income_ _ _ _
Other income
$684,575
78,506
$621,120
48,419
$804,709
30,800
$876,956
24,963
Total income
Interest, amortization,
Federal inc. tax, &c
$763,081
$669,539
$835,509
$901,859
390.481
197,618
296,361
314,315
Net income for year
Divs. on pref. stock_ _- Divs. on corn, stock._ _ _
$372,600
33,552
230,000
$471,921
27,723
460,000
$539,148
17,060
517,500
$587,543
3,933
506,000
Balance to surplus__ -V.134, p. 3980.
$109,048
def$15,802
$4.588
$77.610
Calendar YearsOperating revenues
Operating expenses
1930.
1929.
$1,510,468 $1,556,922
705.759
679,966
Kings County Lighting Co. -Earnings:Calendar Years1932.
Gross earnings
83,203,946
Operating expenses, ordinary taxes, Sic
2,069,110
1930.
1929.
1931.
$3,218,610 $3,230,218 $3,145,793
1,997,181
2,047,680
1,990,360
Net operating income_ $1,134,836 $1,221,430 $1,182,538 $1,155,433
141,53-k
164,753
184,809
195,343
Other income
$1,330,179 $1,376,239 $1,324,072 $1.320,186
275,380
275,380
388,885
275,380
126.100
94,779
102,592
129,082
98,220
107,241
124.068
-$876,539
$846,672
$828,709
$801,649
Balance for dividends_
502,148
538.762
502,148
558,922
Dividends paid
Total income
Interest, &c
Federal income tax
Other deductions
$344,524
$337,777
Surplus after dividends $242.727
Comparative Balance Sheet Dec. 31.
1932.
1931.
1932.
Assets
5,000,000
14,200,822 14,129,249 Funded debt
Fixed capital
978,467 Real estate mtge.Treasury securities 1,037,393
1,053,000
Bills payable
Material and sup208,873
208,904 Accounts payable- 147,229
plies
326,932
Accrued taxes
Cash and special
129,520
552,129 Accrued interest
360,372
deposits
2,001,891 1,941,391 Other curr.
Bills receivable_
& unfunded debt 175,790
331,786
Accts. receivable.- 415,592
493,862 Customers' deposDeferred charges.- 482,360
its and interest_ 1,053,287
235
Deferred credits
53,124
Contrib. for exten.
4,268
Susp. accts. credits
1,134,967
Reserves
2,000,000
Common stock
7% pref. stock... 1,816,400
112,900
6% pref.stock _
5% pref.stock_ _ _ 2,500,000
11,290
Prem. on cap.stk_
Corp. surplus.... 3,188,361
18,707,308 18,635,789
Total
-V. 136, p. 1374.
Total
$326,561
1931.
$
5,000,000
8,000
1,300,000
91,710
324,833
130,023
174,216
1,068,407
235
52,005
4,414
1,041,422
2,000,000
1,816,400
112,900
2,500,000
11,290
2,999,935
18,707,303 18,635,789
Los Angeles Gas & Electric Corp.-Bal. Sheet Dec. 31.1931.
1932.
1931.
1932.
$
Liabilities$
Assets$
Preferred stock_ 19,518,765
Plants and equip116,899,336 115,083,340 Common stock- 20,000,000
ment
Bonded debt... 46,982,000
Investment in
11,152 Current liabil's. 6,952,026
9,093
securities....
195,141
511,717 Divs. accrued__
595,042
Sinking funds
798,870
8,332,853 6,092,395 Consum. deposCurrent assets
28,048,923
3,076,869 Reserves
Deferred debits- 3,132,456
6,473,055
Surplus
$
19,518,100
20,000,000
47,023,000
3,809,102
195,089
941,617
26,389,682
6,898,884
128,968,780 124,775,473
Total
128,968,780 124,775,473
Total
Our usual comparative income account for year ended Dec. 31 was
1374.-V. 136, P. 1374.
published in V. 136, P.
-Earnings.
Mackay Companies.
1930.
$4.977,683
133.493
1929.
$4.892,308
129,745
1932.
Calendar Years$3,507,786
Receipts
17,082
Oper. exp..Fed.tax, &c.
1931.
$3,818,221
45,089
$3,490,704
Net income
Pref. dividends(4%)-- - 1.287,042
Common dividends(7%)
$3.773.132 $4,844.190 $4,762,563
1,716,056
1,716,056
1,716,056
2,896,628
2,896,628
$149,879
$231,506
Balance,surplus
$2,203,662 $2,057,076
Shares of common out413,804
413,804
413,804
standing (par $100)
413,804
$6.77
36.96
Nil
$4.97
Earns, per sh. con. corn_
Dec. 31.
Balance Sheet
1929.
1930.
1932.
1931.
Assets$91,094,988 891,339.986 $91,990,635 $91,939.639
Investments
3,403.178
4,565,246
4,583.271
Divs., due,receiv., &c....b33.244,032
$124,339.020 595,905,232 896,573.905 295,342.818
Total
Liabilities
Preferred stock issued- 49,028.000 49,028,000 49.028.000 49.028,000
Common stock issued-- 41.380.400 41,380.400 41,380.400 41,380.400
Accts pay to assoc cos-- 26,729.084
35.000
1.068
35.000
10,000
Sundry accts. payable.1,160.762
438,818
17.539
Dividends payable
Due to Postal Tel. &
1,912,313
2.107,425
Cable Corp
3.057.429
2.825.924
a7.173.997 a5.023.013
Surplus
3124.339.020 $95.905,232 $96.573.905 $95.342.818
Total
Includes accounts receivbale
a Of which $3386.629 capital surplus. bof which $5,486.746 are due
from associated companies of $33.080,515
Mackay Radio & Telegraph Co. (Del.), which amount has been
from
-V. 134.
subordinated to certain of that company's indebtedness to others.
p. 4214.
April 1 1933
Maine Gas Co.
-Smaller Distribution.
The directors have declared a quarterly dividend of 35 cents per[share
on the common stock, payable April 15 to holders of record March 28.
Previously, the company made quarterly distributions of 50 cents per share
on this issue.
-V. 134, p. 136.
•
Manhattan Ry.-Bondholders' and Stockholders' Committees Favor Early Action on Transit Unification.
Van S. Merle-Smith of Roosevelt & Son, Chairman of the protective
committee for the consol. mtge.4% gold bonds, due April 1 1990, in a statement issued March 28, favored immediate negotiations between representatives of the securities holders and Mayor O'Brien for the purpose_of
evolving a plan for unification of the city's transit systen•s.
The statement in part says: "The committee believes it important that
such negotiations and discussions should be had to the end that there may
be a prompt determination as to the feasibility of developing a plan[of
unification which will afford adequate protection to the consolidated bondholders. In case the committee should approve any plan of unification or
reorganization, notice of such approval will be published by the committee
in accordance with the terms of the deposit agreement, dated Sept. 6 1932.
Any holders of certificates of deposit who shall disapprove such planlyill
have the right, within 30 days of such publication, to withdraw their bonds
upon the terms stated in the deposit agreement."
The committee further states that a substantial amount of the bonds
have already been deposited with the Central Hanover Bank & Trust Co.,
depositary for the committee.
See also Rapid Transit in New York City below and in last week's
"Chronicle," page 2069.
Decision Gives Manhattan $975,438 for Spur.
Litigations between the Manhattan Ry. and the City of New York-over
the condemnation of the 42d St. spur were brought to a close, temporarily
at least, March 24 when the Appellate Division affirmed the decision' of
Supreme Court Justice Phoenix Ingraham in awarding the Manhatran
$975,438.
The city brought proceedings to condemn the spur, which extends from
Second Ave. to the East River, some five years ago, and the litigation has
been in progress since that time. During the case the company contended
that the property was worth in excess of $4,000,000, while the city, appealing the case, contended that the amount set by Justice Ingraham_was
-V. 136, p. 2068.
more than the property was worth.
Mexican Utilities Co. -Definitive Bonds Ready.The Irving Trust Co., One Wall St. N. Y. City, is exchanging definitive
7
-year 7% collateral trust gold bonds for temporary bonds now outstanding. See also V. 135. IL 2337.
Missouri Gas & Electric Service Co. -Earnings.1932.
1931.
Calendar Years1930.
1929.
$578,033
$698,758
Operating revenues
$721,504
$700,479
459,308
513.914
Oper. caps. (incl. taxes)_
526,413
526,030
$184,844
$118,725
Net oper. income
$195,091
$174,449
Dr5,883
4,516
Non-oper. income
4,711
2,635
$189,361
Gross Income
$112,842
8199,802
$177,084
93.981
Int. on funded debt.,.. _
93,762
89,165
79,532
Amortiz.of debt discount
7,331
7,389
and expenses
6,876
5.731
Cr3,234
Int. charged to construct
30,688
10,796
Miscel. amortiz. & int.,14,942
16.309
loss$18,997
$80,486
Net income
$88,819
$75.512
8.180
32,709
Prior lien dividends_ _
32.863
35.730
Preferred dividends
11.761
45,198
34,596
21,933
Balance, surplus
def.$38,938
$2.579
$21,360 -- - TF17,f 64
7
Profit and loss, surplus_ def375,554
95.488
92,909
88,453
Shares of common outstanding (no Par)---• 8,698
8,698
8,304
'7 '730
Earns, per share on com.
Nil
$0.29
$2.57
1h.39
Comparative Balance Sheet Dec. 31.
1932.
1931.
Liabilities
Assets
1932.
1931.
$3,648,280 $4,069,158 7% prior lien stock $465,700 $467,400
Fixed capital
38,131
53,643 $6 pref. stock___
Cash
774,600
790,100
170,241 Y Common stock. 869,800
82,322
Accts. & notes rec.
869,800
906 Cap,stock subscrib
Interest receivable
3,800
70,616 Funded debt
52,656
Materials & supp_
1,730,700 1,736,700
20,841
Notes payable....
Unbilled revenue_
19,242
52,401
209,542 Accounts payable.
207,627
Other assets
35,211
75,037
2,311 Consumers'deposit
15,579
Subscr. to cap.stk.
15,749
Due to attn. cos- -- 409,421
Dividends declared
20,031
Mlscel . curr. Nab.
922
1,159
Accrued liabilities.
61,069
38,840
Adv.from affil. co's
349,922
Reserves
43,170
59,992
Surplus
det375,554
95,488
Total
Total
$4,049,860 $4,576,419
$4,049,860 $4,576,419
Represented by 8,698 shares of no par value.
-V. 135, p. 466.
Missouri Public Service Co.(& Subs.). Earnings.
Consolidated Income Account
-Year Ended 19 c .31.
De .
31
Operating revenues
a Operating expenses
Uncollectible bills
Taxes
Lease of lines and plants
1902
$1.403,664
772.691
$1,557,400 $1.i52,846
93 .
0
@844 463 @916,006
3 89
: 4
Dr3:365808
97,787
98,457
83,150
Cr.5,702
Net operating income
Nom operating income
$529.686
Dr.4,832
$616,287
43,059
$549,644
36.556
Gross income
Interest on funded debt
Miscellaneous interest deductions
Interest charged to construction
Amort. of debt disct. and expense_ _ _
Miscell. deductions from gross income
$524.854
324.817
112,993
$659,346
310.404
94,426
Cr.4,635
35.826
1.203
$586,201
293,749
88,180
40.847
32.975
3,817
$46,195
Net income for the year
$222,122
$167.478
87,799
Previous earned surplus
72,781
65,303
$133,994
Total surplus
$294,903
$232,781
32,812
$7 preferred dividends
131.636
132,021
1,964
$6 preferred dividends
5,786
2,993
Common dividends
17,991
65.967
24,985
77,887
Direct charges
Earned surplus Dec. 31
83,341
$91,514
$72,781
283,343
Capital surplus Dec. 31
303.566
303.566
a Including retirement provision of $45,880 in 1931 and $45.279 in 1930.
b Of which $303,566 capital and $72,781 earned.
Consolidated Balance Sheet Dec. 31.
1931.
1932.
1932.
1931.
8
Liabilities8
i
Assets$
$7 Cum pref. stock 1,867,700 1,887,500
Plant, property &
12,897,752 13,385,432 $6 cum. Jr. pf. stk. 156,960
equipment
121,152
42,779 x Common stock__ 2,999,500 2,999,500
150,813
Cash
9,080 Cap, stock anima_
2,842
Notes receivable
108,864
y134,265
249,985 Funded debt
Accts. receivable
6,549,000 6,212,000
96,939 Purch,contr.oblig.
63,626
Material& supplies
23,987
23,194
Deferred liabilities
64,291
Unbilled revenues56,760
Current liabilities- 112,260
Rec, from saierof
249,395
Accrued liabilities27,998
stock_
preferred
162,053
148,215
768,506 Adv.from affll. cos 1,471,558 1,601,060
844,362
Other assets
Reserves
499,491
809,276
Misc.unadj.credits
1,200
Earned surplus
3,341
87,799
Capital surplu7... 283,343
303,566
Total
14,185,955 14,552,720
Total
14.185,955 14,552,720
x Represented by 59.970 shares of no par value. y After reserve_for
uncollectible accounts. 39.335.-V. 135, p. 818.
Volume 136
Montaup Electric Co.-New Financing.The "Boston News Bureau" of March 25 had the following:
The company has petitioned Massachusetts Department of Public
Utilities for authority to issue 2.653 additional shares of common stock at
par ($100 a share). In its petition the company states that it desires to
raise funds to reimburse the Fall Ever Electric Light Co., the Blackstone
Valley Gas & Electric Co. and the Edison Electric Co. of Brockton for
advances made for construction purposes. The petition further states
that if the Department of Public Utilities approves the issue the foregoing
companies will each have a total investment in the Montaup company as
follows:
Brockton. Fall River.
Blackstone.
33,500.000 $1.857,100 $4.908,200
Common and preferred stocks
47.8
18.09
34.09
Percentage of total
None
None
33.000,000
Notes
37 plus
49 plus 13.99 plus
Percentage of total investment
-v. 123, p. 1504.
6,407,238
2,748,416
4,195,837
-Halves Pref. Div.
New Orleans Public Service Inc.
per share on the
The directors have declared a dividend of 873i cents
$7 cum. pref. stock, no par value, payable April 1 to holders of record
March 24. Regular quarterly distributions of $1.75 per share were previously made on this issue.
On Jan. 3 last a dividend of 14 1-16th cents per share was paid on the
,
common stock, no par value, as against 5634" cents per share each quarter
from July 1 1931 to and incl. Oct. 1 1932.-V. 136, P. 159.
Mountain States Telephone & Telegraph Co.-Earns.
1931.
1932.
119,645.826 $22.343,124
Calendar YearsTelephone operating revenues
Operating expenses
Current maintenance
Depreciation
23
. Net telephone operating revenue
Uncollectible operating revenues
Taxes assignable to operations
2243
Financial Chronicle
New York & Queens County Ry.-Payment to Bondholders. -
4% bonds due
We are informed that holders of the 1st consol mtge.protective comApril 1 1946, who did not deposit their bonds with thebonds, being the
$802.06 per each 31.000
mittee have received a total of
total amount they are entitled to receive from the sale of the properties.
Depositing bondholders to date have received $575 per each 31,000 bond.
The bondholders' committee, however, has in its possession real estate
depositing
property, purchased at foreclosure, from the sale of which the -V. 136.
bondholders hope to realize further substantial distributions.
p. 1015.
•
North American Light & Power Co. -New Vice-Pres.
.411,
3,433,498
4,091,412
$6.294,335 $7,406,472
162,298
267.455
2,079,879 2,200.917
Allen Van Wyck has been elected a Vice-President.
Listed.
Stock
The Governing Committee of the Chicago Stock Exchange March 21
no par common
approved the listing of an additional 1,000,000 shares of 1547. 1376.
-V. 136, p. 1719,
stock offered to stockholders on right.
-Preferred DiviCo.
.....%...-Northern Indiana Public Service 25 declared dividends
-The directors on March
dends Halved.
$3,985,068 $5,101,652
Gross income
of 87M cents per share on the 7% cum. pref., 75 cents per
422,852
436,046
Rent and miscellaneous deductions
4
833,600
share on the 6% cum. pref., and 683 cents per share on the
883.823
Interest
/6% cum. pref. stock, all of $100 par value, payable
51
$2.665.199 $3.848,200
Balance net income
April 14 to holders of record March 31. In preceding quar3.843,976 3,843,976
Dividends paid
ters regular payments of $1.75 on the 7% pref., $1.50 on
sur.$4.224
31.178.776
Deficit
4% pref. stock were
the 6% pref., and $1.37M on the 51
-V. 136, p. 1886.
made.
President Morse DellPlain states:
Narragansett Electric Co.(& Subs.).-Earnings.
Operating income
Net_non-operating income
$3,947,001 35,0N: 8
4
5
19
38,068
1930.
1931.
1932.
$10,085,813 $10,258,819 110,343,743
234.279
280,509
141,893
Total income
310.227.706 $10,539,328 $10,578,022
3,808.750 3,895,529
Exp. other than maint., depr. & taxes 4,056,201
790.386
611,631
478,427
Maintenance
858,698
916.379
Taxes (incl. Federal income tax)
904,705
Calendar YearsGross operating revenue
Other income
Net earns, before int.. depr. & dive. $4.788.374 $5,202,568 $5,133.408
1.428,974
1,466.724
1,571.429
Interest and amortization
728,000
Depreciation
Net consolidated earnings
$2.488,945 $3,735,844 $3,704,435
Consolidated Balance Sheet Dec. 31.
1931.
1932.
1932.
1931.
$
Assets
-$
40,000 1,475,000
Cash
385,252 Notes payable_ ___
278,004
Accounts, notes &
Accts. pay.
801,620
dep. & accruals_ 682,776
accruals reo
1,831,293 1,380,721
289,000
Mat% & supplies- 599,484
784,566 Fund, debt of subs 272,500
273,339
Prepaid charges
268,452 let m.5% bonds__30,676,000 27,079,000
Capital assets_ _ _ _62,340,280 61,079,922 Res. for depreo- 6,692,446 6,544,296
77,124
57,420
Unamort. dlsct. &
Other reserves.. _ _ _
8,750
2,160,464 1,836,474 Unadjusted credits
expense
Restricted dep. &
xCapital stock_ ___23,904,550 23,904,550
5,185,197 5.564,798
36,774
cash In s k' funds
Surplus
4
Securities owned__
67,519,642 65,735,388
Total
67,519,642 65,735,388 Total
-V. 134, P. 3271.
x Represented by 478,091 shares of $50 par value.
-Preferred Dividend
" Nevada-California Electric Corp.
Decreased.
-The directors on March 29 declared a quarterly
dividend of $1 per share on the 7% cum. pref. stock, par
$100, payable May 1 1933 to holders of record March 30
1933, a reduction of 75 cents per share below usual quarterly
payments.
In connection with this action, President A. B. West
calls attention to the following pertinent facts:
1. That the pref. stock is cumulative, and no dividends may be paid
on the common stock until all arrears in preferred dividend payments
have been made up.
2. That for 1932, by far the worst year of the depression, the corporation's income was approximately $1,250,000 in excess of its total interest
charges, or a ratio of over 1.8 to 1.
3. That between Dec. 31 1928 and Dec. 31 1932, notwithstanding the
depression and the continuance of full dividend payments at the rate of
$7 per share per annum on its pref. stock, the combined surplus of the corporation and its subsidiaries increased approximately $150,000 and at the
Close of 1932 stands at $1,745.000.
4. That the corporation throughout the depression has maintained an
unusually liquid position, its current assets on Dec.31 1932 being 2.94 times
Its current liabilities and the items of cash and United States bonds alone
equaling 84% of its current liabilities.
5. That the corporation has no bank loans and has no early maturities
on its funded debt.
6. That between Dec. 31 1928 and Dec. 31 1932 the corporation has increased its investment in permanent property by over $5,600,000 with an
increase in funded debt for the same period of only $1.713,700 and a decrease in working capital of $975,000.
7. That during the period of the depression the corporation has substantially increased both the number of customers on its lines and the horsepower of connected load.
8. That the estimated cost of new construction work that will be requlred for the ensuing year is considerably less than the amount now being
set aside per year out of earnings for depreciation and amortization charges,
Which moneys become available for new construction requirements.
V.134, p.2907.
-New Directors.
New Bedford Gas & Edison Light Co.
The company announces the election of the following New Bedford
(Mass.) men to its board of directors at its annual stockholders' meeting
on March 24: Charles F. Broughton, Treasurer and General Manager of
the Wamsutta Mills; James 0, Thompson Jr., Agent of the New Bedford
Cotton Mills Corp.. and Millard L. Wheeler, Manager of the New Bedford
Public Market.
The following directors were re-elected: George R. Cherry, Ulric E.
Collette, Warren Partridge, Albert R. Pierce, Oliver Prescott, D. W.
Beaman, Daniel Starch, I. T. Haddock, H. C. Moore Jr.. R. D. Jennison,
Frank 11. Golding and Isaac N. Babbitt. H. C. Moore Jr. of Cambridge.
Mass., was re-elected Treasurer and Clerk.
At the directors' organization meeting, held after the stockholders'
meeting, the following officers were elected: Oliver Prescott, Chairman of
the board; D. W. Beaman, President; F. H. Golding, First Vice-President;
-V.
I. T. Haddock, Vice-President; Warren Partridge, Vice-President.
135. p. 2831.
-Dividend Decreased.
New Jersey Bell Telephone Co.
The directors on March 30 declared a quarterly dividend of $1.50 per
share on the capital stock, par $100.
Three months ago a quarterly payment of $1.75 per share was made.
This company is a subsidiary of the American Telephone & Telegraph Co.
Harland A. Trax of Montclair, N. J. has been elected Vice-President
-V. 136, P. 1375.
and General Auditor of the company.
The continued decline in business as a result of the depression, and
of
loss of revenue resulting from rate reductions has reduced the income on
the company to a point where the directors felt that a cut in dividends
necessary to protect the company's current posithe preferred stock was
tion.
Drastic economies in operating expenses have been effected during the
past two years including two reductions in salaries and wages, but the
decline in business has progressed steadily.
Net income of the company last year applicable to dividends was reduced 49.64% compared with 1931 and business of the company during the
first two months of this year has shown a further decline. No dividends
on the common stock of the company have been paid 13111C0 last June and
attention is called to the fact that no further dividends can be paid on
the common stock until all cumulative dividends on the preferred stock
have been paid.
We realize that cutting of the dividends on the preferred stock will be
disappointing to stockholders, over 7,000 of whom live in Indiana, but
it is the judgment of the directors that cash should be conserved until
action, in
general business conditions have become more settled. This
the opinion of the directors, will maintain the company's position and
-V.136. p. 1719.
protect the interest of the stockholders.
-Bonds Authorized.
Northport Water Works Co.
The New York P. S. Commission has authorized the company to issue
at not
not more than $90,000 mortgage bonds not later than July 1 1933 funds.
less than 90, the proceeds to be used in providing construction within
The Commission also extended to July 1 from Feb. 1 the time
which the company may issue $27,000 principal amount of 5% mortgage
bonds due 1962.-V. 136, p. 658.
Northwestern Bell Telephone Co.-Earnings.Calendar YearsGross
Operating income
Other income
Total income
Rent, 4cc
Interest
1929.
1930.
1931.
1932.
$30,524,341 $34,143.703 $34.924,803 333.503.068
6.656,863 8.138.222 8,447.313 8.400.006
191.708
1.002,681
1,307.368
1,461,831
$8,118.694 $9,445,589 39,449,994 $8,591,714
469,563
518,955
552.313
495.345
368.449
1.716,908 1.595,843
1,721,351
$5.901,998 $7,176,369 $7,335,196 $7,753,702
311,747
311.870
311,961
312,052
6,000,000 5.800,000 5.200,000 5,200,000
def$410,054 31.064,408 31,823,326 $2,241,955
Balance, surplus
Shares of common out650.000
650.000
750,000
750.000
(par $100)
standing
$11.45
510.81
$9.47
$7.45
Earns. per share on corn_
Balance Sheet, Dec. 31.
1931.
1932.
1931.
1932.
$
$
Liabilities$
A88e18$
13,929,657 Common stock- 75,000,000 75,000,000
Land and bldgs. 15,115,621
Preferred stock- 4,800,800 4,800,800
Telephone plant
14,011
14,011
& equipment_113,389,649 112,240,746 Prem.on cap.stk
General equip- 2,611,693 2,713,474 Adv.fr.sys.corp- 26.477,739 24,977,739
4,412,398 3,989,995
Notes
Other permanint
investments__ 21,835,049 21,108,801 Accts. payable_ 1,899,241 2,146,509
841,112 Subscribers' dep.
633,724
Cash & deposits
& service billed
Marketable se827,115
742,078
12,018 In advance...
11,573
curities
29,954 Accr.liab.not due 2,191,862 2,482,746
77,381
Bills receivable_
141,672
84,824
Accts.receivable 2,483,664 2,814,324 Def. credit items
Reserve for ackiaterlais & sup690,505 crued deprecin 30,774,818 29,176,457
559,334
piles
Res.for amort.of
Accrued Income
130,253
138,894
444,762 intang.capital
443,565
not due
876.000
281,395 Corp. sur. appro 1,760,300
235,781
Prepayments_
Corporate surOther deferred
plus unapprop 9,403,497 10,720,411
176,960
303,426
debits
Net income
Preferred dividends
Common dividends
157,700,460 155,283,708
Total
-V. 136, p. 1376.
Total
157,700,460 155,283,708
-Dividend Action Deferred.
Ohio Electric Power Co.
Action on the quarterly dividends due April 1 on the 6% cum. pref.
and 7% cum. pref. stock, par $100, has been deferred. Regular quarterly
payments of 14% on the 6% pref. and 1j% on the 7% Pref. stocks were
made on Jan. 3 1933.-V. 134. p. 3982.
-To Pay Reduced Rental.
Philadelphia Rapid Transit Co.
-V. 136. p. 1886.
See Philadelphia Traction Co. below.
-Earnings.Pacific Public Service Co.(& Subs.).
1929.
1931.
1932'.
Calendar Years1930.
35,131,663 $5,676,231 $5,298,687 85,452.558
Operating revenues
3.444.449 3,663.517
Oper. exps. & maint___ - 3.362,039 3,527.291
Net operating income_ $1,769.624 $2,148,940 31.854,238 31.789,041
214,035
Non-oper. revenue
86,520
148,151
136,308
Gross corp. Income.... $1,856,144 $2.285,248 $2,002,389 32,003,077
531,095
801,639
Interest deductions
424,395
590,409
167.110
193,542
113,361
166,069
Oth.deduc.,excl. of depr.
383.105
Depreciation
370,548
462.426
490,937
Netinc.avall.fordivs. $398.536 81.037,833 31.094.083
324,557
329,400
Divs.on pref.stks.of subs. 323,976
$921,764
328.725
.
3769,526
$593,039
Net profit to surplus__
$74,500
3708.433
• 2244
Financial Chronicle
Consolidated Balance Sheet Dec. 31.
1932.
Assets$
x.Fixed assets
24,026,510
Investm'ts at cost. 3,387,280
Special deposits17,174
Cash
1,247,433
Notes & accts. rec. 1,584,020
Capital stock subscriptions receivable
Merchandise, materials & supplies 332,079
Prepaid and deferred items_ _ _ 1,352,286
1931.
1932.
1931.
LiabilUfes$
$
23,757,273 Long - term debt
2,924,852
outstanding_ .._ _15,215,500 15,337,000
10,125 Accounts payable- 226,167
277,415
1,122,553 Accr. taxes, local
2,411,809
and State
176,022
157,298
Accr. Int. on funded debt
214,556
216,440
3,650 Accrued dividends
9,251
9,302
Dividends declared
162,869
399,063 Accr. Fed. inc. tax
92,285
95,652
Refundable deport.
99,272
99,131
1,644,134 Other curr. Habil39,919
40,511
Reserves
828,118
670,130
Subscr. to pf. stks.
of sub. cos
5,974
Pref.stocks of sub.
cos. outstand'g_ 5,225,778 5,234,500
Capital stocks of
parent CO
y9,772,553 9,771,833
Surplus
47,382
195,404
31,946,782 32,273,463
Total
31,946,782 32,273,463
Total
x Less depreciation of $4,062,816 in 1932 (1931
sented by 420.145 shs. 1st pref. stock, 300,000 shs.$4,122,799). y Repre2d
shs. corn. (non-voting) stock, and 200,000 shs. corn. pref. stock, 262,136
(voting) stock, all o
no par value.
-V.135. p. 3692.
hiladelphia Traction C L-Rut..0;vea -fone-Half of-Renta
l
R duces Dividend Payment. A statement to the
stockho ers says:
We deem it proper to advise you that this company
has been advised
by the President of the Philadelphia Rapid
that owing to the falling off in earnings itTransit Co.[Ralph T. Senter]
will not be possible for that
company to meet with complete
rental due this company on April 1 promptness the entire amount of the
next.
Ile states that the P. R. T. will on that date pay
one-half the rental.
or $400.000. and that he expects his company to
pay the balance on or
before May 15 1933.
The board of directors of this company on
March 4 1933 declared a
dividend of $1.90 a share payable
therefor should be received. It April 1 1933. if the necessary rentals
would appear, therefore, that there
will probably not be available for distribution
on April 1 next more than
one-half the amount of the dividend.
-V. 121. p. 2158.
Providence Gas Co.
-Annual Report.
-
Calendar Years1932.
1931.
1930.
1929.
Gross oper. earnings.- $3.298.610 $3.475.5
86 $3,525.856 53,446.628
Operating expenses
1,613,060
1,689.324 1,699.148 1,730,520
Interest
158.805
157.630
158,869
186.736
Reserve for customers'
special discount
90.000
Depreciation
225.000
200.000
200.000
200,000
Net income
51,301,745 81,338.633 $1.467,839 $1,329,361
Dividends
1,288,834
1,288,834
1.393,791
1,196,773
Balance,surplus
512.912
849,799
$74.048
8132.588
Shares ofstock outstanding (no par)
1,074.028
1,074,028 1.074,028
920.595
Earnings per share
81.21
$1.25
$1.36
$1.44
-V.136. p. 1720.
Public Electric Light Co. -Earnings.-
Calendar Years-
Gross earnings
Oper. exp.. incl. taxes
1932.
8348,026
143,447
1931.
$354,462
142,999
1930.
$356,270
141,804
1929.
$333.580
120,468
Net after taxes
Int. on 1st mtge. bonds..
Other interest
5204.579
66,000
3.725
$211,462
66,000
3,658
$214,466
57,693
10,809
$213,112
55.000
9.982
Net earnings
Preferred stock dividends
Deprec. & Sundry adjust
$134.854
66.180
66,718
$141,805
66.180
64.508
$145,965
66,210
55,003
$148,129
63.482
72,838
Balance to surplus--81,955
311.117
816,752
Comparative Balance Sheet Dec. 31.
511,810
•
F Assets-
1932.
1931.
Liabilities1932.
1931.
Plant acct. & cost
Preferred stock.. _ _$1,103,000 $1,103,000
of acquir. cap'1_83,204,324 $3,185,655 Common stoCk___
618,292
Cash
17,274 1st mtge bonds-.-.-. 1,200,000
3,840
1,200,000
Accts.& notes rec..
58,663
53,476 Accts. payable_ _ _
17,493
29,610
Inventories
27,706
29,986 Notes payable_ _ _ _
50,190
70,275
Prepaid items_ __ _
6,325
8,035 Taxes and interest
Unamortized bond
accrued
31,798
33,150
discount
75,487
78.665 Reserves
401,423
383,762
Unamortized flood
Surplus
7,450
7,494
damage
45,840
48,705
Miscell. suspense7,463
3,790
Total
83,429.647 $3,425,585
-V.134. p. 2721.
Total
$3,429,647 83,425,585
Public Service Co. of Oklahoma(& Subs.).
-Earnings.
Years End. Dec. 311932.
1931.
1930.
1929.
Operating revenue
$4.963,650 $9,026,759 $7.509,878 57,457.844
Oper. exp. & taxes
2,663,200 5,236,854 4.163,605 4.269,849
Interest
1,004,592 1.395,671
926,822
928,725
Amount applicable to
outside holders
315.575
Amort. of debt discount
& expenses,&c
68,300
125,966
112.489
123.421
Netincome
51.227,557 51.952,694 52,306,959 $2.135.851
prior lien diva
7%
} 533.606j
225,850
222,931
217,506
6% prior lien diva
1
309.222
280.730
257.595
Common dividends
660.940
1,405,152
820,152
775,152
Balance,surplus
833,011
512.470
$983.147
$885.598
Sta. corn. stk. outstanding (par $100)
194,394
194,394
119.394
96.894
Earnedper share
$3.56
$7.29
$16.10
$17.13
Comparative Balance Sheet Dec. 31.
1932.
1931.
1932.
1931.
Assets8
$
Liabilities
Fixed capital
56,882,604 58,980,441 7% prior lien stock 3,213,800 3,232,900
Prepayments
70,334
38,735 6% prior lien stock 5,210,100 5,247,300
Subscriptions to
Common stock_ _ _19,439,400 19,439,400
capital stock-.-.-.
45,541
111,676 Cap, stock subacr111,500
Accounts & notes
Stk. of S'western
receivable
752,918 1,404,651
Lt.& Power Co. 4,586,215 x4,608,740
Interest receivable
21,135 Funded debt
27,922,200 27,922,000
Materials and supEquity of minority
plies
282,691
534,171
com.stockholders
Cash
645,598
640,758
in subsid. co_
13,476
14,762
Deferred charges
2,596,506 2,812,450 Consumers' depos_ 655,105
636,849
Miscell. assets_ _ _ _ 5,455,974 4,353,743 Notes payable_ _
329,500
Reacquired secure-.
113,100 Accounts payable.. 118,467
262,613
Due to MM. cos
32,230
Dividends declared 219,636
210,261
Miscell. curr. liab6,598
Accrued liabilities_ 1,540,510 1,529,684
Reserves
1,421,495 1,898,317
Unadjust. credits..
61,639
Surplus
2,359,533 3,498,797
66,732,167 69,010,860
Total
Total
66,732,167 69,010,860
x Includes 51,684 shares $6 cum. pref. stock (no par), and 751 shares
class A common stock (par $100).-V. 134, p.3983.
April 1 1933
•
'Pittsfield Coal Gas Co.
-Decreases Dividend.A dividend of
per share
was recently declared on the capital stock.
par $100, payable March 23 to holders
compares with $2 per share paid on Dec. of record the same date. This
20 1932.-V. 134. p. 676.
Public Service Electric & Gas Co.
-Starts New Mercury
Turbine.
-
The 20,000 kw. mercury turbine
has been under construction at the generator, which for the past year
company's Kearny generating station,
has been placed in service. The turbine, which
is the second of its kind
in the world, MOS mercury vapor instead of
steam to operate it. One
hundred and thirty-five tons of mercury are used
mately 300,000 pounds of steam are
in the unit and approxi-
tion. This steam is used to operate produced as a by-product in its operasteam turbines.
At present there is only one other mercury
tion, a 10,000 kw. machine operated by the turbine in 'commercial operaat its South Meadows generating station. Hartford Electric Light Co.
A duplicate of the Kearny
machine is now being installed in the Schenectady
works of the General
Electric Co. and will probably begin operation in
May.
-V. 136 p. 1720.
Rapid Transit in New York City.
-Companies
Security Holders Choose Representatives to Negotiate with and
City
Officials on Unification.-.11
The invitatio
n of Mayor John P. Ottrien
various classes of transit security holders to tiTtlie companies ariciirie
organize and designate representatives to participate in negotiations relating
transit lines in N.Y.City met with quick responseto the unification of rapid
from all parties interested.
Negotiations between the city
and
various interested parties opened officials 29 the representatives of the
March
Those who recorded their appearance at the
meeting were:
Henry M. Powell, who has extensive holdings
of B. M.T. and I. R. T.
securities.
Ernest A. Bigelow representing individual security
holders.
Van S. Merle-Smith, chairman, and Harold Swain
and Stanley7 R.
Latshaw, representing Manhattan By. protectiv
e committee for the
consolidated bonds.
7% stock Johnson, representing Manhattan By.
Norman
.
protective committee for
Arthur M. Anderson, representing the I. R. T.5% bonds
committee.
John W. Stedman, President of the
stockholder in the various companies. Prudential Insurance Co., and a
E. S. S. Sunderland. representing I. R. T.5% bondholde
Morris Hadley, stockholder in the I. R. T., the B. M. rs' committee.
T. and the Manhattan Ry.
Earle Baille, I. R. T. 6% note committe
William W. Niles, individual stockholdere. the I. R. T.
in
Charles Hayden, Herbert Bayard Swope and Arthur II.
Bunker, representing the 6% bonds, the preferred and common
stock and the shortterm notes of the 13.34. T.
A. W. Loasby, Chairman, and Wilbur L. Cummings and
Rogers S.
Lamont, representing the I. It. T.7% note holders' committe
Nathan
Amster, President of the Manhattan By. and e.
ChairmanLof
the Manhattan stockholders' committee.
L.
Charles Franklin, counsel for the Manhattan Railway.
Rose and Carrie Cerf, individual stockholders in the I. R.
T. and the
B. M. T.
The B. M.T. was the only one of the transit companies represent
ed by a
committee with authority to speak for all classes of security
holders. The
I. R. T.and the Manhattan By., with in some respects
were represented by several committees representing conflicting interests,
individual security
holding groups.
The initial conference, devoted mainly to Mayor O'Brien's
exposition of
the principles that will guide him in conducting
behind closed doors. Subsequently the Mayor the negotiations, WM held
announced a scheduletof
conferences, starting April 3, with representatives
'of each of the various
classes of securities. It was definitely establish
separate groups of security holders would be ed that the conferences with
held in private.
The separate conferences announced
but it is not expected that any definitewill extend from April 3 to April 21.
result will
The dates named in the schedule are merely those be reached by that date.
for the initial meeting of
each group.
Maylor O'Brien's opening talk to the security holders'
representatives
was read during a brief open session. It stressed his
plan to
upon two major problems
-first, the fair and just values of the concentrate
be acquired, and,second, the method by which the city would interests to
pay for them.
Consideration of this second aspect of the problem,
he
include full discussion of the legal and financial considera declared, would
tions
The Mayor's statement reiterated the intention, announce involved.
d last week,
to deal fairly with security holders, without resort to
"confisca
stressed also his determination to see that no undue advantag tion." It
e was taken
of the city during the negotiations.
The schedule for the separate conferences calls for a meeting
April 3, with
spokesmen for the Interborough 5% mortgage bond represent
atives. The
committee for B. M. T. securities will confer with Mayor O'Brien
and his
aides, Chairman John H. Delaney of the Board of
Transportation and
Chairman William G. Pullen of the Transit Commission, on
April 17.
Schedule of Conferences.
The complete schedule follows:
Monday. Apri13, 11 A. M.
-I. R. T.5% bonds and
Wednesday, April 5, 11 A. M.-Interborough stock. 7% notes.
Thursday, April 6, 10:30 A. M.-Interborough 6% notes.
Tuesday, April 11,4 P. M.
-Manhattan modified 5% stock.
Thursday, April 13. 11 A. M.
-Manhattan guaranteedi7% stock.
Monday, April 17.3 P. M.
-B. M.T. group.
Tuesday, April 18. 4 P. M.
-Manhattan first mortgage 4% bonds.
Wednesday April 19.4 P. M.
-Individual holders oft. R. T.securities
Thursday, April 20.Inter
P. M. b°mugh 58, Manhattan 4s,
Friday, pri 21.4 P. M. -Manhattan bonds.
-V.136, p. 2069.
Roanoke Water Works Co.
-Earnings.1932.
Years Ended Dec. 31Gross operating revenues
Operating expenses
$408,161
142,351
1931.
$424,966
173,212
Net operating income
Non-operating revenue
$265,810
1,590
5251,759
899
Total income
Depreciation
Interest
Amortization bond interest
$267,400
36,000
185,899
26.370
$252.653
30,800
177,139
27.149
$19.130
$17,571
Net corporate income
Balance Sheet Dec. 31 1932.
Assets
Liabilities
Plant & property
$4,600,490 Common stock
$100,000
Cash
11,385 let pref.stock
289,384
Notes receivable
350,832 2d pref.stock
550,000
Notes & accounts receivable143,382 let pref. stock sub. not Issued
2,800
Materials & supplies
20,668 let mtge. bonds 5%
2,930,000
Prepaid accounts
1,168 5
-year6% notes
33,000
Reacquired securities
120,244 3
-year6% notes
467,000
1st mtge.25
-year 5% bonds
109,500 Not b. accounts payable_
362,852
Sinking fund uninvested
21,975 Consumers'deposits
24,025
Special deposits
85,985 Contr, mains exten. refund_ _
4,316
Unamortized debt discount &
Coupons payable
85,985
expense
287,269 Interest accrued funded & unfunded debt
14,773
Depreciation & reserves _
140,736
Contr. mains exten.-nonrefund
125.711
Surplus & reserves
622,313
Total
85.752,897
Total
85.752,891
-V.136. p. 1015.
Richmond Rys., Inc.
-Sustained in Suit.Judge Marcus B. Campbell of the U. S.
Court for
District of New York has banded down an District denying the Eastern
opinion
an
In the suit brought by Alexander Cameron against Richmon injunction
Inc.. an affiliate of Associated Gas & Electric System, and d Railways',
State Island
Coach Co., Inc. The Cameron suit was brought in an effort to restrain
the surrender of street railway franchises by the companies and the substitution of buses for street cars on State Island.
Cameron brought suit as a bondholder of Richmond Light & RR.,
Which conveyed its railway properties to Richmond Railways, Inc., in
1927,subject to the mortgage securing these bonds. The defendants alleged
that Cameron was suing on behalf of Tompkins Bus Corp., which operates
buses on State Island, with which the new bus lines would come into competition. They contended that the substitution of buses for railway operations would, in fact, be beneficial rather than harmful to the bondholders,
as the street car operations had been conducted at a loss.
The State Island Coach Co. already has been granted bus franchises by
the Board of Estimate and Apportionment on condition that the railway
franchises be surrendered. Judge Campbell held that the bondholders
would not be harmed by substitution of buses and that public interest in
the matter must be considered, which requires that the injunction be denied.
-V. 134. p. 848.
-Earnings.
Safe Harbor Water Power Corp.
Income Account for Six Months Ended Dec. 31 1932.
Revenue from power sales, $700,000; miscellaneous revenue,
$705,008
I. $5,008; total gross revenue
Operating expenses,$88,124; maintenance expenses,$10,349; taxes,
128,552
$30,078; total
$576,456
Net revenue
Interest on funded debt, $472,500; amortization of debt discount
500,253
and expense, $27,753; total
76,203
Net income
Balance Sheet Dec. 31 1932.
AssetsLiabilities
$6,065,100
Fixed capital
$25,056,242 xCapital stock
2,934,900
Casn in banks & on deposit__
832,664 Capital stock subscribed
Accts. & notes receivable__
139,790 1st mtge. sinking fund gold
Materials & supplies
103,119
bds., 435% series due 1979 21,000.000
,
323,031
Subscriptions to capital stock 2,934,900 Accounts payable
78,750
Prepayments
18,276 Interest accrued on bonds_61,325
Investment securities
9,100 Taxes accrued
76,203
Unamort debt disc. & exp.._ 1,439,505 Surplus unappropriated
Other deterred charges
5,709
$30,539,310
Total
Total
$30,539,310
x Represented by 92,752 shares of non-voting class A and 185.508
shares of voting class B common stock.
-V. 136, p. 493.
Saxon Public Works (Aktiengesellschaft Sachsische
Werke), Germany.
-Proposed Merger.
Announcement is expected shortly of the consummation of a deal whereby
this corporation, controlled by the Free State of Saxony, will acquire
control of the Bankfuer Electrischer Werke from the German General
Electric Co. Negotiations are still under way looking toward elimination
of certain obstacles which for a time indicated that the deal might be abandoned.
The German Government objected to the transaction on the ground that
It would involve control of foreign properties by the Free State of Saxony.
The Bank fuer Electrischer is a public utility holding company, including
among its assets some 25,000,000 marks of shares in properties located in
Poland, Rumania, Czechoslovakia and Turkey. According to dispatches
from Berlin, the management of Saxon Public Works is demanding guarantees with respect to their foreign properties and nas also been seeking to
cancel the contract covering power deliveries between the bank and the
German General Electric Co. (Now York "Sun.")
-V. 135, p. 1655.
Second Avenue RR. Corp.-Stockholders Approve Surrender of Franchise.
The stockholders at a recent meeting approved among other things the
surrender of the street railway franchise as outlined in V. 136, p. 843.
Shenango Valley Water Co. -Earnings.Gross operating profit
Operating expenses
1932.
$228,658
84,272
1931.
$245,533
100,492
1930.
$264,859
102,331
Net income from operations
Non-operating revenue
$144,384
500
$145,041
1,882
$162.528
1.444
Total income
Interest
Amortization bond interest
Depreciation
5144,884
66,009
1,169
24,000
$146,923
65.228
1.160
24,000
$163.973
62.830
955
24.000
Net corporate Income
Preferred dividends
Common dividends
$53,706
26.239
40,000
$56.535
25,263
40,000
57
6.188
24,063
40,000
Deficit
-V. 134. P. 3275.
$12,533
$8,728
$12,125
Southern Counties Gas Co. of Calif.-Earnings.
Calendar Years1930.
1931.
1929.
1932.
Gross earnings
57,070,658 $6,883,647 $7,604,451 57,997,407
Oper. exps. & maint__ _ 3,799,101
4,276,197
3.779,803
4,831,963
Taxes
771,844
710,281
650,284
847,487
Net earnings
52,424,070 $2,393,562 $2,556.410 52,515,160
Interest
543,140
540,000
540,000
462,817
Depreciation
826.588
913,450
808,798
912.987
Amortization
107,240
107.240
107,240
107.273
Net income
$832,873 $1,079,442 $1,136,272
$863.842
Pref. & corn. dividends..
-Not reported
985.924
924,240
Comparative Balance Sheet Dec. 31.
1932.
1932.
1931.
1931,
Assetsmammies$
8
$
$
Plant propertles_27,615,135 26,295,695 Common stock- 6,000,000 5,000,000
Cash
Pref.stk.24,857shs.
760,898
486,924
ot me par value 2,500,000 2,499,000
Invest. In secure
15,933
20,377
Malls & supplies_ 416,411
443,059 Collect on install.
Notes & accounts
sales of pref.stk.
730
receivable
875,510
12,000,000 12,000,000
981,628 Funded debt
Gas in storage_
96,039 Due to Pacific
Deterred charges
Lighting Corp_
1,780,099 1,856,581
622,552
Current liabilities_ 925,019
816,457
Consumers'advan.
for construction 1,236,017 1,350,526
Reserves
5,411,433 4,523,634
3,391,517 3,367,404
Surplus
Total
31,463,987 30,180,302
-V. 134, p. 2339.
Total
31,463,987 30,180,302
---Southern New England Telephone Co.
-Dividend Rate
Decreased.
-The directors on March 27 declared a quarterly
dividend of $1.50 per share on the capital stock, par $100,
payable April 15. This compares with $2 per share paid
each quarter from Oct. 15 1920 to and incl. Jan. 16 1933.
The company has 400,000 shares outstanding, of which
the American Telephone & Telegraph Co. owns about
one-third.
In a statement announcing reduction in dividend, the
company says:
For more than a year there has been a month to month drop in the
number of telephones in toll traffic. In view of the continued decline in
Income through those causes, a reduction of the dividend seems advisable
pending more definite indications of an upturn in general business.
The records show that the company has paid dividends since 1891 as follows: 1891-95, less than $6 per annum; 1896-1911, $6 per annum; 1912,
$6.75; 1913-1019, $7 per annum; 1920, $7.25: 1921 to date, $8.
The company has never paid an extra dividend.
-V. 136. p. 1015.
2245
Financial Chronicle
Volume 136
-Application for Loan of
Southern New York Ry., Inc.
$960,029 from Reconstruction Finance Corporation Denied.
See under "Current Events and Discussions" on a preceding
page.
."---Southern Union Gas Company.-Bonds-Off-Listr
Chicago Stock Exchange on March 21 approvedthe removal from
lis of the 1st mtge. collateral 64% sinking fund gold bonds, series A
and B ecause of withdrawal from the market of sufficient bonds to assure
a fr market.
-V. 135, p. 4560.
thq
-Bonds Not Approved.
Staten Island Edison Corp.
The New York P. S. Commission has denied this corporation authority
-year mtge. bonds to be sold at not
to issue 65,761,000 of ref. & imp. 30
less than 90% of par and accrued interest, and to apply the proceeds to
the payment at maturity on June 14 1933 of ref. & imp. 6% mtge. bonds
dated June 15 1932. The Commission affirmed its order of June 7 1932
denying the corporation authority to issue $8,500,000 principal amount of
first and refunding 5% 30 year mortgage gold bonds.
-year mtge. bonds was
The request to issue $5,761,000 ref. & imp. 30
made in an amendatory petition filed Sept. 22 1932. The amended petition
was considered at rehearings held on the original application. No opinion
accompanied the Commission's order affirming its denial order of last
June and denying authority requested in the amendatory petition, but an
opinion may be filed later.-V. 135, P• 3357.
-Earnings.
Telephone Investment Corp.
Consolidated Income Account (Inter-Company Duplications Excluded).
1930.
1929.
1931.
1932.
Calendar Years5956,678
Oper. & miscell. rev_
$1,088,649 $1,079,549 $1,048.518
502,801
463,557
509.843
524,177
Operating expense
175,363
194,671
196,618
207,914
Depreciation
43,024
42,611
45,912
48,382
Taxes (incl. Federal)....
11,550
17.067
13.542
9.290
Interest
1,715
4,923
4,821
Uncollectible revenues
10.697
Net income
Dividends paid
Net earnings
Shs.cap.stk.out.(par$20)
Ear.per sh.on cap.stk.
Earns.
-V. 134, p. 2149.
$288,188
240.000
$308,814
235,289
$286.543
222.120
$261.468
211,075
$48.188
100,000
$2.88
0
5
5100:002
735
$3.09
$64,423
$50,391
92.550
$2.82
9.5
$3.18
25
-Halves Pref. Divs.Public Service Co.
The directors have declared dividends of 874 cents per share on the 7'70
cum. pref. stock, series A and class B, both of $100 par value, and 75
cents per share on the $6 cum. pref. stock, series C and series D, no par
value, all payable April 1 to holders of record March 21. Previously, the
company made regular quarterly distributions of $1.75 per share on the
series A and class B pref. stock and $1.50 per share on the series C and series
-V. 133. p. 2106.
D pref. stocks.
-Suspended Dealings.
United American Utilities, Inc.
The New York Curb Exchange has suspended dealings in the class A
and common stocks, because the company has failed to maintain transfer
-V. 136, p. 1720.
facilities in New York.
-Earnings.
United Light & Power Co.
For income statement for 12 months ended Dec. 31, see "Earnings
-V. 136, p. 659.
Department" on a preceding page.
-To Pay April 1 Interest.
United Public Utilities Co.
Samuel W. White, receiver has been authorized by Federal Judge Walter
C. Lindley to pay the Apr. 1 interest on the company's 1st lien bonds,series
A,B and C. The Apr. 1 interest amounts to $431,242.
No interest will be paid Apr. 1 on the collateral trust bonds or the debentures.
-V. 135, p. 2339.
-Dividend Deferred.
Utilities Power & Light Corp.
The directors have voted to defer the quarterly dividend due April I
on the 7% cum. pref. stock, par $100. The last regular quarterly dividend
of 14% was paid on this issue on Jan. 3 1933.-V. 136. p. 160.
-Earnings.
West Penn Power Co.(& Subs.).
1929.
1931.
1930.
1932.
Calendar Years$18,137,446 $20,757,856 $22,122,662 522,288,972
Gross earnings
9,613,012
9,080,991 10,041,883
Oper.exps., maint.& tax 8,338,302
$9,799,144 $11,676,866 $12,080,779 $12,675,960
Gross income
2,600,825
2,583,302
2,576,269
Int.& amort.of discount 2,567,219
Balance
Res. for renew. & retire
57,231,925 $9,093,564 59,504,510 610,075,135
1,782,272
1,885,047
1,023,444
1,038,371
Net income
7% pref. dividends
6% pref. dividends
Common dividends
-V. 134, p. 3637.
$6,193,554 $8,070,120 57,722,238 58,190.088
Not
Not
889,5391
889.539
available.
1,020,000f available.
1,020,000
3,940,500
Wisconsin Telephone Co.-Phone Case Remanded.
The U. S. Supreme Court has remanded for further finding of facts the
case involving Wisconsin Public Service Commission order reducing local
exchange rates by 123i% effective on the Wisconsin Telephone Co. The
court criticized the failure of the lower court to present facts upon which it
based its decision in favor of the company and which held that the order
.
111
of the Wisconsin Commission proposed confiscatory rates.
The order of the Wisconsin Public Service Commission was temporary
pending completion of the Commission's investigation of telephone rates
and was to be effective for one year unless sooner modified or revoked.
The lower court, in granting interlocutory injunction, held that the order
would result in confiscation of company's property.
While the effect of the Supreme Court decision is against the Telephone
company the court's purpose only is to require the lower court to make
thorough investigation before acting on the case. The Supreme Court
decision stated there was no reason why it should go through the voluminous
records in the case to find the reasons for the action taken by the lower
court.
-V. 136, p. 2070.
Worcester Gas Light Co.-New Director.Former Congressman George R. Stobbs has been elected a director. He
is a member of the law firm of Stobbs, Hartwell & Stockwell.
-V. 133.
p. 1127.
INDUSTRIAL AND MISCELLANEOUS.
Matters Covered in the "Chronicle" of March 25.-(a) Ordinary life insurance sales during February 23% below those of February 1932, p. 1964.
(b) National Tea Co. reduces bread price in West, p. 1968. (c) Refined
sugar price increased 10 points to 4.20 cents a pound, p. 1968. (d) 1933
sugar beet prices; contracts specify reduction if sugar tariff is removed
and its market falls, p. 1968. (e) Zinc and lead mines reopen, giving employment to 1.000 men, p. 1971. (f) Lead prices reduced to 3.25 cents a
pound, p. 1971. (g) Steel production falls to 14% of capacity, still suffering from effects of bank closings; steel scrap price at new high level for year.
p. 1971. (b.) Wage reduction approved by delegates of United'a Mine
Workers of America; miners to vote March 25 on plan, p. 1973. (i) New
rules affecting listing of securities on Chicago Stock Exchange, p. 1985.
(l) Northwest Bancorporation (Minneapolis) defers dividend action p.
1987. (k) New receiver appointed for S. W.Straus & Co., Inc., New York.
following resignation of Messrs. Calder and Moses: former receivers report
to court that bankrupt house is simply a shell; list $29,000 assets; George E.
Roosevelt, Chairman of Real Estate Bondholders' Protective Committee.
issues statement; new Straus securities company investigated, p. 1987.
(1) New receiver asked for S. W. Straus & Co.; bondholders' suit wants
all its defaulted _properties put under one man; independent committee
headed by Lewis H. Pounds, called tool of Straus interests; denial is made.
p. 1988.
Financial Chronicle
2246
Abraham & Straus, Inc.(& Subs.).-Earnings.
1933.
1932.
1930.
Years End. Jan. 311931.
$20,020,553 $24,825,438 $26,702,949 $25,916,807
Net sales
Cost of sales, sell., oper.
18,913,211 23,147,188 24,894,620 24,310,139
&c.,expenses
Net profit
'Other income
$1,107,341 $1,678,250 $1,808,330 $1,606,668
72,015
117,898
Total income
$1,225,239 31,750,265 $1.808,330 $1,606,668
Interest paid
297,660
285,593
283,250
164,366
Depreciation
339.576
487,057
487,685
480,673
Loss on sale of marketsec prof.7,632
10,561
Prov. to red,market,sec.
123,951
Prov. for Fed. taxes...._
110,000
90,000
125,000
40,000
Net income
Preferred dividends_ _ _ _
Common dividends
$408,165
236,338
197,823
$741,829
251,784
116,367
$910,050 $1,012,726
264,694
267,750
Balance, surplus
def.$26,006
$373,677
$645,356
$744,976
corn. outat.(no par)
155,155
155,155
155,155
155,155
,
Earns. per sh. on corn
$1.10
$3.16
$4.80
$4.16
Earned Surplus Year Ended Jan. 31 1933.
ic Balance. Feb. 1 1932, on consolidated basis (incl. $723,300
representing the par value of the preferred stock reacquired) $7,150,577
Balance (profit) transferred from profit and loss (as above)_--408.155
Discount on 15
-year .536% gold debentures repurchased, less
,
unamortized cost applicable thereto
14,732
Discount on preferred stock purchased for redemption
31,489
Total surplus
$7,604,953
Preferred dividends
236,337
-Common dividends
197,823
Adjustment of fixed assets representing expenditures (deprec'd)
of $7,510.992 in connection with new bldg. erected during
years ended Jan. 31 1930 and Jan. 31 1931 written down to
replacement cost (depreciated) as of Jan. 31 1933:
Land,leaseholds, bldgs. & bldg.impts.on land owned & leased $1,525,501
Store fixtures
284,046
Iteduc. of val. ofland not used in oper. to val. as of Jan.31 1933
38,695
Balance, Jan. 31 1933 (incl. $930,200 representing the par
value of preferred stock reacquired)
$5,322,550
x The subsidiary companies were dissolved during the year.
Balance Sheet Jan. 31.
1933.
1932.
1932.
1933.
Assets$
Liabilities$
:Land, buildings,
Preferred stock__ 3,319,800 3,526,700
equipment. As_ 7,210,545 9,500,723 yCommon stock__ 1,405,325 1,405,325
1
1 Gold debentures__ 4,970,000 5,150,000
'Cash & call loans_ 1,742,866 1,955,808 Accounts payable- 342,187
416,694
Accts. dr notes rec. 1,969,704 2,581,471 Accr.salarles & exp 176,688
297,085
Marketable secure. 2,771,815 1,627,195 Accr. Int. on debs.
91,117
Sundry debtors_
110,000
40,000
78,885
100,902 Federal taxes
61,717
Inventories
58,096
1,743,770 2,191,914 Pref. diva. payable
202,154
Miscell. Invest.
121,273
117,934 Res. for cont., &is. 154,498
5,322,551 7,150,577
Prepaid expenses- 241,401
244,303 Surplus
Total
15,880,262 18.320.252
15,880,262 18,320,252 Total
x After depreciation. y Represented by 155,155 no par shares.
V. 134, p. 4159.
-Dividend Deferred. Adams Express Co.
The directors have taken no action on the quarterly dividend due March 31
cum. pref. stock, par $100. The last regular quarterly payment
•on the 5%
of $1.25 per share was made on this issue on Dec. 31 1932.
President William M. Barrett, in a statement to holders of the 5% pref.
stock, says:
"The continuing low level of security prices gives an asset value to the
common stock insufficient to permit the declaration at this time of the
regular quarterly dividend on the 5% preferred stock regardless of surplus,
•of earnings or cash balances.
"Your managers trust that at an early date there will be sufficient improvement in security prices to permit the resumption of dividends which
.are cumulative. The company has no bank loans; its 4% collateral trust
bonds which do not mature until 1947 and 1948 are the only indebtedness."
-V.136. p. 153.
-------tddressograph-Multigraph Corp. WireirangePar-Vatueke stockholders will vote April-44.0n changing the par value of the
•common stock from no par to $10 per share
V. 135. p. 3858.
-Smaller Distribution.
Aetna Fire Insurance Co.
The directors have declared a quarterly dividend of 40 cents per share
•on the capital stock, par $10, payable April 15 to holders of record March 21.
In each of the four preceding quarters a distribution of 50 cents per share
-V. 134, p. 3826.
was made.
-Stock Averages React. Allied Distributors, Inc.
The investment trust average compiled by Allied Distributors, Inc.,
•reacted with the general market during the week ended March 24. The
average for the common stocks of the five leading management trusts,
-influenced by the leverage factor, stood at 9.51 as of that date, compared
with 11.24 on March 17 and with 10.73 on Dec. 311932.
The average of the non-leverage stocks stood at 9.64 as of the close
March 24. against 10.82 at the close on March 17. The average of the
'mutual funds closed at 7.50, against 7.95 on March 17.-V. 136, p. 2071.
-----‘11ied Motor Industries, Inc.-Sk
geest..he Chicago Stock Exchange on March 21 atoved the removal from the
lis of the no-par common and preferredstoc because-ofdiscontinuance
•of-Ghleago-transfer agent and,registrar.-V. 136, p. 1377.
(A. S.) Aloe Co.-Pref. Dividend Deferred.
The directors have voted to defer the quirtorly dividend of 1 % due
April 1 on the 7% cum. pref. stock, par $100. The last regular quarterly
payment of 1 % was made on this issue on Jan. 2 1933.-17. 134, p. 2340.
Aluminum Co. of America.
-Dividend Halved.
The directors on March 25 declared a dividend of 37H cents per share
.on the 6% cum. pref. stock, par $100, payable April 1 to holders of record
March 15. In each of the four preceding quarters a distribution of 75
.cents per share was made as against $1.50 per share previously.
-V. 136.
p. 495.
Amalgamated Leather Cos.
-Transfer Agent.
The Commercial National Bank & Trust Co. has been appointed as
ransfer agent for the common and preferred stocks, effective at the close
•of business on Mar. 22 1933.-V. 136, p. 2071.
American Brake Shoe & Foundry Co.
-Tr-Reduce
The storolders whl vote April 25 on approving a proposed reduction
pital V. 136. p. 1201.
American Business Shares, Inc.
-Market Value of
Holdings Lower.-performed non-dividend paying
Dividend-paying common stocks out
stocks in the four months prior to March 3, the last day befoee the market
'holiday, according to Lord, Abbott & Co., sponsors of .American Business
Shares,
•
Twenty-seven dividend-paying stocks on the approved list of the fund
declined 6.6% in market value, while five non-dividend payers on the approved list declined 18.2%. It was pointed out that although the fund
has no investment in the non-dividend paying stocks, their selection for
this study can be considered as without prejudice, since they are on its
approved list.
The study shows the following results, by type of business: Industrials,
5.7% decline for dividend payers and 23.6% for non-dividend payers;
utilities, 14.3% decline for dividend payers and 37.2% for non-dividend
April I 1933
payers; rails, 13.9% rise for dividend payers and 13.8% decline for nondividend payers.
The stocks considered were:
1. Dividend payers: Air Reduction, Allied Chemical, American Can,
American Tobacco B, Corn Products Refining, du Pont, General Foods,
National Biscuit, Procter & Gamble, Reynolds Tobacco B. Standard
Brands, Standard Oil of California, Standard Oil of New Jersey, Union
Carbide, Norfolk & Western, Union Pacific, American Gas & Electric,
American Telephone, Commonwealth Edison, Consolidated Gas of Baltimore, Consolidated Gas of New York, Electric Bond & Share, North
American, Pacific Gas & Electric, Public Service of New Jersey, Southern
California Edison, United Gas Improvement.
2. Non-dividend payers: American Radiator, Sears-Roebuck, Atchison,
New York Central and Electric Power & Light.
-V. 136, p. 1551.
American Chain Co., Inc.
-No Provision Made for
Payment of Undeposited Debentures on April 1.
President W.B.Lashar hassent another letter to holders of the company's
6% debenture bonds due Apr. 1 1933, requesting them to deposit their
debentures under the plan dated Feb. 18 1933. Holders of more than 70%
of the total debentures outstanding have already deposited their debentures
under the plan, Mr. Lashar said.
"The company is making no provision for the payment at maturity, on
Apr. 1 1933, of the principal of debentures not deposited under the plan,"
Mr. Lashar said.
-V.130. p. 1888.
American Commercial Alcohol Corp.
-Earnings.
-
Calendar Years1932.
Oper. & other income...... 81,462,290
Admin.,sell. & gen.exp588,902
Reserve for deprecia'n-204,041
Interest paid
56,238
Discount on sales
26,670
Federal income taxes_
Prey.for reduc.ofinvent
Net profit
Pref. stock dividendsCommon dividends
Balance, surplus
Shares of common stock
outstanding (par $20)Earnings per share
x No par shares.
Condensed
1932.
Assets$251,961
Cash
Customers' notes &
accts. receivable 530,898
Other notes & ac73,447
counts receivable
merch., materials,
supplies & contr. 1,731,628
Cash In
Prep.ins.,taxes,&c.
escrow_84,687
xLand, buildings,
machinery,ea_ 5,851,521
Cost of invest. in
Rossville Alc. &
Chemical Corp.
284,007
Syndicate
C'd-will, tr.-mks.,
1
formulae, &IL-
1931.
1930.
1929.
$397,828 $1,161,293 $2,782.780
768,606
909,669 1,070,636
226,873
195.243
186,697
129.731
534,404
$586.4381064597.651 10858478,022 $1.395,716
143.708
155,467
714,150
$586,438 loss$597.651 loss$633,489
8537,858
194.747
$3.01
x376,398
x377,544
Nil
x38%138
$3.22
General Balance Sheet Dec. 31.
1931.
Liabilities1932.
1931.
2443,228 Accounts Payable- 2242,106 8332,172
Notes payable to
banks
785,985
794,739
400,000
Trade acceptances 290.303
492,702
47,453 Sundry reserves._ 413,374
415,520
Common stock z3,894,950 F3,763.979
1,052,191 Capital surplus
2,586,241 3,050,673
94,669 Earned surplus.- 586.438
84,788
5,946,731
1
28,808.152 $8,455,047 Total
Total
68,808,152 $8.455,047
x After reserves of $827.998 in 1932 and $659,751 in 1931. y Represented
no par shares. z Represented by shares of $20 par value.
by 376,398
-V.
136, p. 660.
Glanzstoff Corp.
-Proposed Plan of ReadjustoT,
lit is announced that the company has under contemplation a plan for
readjusting its preferred stock.
The plan contemplates offering the right to the holders of the pref.
stock to exchange such stock upon the basis of one share of new $50 par
value 6% prior pref, stock, one share of common stock class B and $15
in cash for each share of existing 7% pref. stock of $100 par value. Details
-V. 135, p. 821.
of
plan will be announced shortly.
American Hide & Leather Co.
-Earnings.
--
For income statement for 12 and 36 weeks ended March 4.see ''Earnings
-V. 136, p. 330.
Department" on a preceding page.
American Laundry Machinery Co.-Earnings.
--
1931.
1930.
1929.
8771.798 $1.849,465 $3,542.141
1,435,859 2,604,837 2,530.101
$1.726,347
8664.061
Deficit
$ 5.372sur$1012,040
75
16,993,060 17,722.481 18.559,830 17,975,934
Previous surplus
Surplusfrom sale ofcom2,490.406 2.523,886 2.725.201
mon stock
2,725.201
1932.
Calendar YearsNet profit after prov. for
deprec. & Fed. taxes_loss$984,969
741,378
Dividends paid (cash)__
$17,757,119 119.582,306 $20,529,659 $21,713,175
Total surplus
44,258
Prop. of pats. chgd. off..
65.360
81.977
48,603
Stock dividends paid..
201,315
379.541
Deductions, incl. prem.
paid on stock purch106,696
$17,712,860 $19,410,250 820,246,367 821,285,031
Surplus, Dec. 31
Shs. of capital stock out614,171
standing ($20 par)....626,858
644,753
651,722
Nil
Earnings per share
31.23
$2.87
$5.43
Balance Sheet Dec. 31.
1931.
1932.
1932.
1931.
Assets
$
Liabilities$
$
701,067 Accounts payable. 111,056
554,581
Cash
201,352
U. s. securities... 3,530,192 1,347,907 Accrued accounts.
90,913
72,608
Hamilton County,
Customers' deposits and credit
Ohio, bonds _ _
49,374
Notes receivable_ _11,040,380 13,182,266 balances
18,162
30,169
Accts. receivable 3,464,128 4,118,206 Reseryme Federal
inco e flaxes
Notes receivable
loans to emprs
Capital stock
il..?/2128
l
against co.'s stk.
Surplus
311,572
as collateral_...... 287,815
Accts. rec, from
41,376
2,442
empl. stk. subs_
2,590,998 3,516,326
Inventories
214,172
Investments
179,458
Stock owned-for
459,928
subsidiary cos__ 459,928
bldgs. & eq. 5,190,504 5,464,753
Unamortized book
value of pats.,
trade marks,&c. 2,750,000 2,800,000
187,121
Deferred charges._ 116,625
13.( ti
1?
I
Total
Total
30,216.427 32,344,694
30,216,427 32,344,69
x After deducting allowance for depreciation of $3,622,085 in 1932 and
33.312,399 in 1931.-V. 136, p. 1378.
American Ice Co. -Decreases Capitalization-Nett
-Director
-y-4c.The stockholders on March 28 approved a reduction in the capital stock
of the company by the retirement of 10.000 shares of pref. stock and 40,000
shares of no par common. Proposals to reduce capital,represented by 560.000 common shares, to $5 per share from $25 per share, resulting in $11,200.000 credit to surplus, and a reduction in the authorized pref. stock to
140 000 shares and in the common stock to 560,000 snares and the stated
capital to $16,800.000 were also approved.
2247
Financial Chronicle
Volume 136
George H. Walker Jr., has been electedra:director, succeeding Arthur
W. Loasby.
President C. C. Small, commenting on the status of the preferred dividend, expressed the opinion that the company was in a position to continue
the regular rate. He said he was very hopeful about prospects of business
resulting from the return of beer. Payrolls this year will be reduced $1,-V.136.P. 1721, 1552.
000.000 compared with last year, Mr. Small added:
-To Reduce Stated Value of
••.-..American Locomotive Co.
Common Shares.
The stockholders will vote April 18 on approving a proposal to reduce
the amount of the company's capital by the reduction of the stated value
of its no-par common shares from $50 to $5 per share, the resulting surplus
to be credited to capital surplus and to be applied, to such extent as the
board of directors shall determine to be advisable, to such readjustment
of the values of the company's properties and other investments as will
more nearly approximate their present sound values. The stockholders
will also vote on approving a proposition to provide that the numoer of
the company's directors shall not be less than three nor more than fifteen.
-V. 136, p. 1552.
American Stores Co.-Sales Not Reported.
-
The company stated that due to the unusual conditions prevailing
recently, the report of its February sales was not issued. February sales
-V. 136, p. 1888.
will be included with the report of March business.
'
... s. ,
* American Tissue Mills, Holyoke, Mass.-Defers Div.
The directors, at their meeting last week, voted to defer the quarterly
dividend due March 1 1933 on the $404,700 7% cumul. pref. stock, Par
$100.
The company states: "After ong deliberation it was decided to take
the above action caused mainly by present business conditions which are
beyond our control and also to conserve the capital of the corporation."
merican Woolen Co.
-Reduces Preferred Stock.-
The stockholders on March 28 approved the retirement of 65,500 shares of
pref.stock (par $100) which has been purchased at an average cost of $22.34
per share. This leaves outstanding 413,148 shares of pref. stock.
In answer to a question by a stockholder, President Lionel J. Noah said
that the directors had discussed various forms of financial reorganization
whereby preferred stockholders would receive some benefit in exchange for
dividend accumulations on their stock, but that in view of the 400,000
shares of common stock outstanding, which, by a vote of two-thirds of the
number of shares, would have to approve any change in the capital structure,
no plan discussed had proven satisfactory.
-V.136, P. 1563
.
...."---Apex Electrical Mfg. Co.-Defers Pref. Dividend.
The directors have decided to defer the quarterly dividend due April 1
on the 7% cum, pref. stock. par $100. The last regular quarterly payment
of 1%% was made on this issue on Jan. 2 1933.
On Dec. 30 last, a distribution of five cents per share was made on the
common stock, no par value, as against 25 cents per share on Nov.151931.
136. P. 1553.
Arnold Constable Corp. (& Subs.).
-Earnings.Years Ended Jan.311931.
1932.
1930.
1933.
Net sales
$6,385,879 $9,083,731 $11,910,197 $12,212,272
Expenses
6,616,072 8,899,868 12,464,126 12,877.586
Depreciation
99,685
79,717
73,858
73,949
Profit
da$304,143
$110,005 def$633,646 def$764.999
Other income
72.393
236,987
177.941
103.735
Profit
def$200,408
$287,946 def$561,253 def$528,012
Minority interest
657
969
:Loss from operation of
& invest.in sub.(net).
125,000
Res, for fluct. in market
value ofinvestments_ 29,035
Miscellaneous expenses_
11,479
yOther deductions
Cr1,684
1,148
Net profit
loss$239,237
$161,798 def$562,223 der$528,668
Shares of capital stock
outstanding(no par)_
. 337,109
337,109
337,109
337,079
Earnings per share
Nil
Nil
Nil
$0.48
x Thirty-eighth Street and Fifth Avenue Corp. y Proportion of net
profit of Arnold Constable & Co., Inc., allocated to 1,525 shares of stock
of Arnold Constable & Co., Inc., not acquired -V. 136, p. 1721.
Artloom Corp.
-Earnings.
Calendar YearsLoss
Depreciation
Federal tax provisionNet loss
Dividend on pref. stock_
Dividend on coin, stock_
1932.
$178,561
76,853
1930.
1929.
$287.476 prof$601147
65,400
65,129
55,000
$255,414
23,464
Balance, deficit
Earns. per sh.on 200,000
shs. COM. stk. (no par)
1931.
$312,645
82.601
$395,246
84.343
$352,876 prof$481018
91,000
105,000
(75c)150.000 ($2)400,000
Consolidated Balance Sheet Dec. 31.
1931.
1932.
Liabilities1931.
1932.
Assetsx Capital stock... $569,706 $588,000'
bldgs., mach.,
47,693
26,927
$1,093,746 $1,875,011 Accounts Payable_
equip., drc
885.
2,886
26,367 Accr. payroll, &c_
108,329
Cash
353,983.
Res. for depr., &c.. 319,371
Accts. & notes rec.
713,498 1,977,110.
97,402 Surplus
78,697
(trade)
518,367
260,270
321,120 Earned deficitInventories
Employees'dr misc.
10,784
3,130
notes & liCetS.ree
Real est., mort.
50,000
notes
401
401
Investments
3,567
8,300
Y Other assets_ - _Pats., trdmks. &
295,862
17,491
good-will
14,058
16,554
Deferred charges
$1,632,187 12,449.308•
81,632,187 82,449,306 Total
Total
x Represented by $94,951 no par shares in 1932, and 98,000 in 1931.
YRepresented by 1,000 (1.979 in 1931) shares of Atlas Tack Corp. pur-V.135. p. 3001.
thased for delivery on patent contract.
Badger Paint & Hardware Stores, Inc. -Defers Div.
The directors have decided to defer the quarterly dividend due about
April 1 on the cony. pref. stock, par $20. The last regular quarterly payment of 25 cents per share was paid on this issue three months ago.
V. 134, p. 509.
-Defers 1st Pref. Div.
(J. T.) Baker Chemical Co.
The directors have decided to defer the quarterly dividend due March 31'
on the 7% cum. 1st pref. stock, par $100. The last regular quarterly pay
-V.134.
meat of $1.75 per share was made on this issue three months ago.
P. 2525.
(L.) Bamberger & Co.(& Subs.).-Earnings.Jan.28'33. Jan.30 32. Jan.31'31. Feb. 1 '30.
Years EndedNet sales
$29,066,455 $35,919,463 $35,872,279 $37,168,167
1,964,354 3,227,291
Profit from operations
1,895,647 2,605,698
328,672'
367,881
276,711
320,035
Interest paid
Depreciation
1,243,999
1,286,577 1,295.439 1,205,798
190,000'
45,000
140,800
Federal taxes
60,000
Net profit
Preferred dividends....
$314,936
540,662
$256,034 $1,502.821.
629,417
619,319
$858,288
589,513
$873,404
Surplus
def$225,726
$268,773 def$363,285
Jan. 28'33. Jan. 30 '32.
Consolidated Surplus for Years Ended$9,861,013 $9,859,794
Previous earned surplus
858,288
314,935
Net profit, fiscal year (as above)
Depreciation on increased values shown by ap256,727
194,022
praisals added back to profits
Excess of par value over cost of preferred stock re132,475
purchased during year
$10,502,446 $10,974,807
Total
589,513
540,661
Dividends on cumulative preferred stock
1,281
Proms. on pref. stock repurchased during year...
523,000'
616,000
Transferred to appropriated surplus
$9,345,784 $9,861,014
Balance, end of year
Earned Surplus Appropriated
Transfers from earned surplus representing par
$609,500
$1,132,500
value of preferred stock repurchased
523.000'
616,000
Transfers during year
$1,748,500 $1,132,500
Balance, end of year
Property Surplus
$9,625,898 $9,882,629
Balance, beginning of year
Depreciation on increased values for the year,
256,727
194,022
transferred to earned surplus, see above
$9,431,875 $9,625,897
Balance, end of year
$20,526,160 $20,619,411'
Total surplus
Comparative Consolidated Balance Sheet.
Jan, 28'33. Jan. 30'32.
Jan. 2833. Jan. 30'32.
s
s
Liabilities$
Assets$
Land bldgs.,.4c_ _28,990,175 30,674,326 614% pref.stock__ 8,251,500 8,867,50064,217 aCommon stock__ 2,500,000 2,500,000
44,516
Marketable secure.
624,189 Mortgage payable 5,400,000 5,550.000'
2,304,280
Cash
116,313
Accts. receivable_ 2,978,109 3,938,291 Miscell. credit bal. 119,213
144,097
2,815,549 3,326,517 Prof. dive. par.-. 134,087
Inventories
641,428"
14,340 Accounts payable_ 504,315
14,712
Due from empl'ees
484,928
112,921 Accr. salaries, &c- 475,980
Sundry debtors... 103,967
140,800.
60,000
Reserve for tax. __
Fixed assets not
Res. for cooling. &
used
455,480
146,137
150,647
305,447 insurance
Other investments 313,749
20,526,160 20,819,411
130,366 Surplus
Deferred charges_ 101,365
38,121,903 39,190,615.
Total
38,121,903 39,190,615
Total
-V. 134. p. 2914.
a Represented by 500,000 no par shares.
$593,876
$23,982
$479.589
-Div. Deferred.
Bankers-Commercial Security Corp.
"
The following is understood by the Chronicle" to be correct:
Nil
Nil
$1.88
Nil
The directors have decided to defer the quarterly dividend due April 1
Balance Sheet Dec. 31.
on the 6% cum. pref.stock, par $100. The last regular quarterly payment
Assets1932.
1931.
of 1%% was made on this issue on Jan. 3 1933.-V. 134, p. 2525.
Liabilities1932.
1931.
x Land, bidgs.,maPreferred stock_ __$1,173.200 $1,173,200
axter Laundries, Inc.-Stook-Off-Liist.chinery, &c...-83,184,906 $3,258,962 y Common stock__ 3,000,000 3,000,000
Patents, &c
8,270
1
Accounts payable_
20,309 ---... he Chicago Stock Exchange on March 21 approvI the removal front
rebates,
Cash
the-list of the Class A common stock, no par value, because of discon350.900
401,579 Res. for
-V.436, p. 1379.
19,524
Accts. reeelvable..- 152,343
tinuance of Chicago transfer agent and registrar.
12,278
269,676 returns & allow_
Treas. pref. stock_ 175,839
7,557
99,612 Accrd. wages. &c6.135
-Decreases Dividend.
1,071,861 1.368,586 *---flelding-Corticelli, Ltd.
Govt.securities... 1,001,583
997,877 Surplus
Inventories
301,734
The directors have declared a quarterly dividend of $1 per share on the
520,759
Deferred charges
21,883
common stock, payable May 1 to holders of record April 15. This compares33,462
-V. 136. p. 661.
with $1.75 per share paid previously each quarter.
Total
$5,278,990 $5,581,928
85,278,990 85,581,928 Total
-March 1 Interest Paid.
Bing & Bing, Inc.
x After depreciation of $940,201 in 1932 and $863,348 in 1931. y RepreThe interest due March 11933. on the 25
-year 6%% sinking fund debsented by 200,000 no par shares.
-V. 136, p.661.
-V.136, p. 1554.
enture bonds, due 1950, is now being paid.
$278,878
""-..Art Metal Works, Inc.-Erteek-Off-biek
he Chicago Stock Exchange on MarchI approved the removal from
th st of the common stock, $5 par value because of discontinuance of
Chicago transfer agent and registrar.
-V. 6, P. 1888.
•---Atlantic Lobos Oil Co.-To Dissolve.
The stockholders will vote April 26 on approving a proposal to dissolve
the corporation. The company no longer operates and its chief assets
are investments.
The Atlantic Oil Producing Co., a subsidiary of the Atlantic Refining
Co.. owns half of the common and half of the preferred stock of the Atlantic
Lobos company. The assets of the latter, consisting of marketable bonds
and the stock of the Caren Oil & Gas Co.,owner of a few unproductive leases
in Texas, will be sold and divided among the preferred stockholders.
V. 134, P. 3639.
Atlas Tack Corp.
-Earnings.
Calendar YearsNet sale;
Costs and expenses
1930.
1929.
1931.
1932.
$1,079,555 $1,378,048 $1.571.399 $2,171,921
1,110,353 1,462.066 1,692,106 2,050.304
Operating loss
Other income
$30.198
3,464
384,018
$120,707 prof$121617
Loss
Interest, &c
Employees' profit shar_
$27,334
43,338
$84,018
52,784
$120,707 prof$121617
48,243
25,795
14,373
Net loss
Shares capital stock outstanding (no par)_ - Earnings per share
$70,673
$136,802
$168,950 prof$81.449
94,951
Nil
98.000
Nil
98,000
Nil
98,000
$0.83
Belding Heminway Co.
-Earnings.
Calendar Years1932 .
Total loss
zprof.$147,218
Depreciation
52,633
Int. & amortization- _-39,621
Inventories written down
Exp.of idle plants
135,670
Miscellaneous expenses_
71,256
1931.
1930.
4799,678 41,145.636
87,984
218,333
84,038
177,318
See x
See x
1929.
$422,209.
202,845.
192,311
190.698-
Net loss
Pref. stock dividends
y$971,700 $1,541,287
5.951
$183.644
7,598
$151,963
Balance,deficit
$171,242
$151.963
$971,700 $1,547.238
x After inventory write-down (and in 1930 after applying reserve of
$250,000 set up in prior years).
y The net loss for the year amounting to $971,700 is explained in the
following summary: due to operations, incl. deprec., $358,250; due to inventory losses caused by consistent declines throughout the year in theprices of raw silk and of greige and finished goods, $440,384: due to provision for decline in value of money on deposit in Australian banks,$64,027:
due to provision for possible loss on account of the closing of Belding
Savings Bank at Belding, Mich.,$25.000; interest on funded debt, $84.038.
Includes other income of $71.244 and is after deducting $1.014.456 for
selling, general and administrative expenses.
Statement of Surplus Dec. 31 1932.
-Capital surplus, Jan. 1 1932. $5.410,600; good-will charged off, $1,053,854; balance, Dec.31 1932, $4.356.145; deduct-operating deficit, Jan. 1 1932. $2,155,000; mortgage charged
off, $490,000; miscellaneous debits-net. $563; loss for the year 1932.
$151.963; capital surplus, Dec. 31 1932. $1,558.618.
Note.
-The income statement in detail for the year 1932 is given under
the "Earnings Department" on a preceding page.
2248
Financial Chronicle
Comparative Balance Sheet Dec. 31.
Assess
1932.
1931.
Liabilities1932.
1931.
Fixed assets-- 8924,125 $897,392 Common stook__31,757,200 $1,507,200
Time deposits_
50,000 6% gold notes__ 801,000
625.000
Good-will
1 1,053,856 Current liabilities- 279,824
149,813
Cash
484,437
881,273 Deficit
2,797,527 2,155,000
Accts. & notes rec.
Capital surplus.- 4,356,145 5,410,000
(lees reserves)-- 587,590
497,067
Cash in Australian
banks
94,887
Other assets
239,654
Notes rec.--oRicer 156,688
U.8. Govt. sec
304,281
Inventories
1.475,600 1,074,255
Accrued interest
5,613
Investments
174,716
633,210
Deferred charges
173,831
45,178
Total
$4,196,642 $5,537,012 Total
$4,196,642 $5,537,012
x After deducting $2,186,574 reserve for depreciation in
$1,787.117 in 1931. y Represented by 465,032 shares of no par1932 and 1932
value in
and 415,032 in 1931.-V. 136, p. 1553.
Best & Co.
-Earnings.
YearsEnd.Jan.311933.
1932.
1931.
1930.
xNet income from sales_$11,131.204 $13,822,324 $15,097,736 $14.614.182
Costs and expenses
10,586,106 12,582,767 13,432,407 12,942,921
Deprec'n & amortiza'n
147.777
150,853
169.891
170,000
Federal, &c., taxes
68,355
162.058
230.000
222,000
Net profit
$328,965
$926.646 $1,265,438 $1,279,261
Preferred dividends_ _ _ _
12,755
19,580
19.152
18.638
Common dividends
150,000
600,000
600.000
487,500
Surplus
$166,210
$307.066
$646,286
$773.123
Shares com, stock outstanding (no par)
300,000
300,000
300,000
300,000
Earnings per share
$1.05
$3.02
$4.15
$4.20
Returns deducted.
Condensed Balance Sheet Jan. 31.
Assets1933
1932.
Liabilities1933.
1932.
aLand, buildings.
Accounts payable_
equipment, &c.$5,848,990 $5,978,446 Other accruals__. 3428,168 $178,048
174,552
307,236
Good-will
1
1 Real estate mtge_ - 950,000
950,000
Prepayments, &c..
19,791
25,460 6% pref. stook_._ 197,200
241,700
Expense funds in
bCommon stock__ 3,750,000 3,750,000
hands of empl
520
600 Res've for conting.
38,816
33,816
Cash
1,070,628
134,993 Unearned surplus.
21,854
Inventories
838,500 1,167,714
Accts. receivable 1,495,213 1,867,276 Earnedsurplus- 3,754,593 3,712,569
Supplies on hand
19,687
20,734
Total
$9,293,329 39,195,223 Total
$9,293,329 $9,195,223
a Less depreciation charges, &c. b 300,000 no par shares.
-V. 135.
IL 1166.
Bird & Son, Inc.
-151.25 Dividend on New Stock.
The directors
recently declared a dividend of $1.25 per share on the
40,000 shares of new common stock, no par value, payable Apr. 1 to holders
ofrecord March 25 This is at the same rate as paid on the old capitalization
of 400.000 no par shares, on which a quarterly dividend of 12% cents per
share was paid on Jan. 2 1933.
The stockholders on Feb. 24 last had approved a reduction in the authorized capital stock on the basis ofone new share in exchange for each 10 shares
of old stock held.
-V. 134, p. 4664
Blauner's (Specialty Store), Philadelphia.
-Earnings.
(And Wholly Owned Subsidiaries.)
Years Ended Jan.31Gross profit
Provision for depreciat n
1933.
$273,395
116,901
1932.
$427.781
105.642
1931.
$712.236
74.338
1930.
$789,429
64.476
Or Operating profit
Other income
$156,494
39.337
$322,139
69,311
$637.898
93.588
$742.952
65.713
Total Income
Prov.for Fed.inc.taxes_
$195.831
20,400
$391,450
51,320
$731.486
90,837
$790.665
89.030
Net profit
Preferred dividends
Common divs.(cash)._ _
Common diva. (stock)-
$175.431
63.836
89.107
$340,130
66.550
246,188
3640.649
73,494
251,604
19,429
$701,635
77.955
175,774
18,881
Balance,surplus
She, common stock outstanding (no par)_
Earnings per share
-V. 136, p. 496.
$22,488
$27.392
$296,122
$429.025
122,129
$0.91
122,595
$2.06
132,500
$4.28
128.592
$4.84
April 1 1933
At the same time the vice chancellor directed the
a mortgage of $74,000 given to creditors last June company not to transfer
or to
of the mortgage out of current expenses. The companypay any reduction
will be permitted
to operate under the court ruling.
Boston Mfg. Co.
-Tax Compromise.
-
Lafayette R. Chamberlin, receiver of the company, has
by the Supreme Court in Boston, Mass., to compromise been authorized
for
petitions against the City of Waltham, Mass., for abatement $16,000 his
of taxes for
the years 1931 and 1932.-V. 134, p. 3985.
Boston Personal Property Trust.
-Earnings.
-
For income statement for 12 months ended March
15, see "Earnings
Department" on a preceding page.
Balance Sheet March 15.
Assets1933.
1932.
Liabilities1933.
1932.
U. S. securities_ _ - $97,812
$97,812 Capital & surplus_34,885,886 85,023,300
Real estate sec...... 417,628
417,628 Accrued dividend
Public utility see__ 1,248,619 1.247,635 expense & taxes_
46,227
71,688
Railroad sec
1,277,372 1,277,372
Industrial see.... 1,628,392 1,768,428
Miscell.sec
203,924
203,924
Sundry sec
1
1
Cash
58,365
82,191
Total
$4,932,113 $5,094,989 Total
$4,932,113 $5,094,989
Feb. 28 1933. appraisal value of fund $2,660,10$10.20 per share.
V. 136. p. 1889.
Brandram-Henderson, Ltd.
-Interest Payment
Deferred.
The interest payment due March 15 on the $837,000 8% consolidated
mortgage bonds has not been made, the company taking advantage
of the
-day grace period.
90
The next interest payment on the 6% first mortgage bonds, of which
$169.600 are outstanding, is due April 1 and will be met promptly.
V. 135, p. 1658.
Buffalo General Laundries Corp.-Divs. Suspended.
-
The directors have voted to suspend dividends on the $2.25 cum. partic.
pref. stock, no par value. Distributions of 25 cents per share were
made
on this issue on June 30, Sept. 30 and Dec. 31 last, compared with regular
quarterly payments of 56h cents per share previously.
-V. 134, p. 4665.
Burns Bros. (Coal).
-Entire Voting Power Passes to
Preferred Stockholders.The annual meeting of the stockholders will be held Apr. 13 1933, for the
election of directors for the ensuing year and the transaction of such other
business as may properly come before such meeting. By reason of default
by the corporation in the payment of dividends on shares of its pref. stock,
aggregating 3M %,the entire stock voting power at such meeting has passed
to the holders of the pref. stock.
The directors have fixed March 31 1933. as the record date for the determination of the stockholders entitled to receive notice of and to vote at such
meeting.
-V.135, p. 3170.
(H. M.) Byllesby & Co.
-Earnings.
-
Calendar Yearsa Income
Apprec. in val. of marketable sec.& common
stock invest.(net)..
1932.
$377.343
1931.
1930.
1929.
3859.925 31.807.149 34,392.805
12.398,450
Total net income
$377,343
8859.925 31,807,149 816.791,255
From. sec. on pref. stock
sold
54,948
Prey,earned surplus---- 3,425.703 11.130.493 19,645,753
9,604.773
Capital surplus
z16,680.978
Total surplus
320,484,024 312.045,367 $21,452,902 $26,396.028
Preferred dividends- 114,319
34,791
38.3301
Class A common dive
911.888
892,005 y2.329.310
Class B common d vs__ _
815,072
801,735
Stock diva, to sharehldrs
2.210.505
Stk. distrib. under profit
sharing plan
2,210.460
Deprec, in bonds, debs.
& stocks owned
3,253,564 6,074.609 6.793.267
Deprec. in common stk.
Investment owned_ _ _ _a14,025.000
Amortiz.debt disc.& exp.
19,938
Res,for notes & accts.rec 1.031,517
783.305 1.799,073
Surplus end of period_ 32.039.688 $3.425,703 $11,130,493
$19.645,753
x Income from trading & underwriting of securities
&c., less selling and other expenses, interest and taxes. and interest, dues,
y
dividends at the rate of $2 per annum of $1.404,508; extraIncludes regular
dividends of $I
per share amounting to $736,835 and cash distribution under
profit-sharing
plan of $187,968. z Capital surplus arising through reduction of
stated
value of class A and class B common stock, as authorized by
Directors and approved by stockholders at March 7 1932 and Board of
further reduction of class B common stock as authorized by Board of
Directors and
approved by stockholders at Feb. 11 1933 (less increase in stated
value of
preferred stock and selling expenses of preferred stock sold during the
year).
a Depredation to market value of $330.000 shares common stock series
B
of Standard Power & Light Corp.
Blum's, Inc.-Earnings.
Years EndedJan. 2833. Jan. 30'32. Jan. 31 '31. Jan. 25 '30.
Prof.& inc.fr. all sources $116,804
$129,806
$384,944
$189,169
Int. on borrowed money
81.752
87,456
89,355
77,331
Depreciation
90,458
92,525
73,711
64,849
Balance Sheet Dec. 31.
Prov. for Fed.inc. tax..
28,348
1932,
1931.
1932.
Loss on sale ofsecurities_
1931
1,333
19.987
Assets
Liabilities8
Cash
654,205 1,399,122 Notes pay. (sec.). 3,198,500 5,989,065
Net profit
loss$55,407
$7,854 108453,248
$214,417
Due fr. customers
Accounts payable_ 172,528
Prior year's adjustments
409,011
13,005
1,202
for sec. sold_
388,755 Dividends payable
62,412
Divs. paid on pref. stock
429,511
85,940
71,734
Bonds, debs.& stks
Dep. or advances_ 244,787
Reorg.exp, written off
409,598
17,153
owned,at market
Accrued int. pay_
34,583
Extraordinary expenses
202,736
value
2,723,430 7,119,275 Res. for notes &
Res. for contingencies
30.000
Sec. held for Joint
accounts receiv_
Remodeling expenses_ _ _
4,031 ' 15,282
248,824 Preferred stock_ __ 1,540,250 2,647,669
& syndicate sects
773,000
Sec. held In trust..
75,000 Class A stock ____ ,599,40(ll y22,994,931
Deficit
$59,438
$37,427
$372,082 sur$141,481
Notes& accts. rec. 1,640,43.5 5,918,883 Class B stock __
Previous surplus
a398,830J
50,679
88,106
460,188
318,708
143,320 Surplus
Value of life Maur- 181,815
2,039,688 3,425,703
xCommon stock inEarned surplus
def$8,758
$50,679
$88,106
$460,188
vest owned_ ___ 6,800,000 21,326,585
Earns. per sh.on 100,000
Other investment at
shs. corn,stk.(no par)
Nil
Nil
Nil
$1.42
203,242
153,935
fair value
Comparative Condensed Balance Sheet.
Furn. & fixts.,
AssetsJan.2833. Jan.30'32. Liabilities145,381
Pre°. value.....111,866
Jan .28'33. Jan.30'32.
Cash
Amortia. debt dist).
$63,241
$42,677 Note pay. to bank $75,000 $150,000
City of Chicago tax
110,468
& expenses
Accounts payable53,102
65,040
anticip. warr'ts
Due to
____
3,105
27,783
--at Mat
4,070
Total
12,228,586 38,968,388 Total
Accr. int., salaries,
12,228,568 36,968,388
Accts.rec.,less re.i. 204,656
288,598 commLss'ns, &c..
x At values determined by board of directors, which incl. 330.000 she,
16,971
26,844
Inventor es
322,518. 350,071 Real est.& personal
of Standard Power & Light Corp. common stock series B carried at
surr. val. of
$20
Cash
prop. tax accr'd 103,000
per share in 1932 (1931, $62.50 per share), representing joint control
81,430
Ins, policies on
Add'I assess. for
Standard Gas & Electric Co. y Represented by 484,574 no par class of
A
75,626
life of H.H.Blum
71,951
prior yrs. taxes_
shares, and 426,682 no par class 11 shares. z Represented by
15,000
Land
1,600,000 1,600,000 Res. for conting's_
shares of no par. a Represented by 398,830shares of no par value. 459,940
23,927
30,000
-y.138,
1,393,269 1,440,434 1st M.5% sec.loan 1,500,000 1,500,000 p. 2074.
aBuilding
bFurn.,fIxt...4 equip 329,155
372,378 cCapital stock
_ 1,279,225 1,279,225
Prepaid insurance
Capital surplus_ __ 961,314
"
-Dividend geduced.961,314 --- "-Canada Bud Breweries, Ltd.
premiums, .1c
14,352
21,207 Operating deficit__
8,758 sur50,679
A quarterly dividend of 15 cents per share has been declared on
capital stock, no par value, payable April 15 to holders of record March the
31.
$4,006,888 $4,187,316 Total
34.006,886 $4,187,316
Previously the company paid quarterly dividends of 25 cents per share.
V. 135. p.4563.
a After depreciation of.$178,899 in 1933 and $131.734 in 1932. b After
depreciation of $106,103 in 1933 and $63,172 in 1932. c Represented by
Canada Steamship Lines, Ltd.
-Interest Not Paid.
24,528 no par $3.50 convertible preferred shares and 99,940 no par common
-The interest due April 1 on the 1st & gen. mtge.6% gold bonds,
-V. 134, p. 2525.
shares.
series A;
due 1941. was not paid.
-V. 136. p. 2074.
-" "Boonton (N. J.) Full Fashioned Hosiery Mills.
Receivership Denied.
Vice Chancellor Vivian Lewis at Paterson. N. Y., March 23 refused to
appoint a receiver for the company. Employees have been on strike for
more than a month and application of the receivership was made by a
stockholder group consisting largely of employees of the mills.
Canadian Foreign Investment Corp., Ltd.-Accum.
Dividend.
A dividend of 2% was recently declared on account of
the 8% cum. pref. stock. par $100, payable March 29 toaccumulations on
March 23. A similar payment was made on this issue holders of record
on Jan. 18 last.
Accumulations now amount to 6%.-V.136. p. 332.
Volume 136
Financial Chronicle
(Philip) Carey Mfg. Co.
.r.'.,
-Dividends Suspended.
The directors, at an adjourned meeting held this week, took no action
on the quarterly dividend due March 31 on the 6% cum. pref. stock. Par
$100. The last regular quarterly dividend of $1.50 per share was paid on
this issue on Dec. 31 1932.-V. 136, P. 1890.
'`Carpel Corp.
-Dividend Decreased.
-
A quarterly dividend of 25 cents per share has been declared on common
stock,no par value, payable April 1 to holders of record March 25. In each
of the three preceding quarters a distribution of 373i cents per share was
made on this issue, as against 50 cents per share previously.
-V.134,p.4665.
Carter Coal Coe-Carter Family Regains Stock Control
Debt Canceled and Shares Exchanged, Consolidation Coal Cot's
Receiver Says.
The Consolidation Coal Co. now in receivership has returned control
of the Carter Coal Co. to the Carter family following termination of the
operating agreement on March 15 1933 it is revealed by R.C. Hill,receiver,
in the annual report of the Consolidation Coal Co. issued this week. For
further details see Consolidation Coal Co. below.
Cassidy's, Ltd.
-Suspends Preferred Dividend.
-
The directors have voted to suspend the payment of the quarterly dividend due March 31 on the 7% cum. pref. stock, par $100. A distribution
of $1 per share was made on this issue on Dec. 31 last, compared with 75
cents per share on Sept. 30 1932. $1 per share on June 30 1932, 75 cents
5 e 438
ar .
VrAh. p °n 1preh 31 1932 and $1.55 per share in preceding quarters.
Checker Cab Mfg. Corp.
-Interest Payment.
It is understood that officials of this company have made arrangements
whereby the stockholdings of Raymond Ellis, a director who died last week,
will not be sold.
It is also understood that the Parmelee Transportation Co.,a subsidiary,
has made arrangements to meet interest due on its debenture; April 1.
-V. 135. P. 4563.
Chicago Pneumatic Tool Co.
-New Director.
Norris B. Henrotin, a member of J. A. Sisto & Co., has been elected
a director to fill a vacancy.
-V.136, P. 1890.
""" -....Chickasha Cotton Oil Co.
-Resumes Dividend.
A
dividend of 25 cents per share has been declared on the capital stack,
par $10, payable May 1 to holders of record Apr. 14. A quarterly distribution of75 cents per share was made on Apr.1 1930;none since.
-V.136.
P. 1554.
Childs Co., New York.-New President.
-
George D. Strohmeyer, formerly Senior Vice-President, has been elected
President, succeeding William P. Allen, who becomes Chairman of the
executive committee. Donald Banker has been elected Assistant Secretary.
The following officials have been re-elected: William A. Barber, Chairman
of the board, Grover C. Buck, Vice-President Edward C. Field, Secretary
and Treasurer, and Thomas I. McIntyre, Assistant Secretary and Assistant
Treasurer.
-V. 136, p. 498, 1191.
Chrysler Building(W.P. Chrysler Building Corp.).Interest.
Holders of 1st mtge. leasehold 6% sinking fund gold bonds, due Oct. 1
1948, have been notified that funds have been deposited with the Central
Hanover Bank & Trust Co., trustee, to pay interest coupons due April 1
1933. The Central Hanover Bank &
has been appointed fiscal
agent in place of S. W.Straus & Co. Trust Co.1901.
-V.131. p.
Cleveland-Cliffs Iron Co.
-Omits Dividend.The directors have taken no action in regard to a dividend on the no par
$5 cum. pref. stock. A distribution of 5 cents per share was made on Dec.
15 last, the first payment since June 15 1931, when a regular
quarterly
dividend of $1.25 per share was paid on this issue.
-V.135. p.4038.
-----..Cleveland (0.) Union Stock Yards Co.
-Smaller Div.
The directors have declared
on the common stock, no par a quarterly dividend of 12M cents per share
value, payable April I to holders of record
'March 25. This compares with 25 cents per share
paid in preceding quarters.
-V.135. P. 4563.
Commercial Credit Co., Baltimore.-Purchases Its
Capital Stock.
The unexpected loss hazard resulting
during the past two years, climaxing in from the unusual banking situation
the recent bank
company to issue a letter to its stockholders on March holiday, caused the
31, in which A. E.
Duncan, Chairman of the Board, states:
"After charging off estimated loss of $100,518 in 1931 and 1932, the
company had $75,351 remaining on deposit with failed or reorganized
banks in the United States as of Dec.31 1932. Since then, and as of March
24 1933;as a result of the recent banking difficulties throughout the country,
this has been increased by approximately $620,000. on deposit with banks
which have not yet reopened, are being reorganized or are covered by
restricted payments of deposits, of which amount approximately $330.000
Is with the two largest banks in Detroit, $50.000 with one in New Orleans,
$34,000 with one in Kansas City, $30,000 with one in Washington, D. C.,
$25,000 with one in Cleveland, and not more than $21,000 being with any
other bank.
"Between Jan. 1 1933 and March 24 1933, the company purchased for
retirement $1,631,925 par value of its various consolidated issues of capital
stock at a total cost of $908,662, by which amount its invested capital will
be reduced, and will credit the resulting $723,262 net profit thereon to its
paid-in surplus. This net profit is in excess of the maximum loss
In the entire unusual banking situation in this country during the imolved
past two
years, which has created an unexpected loss hazard, now believed to be
over.
Commenting on the recent action of the company's board of directors in
deferring dividend action on its class A convertible stock, Mr. Duncan
further stated:
"The method used by the company in the past of setting up its reserves
and deferred charges and of charging losses against reserves and including
deferred charges in monthly income has always resulted in added earnings
during the busy open weather seasons, when volume was high, collections
good, and losses were small, and in subnormal earnings during the winter
seasons, when volume was lower, collections off and losses were higher.
"For several years your officers have desired to change this method so
that the monthly earnings throughout the year would be on a more evenly
balanced basis. This was undesirable while current volume and outstandInge were large, as such change would have substantially reduced the
earnings for the first ensuing six or eight months, although the new basis
would thereafter have been much more satisfactory. Your officers decided
to take advantage of the current low volume and outstandings and installed the now method, effective Jan. 1 1933.
"Under the old method, during January and February, full dividend
requirements on the preferred stocks and on the $3 class A cony,stock were
earned, but under the new method, by which we must be guided, such
requirement was not fully earned on the $3 class A convertible stock, in
view of which the directors preferred not to declare the usual dividend on this
stock for the first quarter with the actual earnings then known only for one
month thereof, and therefore decided to defer action until final results for
the entire first quarter were before them."
-V.136. P. 1891.
Connecticut General Life Insurance Co.
-Omits Div.
The directors on March 24 decided to omit the quarterly dividend ordinarily payable about April 1 on the capital stock. par $10. A distribution of 20 cents per share was made on Jan.31933,compared with 30 cents
per share previously each quarter.
-V. 136. p. 1555.
Consolidation Coal Co., Inc.
-Receivers' Report-Terminates Operating Agreement with Carter Coal Co.
The receivers, Robert C. Hill, Frank R. Lyon and Howell Fisher have
Issued their report covering operation of the company and its subs. from
Jan. 1 1932 to June 2 1932, on which latter date receivers were appointed
by the Federal Court in Maryland; also the report of the receivers of the
2249
company and its subs. from June 2 to Dec. 31 1932, inclusive. The report
says in part:
The operating agreement under which Consolidation Coal Co. and its
receivers operated the properties of Carter Coal Co. was terminated on
March 15 1933. The entire indebtedness due Consolidation Coal Co. and
its receivers from the Carter Coal Co. has been canceled and the bonds
on the property have been extinguished as has also the liability of Consolidation Coal Co. in respect to the retirement of the preferred stock of the
Carter Coal Co. outstanding in 1947.
There has also been effected a revision of the common capital stock
structure of Carter Coal Co. The 50,000 shares of no par value common
stock heretofore held by Consolidation Coal Co. have been exchanged for
10,000 shares $1 par value class B common stock with no voting power.
In addition, 30,000 shares $1 class A common stock with voting power have
been issued and delivered to or upon the order of the present holders of the
outstanding preferred stock, namely, various members of the Carter family
in whose hands the operation and control of the Carter Coal Co. is now
placed. The office of the Carter Coal Co. is in the Washington Building,
Washington, D. C.
Consolidated Income Account for Calendar Years.
a1932.
1931.
1930.
Sales of coal to publicincl.coal prod.&purch.
transp.to distr. points
&c. (less allow.. &c.)_
Receipts from other opcrating sources
Oper. exp., taxes, insur.
and royalties
Earns,from oper. bef.
prov.for depr.&depl
Profit from sale of capital assets
Inc. from other sources-
1929.
$21,352.234 $25.973.310 $30.638,386
Not
Reported
3.784.539 4.553,036 4.559.661
24,611.967 26.991,188 31.299.944
$426,698
8,701
785,438
$524,806 $3,532,158 $3,898.103
15,391
430.216
6,802
632,435
10,517
415,084
Total income
21,220,837 $1.164,043 $3,977,765 $4,323,704
Int. on fund. dt. & loans
1,433,450
1,436,354
687,849
1,364.724
Amortiz. of bond clisc't_
72,007
90.542
113,837
97.617
Dividends on pref. stock
of Carter Coal Co-206.368
219,165
209.767
214,291
Adv.royalties written off
30,987
Depreciation
1,239,983
1,894.098
1,991.031
2,058,575
Depletion (on cost)
89,560
336.962
279.697
302,796
Fed'l Inc. tax accruals..
62.442
Loss for the year
Previous deficit
$1,105,919 $2.795,013
9,641,916
6,346,588
$131,868 prof$287045
7,422,228 6,852,515
Total deficit
$10.747,835 $9.141.601 87.554.096 $6,565.470
Reduc. of invest, in sub.
co. in receiv., &c
136,900
500,315
Adjustments
bOr1.207.508
Adv. royal. & sundry
prior expenses__ ._
436,945
Loss in closing receiv. of
allied co. and reduct'n
of securities to market
value at Dec.31 1929856.758
Bal. at debit of profit
& loss acct. Dec.31_211,321.681 $9,641,916 $6,346,588 $7,422.228
a Being consolidated statement of operations of company from Jan. 1 to
June 2, date of receivership and report of receivers for balance of year.
b Adjustment of Federal income tax and profits tax liability. less reduction in value of investments.
Consolidated Balance Sheet Dec.31.
1931.
a1932.
a1932.
AssetsLiabilities$
$
$
bCapital assets-64,049,541 64,721,804 Preferred stock---10,000,000
Investments
1,241,691 1,160,889 Common stock-40,015,748
Deferred charges 1,402,931 1,359,455 Pref. stock Carter
Inventories
4,012,509 5,461,232
3,418,700
Coal Co
Notes & accounts
Funded debt
26,131,000
receivables
3,252,848 3,749,159 Accounts payable- 695,853
Cash,&c
1,289,981 3,391,235 Notes payable__
Cash in hands of
Pur. money obi*.
fiscal agent, &c_
48,837
2.990
of Monongahela
Ftec, on account of
250,000
prop
sales of prop.&c. 197,541
207,221 Milwaukee Dock
Deposit with Fed,
56,250
per. mon. oblig.
40,000
court
40,000 Res. for coating.
Deficit
11,321,681 9,641.916
and insurance__ 175,596
Accrued bond int_ 549,631
Accts. pay. prior to
184,412
receiv
Res.for gen'l tax__ 295,528
Div. pref. stock of
Carter Coal Co_ 300,846
Deferred credits__ 670,005
Capital surplus_ __ 4,113,991
1931.
$
10,000,000
40,015,748
3,454,300
27,061,000
1,275,112
3,000,000
112,500
42,545
107,931
153,125
88,357
499,009
3,928,274
Total
86,857,561 89,735,903
86,857,561 89,735,903
Total
a Consolidated balance sheet of receivership estate and subsidiary companies. b After deducting reserves amounting to $34.527.660 in 1932 and
$33,744,324 in 1931.-V. 136, p.2075.
Congress Cigar Co., Inc.-Earnings.Calendar Years1932.
1931.
1930.
1929.
Gross sales
85,620.235 $8,191,773 $12.225.379 $16,941,329
Returns, allowances, discounts, &c., cost, sell.
ing. gen. admin.. &c.,
expenses
5.258.186
7,650.037 10.249.829 13,622.327
Net profit
Other income
$362,049
82,200
$541.736 $1,975,550 $3,319,002
49,325
70.948
107.686
Total income
Deprec. & amortization_
Interest (net)
Deduct, from income
Prov.for Fed., &c., tax_
$444,249
126.652
$591.061 82.046,498 $3,426.688
135,335
129.814
120,740
77,079
41,981
182.586
222,455
346,753
Net income
Cash dividends
$274,228
335.800
43,370
$273.140 $1,652.246 $2,882.116
861.575
1.575,000 2.012,500
Balance, surplus
def$61,574 def$588.435
$77.246
Profit and loss surplus
2,289.017
2,661.051
4,279.875
Shs.cap.stk.out.(no par)
330,600
336,800
350,000
Earnings per share
$0.83
$0.81
$4.72
Balance Sheet Dec. 31.
Assets1931.
1932.
Liabilities1932.
Land, bldgs. and
aCapital stock __ _ _$5,289,600
equip.,less depr.$1,587,431 $1,814,907 Drafts and acceptCash
1,287,369
551,830
ances payable__
1,000
Accts.receivable
604,720
786,319 Accounts payable95,253
Inventories
2,721,919 4,242,192 Accrued salaries,
Adv. on tab. purch 195,921
wages,&c
23,929
U.S. Treas. notes_ 742,500
400,000 Surplus
2,289,047
Cred. deb. bals
421
348
Accrued interest on
notes receivable_
16,287
334
Deferred charges
57,883
36,423
Other assets
484,374
403,891
Good-will & trade
names
1
1
$869.616
4,202,629
350.000
$8.23
1931.
$5,388,800
5,000
129,814
51,583
2,661,051
Total
$7,698,829 S8,236,248
Total
$7,698,829 $8,236,248
a Represented by 330,600 no par shares in 1932 and 336.800 in 1931:
V. 135, p. 3171.
Financial Chronicle
2250
-Meeting.
Consolidated Investment Corp. of Canada.
The meeting of the 30-year 1st collateral trust gold bonds,434%,series A,
scheduled for March 22,has been adjourned for lack of a quorum for 33 days
and will accordingly be held on April 24.-V. 136. p. 1205.
-Volume Higher.- '
Corn Products Refining Co.
"Our volume of business In the first quarter of 1933, as measured by the
grind of corn, is a little better than in the first quarter of last year, and
domestic profits are approximately the same as they were last bear,"
Frank H. Hall. Counsel for the company, said at the annual meeting of
stockholders held on March 28.
"Business in Karo, Unit and Mazola since the start of the year have
been better than a year ago, and bulk goods also are holding well. Sales
to the textile industry are very satisfactory," he said.
"The use of corn sugar in Ice cream and baking is increasing steadily."
Mr. Hall added. "Corn Products has increased its capacity for making
corn sugar," he said.
Regarding the farm bill, Mr. Hall said Corn Products Refining Co. has
been and remains in favor of any measures which will improve the position
of the farmer. "If it will help the farmer to put a penalty on the manufacturer, we don't care, so long as competitive products are penalized similarly. he said.
"The company's foreign business Is holding up very well," F. M. Sayre,
Vice-President, stated. 'Business In Germany' and France has been very
-V. 136. p. 1712.
successful during the past year," he said.
Cosden Oil Co.
-Sale of Properties.The reorganization committee through its purchasing committee, J. S.
Cosden and Charles D.Hartman Jr., was the successful bidder at the sale of
the properties and assets of the company held March 28 in Big Spring, Tex.
The sale was held pursuant to the order of the Delaware Federal Court of
Feb. 10, confirmed by the Texas Federal Court in Fort Worth on Feb. 24.
The fairness of the plan of reorganization has been approved by the courts
and over 90% of both secured and unsecured claims of the company have
approved the plan together with approximately 90% of the preferred and
common stockholders. The committee expects that it will be able to complete the reorganization now within a short time.
-V,_136, p. 1206.
Court & Remsen Streets Office Building, Brooklyn.
-Depositary.The Continental Bank & Trust Co. of New York has been appointed
depositary for 33,194.500 1st mtge. sinking fund 6% gold bonds due
April 28 1940.-V. 133, p. 3467.
- Crowley, Milner & Co., Detroit.
-Earnings.
Years EndedJon. 13 '33. Jan. 15 '32. Jan. 16 '31. Jan. 17 '30.
Net sales
Cost of mdse.sold, exps.,
&c., less other inc
Prov. for Federal tax__ _
$22,468,624 $29,759,334
Not stated.
Net profit
ydef$2,277.857xdef$579,634
Preferred dividends_
34,713
Common dividends_ _ _
486,502
21.691,805 28,592,230
94.133
122,501
$682,685 $1,044.603
34,713
34,713
698,340
703,272
Deficit
$50,367 sur$306,618
$2,277,857 $1,100,849
Shs.com.stk.out.
345,910
347,795
351,170
(no par)
339,433
Nil
Nil
$1.86
Earnings per share_ $2.87
x Includes charges totaling $349,863 for depreciation and amortization
which did not require the expenditure of cash. y After depreciation
and amortization of $302,651 and extraordinary provisions for, and losses
In liquidation of inventory, provisions for loss on accounts receivable,
on customers' notes discounted and other special items amounting to
11,100,000.-V. 134, p. 2528.
Dairymen's League Co-operative Association, Inc.
Offers to Pay Interest in Advance.
p Effective immediately,the corporation is offering to pay Interest coupons
totaling approximately $700,000 due on May 1 next. These coupons
represent interest due on that date on all outstanding series of certificates
of indebtedness of the Association. Holders of such coupons are requested
to send them promptly to the main office of the Association, at 11 West
42nd St., New York City.
Since March 1 the Association has been redeeming at par with interest
to maturity, all of its outstanding BB certificates amounting to around
$900,000 and due May 1. This makes a total of about 11,683,000 due
holders of League certificates, either in principal or interest, on May 1. for
the payment of which funds are now in the hands of the Treasurer of the
Association.
-V. 136. p. 1556.
,Davison Chemical Co.-Stoek-Off-bith-
lThe common stock of no par value was stricken from the list of the
New York Stock9
fLtchange on March 28 and admitted to the New York
Produce Exchang
V. 136, P. 1556.-
April 1 1933
"The present authorized capitalization of the company consists of 20.000,000 shares of the par value of 25 cents each. It is evident that a continuation of the present demand for the company's shares will soon result
in the issue of all of its authorized stock.
"In the opinion of the board of directors it is deemed highly advisable
to amend the charter of the company so as to increase the authorized capital
stock by 30,000,000 additional shares of the par value of 25 cents each.
Consent to this proposal on the part of stockholders should materially benefit present holders as well as permit a greater number ofinvestors to become
stockholders in this company
"The rapid rate of growth of the company has rendered it advisable, in
the opinion of the directors, to increase the portfolio of securities held by the
addition of the common stocks of six companies which have been carefully
studied and whose record is such that the directors feel their addition would
strengthen the dividend paying power of the company and benefit its portfolio both because of additional diversification and intrinsic merit. The
stocks are those of the following companies: Air Reduction Co., Inc., the
Chesapeake & Ohio Ry., Continental Can Co., Inc., General Foods Corp..
International Business Machines Corp. and Standard Brands, Inc.
"The certificate of incorporation provides that no new stock can be
added to the original list of 37 without the approval in writing or by vote
at a meeting of the holders of at least 51% of the outstanding shares of
the company."
There are more than 22,000 stockholders at the present time.
-V. 136.
P. 1022.
-Dividend Date Changed.
Dominion Stores, Ltd.
The date of payment of the regular quarterly dividend of 30 cents per
share for the first quarter has been changed to March 30 from April 1, a
-V. 136, p. 1892.
Montreal dispatch states.
"Dow Drug Co. -To Reduce Stated Capital.
The stockholders will vote April 1 on decreasing the stated value of the
-V. 136. p. 849.
no par common stock to $5 from $10 per share.
-Earnings.
Durham Hosiery Mills.
1932.
1931.
Calendar Years1930.
1929.
Sales, less discounts, allowances &freight-- $2,318,801 $2,539,846 $3,586,263 $5,713,004
1,911,283
2,037,888 a2,948,856 a4,772,037
Cost ofgoods sold
63,644 See a
59,177
Depreciation
See a
251,193
190,355
329,585
Selling & adminis.caps-446,019
Other charges, incl. Int.,
85,021
108,306
uncoil. accts.,&c.(net)
320,377
232,425
8,446
4,310
Reserve for contingencies
year__
$64,518
10,197
Grosssurplus
Charges prior periodCredits from change in
capital structure
Apprec. of prop. values
written off
Preferred dividends-Allowance as cap.surp-
$74,716
16,368
49,106
262,197
Balance surp. Dec.31.
Earns, per sh. on 32,737
shs. of pref. stock--
$58,347
$10,197 def$47,161
Net income for
Surplus Jan. 1
$74,504 def$12,557
$262,523
def47,161
276,699def4,562,822
$27,343
17,145
$264,142 df$4,300,298
0'4,636,250
59,252
$276,693
$1.97
$2.27
Nil
$8.02
Balance Sheet Dec. 31.
1931.
Liabilities1932.
Assets1932.
1931.
xLand, buildings,
6% Pref.stook_ ___$3,273,750 $3,273,750
machinery, As_ _S3,197,040 $3,175,636 yCommon stock__ 262,197
262,197
239,407
243,953 Trade acceptances
Cash
6,175
11,881 Accounts payable.
Notes receivable
31,013
21,655
113,340
85,297 Accrued expenses.
Accts. receivable
11,697
8,308
393,855
483,188 Bonds
Inventories
300,000
325,000
52,647
Other receivables58,888 Contingent reserve
8,972
4,310
125,960
Marketable seem._
Deprec. reserve_ -- 226,585
157,873
34,779
39,097 Earned surplus__
Deterred charges
58,347
10,198
$4,163,204 $4,097,940 Total
Total
$4,163,204 $4,097,940x After purchase money obligations of $40,000. y Represented by 12,500
no par shares of class A and 37,500 no par shares of class B stock.-V. 136.
p. 1207.
-Suspends Preferred Dividends.
Eastern Dairies, Ltd.
-
The directors have voted to defer the quarterly dividend due April 15
on the 7% cum. pref. stock, par $100. The last regular quarterly distribution of 1%% was made on this Issue three months ago.
-V.135, p.2180.
Evans Products Corp.-New Director and Secretary.
-
w. R. Angell, President of the Continental Motors Corp., has been
elected a director, succeeding G. H. Lundberg, resigned.
Prewitt Semmes has been elected Secretary to succeed Mr. Lundberg,
who becomes head of one of the operating divisions.
-V. 135, p. 4565.
-Committee Formed•Davison Realty Co•
A protective committee has been formed to protect the holders of the---,Fabric Finishing Corp.-Off-hist---10-year 6% sinking fund bonds. Members of the committee are: Cloud
he New York Curb Exchange on March 22 approved the removal fro
L. Cray, Chairman, Pelham C. Wilmerding and L. C. Jenkins. W. L.
-year sinking fund convertible 6% gold bondtZ
thehit the 1st mtge. 10
Murray is Secretary. House, Holthusen & McCloskey are sounsel and the
series A, due Jan. 1 1939.-V. 134, p. 140.
Bankers Trust Co., New York, is depositary.
-V. 136. P. 2075.
Deco Restaurants, Inc.-Pref. Dividend Omitted.The directors recently have voted to omit the quarterly dividend due
March 31 on the 7% pref. stock. par $50. The last regular quarterly
payment of 87% cents per share was made on this issue on Dec. 31 1932.133, p. 807.
De Forest Radio Co. -Objection to Sale.
Federal Judge John P. Nields, at Wilmington has taken under advisement the petition of William S. Bergland, of Wilmington, and Leslie S.
Gordon, of Passaic, N. J. receivers for the company for permission to sell
for 150,000 the assets of the company to Radio Corp. of America. Objections to the sale were entered by Julian C. Hammack, of Washington,
counsel for Jenkins Television Cop., a De Forest subsidiary. Hammack's
objection was taken on the ground that the sale price does not provide
enough return to creditors of the Television concern, and that it would
destroy the Television company's patents.
Off List.
The New York Curb Exchange has removed from the list the 4.465,124
shares (no par) stock.
-V. 136. p. 1723.
-----petroit Gray Iron Foundry Co.-.A4mitted-to-Prading7-,,he New York Curb Exchange has admitted to unlisted trading privilee& the new capital stock, par ye$5,issuable share for share in exchange
V. 135, p. 1498.
for the old capital stock, no par
•
,
--lictograph Products Co., Inc. Aotnittal-tu Trading.he New York Curb Exchange admitted to unlisted trading privileges
th new capital stock, par valuej2, issuable share for share in exchange
for the old -capital stock, no par. V. 135, p. 3697.
Dividend Shares I,,,. ,_'7'. Increase Capitalization -To
.
Add Si; Stocks to Portfolio.-
-Resumes Operations.
Federal Motor Truck Co.
The company has resumed operations, recalling about 400 workers
-V. 135, p. 993.
after shut
-down since March, it is reported.
"
--Firestone Tire & Rubber Co.-Dividend Rate Decreased.
-The directors on March 25 declared a quarterly dividend
of 10 cents per share on the common stock, par $10, payable
April 20 to holders of record April 5. This compares with
25 cents per share paid each quarter from Oct. 20 1930 to
and incl. Jan. 20 1933.
Meets Tire Cuts.
The company has reduced tire prices and rearranged some of its lines in
order to be competitive with all classes of tires of both mail
order and tire
manufacturing companies. The company reduced its first line of tires
about 11%, which on top of its reduction of early February brings this line
Into the same price range as the first lines of the other manufacturers. The
"Oldfield," which is the Firestone second line, has been reduced to compete
with other manufacturers' second line. A new"
Super-Olfdield" line has
been introduced, however, which it is stated will compete in price and specifications with the first line of the mail order houses.
The "Sentinel" and "Courier" lines, which are the third and fourth lines,
respectively, have been priced to compete with the mail order second and
third lines and special brand tires, the "Sentinel" being reduced approximately 5% and the "Courier" remaining practically unchanged.
-4 136.
p. 499.
-Suspends Dividends.
First Finance Co. of Iowa.
The directors have voted to suspend dividends on the class B stock, but
declared the regular quarterly dividends of 3716 cents per share on the class
A and pref. stocks, payable April 1 to holders of record March 27. The
last quarterly distribution of 37W cents per share on the class B stock
was made in Jan. 1933.-V. 133, D. 4336.
On Feb. 28 1933, two proposals of the board of directors were submitted
to the stockholders for approval to be voted upon at the annual meeting
on April 111933. Sufficient proxies have been received to date approving
First National Corp. of Portland (Ore.).-Accum. Div.
both these measures.
A dividend of 25 cents per share has been declared on the $2 cum. &
The first proposal, upon which an affirmative vote of more than 51%
pestle, class A stock, no par value, payable April 15 to holders of record
of stockholders was necessary under the company's charter concerned the
March 25. A like amount was paid in each of the two preceding quarterS•
approval of six new stocks for investment by the company. The second,
Prior to which regular Payments of 50 cents per share were made.
for which approval of holders of more than two-thirds of the outstanding
-V.135,
p. 2344.
shares was necessary, authorizes an increase in the capitalization of the
company from 20,000,000 shares of 25 cents par value each, to 50,000,000
America, Inc. -Suspends Dividends.-.--Flour Mills of
shares of 25 cents par value each.
The directors have voted to defer the quarterly dividend due April 1
In the President's letter to stockholders the following paragraphs stated
on the $8 cum. pref. stock, series A, no par value. From July 1 1931 to
the reasons why these steps were deemed advisable:
and incl. Jan. 1 1933 quarterly distributions of $1 per share were made
"The rapid growth of Dividend Shares since its incorporation in July
on this issue, as compared with regular payments of $2 per share each
1932 has been exceedingly gratifying to the directors. The company has
quarter.
-V. 135. p. no.
now outstanding approximately 13,000,000 shares of stock.
2251
Financial Chronicle
Volume 136
-Dividend Deferred.Foster-Wheeler Corp.
took no action
The directors at an adjourned meeting held this week
cony. pref. stock,
the quarterly dividend due April 1 on the $7 cum. $1.75 per share
on
regular quarterly dividend of
no par value. The last
was made on this issue on Jan. 2 1933.-V. 136, p. 2076.
-Receivership Sought.
in 1903 have no corresponding present value because of consolidation,
dissolution or otherwise, stockholders were informed.
Certain other assets, however, such as mineral deposits concessions.
contracts and the like, are carried on the books at values believed to be
substantially understated, it was asserted. The directors determined
to write off the first-named class of assets and revalue upward the second
class. These adjustments, according to the notice, would leave the Berne
proportion of future earnings available for dividend distribution as in
former years.
After the above changes the company's stock will have a book value of
approximately $48 a share.
President Arthur Sewall in his remarks accompanying the annual earnin
k
report,states that the company's shipments of native asphalts were serious s
affected by the almost complete cessation of paving activities by municipahe
unbalanced budgets. An increase in shipments,
ties, occasioned by
says, is expected when and as the municipalities solve their financial difficulties. Crude petroleum produced and royalties increased 25,000 barrels
-V. 135. p. 3530.
_ al
over the amount in the previous year.
Fox Film Corp.
Brookline,
Martin C. Ansorg, as Attorney for Benjamin Shellenberg, of the Chase
Mass., a stockholder,secured an order calling on Fox Film Corp.,
show cause why a
Securities Corp. and four directors of the Fox Co. to
Issued the
receiver in equity should not be appointed. Judge Alfred C. Coxe
show-cause order.
paid dividends of $10,The petition stated that during 1930 the Fox Co.are called reckless and
102,240 and in 1931 $4,104,035, which payments
It states
Improper and unwarranted by actual conditions of the business. $55,000,that
also that the directors knew or should have known at that time1931. and that
on or about Apr. 15
000 in obligations would become payable
the company could not meet them.
payment
General Electric Co.-Obituary.It is further alleged that the Fox Co. will be unable to meet the
of $900,000 in semi-annual interest on its debentures which will
Vice-President Charles Edward Eveleth died at Schenectady, N. Y. on
-V.136. P.2077,
Apr. 1.-V. 136, p. 2077.
/- March 25 following an illness of several months.
Franklin Process Co. -Subsidiary-
nd.-
f
--0/
A.) Gerrard Co.
T e Central Franklin Process Co., a subsidiary, ha declared,* dividend
per share on the 7% 2d pref. stock, par $100. payable April 1 to
o
hol ers of -record March 31. Regular quarterly distributions of $1.75
-V. 135. p. 2180.
per share were previously paid on this issue.
(rhe New York Tb Exchange has removed from the list the 300,000
shAtes no par stock V. 135, p. 4565.
(Fred F.) French Operators, Inc., N. Y. City.
$8,075,000 Reconstruction Finance Corporation Loan to Aid
East Side Project Approved.
1931.
1930.
1932.
1933.
$
$
$
Years End. Jan. 3172,196,485 97,982,883 113,222,650 124,636,274
Net sales
73,169,289 96,177,224 109.223,722 119.873,457
xCost of goods sold
1,738.703 1,725,005 1.667.949 1,599,517
Depreciation
1,843,908 1,951,135 2,358,816
1,699.028
Interest
Losses from sales of and
to market
from reduc.
208,839
val. of invest. of subs_
516,889
Proport. of prf. on sale
Cr.102,000
•
of radio station
Transferred from res. for
Cr.200,000
contingencies
Profit on repurch. of
bonds ofsubsidiaries_ _ Cr.268,365 Cr.78,740
The Reconstruction Finance Corporation on March 30 authorized a loan
of $8,075,000 to the Fred F. French Operators, Inc., for the construction of
slum districts
Kickerbocker Village to replace several blocks of New York all land in the
near Brooklyn Bridge. The project involves the purchase of
Cherry Streets, and the
blocks bounded by Catherine, Monroe, Market and
area now included in Hamilton Street which extends diagonally across the
area, amounting to 219,736 square feet. The buildings are now in an advanced stage of obsolesence.
The Reconstruction Finance Corporation has agreed to advance up to
it is
$8.075,000, bearing interest at the rate of 5%,on the project, although The
not expected that this entire amount will be required by the borrower.
the New York State Board of Housing,"
amount advanced will depend on
said the Reconstruction Finance Corporation statement.
It is estimated that 10.000 men will be employed directly or indirectly for
a period of one year on the project."
Gannett Co., Inc.-Earnings.
(Including Wholly Owned Subsidiaries.]
1929.
1930.
1931.
1932.
Calendar YearsGross revenues
$5,438,910 $6,528.380 16,925,304 $7.631,747
Commissions, rebates.
368.971
306,254
245.702
195.211
allowances & discounts
4,307,118 5,211.976 5,392.772 5,766,209
Expenses
203,532
199.177
175.720
162,853
Depreciation
$894,982 $1.027,101 81,293,035
67,725
100,704
81,563
402,631
399,465
444,378
Net profits
$1,081.789 $1,420,923 $1,527,270 $1,763.391
760.604
617,951
Interest and amortiz_ _ -428,034
375,872
113,000
115.000
Reserve for taxes
56.605
50,024
$889.786
$794,319
Net profits
$936.284
6655,893
Equity of Gannett Co.,
Inc., in undistributed
363.569
170,428
profits of contr. cos_
7.043
28,717
Consolidated Earned Surplus Dec. 31.
1931.
1932.
Previous surplus
$3,120.845 $3,888,429
2.256
Adjustment of taxes-previous years
19,000
Reserve for investments
1.620.621
Loss realized on sale of investment (net)
Cr1,434
Miscellaneous adjustments
Net operating revenue
Other income
Divs. rec, ft. contr. cos_
$773.726
42,931
265,130
Balance,surplus
Net profit for year (as above)
Discount on 15
-year 6% debentures
$3.099.588 $2,269,242
936,284
655,892
141.173
Total surplus
Preferred dividends
•Dividends on pref. stock of subsidiary cos
83.896.655 53,205,527
83.182
100,040
1,500
1,500
83,795,115 $3,120,845
Consolidated earned surplus Dec. 31
Consolidated Balance Sheet Dec.31.
1931.
1932.
1932.
1931
$
AssetsLiabilities$
$
$
x6% eum.pref.stk. 1,527,984 1,411,642
Land, bldg., equip,
&e,
2,390,162 2,536,190 y Class A corn.stk. 1,420,240 1,420,240
25,000
25,000
Current assets- - _ 1,693,685 1,671,970 Pref.stock of subs_
Cash sum. value
Pref, stock subMaur. policies_
63,226 scribed but not
75,225
84,275
318,095
Sinking fund cash.
4,248 issued
11,452
Inv.& adv. to con6% sk.fd. gold deb 3,758,000 3,942,000
trolled cos
1,565,175 5,371,539 Other long-term in2,096,500 2,241,500
debtedness
•Other invest, and
510,311
long-term notes_ 560,906
483,854 Current liabilities_ 388,526
Subscrip. paid in
Assoc. Press men73,352
88,441
advance
bershipe, cireuCash surp, arising
lation, good-will
through revalueand franchisee,
5,691,203
6,025,905 8,050,000 tion of assets
&13
Deferred charges__ 840,480
781,057 At acquisition of
194,804
subsidiary
3,795,115 3,120,845
Earned surplus_
13,168,992 18,962,082
Total
13,168,992 18,962,082 Total
x Represened by 17,642 shares no par stock in 1932 and 16,575 in 1931.
-V. 135. p.3005.
Represented by 180.000 shares (no par).
General American Tank Car Corp.-RzanksedShang.
.tin Par Value -Ne_w-No.me:
he stockholders will vote Apriicirl on changing the par value of the
Ca
tock from no par to $5 per share and on changing the company's
name o General American Transportation Corp
New Contracts Signed-An pfficia
March 30 stated:
announcement on
Eight of the companies whose brews were famous in the past have just
signed contracts with the General American Tank Car Corp. for a steady
supply of refrigerator cars. These companies are: Schlitz, Pabst, Blatz,
Miller ("IIigh Life") and Gettleman,all of Milwaukee; Schoenhofen ("Edelweiss") and Prima of Chicago, and Goetz("Country Club") of St. Joseph,
Mo.
General American, who, In addition to their tank car fleets, operate some
20.000 refrigerator cars on a leasing basis, are prepared to put 2,000 of these
cars into beer service at once if that number be required Over 500 cars
have already been reconditioned for the beer service. The floors have been
equipped with slats and beneath these there is a surfacing of a moisture-V. 136. p. 2077.
resisting asphalt compound,
-To Reduce Stated Capital.
"'"General Asphalt Co.
A reduction in the stated capital stock from $36,117,030 to $4.100.000
by;changing the par value of the capital stock from no par to $10 per share,
each present share to be exchangeable for one new share, has been proposed
to stockholders in a notice of the annual meeting to be held on April 28.
The proposed reduction in the capital stock would create a balance of
632,000,000 for the surplus to be used in writing down certain assets to
current values. Assets now carried on the books at about $21,350,000
and which were acquired at that value upon the company's organization
Gimbel
Brothers, Inc.(& Subs.).-Earnings.
804.484
379,844
Net profit _ _ _ ______loss4,459,05910881791.351
1,325.625
1,181,425 1.250,025
Preferred divs. (7%)._
521,141
870,181
4,459,059 2.972,777
Balance, deficit
x Includes selling, operating and admin. exp., less miscell. earnings.
Surplus Year Ended Jan. 31 1933.
$7,478,704
&Earned surplus Feb. 1 1932
4,459,059
Net loss (as above)
price of company's common stock owned
Reduction of purchase
300,575
by Gimbel Brothers Management Corp.to stated value
Credit arising from repurchase of preferred stock at a discount_ Cr.135,275
$2,854,345
Balance,Jan.31 1933
12,090,654
bPaid-in surplus Feb. 1 1932
Provision for redemption of preferred stock repurchased during
25,500
required
year-not
$12,116,154
Balance,Jan.31 1933
9.013,039
cProperty surplus Feb. 1 1932
Depreciation at amortization of increased values resulting from
127,090
property appraisals
$8.885,949
Balance,Jan.31 1933
23,856,447
Total, surplus
-The earned surplus at Jan. 31 1933 is before deduction a an
Note.
$5,052,500, being the par and stated value of the preferred
appropriation of
and common stock repurchased.
Consolidated Balance Sheet Jan, 31.
1932.
1933.
1932.
1933.
$
$
Liabilities$
$
Assets16,290,000
Land, Mtgs., &c_ 26,929,194 27,901,452 Preferred stock_ _ _16,120,000 33,562,397
:Corn. stk. & surp28,663,948
6,702,898 6,420,736
Cash
Accounts rec., &c_ 6,032,007 8,787,548 Res.for pref. stock 2,418,000 2,443,500
8,970,635 13,091,844 redemption__ _
Inventories
1,499,137 2,235,712 Accounts pay.,&c. 1,123,130 4,046,494
Miscell.invest
286,125
928,134 Dividends payable
Prepaid expenses- 705,769
1 Accrued exp., &c_ 1,491,869 1,327,261
1
Good-will
Conting. res., &c_ 1,022,695 1,409,650
50,839,642 59,385,428
50,839,642 59,365,428 Total
Total
x Represented by 961,500 no par shares in 1933 and 996,000 in 1932
-V. 136, p. 1558.
-Company Taken
Globe & Rutgers Fire Insurance Co.
-May Be ReOver by New York Insurance Department.
habilitated.-See details under "Current Events and Dis-V.135, p. 3530.
cussions" on a preceding page.
-New
Goodyear Tire & Rubber Co., Akron, Ohio.
Director.
Arthur
Thomas H. White has been elected a director to succeed J.
House. Mr. White Is President of Commonwealth Securities, Inc.
V. 136. P. 133.
9
Gorham Manufacturing Co. -Special Dividend.
The company has issued the following statement: "At the board
meeting on Jan. 27 1933 the dividend due and payable March 1 was
deferred. The deferred action was considered by the meeting of the
board/held March 24 1933 and in view of lack of earnings as shown by
auditor's report the dividend was passed. It was, however, voted that
there be distributed to the stockholders of record as of March 25 1933,
Sler share, payable March 31 1933 out of surplus."
Quarterly distributions of 25 cents per share were made on this issue
on ept. 1 and Dec. 1 1932, as compared with 40 cents per share on March 1
-V.136.
and June 1 1932 and 50 cents per'share previously each quarter.
9. 851.
-Omits Cl. B Pref. Div.(W. R.) Grace & Co., N. Y.
The directors have decided to omit the quarterly dividend due March 3
on the 8% non-cum. class B pref, stock. par 6100. The last regular quarterly payment of $2 per share was made on this issue three months ago.
V. 135, p.2181.
Grand Union Co.(& Subs.).-Earnings.
Years EndedDec. 31 '32. Jan. 2 '32. Jan. 3 '31. Dec. 28 '29.
Sales
$30,365.932 $35,640.226 $38.117,073 536.943,122
Cost of sales
22.263,940 26.142,162 28,215,189 28,959,163
210,767
Depreciation
287.685
327.539
333,166
Store exp., salaries of
clerks, manager and
superintendent a n d
other expenses
8.210.303
6,300,869 7,240,962 7,563.891
General expenses, incl.
690.876
.'ederal tax
768,916
956.370
935.243
Profit
6699,042
Misc. income, Int. &e
16,703
xNew develop. expense.. Dr113.558
Total income
Preferred dividends_
_
8994,320 51.094,139
10.186
19,366
5872.012
149.373
6602,187 81.013,886 61,104.324 51,021.385
487.739
481,350
497.577
497.229
Balance,surplus
$533,646
5606.747
8120,837
$516,457
261.710
Shares common stock_ _ - 2 79.867
270.348
277.867
$2.03
Earnings per share
$1.86 •
$2.24
$0.43
x Development expenses were previously added to good-will. No such
additions to good-will have been made since 1930. .
2252
Financial Chronicle
Consolidated Surplus Account Dec. 31 1932.
Initial surplus, balance Jan. 2 1932 and Dec. 31 1932
Capital surplus Jan.2 1932
Excess of declared value at which originally issued over cost
of preference shares purchased and retired
Excess of selling price over cost of common shares purchased
and resold
$904,291
773,672
41.535
665
Total
$815,872
Deduct, good-will of stores purch, during yr., written off
8,632
Balance, Dec. 31 1932
$807,240
Earned surplus Jan. 2 1932
1,653,191
Net income for the year 1932 (after pref. diva.)
120,837
Total
Loss on obsolete furniture and fixtures disposed of an un- $1,774,028
amortized balances of leasehold improvements in closed
stores
123,797
April I 1933
Hale Bros..Stores, Inc.
-Earnings.
-
Calendar Years1932.
1931.
1930.
1929.
Sales
$14,204,985 $18,109,752 $18,835,145 $18.448.817
Net earns, aft, allow,for
inc. taxes, deprec. &
proper reserves
$58,158
154,659
520,633
310,008
Earns. per sh.on 225,000
abs. corn.stk.(no par)
$0.26
$0.69
$2.31
$1.34
-V.135. p. 637.
Hazel-Atlas Glass Co.
-Earnings.
-
Years EndedDec. 31 '32. Dec. 26 '31.
aManufacturing proflt_e$4.404,420 d$6,075.442 Dec. 27 '30. Dec. 28 '29.
Sell., gen'l & adm. exp-- 1,716.701 c1,992.924 $4,848,702 $5.736.438
1,833,917 1,997.662
Provision for conting--350.000
620,000
500,000
500.000
Other deductions
29.625
160.088
Sew. & exp. pertaining
to patent litigations
31,749
48.972
Interest
29,673
Balance. Dec. 31 1932
28,211
$1,650,230
Prov. agst. book value of
sec. & loss realized on
Total surplus, Dec. 31 1932
$3,361.762
sale of securs
f23.512
445.000
Depr. of bldgs. eq.,&c
Consolidated Balance Sheet.
See e
See c
691,549
655.068
Estimated Fed. taxes-330.000
Dec.31'32. Jan.2'32.
450,000
Dec.31'32. Jan.2'32
265,000
315.000
AssasLiabilities
Net profit
Cash
$1,922,785 $2,490,334 $1,528,611
908,189 1,319.931 b Cony. pref stock 7,977,500 8,080,000
.
Dividends paid
Accts. receivable,
1,649,543 1.609,109 b1,251,455 $2.108.619
c Common stock__ 1,033,408 1,023,316
1,194,459
net of reserves
893,148
638,027 Acceptances
97,247
100,529
Balance, surplus
Inventories
2,975,420 3,858,022 Accounts payable. 798,239
$273.242
$881.225
$277,156
893,643
:914,160
Shares of capital stock
Prepaid exp., ins.,
Acer.exp., payroll,
outstanding ($25)-.-.
taxes, dic
434,474
77,467
434.474
96.458 insur., property
434,474
398.928
Earnings per share
N. Y. State notes- 100.000
$4.42
taxes,&c
$5.73
35,217
66,721
a After deducting cost of goods sold, incl. material, $3.52
$5.28
Prem.adv. to cust. 425,402
Employees' deposlabor and factory
expenses. b In addition paid a stock dividend of 10%
Cash surr. value
its payable
40,502
45,114
in 1930. c Including provision for depreciation and depletion. d
lire insurance_
22,113
Miscellaneous res_
5,353
Includes other income
of $221,334 for 1931. e After deducting from sales
Investm'ts at cost_
53,906
53,424 Accrued Fed. In(including provision for depreciation and depletion) of $16,203.624 costs
Employees'deposit
come taxes
63,268
116,518
adding other income of $259,453. f Loss on sale of of $12,058.656 and
funds
7,084
32,678 Mtges. on real est_
22,500 , 23,500
securities only.
Real estate, at cost 382,304
382,304 Reserve for unred.
Condensed Consolidated Balance Sheet.
a Mach'y, fixtures
prem. tickets
dr equip, at cost_ 2,354,879 2,109,271 contingencies- &
Dec. 31'32. Dec. 2631
Dec. 31 '32. Dec. 26'31.
50,000
91,102
Assets
Good-will, tradeLiabilitiesMin. stockholders
$
marks, &e
Cash on hand & on
5,285,527 5.285.527 of sub. cos
Notes pay.to bank
6.321
6,280
deposit
Deferred charges to
,000,000
1,960,066 2,266,737 Accts. pay.for pur- 1,500.000 3
Initial surplus_ _ _ 904,291
904.291
U.S. Govt.&c.,secsb5,131,066 0,136,049 chases, expenses,
operations
5,877
2,326 Capital surplus_
807,240
773,672
Notes & accts. rec. 1,141,671 1,355.636 PaVroll, dro
Earned surplus- 1,650,231 1,653,191
404,410
653,916
Inventory
3,869,355 4,453,448 Dividend payable. 411,065
420,294
Value of life insurTotal
50,947
13,491,318 13,777,967 Total
42,510 Accr. taxes &(mut c380,973
13,491,318 13,777,967
470,336
Com.stk. of HazelReserves
a After reserve for depreciation of $963,178 in 1932 and $874,751 in 1931.
2,275,000
Atlas Glass Co_ 992,058
673,595 Capital stock__ _10,861.850 3,200,000
b 159,550 no par shares in 1932 and 161,600 in 1931. c Represented by
10,861,850
aCoal lands.4 leaseSurplus
voting trust certificates representing 279,867 no par shares, in 1932 and
5,720,007 5,462,933
holds, gas wells,
277,867 in 1931.-V. 136, p. 1894.
equip., &c
8,282,543 8,925,800
(Jos.) Greenspon's Sons Iron & Steel Co.
Patents
763
-New Subs.
2,706
- Sundry investm'ts
The Jos. Greenspon's Sons Pipe Corp., St. Louis, has been organized
13,402
13,669
Prepaid expenses,
by the above company to operate as its jobbing subsidiary.
-11. 133.
&c
p. 3099.
111,432
205,181
---Guaranty Co. of New Jersey.
Total
-Omits Dividends.
21,553,306 24,075,328 Total
21,5.53,306 24,075,328
The directors have voted to omit the quarterly dividends ordinarily
a After deducting reserve for dep etion and depreciation
of 88,781,448
payable about April 1 on the class A and class B stocks, par $10. In each
in 1932 and $9.636,442 in 1931. b After reserves of
$600,000. c Accrued
of the preceding five quarters a distribution of 10 cents per share was made
taxes only.
-V.136. p. 1560.
on both issues, as compared with 15 cents per share on Oct. 1 1931 and 25
cents per share previously each quarter.
-V. 134, p. 142.
--
--Hahn Department Stores, Inc.
-To Reduce Stated Value
of Common Stock-Answal-Report.-
(Walter E.) Heller & Co.
-Smaller Dividend
Rate.A quarterly dividend of 2% cents per share has been
declared on the no
par common stock, Payable March 31 to holders of
record the same date.
hi each of the four preceding quarters a d stribution of 7X cents
per share
was made on tills issue.
-V. 134, p. 2733.
The directors have recommended the reduction of the capital of the corporation represented by its no par value common stock from $9,869,373
($7.26 per share) to $1,357.489 ($1 per share). This reduction will not
Hershey Chocolate Corp.
change the number of outstanding shares of common stock nor
-Further Reduction in Common
rights of the common stockholders. This move will increase affect the
Dividend.-The directors on March 28 declared a quarterly
the total
surplus account to $10,962,823.
dividend of 75 cents per share on the common stock, no
President Paul Quattlander, March 27, in the annual report for the
year ended Jan. 31 1933. stated:
value, payable May 15 to holders of record April 25. par
"Sales decreased 21.7% from the prior year; the number of sales transThis
compares with $1.25 per share paid on this issue on Feb.
actions decreased 5.7%. Operating expenses were further reduced $4,805,15
925 during the year. Inventories were reduced 24.1% and accounts
last, $1.50 per share each quarter during 1932 and
receivable customers were reduced 25.7%. In the opinion oft he manage$1.25
per share quarterly from Feb. 15 1930 to and incl. Nov.
ment, the merchandising stocks are in excellent condition as are accounts
15
receivable-customers, for which adequate reserves have been provided.
1931. -V. 136, p. 1895.
"The corporation is in a strong financial position with the balance sheet
showing cash and United States Government and New York State bonds"Heywood Wakefield
Co.-A-fknitied-be-Tvaili
•
of $6,264,300, an increase of $1,709,606 over Jan. 31 1932. The ratio of
tfhe New York Curb Exchange admitted to unlisted trading
current assets to current liabilities Is 7.74 to 1 as against 7.23 to 1 as at
t
w common stock, par val $25, issuable share for share in privileges
Jan. 311932. Surplus at Jan. 31 1933 was $2,450,939.
exchange
for old capital stock, par $100 V.,136, p. 1384.
'During the year, 5,400 shares of the 63.i% pref. stock were purchased
for the treasury at a total cost of $67,830, increasing the number of shares
"
"Hoy Development Co.
of said stock in the treasury to 21.868.'
-Dividend Rate Decreased.The directors have declared a quarterly dividend of 1 cent per
Consolidated Income Account for Years Ended Jan. 31.
the capital stock, par $1, payable Apr 115 to holders of record share on
1933.
1932.
1931.
1930.
This compares with quarterly distributions of 2M cents per March 31.
share made
i
i
$
11
previously.
Net sales
70,865,243 90,461,762 104,996.578 112,323,306
Calendar Years1932.
1931.
Cost of sales oper. and
1930.
1929..
Sales
8302.747 x$324,386
administrative exp
73,577,397 89,731,339 101,152,350 107,651,442
$384,281
$288,024
Decrease in crude oil inventory at market
5.007
Gross profit on sales_loss2,712,154
730,423 3,844,228 4,671,864
Royalties &joint interest
58,522
60,714
Other income
292,777
539,982
92,365
485,613
853,352
82,511
Produciion expenses, &c
48,570
42,380
40,959
37,921
Administrative expenses
18,026
Total income
14,828
1(1082,419,377
13,933
1,270.405 4,329,842 5,525,216
14,153
Insurance
1,001
Prov. for depreciation &
1,085
1,043
1.177
Taxes
12,378
amortization
12,045
11,774
1,038,940 1,266,048 1,174,420 1,032,873
5,617
Redrilling & intang.costs
30.826
12.315
Int. charges & provision
18,541
20,192
Lease rentals
1.843
3,344
for Federal taxes
5,193
8288,937
3E313,384
639,587
402.283
2,433
Miscellaneous
512
252
Net profit
loss3,747,255 loss309,027 2,515.845 4,090,060
Operating profit
$126.572
$177,675
$199,960
Divs. on
% conv.pref
1,472,536
1,546,142 1,584,146
$123,765
Miscellaneous income
11,936
10,593
Joske Bros. Co.com.stk.
11.071
y37,500
11.305
Surplus
def3,747,255 def1,781,563
969.703 2.468.414
Sim.ofcorn.stk.outst's_ 1,357,489 1,357,489 1,357.489
1,357,488
Earnings per share
Nil
Nil
$0.71
$1.84
x Does not include provision•for Federal taxes. y Joske Bros. Co.
former stockholders prior to completion of acquisition by Hahn Departto
ment Stores, Inc.
Consolidated Balance Sheet Jan. 31.
1933.
1932.
1932.
1933.
AssetsLiabilities8
8
$
$
xLimd. buildings,
635% conv.pf.stk.21,546,900 22,086,900
equipment, &c.20,946,375 21,717,105 yCommon stock__ 9,889,373 9,869,374
Good-will, leaseCurr. Install. on
holds, &O
1
1
mtges., bds , &c 137,500
Cash
4,240,399 2,789,711 Accts. pay.& accr.
Notes & accounts
accts. Inc. Fed.
8,894,289 11,900,447 tax
ilS receivable
2,973,368 3,749,509
Inventories
8,918,477 11,741,157 Mtges, and longMarketable secure. 2,030,522 1,771,605 term notes
7,863,750 8,350,750
81,504
Miseell. securities_
281,855 Conting. res., &a_ 1,270,611 1,375,304
Sundry dep.& adv 441,744
388,371 Surplus
z2,450,939 5,726,024
Deferred charge,- 559,129
567,607
46,112,440 51,157,860 Total
48,112,440 51,157,860
Total
x After depreciation of $5,818,047 in 1933 and $5,080,532 in 1932.
y Represented by 1,357,489 no par shares. z Upon the basis of treating
$2,186,800
% cony. pref. stock in treasury as being retired.
-V. 134.
p. 3646.
-No Dividend Action.
Halle Bros. Co.
No action has been taken on the declaration of a dividend on the common
stock, it is announced. A d sir button of 5 cents per share was made on
Nov.30 1932, while during 1931 the company paid four quarterly dividends
-V. 135, p. 3531.
of 25 cents per share.
Total income
Depletion
Depreciation
Property abandoned
Abandonment of lease.Loss on sale of mark.sec.
Loss on invest. in Highline Oil SyndicateProv. for Federal tax
$138.509
4,785
21.452
$188,268
9.458
22,280
2,800
$211.031
8.115
25,325
$135.070
10.110
32.903
500
1.346
14,832
5.940
15,034
12,688
Profit for the year--$95,592
$132,755
$164,904
x Includes increase in crude oil inventory at market of $6,380.
Comparative Balance Sheet Dec. 31.
AssetsLiabilities
1932.
xCapItal assets- _ _ $688,959 1100,203 Capital stock
390 2000
193,
0
Investm'ts & adv. 230,750 19 8;250 Dividend payable.
3
17 1
22,500
385 Accounts payable.,
Salvaged materials
2,744
Accts.receivable..
22,492 Reserve for taxes26,364
1,679
7,564 R. for Fed. !no.
Inventory
es
Cash
120:58
2 473
5
127,543 tax & contingen y120,123
Marketable securs. 191,978
235,194 Capital surplus
92,969
Deferred charges._
2,394 Earned surplus._ 123,251
2,184
5,899.
$88.148
1931.
$900,000
22,500
5,425
1,477
113,040.
113,922
117,659.
$1.263,267 $1,274,024
Total
Total
$1,263,267 $1,274,024
x After reserves for depletion and depreciation of $2,151.392
and $1,939.503 In 1931. y Reserve for Federal Income taxes In 1932
only.
V. 136. p. 501.
H.) Holmes Co., Ltd.
-Dividend Omission.
-
The directors have decided to omit the quarterly dividend ordinarily
payable about this time on the common stock. From April 1 1932 to and
incl. Jan. 2 1933, quarterly distributions of $1.50 per share were made, as
against $2.50 per share on Jan. 2 1932.-V. 134, p. 2350.
Financial Chronicle
Volume 136
Indiana Ice & Fuel Co.-Earnings.
Calendar YearsNet sales
aExpenses, depreciation, &c
1932.
1931.
51.034,765 51,289,300
1,086,816
930,488
Net profit on sales
Other income
$104,276
44,234
5202,484
59,346
Total income
Interest charges
Miscellaneous deductions
Federal Income tax
$148,511
37,797
36,453
11.064
$261,830
44,444
27.540
22.157
Net Income
Preferred dividends
563,195
60,000
$167,688
60,000
Balance
Balance January 1
Tax adjustments
$3,195
422.514
$107,688
321.736
1.223
Total
Tax payable at source
Organization expense
Miscellaneous adjustments
$425,710
742
2,881
1.034
$430,648
822
2,881
4,429
Balance December 31
Earn, per share on 50,000 shares common stock
a Depreciation 1932. $76,281; 1931. 573,745.
$421,052
$0.06
$422,514
$2.15
Consolidated Balance Sheet Dec. 31.
Assets
1932.
1931.
Liabilities1931.
1932.
Cash
539,595
$45,569
$40,334 Accounts payable- $31,881
Govt. & municipal
12,907
12,036
Accrued interest__
bonds(cost)_ _ 122,426
26,985
165,570 Accrued taxes__ __
43,725
Notes,accts rec.,&o
59,844
70,552 Miscellaneous accr.
473
3,486
Inventories
40,813
35,702 1st mtge.6s 1947 x555,500
600,000
Value life insurance
29,672
26,378 1st mtge.-rental
Misc. Investments
2,000
1,500
properties
Fixed assets, less
1,000,000 1,000.000
6%pret. stook
depreciation-- 2,170,448 2,289,309 Corn st (50.000 shin 289 638
289.638
.
Organization exp _
11,526
314,141
14,407 Capital surplus.__ 223,761
Deferred charges__
71,112
75,138 Earned surplus_ _ 421,052
422,514
Total
$2,562,830 $2,728,009
52,562,830 52,728,009
Total
x Net with public ($230,500 alive in treasury; $214.000 canceled).
V. 135. P. 998.
• Industrial Rayon Corp.
-Resignation.
William C. Durant on March 28 announced his resignation from the
board of directors of this corporation.
Mr. Durant first became interested in the company late in 1927, when
he was reported to have acquired a large block of stock in the open market.
-V. 136, p. 1896.
Inland Steel Co.(& Subs.).-Earnings.
Calendar YearsxNet earnings
Other income
1932.
-1929.
1931.
1930.
$811,183 $5,420,036 $10,933,650 $16,716,502
356,563
623,736
706,480
993,244
Total income
$1,167,745 $6,043,773 $11,640,130 $17,709,747
Deprec. and depletion
2,557,314
2,776,173
2,722,413
2,748,622
Bond interest
1,883,250
1,863,000
1,293,750
1,329,750
Other interest
48,139
Federal tax
1.319,000
79,000
783,000
Employees' pension fund
342,000
600,000
62,000
Net profit
loss$3,320,958 $1,263,600 $6,498,967 $11,712,374
Common dividends
300,000
3,300,000
4,800,000 4,200,000
Surplus for year_ __ _def$3,620,958def$2036,400 $1,698,967 $7,512,374
Previous surplus
28,637,621 32,605,097 30,906.130 23,701,333
Disc, on bonds purch.
for retirement
121,098
Totalsurplus
$25,137,761 $30,568,697 $32,605,097 $31,213,707
Loss on prop. dismantled
79,407
Prov. for unrealized deprec. in marketable securities & for conting_ 1,000.000
1,851,669
Loss on property sold__
307.577
Profit & loss surplus_ _$24,137,761 528,637.620 $32,605,097 $30,906,130
Shares cap. stk.(no par) 1,200,000
1.200,000
1,200,000
1,200.000
Earned per share
$5.41
Nil
59.76
$1.05
x After deducting all expenses incident to operations, including charges
for repairs and maintenance.
Consolidated Balance Sheet Dec. 31.
1931.
1932.
1932.
1931.
AssetsLiabilities-$
$
cLand, plants dc
bCapttal stock__ 35,000,000 35,000,000
mines
77,687,607 78,273,074 Funded debt- 41,400,000 42,000.000
env.in dr advs,
Operating & conto aril .cos.__ 4,985,651 4,878,554
tingent res'ves 2,741,645 4,440,923
Cash
3,465,001 3,182,944 Accts. payable__
830,605 1,776,410
Notes receivable
164,007
230,527
321,092
186,399 Current payrolls
Other mark.secs 1,689,817 4,525,752 Accruals
1,132,813 1,205,359
Accts. receivable 2,052,752 3,639,103 Reserve for FedInventories _
877,828
12,643,779 13,300,421
79,000
eral taxes_ _ _ Govt.securities_
2,126,575
4,002,228 Const. accts.pay
Deterred charges 3,549,526 3,598,505 Surplus
24,137,761 28,637,621
Total
106,284,661 115,586,981
106,284,661 115,586,981
•
Total
a Includes other Investments. Is Represented by 1,200,000 no par shs.
C After reserves for depreciation and depletion of $3.32,073,507 In 1932 and
$26,652,910 in 1931.-V. 136, p. 2079.
' .Interbanc Investors Inc.
..
-Dividend Omitted.-
The directors recently decided to omit the quarterly dividend ordinarily
payable about March 31 on the common stock, par $5. From March 31
1932 to and incl. Dec. 31 1932, the company paid quarterly dividends
of5 cents per share on this 111811€1, as against 10 cents per share previously.
V. 134, P. 2733.
International Business
tirement.-
Machines
Corp.
-Bond
Re-
The corporation on July 1 will retire 5500,000 par value of its Computing-Tabulating-Recording Co. 6% bonds a 1941. The directors authorized the deposit of sufficient funds for this purpose with the Guaranty
Trust Co. of New York, trustee.
With the completion of this sinking fund operation, there will be outstanding on July 1, next, only $954,500 Par value of the bonds out of the
original issue of $7,000,000 In 1911. The remainder of the issue has been
. ..,<tired out of earnings.
.
-V. 136. P. 1712.
International Nickel Co. of Canada, Ltd. -Reduces
Capital.
The stockholders on March 28 voted (a) to reduce the share capital by
canceling 167 shares of pref. stock of $100 par and 14.454 shares of common
stock without par value surrendered to the company for cancellation since
Dec. 13 1929;and (b) to increase the authorized capital stock by the amount
of such reduction In the share capital.
President Robert C. Stanley, in addressing the stockholders at the annual meeting held on the above date, said
in part:
A comprehensive review of the nickel Industry for 1932 was Issued during
December and since then has appeared quite generally in the press. The
Information regarding applications of nickel embraced in that review together with the financial statements and data shown in the "annual report"
(see V. 136, p. 1878), has already furnished to you a resume of the activities of the company during the past year and set forth its condition at
the close of that period.
2253
Three years of progressive curtailment of consumption, coupled with
falling prices, have caused world-wide stagnation in industry, and in consequence the production and sale of metals have been seriously affected.
In common with others your business has suffered, though doubtless to
a lesser extent than has been the case in many industrial enterprises.
Drastic retrenchment, coupled with what is generally conceded to be an effective sales policy, has enabled the company to weather this protracted
period without recourse either to borrowing money or to an entire suspension of plant operations. Thanks to the substantial earned surplus
which was built up during better times, we have been able to maintain
some degree of activity in the production departments and to continue
dividends on the preference shares without unduly depleting our resources.
In fact at the close of the year our net current assets exceeded the comparative amount at the close of 1931 by $407,727.05. Our record of dividend payments on the preferred shares, with no omission during the past
27 years, is cause for satisfaction not only to the company but also to the
individuals and institutions which have invested in this stock.
An examination of the balance sheet and of the profit and loss statement
shows that the aggregate amount of cash, and government and other securities, as of Dec. 31 1932, exceeded the comparitive figure of Dec. 31
1931 by 52,681.080. While as shown in the report the net loss for the year
was 5135.344 I would call attention to the fact that net operating income
for the year, prior to reserving $2,763,437 for depreciation and mine depletion but after all other reserves. was 52,628.093. an amount exceeding
preferred dividend payments of $1,933,909 by 5694.184.
The company's present strong cash position may be attributed to liquidaHon of inventories and receivables, and furthermore to the fact that capital
outlay during 1932 was only $535,651 as compared with large expenditures
of former years.
The major program of improvements begun in 1926, and now completed,
which included opening the Frood Mine for production, the construction
of a new concentrator and smelter, our investment in the Orco electrolytic
copper refinery, and the general rehabilitation of plants, both here and
abroad. cost $52,076.306. Of this amount $37,185.678 was furnished by
the sale of the company's securities and the balance from net earnings.
This program was completed for approximately 51.000.000 less than the
amounts appropriated for the purpose. That the money was prudently
spent has been fully demonstrated during the past year by the satisfactory
operating costs obtained, notwithstanding the abnormally low rate of
production.
Sales of nickel in all forms in 1932 were less by 38% than in 1931 and less
by 73% than in the peak year 1929. These figures. which fairly parallel
those of industry generally, clearly indicate the serious problems faced by
your management in "cutting its cloth" to conform to the interest of shareholders on the one hand, and to the just treatment of employees on the
other. Of necessity operations have been curtailed, with consequent loss"
of employment to many men. Constant and conscientious efforts have.
however, been directed to the spreading of all available work, as far as
possible, and to the care of the less fortunate men and their families.
The world curtailment plan adopted by the copper industry in 1932 was
not reviewed for 1933 and in consequence this great industry, which at the
time of our last meeting appeared to have put its house in order, is disorganized. The imposition of a United States import duty of 4c. per pound,
made effective on June 21 1932, has effectively barred all shipments of
copper to what has heretofore been regarded as Canada's logical and
economic market. To meet this situation the company took immediate
steps to market its output in the Empire and elsewhere and has been successful in doing so.
Owing to excessive stocks of refined metal and to the great potential
capacity of several new low-cost producers, including your company. the
Price of copper is abnormally low. Since the futility of artificial price
fixing has been demonstrated, producers may discover that a higher regard
for the law ofsupply and demand and the adoption ofimproved merchandising methods are the more natural cures for the basic troubles of the current
price situation. Even so. any real prosperity for the copper industry must
await the return of improved business generally.
Conditions in the platinum metals industry closely parallel those of the
copper industry in that stocks are heavy and consumption much reduced.
Under such circumstances prices have fallen considerably below those of
a year ago, and it is likely that, as in the case of copper, they may not rise
again until the pace of industry is quickened. Fortunately the platinum
metals are by-products of the company's operations and their production
cost Is still far below prevailing sales prices.
The company's well established policy of sales promotion has been
aggressively continued. These activities have been thoroughly described in
the "annual report" and the "Review of the Nickel Industry for 1932."
In this connection the acquisition of Monel-Weir. Ltd. and the establishment of the Japan Bureau are features which should be noted. Monet
Weir, Ltd. was organized in 1928. prior to the Inco-Mond merger, for the
purpose of furthering the sales of "Monet Metal" and other products.
Your company held bonds and stock in the Monel-Weir enterprise. Both
Monel-Weir, Ltd. and your subsidiary company, Henry Wiggin & Co..
Ltd. had sales organizations, with numerous branches in Great Britain
Ltd.,
and
countries, as well as individual development and research
departments.
Since the recent purchase of Monel-Weir. Ltd., the terms of which are
set forth in the "annual report," these duplications have been eliminated,
With resulting economies in both our sales and operating divisions.
The Japan Bureau staffed by Japanese,is organized and functions along
the same lines as our bureaus in Europe. The management believes that
the Far East affords a potential outlet for a substantial tonnage of nickel
bearing products.
There appears in the "annual report" a section showing the comparative
numbers of shareholders at the close of the years 1932 and 1931 respectively. Owing to stock held in brokerage accounts, it is almost Impossible
to break down these figures so as to show accurately individual ownership.
However, it would appear that your company's shareholders at the present
time are distributed as follows: Canada 44%, United States 37%, Great
Britain 18%, other countries. 1%.
The distribution of actual shares is quite different, being as follows:
Canada 3,970,301 shares, United States 7.488,205 shares, Great Britain
6.107.225 shares, other countries 378,011 shares.
Comparing these figures with those similarly obtained a year ago, we
find that Canada has maintained her investment position and that Great
Britain's has increased. It is cause for satisfaction and encouragement to
Your management that, despite the chaotic conditions of world industry
and finance, investors are maintaining their interest in your company's
stock.
Referring to current conditions in the nickel industry,
Pres. Stanley said:
In developing its status from that of a specialty to one of varied and
Widespread industrial applications, nickel has become a world commodity
The company therefore cannot progress counter-current to world trade,
but must assuredly benefit from any general revival of industry. Against
this background, then, it is interesting to learn that nickel sales have
shown an improvement since last summer.
Whether the improvement In sales will be maintained through 1933.
time alone will answer. Pending this answer you can properly have the
satisfaction of knowing that the company has great natural resources.
efficient plants and undiminished energy in seeking to maintain and to
broaden its markets. The policies which, during the past five years. have
carried the company through a great boom and, we hope, through the
worst of a great depression, should lead to profitable business as world
affairs again establish a better equilibrium.
New Director.
R. S. McLaughlin has been elected a director, succeeding the late W.T.
Graham.
-V. 136. p. 1896. 1878.
Investors Syndicate.-Summary Report.
Cash, Bonds
Capital, Surplus
Total
Year.
& Securities
Resources.
et Reserves.
Dec. 31 1928
824,917,181.09
51,116,182.83 $3,087.811.35
.._
Dec. 31 1932
50.473,090.35
7,639.951.67
6,233,947.95
During the last three years Investors Syndicate has paid out in cash matur.
Ries, certificate loans, and withdrawals $22,918,728, without being obliged
to borrow a dollar or sell any of its assets. Resources of Investors Syndicate
have increased every year of the 39 years since its establishment in 1894.
From Jan. 1 to March 15 1933 Investors Syndicate paid maturities, loans,
and cash surrenders totaling $2.026,934, representing an increase of $191,658 over the corresponding period of 1932, which is in almost exact proportion to the increase in the company's assets. Total liquid assets as of
March 15 were $8,073,182, an increase of 5.6% since Jan. 1. Due to its
Financial Chronicle
2254
powerful cash position the company purchased more than $1,800.000 in
prime bonds during this period of which $500,000 were United States Government securities.
Sales of Investors Syndicate certificates for 1932 reflect an increase of 7%
over 1931. For 39 years Investors Syndicate has maintained a perfect
ginancial record by prompt payment of every obligation. After more than
three years of world-wide economic difficulties, Investors Syndicate has the
largest assets and is in the strongest liquid position in its history.
-V. 135,
p. 4224.
International Printing Ink Corp.(& Subs.).-Earns.
1929.
1931.
1930.
Calendar Years1932.
Sales, less returns &
allowances
$9.218,407 $12,028,638 $16,135,646 $20,071,002
.Cost ofgoods sold
1 9,456,532 11,996,69811110.158,125 a12,045,760
A 5.374,808 5,908,025
Sell., admin. & gen.expi
Net earnings
'Other income
loss$238,125
20,126
Total income
loss$217,999
Prov.for Federal inc.tax
%Adjustment of foreign
exchange losses
64,762
Adj. of marketable secur
101,281
Combined loss for year
Previous earned surplus_
Discount of pref.stk.red.
Totalsurplus
Preferred dividends_
Common dividends
$181,480
1,214
def$180,266
c
11,038,136 11,853,696
-Resumes Dividend.
"
$602,714 $2,117,217- Kirby Petroleum Co.
123,981
231,938
The directors have declared a dividend of 10 cents per share on the no
par common stock, payable April 15 to holders of record March 31. A
$726,695 $2,349,154
$227,379
quarterly distribution of 25 cents per share was made on 'Sept. 10 1925:
18,500
230,000
none since.
-V.122. D. 99.
_
-Dividend Deferred.
Knapp-Monarch Co.
526,886
390,750
169,843
The directors have voted to defer action on the quarterly dividend
due April 1 on the no par $33.25 cum. pref. stock until the June 16 meeting
$333,214prof$181,309prof$2119154
of the board. The last regular quarterly distribution of 81 3i cents per
share was made on this issue on Jan. 1 1933.-V. 135. p. 4567.
533,795 1,343,054
355,018
Cr.15.600
$200,581 $1,539,963 $2,474,172
199,368
409,766
415,950
580,802
715,168
Total
11,038,136 11,853,696
p x Represented by 257,715 no par shares in 1932 and 262,521 in 1931.
y After depreciation of $2,226,211 in 1932 and $1,956,707 in 1931. z Re-V. 135, p. 3174.
sulting from retirement of pref. shares.
-Sale Order Vacated.- itifl
Jenkins Television Corp.
P Judge Nields, in the U. S. District Court at Wilmington has filed an
opinion vacating his recent order for the sale of the assets of the corporation,
stating that the court has not been sufficiently advised as to the value of
the assets and as to the necessity for the sale. It is understood that the
proposed sale of the assets of the De Forest Radio in New Jersey to the
Radio Corp. of America is contingent upon the ability of the receivers for
De Forest also to deliver the assets of Jenkins Television. Both Jenkins
and the De Forest Radio companies are in the hands of receivers. Stockholders and creditors of Jenkins opposed the proposed sale. (Wall Street
"Journal").
-V. 136, p. 1210.
I Johns-Manville Corp.-Resignation.-V.136. p. 1561.
II 0. B. Everett has resigned as a director.
-Earns.
Kaufmann Departm't Stores, Inc.(& Subs.).
1931.
1930.
1929.1i
1932.
Calendar Years$16,197,820 $22,916,077 $26,944,484 $27,743,307
Net sales
16,388.307 21.868.443 25.322.575 25,835,593
,Cost of sales & oper.exp.
def$190,487 $1,047,634 $1,621,909 $1,907,714
Gross income
36,657
32,750
59.618
24,270
Inc.from leased dep'ts
Net profit
.Depreciation
def$166,217 $1,080,384 $1,658,566 $1,967,333
173,663
170,740
96,966
170,740
Net inc. from oper_Joss$336.957
Dr32,217
.Other income (net)
$909,644 $1,484,903 $1,877 3
40 14466
:
32.021
Dr4,380
def$369,174
186,784
$1,516,924 $1,917,510
$
286,907
163,505
2 5 851
9 2 264
0,
3
178,137
107,386
23,708
Total
Interest
Federal income taxes_
122,662 $1.575,869
$648,705 $1,
Net profit for year.. _loss$555,958
295.638 12,167,544
10,076,780 10.091,418 11,
Balance at Dec. 31
7,890
Disc.on pref.stk. purch.
Total
$9.528.712 $10,740,124 $12.418,299 $13,743,413
870,466 1,463.649
Approp to special res've875,546
881,380
574,276
226.479
Divs. paid or dec., corn.
75,362
81,520
72,737
68,014
W. Preferred
505.506
16,330
21.226
Miscellaneous charges
Balance at Dec. 31--- $9,234,220 $10,076,780 $10,091,418 $11,295.637
P
577,587
566,197
Shs.com.stk.out.
(no par)
566,363
587,587
Nil
$1.81
$2.55
$1.02
Earnings per share
Dividend Deferred.The directors have voted to defer the quarterly dividend due April 1 on
the 7% cum. pref. stock, par $100. The last regular quarterly distribution of 1%% was made on this issue on Jan. 31933.-V. 135, p.2346.
-Omits Dividend.
Kelley Island Lime & Transport Co.
The directors recently decided to omit the quarterly dividend ordinarily
payable about April 1. Quarterly distributions of 25 cents per share
were made from Jan. 1 1932 to and incl. Jan. 2 1933.-V. 135. p. 997.
Kew Gardens (N. Y.) Terrace Apartment Building.
Sale Ordered.
In the Queens Supreme Court, Special Term, at Jamaica March 24,
Justice James C. Cropsey handed down a decision directing Morris Okosh-
ken, attorney, of Jamaica, as referee in foreclosure, to sell the property
under foreclosure proceedings on April 13. Following the sale the referee is
to make a report to the court for further orders.
Two weeks ago Justice Cropsey handed down a decision judging in
contempt of court a group known as the Commonwealth Bond committee,
which is the representative of minority bondholders in the apartment. On
Nov. 28 last Okoshken, as referee in foreclosure, sold the apartment house
to this committee for $281,000. The committee failed, after adjournments,
to take title.
-V. 136, p. 853.
Keystone Custodian Funds, Inc.-Unobjectionable,
Another fixed investment trust has been added to the list of those found
unobjectionable by the New York Stock Exchange Stock List Committee
for participation of exchange firms in organization, management or offering. The trust is Keystone Custodian Funds, series El, 01, HI and T.
-V. 136, P. 1896
.
$31,940
195,439
$1,214
def$180,266
$549,395 $1,343,054
Earned surplus
She. of corn. stk. outst g
257,715
262,521
273,388
273,163
(no par)
Nil
Nil
Nil
$6.23
Earnings per share
a Includes depreciation amounting to $344,106 in 1930 and $259,228
b Adjustments for loss in exchange arising from conversion of
1929.
statements of foreign subsidiaries to basis of U. S. currency. c Dividends
of $351,878 were paid during the year and charged against surplus resulting
from retirement of preferred shares Dec. 311932.
Note.
-Depreciation provision for 1932 amounted to $329,028.
-Balance, Jan. 1 1932, before deducting
Paid-in Surplus Dec. 31 1932.
'development_ expenses, formulae, patents and good-will (carried on the
books at substantial amounts but for the purpose of published accounts
taken at a value of $1), $2,146,476; discount on 8,100 common shares
purchased during 1932, $41,342 excess of subscription price over stated
value on 3,294 common shares issued to employees under stock purchase
plan,$82,350 total,$2,270,169. Deduct development expenses,formulae,
patents and good-will deducted for the purpose of published accounts,
$449,512. balance, Dec. 311932. $1,820,657.
Surplus Resulting from Retirement of Preferred Shares Dec. 31 1932.
Balance,Jan. 1 1932,$110,426 discount on 5,049 pref.shares purchased and
retired during 1932 including discount on pref. shares purchased, $313,018;
reserve for retirement of pref. shares restored to surplus, the company's
obligation in this respect having been met, $15,380; total, $438,824; dividends on pref. shares, $351,878; balance, Dec. 31 1932, $86,946.
Consolidated Balance Sheet Dec. 31.
1932.
1931.
1931.
1932.
$
Assets$
Accounts payable.. 278,003
210,524
Cash de marketable
securities
2,286,053 2,464,032 Drafts, notes and
Notes & accts. rec- 1,988,506 2,370,356 accts. payable of
Argentine sub_ _ 147,187
19,029
10,111
Accr'd Int. receiv.
214,306
66,165
1,927,487 2,254,920 Comm. & accruals
137,782
Inventories
Divs.decl. payable
85,020
yLand, bldgs., ma92,593
46,450
chinery & equip. 4,107,144 4,378,237 Prov.for Brit. tax.
50,107
265,907 Empl. dep. under
Misc. Invest.. &c. 611,556
stock per. plan- 269,130
Development exp.,
414,432
1
1 Reserves
173,693
formulae,
115,860
6% pref. stock
5,668,000 6,172,900
Unexpired
101,213 xCommon stock
2,577,150 2,625,210
.epaid exp.,&c. 107,279
Paid-in surplus... 1,820,657 1,708,341
Earned surplus... def180,266
1,214
zUnearned surplus
86,946
110,426
Total
April 1 1933
Knoxville (Tenn.) Publishing Co.
-Receivership Suit
Lost.
-
Chancellor Robert M. Jones at Knoxville, Tenn., March 29, refused to
appoint a receiver for the company, operators of "The Knoxville Journal."
The receiver was sought by J. 0. Wood, stock salesman, who claimed the
company owed him $4,727.50 as commissions on stock sales. The court
also refused to recognize an intervening petition filed by T. W. Goodloe,
of Nashville, who Claimed $3,650 due him for negotiating a sale or the
newspaper to the Knoxville Publishing Co.
"'Kresge Department Stores, Inc.
-To Decrease Capital
Stock.
The stockholders will vote shortly on decreasing the authorized capitalization from 250,000 shares of pref. stock, par $100, and 700.000 shares of
no par common stock to 40,000 shares of pref. stock and 250,000 shares
of common stock.
-V. 135. p. 2502.
-Declares Extra Dividend in Special
(S. H.) Kress & Co.
Preferred Stock. -The directors on March 30 declated a dividend on the common stock payable in 6% special preferred
stock at the rate of 50 cents for each common share and the
regular quarterly cash dividend of 25 cents per share on the
common stock, both payable May 1 to holders of record
April 11. A stock distribution of like amount was made on
Nov.1 1927,Nov.1 1928, Nov. 1 1929, on Aug. 1 and Nov.
1 1930 and on May 1 and Nov. 2 1931 and on May 2 and
Nov. 1 1932. -V. 136, p. 1727.
(F. & R.) Lazarus & Co., Columbus, Ohio.
-Earnings'
[Includes earning of John Shillito Co., Cincinnati, O.]
1932.
1933.
Years Ended Jan. 311931.
Net sales
$13,133,944 $16,895,107 $18,848,806
Cost of sales , oper. & adm. exps.,
net other income, &c
12,389,598 15,870,754 17,516,541
Provision for depreciation
158,391
149,659
196,800
Provision for Federal income tax
92,164
107,621
138,476
Provision to adjust book val. of sec_
152,699
Net profit
Divs. on pref. stock of sub. co
Portion of net prof. applic. to min.
int.in common stock ofsub.co_
$493,790
27,170
$614,374
52,429
$996,989
50,165
Cr1,616
Cr690
1,002
$468,236
Surplusfor year
$562,635
$945,823
3,297,887 3,057,935 1,713,511
Previous surplus. Jan. 31
15,298
110,192
Discount on pref. stock purchase_ _
$33,781,421 $3,730,762 $2,659,334
Total surplus
-F.& R.Lazarus & Co. 348,940
2 6.56
Prof.divs. pd.
25.79
9
3
2
206,
749
Cr42,466
Additional Fed, taxes for prior years_
790
,
Reduction in val. of merchandise inv't
93209
752,570
Extraordinary charges
17.310
Deprec.prov.to amort.apprec.ofturn.
Consolidated earned surplus Jan.31 $2,722,377 $3,297,887 $2,451,795
shs.
Earnings per sh. on 370,000
$0.75
$0.99
common (no par)
$1.99
Condensed Consolidated Balance Sheet Jan.31.
Liabilities1932.
1933,
Assets1933.
1932.
$910,175 $632,652 Accounts payable. $368,494 $673,465
Cash
Gust. accts. rec..... 1,569,638 2,119,976 Accr. taxes & rent- 112,943
172,412
1,663,373 2,060,302 Res. for dirs, on
Inventories
pref.stk.of sub.
2,881
Leaseholds, securi2,718
861,595 Res.for replacem't
895,813
ties, dec
29,984 of buildings_
26,000
Misc. notes & sects
43,431
722,120 Res, for canting62,184
Marketable securs. 1,165,713
60,516 Pref.stock of subs.
81,388
Depreciation fund
not owned
x Leaseholds, bldg.
542,350
542,850
Min. int. in corn.
ImPt., fixtures &
delivery equip 1,356,648 2,196,368 stock & surp. of
1 subs
1
Good-will
18,596
30,500
634% cum.pref.stk 2,925,400
Cost of invest. In
367,303 Y Common stock 1,374,300 8,018,000
367,303
subsidiary
1,374,390
35,146 Burp.:From appreo
Recapitaliz. exp
155,798
41,185 Capital
56,162
Prepaid expenses.
471,336
28,417 Earned
27,309
Supply inventory_
2,722,377 2.670,753
Total
$8119526 $9,155,565 Total
, ,
$8,119,526 $9,155,565
x After depreciation. y Represented by 370,000 shares (no par).
-V.134, p. 4334.
.
-Again Decreases Dividend-ALSOrDtrargn--L:nk-Belt Co.
i0 hasb
A quarterly dividend of 10 cents per share h olders of recordeendeclared
th.
15
e
common stock, no par value, payable June
May
The company on March 1 last and on Sept. 1 and Dec. 1 1932 paid quarterly
share on this issue, as compared with 30 cents
dividends of 20 cents per
Per share on March 1 and June 1 1932.
a 3 7 l38 1:resident of the Fletcher Trust Co. of Indianapolis has
lus p en,
6 ool 6
been elected a director to succeed Wellington Wells, retired due to illness.
McCrory Stores Corp.-Leases Canceled.
-
Referee Stephenson has authorized the Irving Trust Co., trustee in
bankruptcy, to disaffirm 55 of the 243 leases held at time of bankruptcy.
-V. 136, p. 1212.
-To Decrease Capital, (bet-McGraw Electric Co.
The stockholders will vote April 14 on approving (a) a proposed reduction
of capital in the amount of $1.718.750 by reducing the amount of capital
represented by the 250,000 shares of common stock without par value now
issued, from $2.968,750 to 31.250,000, and accordingly the amount of
capital represented by each of said 250.000 shares of common stock from
$11.875 to 25.00 and by transferring the amount of 31,718,750 from the
capital to the surplus of the company, being $6.875 in respect of each of
said 250.000 shares of common stock now Ifsued (this will create $1,718,750
of additional surplus, part of which it is proposed to use to write down the
accounts of patents, trademarks and good will from $1,630,229.84 to $100);
and (b) a proposed amendment to the certificate of incorporation of the
company reducing and rhamting the number of shares of authorized common stock from 600,000 shares without par value, to 300.000 shares of
the par value of$5 each.
--V.135, p.4042.
Volume 136
Financial Chronicle
2255
Melville Shoe Corp.
-Sales Continue Lower.
Period End. far. 18- 1933-4 Weeks-1932. 1933-12 Wceks-1932.
Sales
$3,088.210 $4,154,878
$1.010,114 $1.417.917
-V.136, p. 1729.
poration from interfering with the corporate assets and property. The
court's order further named Joseph Kahn of 2 Rector St. special referee to
hear and make a report on the facts in issue.
• (R. H.) Macy & Co,Inc,-,-Earnings.• •Rneluding Wholly Owned Subsidiary Companies ]
The directors have declared a quarterly dividend of 25 cents per share
on the common stock, no par value, payable April 15 to holders of record
March 31. This compares with 30 cents per share paid in each of the
three preceding quarters and with quarterly payments of 50 cents per
share made from Oct. 15 1929 to and incl. April 15 1932.-V. 136, p. 1386.
1563.
• , _•
•
Fiscal Years Ended='•
Jan.28'33. Jan.30'32. Jan.3131.
*
Net sales: It. R.Macy. Co:
;Inc:_ _ -$80,454,596 $90,810,376 $99,130,598
L. Bomberger & Co
29,066,455 35,919,463 35,872,279
._
aTotal
' -$1095310518132,729,8398135,002,877
Cost,sell.,operating & adminis.expe-101,595,284 122,897.096 124,135,270
476,147
Interest paid
472,844
427.119
:Depreciation
2,792,924 2.503.457
3,059,037
945.000
,Provision for Federal income tax
710,000
690,000
' ,_Net profit
$3,759,612 85,859,975 $6,942,993
,Prov. to reduce securities owned to
28;408
market value
102,059
39,116
'
112,733
.cLoss on sales of, & prey. to red. secs340,443
See b
91,896
Sh.of net loss of affil.stores not cons_
159,131
"252,206
_
$233,036
$601,633
$291,324
Less int. earned, dive, on secs. Sce.6
• non-trading income
420.347
533.711
_359,526
Net profit
.$3,827,813 $5,789,053 $7,130,303
Divisible as follows:
L. Bomberger & Co.& subs
256,034
858,286
•314,936
R. Ii. Macy & Co., Inc., & other
;
subsidiaries
3,512,878_ 4,930,768 6,874,269
, Divs, on pref. stock of L. Baingerger
' & Co
619,320
589,513
540,662
4
•.
Net profit appllc. to common stock
of R.R.Macy & Co.,Inc
$3,287,151 $5,199,541 $6,510,983
a These figures do not include sales of The Lasalle & Koch Co. and
• Davison-F•axon Co. which aggregated $9.348,201 in 1933, $11,881,978 in
1932and $12,766,620for 193P. b There is no lossfrom thissource during the
year ended Jan. 28 1933; Upon valuing stocks of the private banker's at
market and bonds on the basis approved by the banking department of the
State of New York, it is found that cost less reserves already established
is lower by approximately $57,000. c Owned by R. H. Macy & Co.,
private bankers. to market value, limited for bonds, at Jan. 30 1932, to
the basis decided by the banking department of the State of New York.
4 Lasalle-Koch Co.and Davison-Paxon Co.
Comparative Consolidated Earned Surplus.
Fiscal Years EndedJan. 28'33. Jan.30'32. Jan.31'31.
Previous surplus
$19.400,614 623,617,639.$25,745,418
Net profits applic. to com, stock of
6,510.983
5,199,541
• R.H.Macy & Co.,Inc
3,287,151
Profit on sale of llth Ave. factory &
755,612
properties
Total
$22,687,765 $28,817,180 $33,012,013
Divs,on com,stock of R. H.Macy &
& Co., Inc.,cash
3,018,664 4,312.525 4,106,739
Stock dividend:5% stk. dividend- 2,875,344 2,738,422 2,608,020
Portions of bldgs.& equip,demolished
905.034
for addition to store
290,054
Exps.in connection with new,& alter862.702
ations to old buildings
1.697.193
Prov, for decline in market value of
capital stock of It. H. Macy & Co.,
Inc. purchased, less diva. received
& less excess premium provided for
retirement of L. Bamberger & Co.
911,880
preferred stock
378,372
101,220
Balance, surplus
$16,692,538 219,400,614 $23,617,639
Comparative Consolidated Balance Sheets.
[Including Wholly Owned Subsidiary Companies.]
Jan 28'33. Jan.3032.
Jan 2833. Jan. 30'32.
$
Assets$
Liabilities$
$
Cash
Notes pay. to bits_ 1,000,000 4,000.000
4,924,034 2,965,013
Marketable securs.
55,694
70,617 Accounts payable:
Customers' accts.
Trade creditors- 1,432,917 1,975,806
• receivable of L.
Trade cred'tors
Bamberger & Co 2,978,109 3,938,291
merchandise in
, Sundry debtors
110,715
70,185
transit
254,731
410,311
Due from empl's__ 145,687
163,545 Misc. credit bal133,193
119,508
Inventories
10,429,233 12,757,390 ances
Deferred charges__ 475,943
581,226 Accr. salaries & exp 1,629,117 1,722,114
Int. in Will. stores
Dividends payable:
not consolidated 3,378,085 3,696,916
On corn. stk. of
Other investments
R.H. Macy &
748,107 1,067,008
-at cost and for
Co., Inc
controlled cos.,
On pref. stk. of
. not consolidated 396,455
L. Bamberger
357,794
144,097
Capital stock of It.
134,087
& Co
H. Macy & Co.
690,000
710,000
Res.for Fed. tax
Inc.. purchtuied_ 365,807
253,083 Mortgages payable:
!Land, bldgs. &
On main store
land & bldgs.,
equip, not used. 2,325,711 2,319,739
cLand & Wigs_ _ _ _49,996,229 51,8(10,811
L. Bamberger
dStore fixtures_ _ _ 8,246,788 9,407,587
& Co
5.400,000 5.550.000
.
eDelivery equip__ 455,297
509,539 On property when
aGood-will
purchased,R. H.
7,000.000 7,000,000
900,000
Macy & Co.. Inc 900,000
Reserves for con930,128
824,670
tingencies
75,000
65,000
Reserves for Maur.
Pref, stock of L.
Bamberger di Co.:
Par value, lees
shares repurchased & held
In treasury.-- 8,251,500 8,867,500
Premium of $10
per share pay.
886,750
on retirement. 825,150
bCommon stock..52,839,547 49,664,194
Earned surplus_ _ _16,692,538 19,400,813
91,427,785 98,031,662
Total
Total
91,427,785 96,031,662
a At the rate paid for one-half interest in 1914. b Represented by
1,509,556 shares in 1933 and 1,437,672 shares in 1932. c After depreciation of $8,583,807 in 1933 and
166 In 1932. d After depreciation of
• $4.925.853 In 1933 and $3,755.450 in1932. e After depreciation of $430.$7,045.
261 in 1933 and $298.209 in 1932. f After depreciation of $389,291 in 1933
and $343.335 in 1932.-V. 135, p.3702.
. -Magma Copper Co.
-----To Change Par Value.
The company has notified the New York Stock Exchange that it proposes
to change the par value of the capital stock from no par to $10 per share.
V. 136, p. 1897.
Mohawk Investment Corp.
-Further Reduction in Div.
-
,
Mohawk Mining Co.
-To Liquidate.-
At a meeting of the stockholders held on March 28 it was voted by
two-thirds of the stock outstanding to proceed with the liquidation of
the company in accordance with law.
A capital distribution of $2 per share has been declared on the common
stock, par $25. payable April 22 to holders of record April 7.-V. 136.
p.1564.
Montague-Court Office Bldg., Brooklyn, • N. Y.
Bondholders Turn Down Plan-To Issue Own Proposal to
Reorganize Property.
The Brooklyn "Daily Eagle" March 20 stated in -substance:
, The financial difficulties ef the Court & Montague Street Realty Corp.,
-story office building at Court and Montague Streets, which
owner of the 35
went into receivership in January last; were increased March 20 when its
plan of reorganization proposed to the first mortgage bondholders was
rejected.
Recently organized under the name of the Montague Court First Mortgage Bondholders Independent Protective Committee, of which P. Walter
Morrison, Vice-President of Crulkshank Co:, realty firm, is chairman, the
bondholders have been requested to deposit their bonds with the Empire
Trust Co.as its depository. Other members of the committee are Frederick
W. Wulfing, Edward J. Mehl and Robert E. Mebel, counsel for the
organization. It was learned at the office of Theodore A. Grieebeck, 50
Court St. Secretary of the bondholders committee, that a counter plan of
reorganization-will soon be announced.
The Independent Committee pointed out that the opposition's plan contemplates ultimate transfer of title to a new corporation, the entire:common
stock of which would go to the present second mortgagee, while the first
mortgage holders would get only income bonds. These bonds the Independent Committee states, "will not be due for more than 12 years and
during this period, if the income is sufficient to pay interest, the bondholders will not be able to foreclose for non-payment of interest, regardless
of how the property may be operated."
Members of the Independent Committee, it was pointed out by Mebel.
"which already represents a large number of bonds, have no connection
with the owners of the building, with the second mortgagee, or with any
groups concerned with the initial offering of these bonds."
-V.136, p. 1030.
Montgomery Ward & Co.
-Employees' Stock Plan.
The stockholders will vote on April 28 on approving a proposal to remove
the $75 per share, a minimum ,price heretofore imposed upon the sale to
employees of not exceeding 200,000 shares of this company's common stock
and on authorizing the issuance and sale of those shares, from time to time.
for such considerations, under such restrictions, and to such employees of
the company, or its subsidiaries, as the board of directors may, in its discretion, deem for the company's best interests.
-V.136. p. 1730.
Mullins Mfg. Co.
-New Treasurer.Andrew McLeod has been elected Treasurer and director. succeeding
H. S. Rowland on the board and W. P. Carpenter as Treasurer. Mr.
Carpenter will remain as Vice-President and director.
-V. 136, p. 2081. •
(Conde) Nast Publications, Inc.(& Subs.).-Earning8.
4
Calendar Years1931.
1930.
1929.
1932.
Gross rev, from sale of
publications,adv.,&c. $5.799,255 $7,734.618 $10,224,260 310,251.328
'
Produc., sell., gen. and
8.592,113
adm.exp.,incl. deprec 5,746.920
7,264,034
8.879.180
Operating profit
Other income
352,335
3,922
$470,584 $1,345,080 $2,659,215
133,296
45.211
13,933
Total
Interest paid
Amortiz. of note issue
commission & expenses
Propor. of profit of sub,
applic. to minor. int
Provision for Federal and
State taxes
Exch. adjust, in respect
of British subsidiary_
Loss on stock purchase_
$56,258
82,845
$603.881
98.713
$1.390,291
119,624
$2,673.148
59.072
26.484
40.557
54,309
11,349
8.046
19.954
17.856
9.794
x2.790
51.292
175,307
213.975
Profit
Previous earn. surplus
loss$63.907
2,653.183
22.905
33.304
$370.460 $1.023.195 81.345.653
2.740,806
2,345.612
1.639.208
82.589.276 $3.111,268 $3,368.806 $2,984.862
Total
458,082
628.000
639,250
Divs, on common stockEarn,surplus at end of
$2,589,276 $2.653.183 12.740.806 82,345.611
year
313.704
312.515
320.000
320.000
Shs,corn.stk.(no par).$1.18
Nil
$3.27
Earnings per share
$4.20
x State taxes only.
-Balance at Dec. 31 1931 (before deducting
Capital Surplus Dec. 31 1932.
cost of stock in treasury). 81.313.158; adjustments arising from cancellation
of employees' subscriptions for 221 shares of capital stock, $8.158; capital
surplus at Dec. 31 1932 (before deducting treasury stock). $1.321,317;
cost of 6,576 shares of treasury common stock (deposited against note
Eatb1g.. $339.924; capital surplus at Dec. 31 1932, per balance sheet.
3
Consolidated Balance Sheet Dec. 31.
1931.
LiabUities1932.
Assetspayable
$539,056 $417.943
Cash
712,380 Accountsaccrued bil
Accts.& notes rec. 605,263
32,784 Notes Pay, to bks
47,327
Employees' acztae
,
339,945 Serial no
324,662
Inventories
22,900
18.880 Trade ceptances.
Life insur. policies
40,114 lstmtge. 6).6% bds
86,341
Misc.inv. & adv._
Deps. under curr.
Real estate, mach.
plan of employ.
and equipment_ 3,327,792 3,634,348
stock subscrip_
443.497
390,994
Deterred charges
Provision for Fedi
Magazine wee,
and State taxes_
sub. lists, ,te- 2,211,918 2,212,410
3-year 6% notes
Reserve for coating
Mlscell. reserves
Deferred revenues_
Minority int. In
subsidiary co_
xCommon stock
Capital surplus...
Currentsurplus
1932.
1931.
1370,108
385,655
$388,153
450,000
69,600
21,952
1,000,000
43,213
9,799
:
13,993 1. 51 292
000
81,314
19,692
18,295
513,864
486,057
48,383
48,620
1,600,000 1.600,000
986,733
981,393
2,589,276 2,653,183
-Div. Deferred.
Total
Merchants Ice & Cold Storage Co.
Total
$7,556,258 $7,852,302
$7,556,256 $7,852.302
The directors have decided to defer the quarterly dividend due April 1
x Represented by 320.000 no par shares (at stated value of $5 Per
on the 6% cum. pref. stock. par $100. A distribution of 75 cents per
share) in 1932 and 313.704 in 1931.-V. 135. p. 4568.
share was made on this issue three months ago, as against $1.50 per share <
in preceding quarters.
-V. 131. p. 1905.
- '"--Islational Dairy Products Corp.-To Decrease Stock.
" The stockholders will vote April 20 on decreasing the authorized common
Milo Realty Corp., New York.
-Receivership.
stock from 10,000.000 shares to 7,000,000 shares.
-V. 136. p. 2081. '
The corporation, owner of the 13-story apartment building at 944 Fifth
Ave.. has been placed in receivership in an order entered in the New York
National Department Stores, Inc.
-Nugent Stores to Be
Supreme Court by Justice Aaron .1. Levy in a stockholders suit brought by
Sold.
the Roger Corp., successor in interest to Mrs. Libby P. Marcus, wife of
Judge John P. Nields in U. S. District Court at Wilmington, March 25
Bernard K. Marcus. The action Is against the Milo Realty Corp., David
directed that the three B. Nugent Stores in St. Louis, Mo., controlled by
A. Aaronson, James A. Cunningham, Reuben Sadowsky, Isaac Gilman
National, which is in receivership be sold at public sale on March 31 in
and Charles Levine.
the principal Nugent store in St. Louis. The order was made on the
The order entered by Justice Levy named Max Herbst of 521 Fifth Ave.
petition of the receivers.
-V. 136, p. 2081.
as receiver for the Milo Realty Corp. and enjoined the officers of the cor-
Financial Chronicle
2256
-National Enameling & Stamping Coe-Earnings.
x1929.
1932.
1931.
1930.
Calendar YearsSales billed to customers $6.028,813 $7.116,560 $9,602;262 $12,548,257
Cost of sales. incl. sell..
9,430,341 11.542,112
7.256,772
Publicity & adm.exps. 6,112.609
Profits from operat'ns def$83,796 def8140,212
52,162
62,513
Incomefrom investments
$171,921 $1,006,145
87.191
79,393
Totalincome
def$31.633 def$77,698
Repairs, renewals and
293,595
223,583
maintenance
Depreciation
106,479
180,513
Bond interest
29.308
158.673
Inventory adjustment
Carrying charges on un53.717
48,317
used Plants
Provision for Federal
income taxes
$259,111
$1,085,538
339,498
188,285
383,685
322,189
4.625
Net loss for year
Common dividends
Provision for conting_
Prior years' charge account legal fees
$439,321
8784,197
$764,197
$439.321
Deficit
2.221.153
Previous surplus
def2.917.077
Adjust. of book val, of
Dr7,737,286
properties
Diff. between cost &
stated val. of co's stk.
3.363.253
purchased
Adj. by reduct. of stated
val. of cap. stk. from
$100 to $50 per share- 5.738,750
41.500
$268,671prof$333.539
77,959
1h5,918
75,000
8,000
$354 630 sur$102,620
2.575,783
2.473,162
April 1 1933
Northwestern National Insurance Co., Milwaukee,
Wis.-Omits Dividend.
The directors recently voted to omit the quarterly dividend ordinarily
payable about March 31 on the capital stock, par $25. Distributions of
$1.25 per share had been paid quarterly up to and including Dec. 311932.
-Meeting.
-Nova Scotia Steel & Coal Co., Ltd.
A meeting of the holders of 5% 1st mtge. gold bonds has been called for
April 6 by the Eastern Truitt Co.. trustee and joint receiver of the company
-V.136. p. 2082.
with Gordon Scott.
Oxford Paper Co.-Earnings.
Earnings for Year Ended Dec. al. 1932.
Gain from operations
Other income(net)
Discount on bonds purchased for sinking fund
$985,648
200,598
18,023
$1,124,267
610,470
286,203
216,178
Totalincome
Depreciation
Inventory adjustment to market Dec.31 1932
Interest on bonds
$11,418
Balance to surplus
Previoussurplus
6,105,505
Adjustment of Federal taxes of prior years.& nuscellaneous
135,076
transactions
$8,251;998
Totalsurplus
Consolidated Balance Sheet Dec. 31 1932.
LialAlUfesAssets
$1,013,113 Prefered stock
Cash
2,392,154 Common stock
Accounts & notes receivable
2,118,226 Accts. payable & accruals
Inventories
5,100,456 Mortgage bonds of subs
Investments Jz advances..
017,348,734 Surplus
Plants & Properties
292,658
Sinking fund assets
264,294
Deferred charges
b$8,722.800
c8,504,300
350,537
4,700,000
6,251,997
Surplus Dec. 31_ --def$2,382,352df$2.917,077 $2;221,153 $2,575,783
Shares com, stock out114,775
114,775
155,918
standing (no Par)---155,918
$28,529,635 Total
$28,529,635
Nil
Nil
Nil
Total
$2.14
Earnings per share
x Excluding Granite City Steel Co.
a After reserves for depreciation of $8,205,941. b Represented by
-V. 134.
87,228 no par shares. c Represented by 340,172 no par shares.
Comparative Balance Sheet Dec. 31.
p. 1387.
Lialsittaes1932
1932.
1931.
Assets1931.
'Common stock- _$.5,738,750$11,477,500 ----4acific Coast Co.-To--Ghange Par-of
yReal e.3tate, plant,
-Shares.good-will, &c___$5.331,949 $5,336,347 Accts. pay. and
e stockholders will vote shortly on changing the par value of the 1st
payrolls
160,272
281,522
281,522
Other assets
223,012
pre . and 2d pref. stocks from $100 per share to no par value and the com58,433
1,527,423 2,217,294 Prov.for taxes..___
Inventories
43,106
-V.136, P. 169.
mon stock from $100 per share to $10 per share.
108,515
Accts.& notes rec-11,256,0101 548,000 Reserves
92,607
2,382,352 2,917,077
1 477,676 Deficit
Cash
.-Earnings.Pacific Finance Corp. of
58,341
51,419
Deferred charges__
Earningsfor Year Ended Dec 31 1932
Total$8,
Total
448,323 $8,919,179
$8,448,323 $8,919,179
Interest & discounts & other income,incl. earns,of subsidiaries.. $1,866.330
charges, incl. interest, taxes & provision for credit
114,775 no par shares. y After reserve for depreciation
x Represented by
Expenses &
1,406,080
of $8,167,848 in 1932 and $8,251,594 in 1931.-V. 136, p. 2082; V. 135.
losses
p. 999.
$460,250
Net income
-Off-Irish
ational Food Products Corp.
23,103
Surplus, Jan, 1 1932
collateral
---X New York Curb Exchange has removedfrom thy the collatal
The
The
4
$483,353
t6% convertible.bonds, series A,due on May 1 1944. V. 135, p. 3176,
Grosssurplus
341,858
Dividends on preferred stock
-Off Lot.
.'"'National Investors Corp.
-
r
ee New York Curb Exchange on March 22 approved the removal
f
the list of the old 5%% $100 par preferred stoc)and admitted 14,858
sh
shares of new $5.50 dividend ($1 par) preferred stock. Therxtociritas-been
-1.:
1 exchanged share for-share. 1 136. p. 1731.
-National Radiator Corp. (Del.).-Reorg. Approved.
Plans for the reorganization of the corporation, through the acquisition
ofits properties by a reorganization committee last September for $2,550,000
and the issuance of securities in a new corporation for those of the old one,
were approved by the U. S. Circuit Court of Appeals at Philadelphia
March 25.
The Court dismissed objections to the plan by 3% of the debentureholders, who insisted upon a liquidation of the assets or that they be paid
off on their holdings, claiming that the $2,550,000 was inadequate as the
assets were worth around $18 000 000
The Circuit Court, however, sustained approval of the reorganization
arrangement by the Federal Court at Pittsburgh, which held that the reorganization committee's bid was 2% above the upset price fixed and about
-V.135.P. 2842.
10% more than the properties would bring in liquidation.
-Changes Par Value.
'----National Steel Corp.
The stockholders on March 27 approved the proposal to change the par
value of the capital stock from no par to $25 per share.
Since the stock has been carried in the balance sheet at a stated value of
$25 a share, no bookkeeping change will result from the revision in par value.
Chairman Ernest T. Weir reported that earnings of the company in the first
quarter of this year would more than cover the quarterly dividend of 12%
-V.136. p. 1898.
cents a share on the capital stock.
-Bonds Called.National Sugar Refining Co.
This company is notifying holders of Warner Sugar Refining Co.1st mtge.
bonds, due Dec. 1 1941, payment of which
-year 7% sinking fund gold
20
bonds it has assumed, that there has been drawn by lot $350.000 principal
amount of these bonds for redemption on June 1 1933 at 1043 and int.
Such bonds should be presented to the Chase National Bank of the City of
New York, 11 Broad St., N. Y. City on June 1 1933, after which date
-V.136, li• 1731.
interest will cease to accrue.
$141,497
Earned surplus, Dec.31 1932
Paid-In Surplus Dec. 311932.
1932
$2 110 062
Balance,Jan. 1
Credit arising from purchase of company's own pref. & common ' '
316,493
stock at a discount
Miscellaneous credits
11,482
038
Total-- ___
______________________________________ $2
$2213 4 2
:2 4 9
2 :58
Dividends on common stock..
438, 4
Balance, Dec. 31 1932
Balance Sheet Dec. 31 1932.
1931.
1932.
19:2.
unsecured14a51jUles$
Assets
3,277,248 2,359,142 Notes payable- 317,000
Cash
62,000
U.S.Treas. notes_
s
ayr ble. 233,911
ega
e
Loans& discounts_10,989,760 19,132,495 Accou
209,176 Divs. payable_ __
80,058
Accts.receivable- 143,889
Serial 531% notes_ 1,631,500
Repossessed autoCustom nrs
uueu
mobiles (est. re100,858
11,000
alizable value)
Inv. In & adv. to
ruist°8-ies: L7066:92848
Reserves
wholly-owned
e t
. ttlj par):
o
,
1,773,158 4,814,992 prg rsti
subsidiaries
cum 1,532,180
74,010
54,624
Real estate
Ser. C 3i% Cu 1,519,650
-6
Furs., fixtures, &
2
2
equipment
Ser. 3 Zpar) 1,V,2S1Com.83 0
- eum,
,
109,296
62,883
Deferred charges. _
Paid-In surplus__ 2,223,596
Earned surplus_ _
141,497
nt8::.
tlsio
Total
16,374,565 26,799,972
Total
-V. 136. D. 338.
a Includes accrued interest.
1931.
3,389,000
a482,017
199,616
2,453,000
15:g1,24g7
1,629,630
1,821,805
1.1.2
2,110,062
23,103
16,374,565 26,799,972
-Defers Pref. Dividend.
Portland Cement Co.
-
-Decreases Div.
New Brunswick Telephone Co., Ltd.
The directors have voted to defer the quarterly dividend due April 5.on
the 6%% cum. pref. stock, par $100.The last regular quarterly dividend of
was paid on this issue on Jan. 51933.-V 135, p. 4228.
-Wins Rayon Decision.
New Jersey Zinc Co.
Pan American Petroleum & Transport Co.
-Reorganization and Changes in Capital Ratified.-The stockholders March 27 approved the proposed plan of reorganization-and changes in stocks. (See details in V.136, p. 2082.)
A quarterly dividend of 10% cents per share has been declared on the
common stock, par $10, payable April 15 to holders of record March 31.
12
A distribution 0( Y cents per share was made on Jan.14 last, as compared
-V. 136.
with 15 cents per share in each of the three preceding quarters.
p. 1375.
Judge Caffey, sitting in equity in the Federal Court for the Southern
District of New York has awarded to the company United States patent
No. 1,725,742 for pigmenting rayon issued to James A. Singmaster in 1929
and assigned by him to Tubize Chatillon Corp. The decree enjoins the
defendants from operating under the patent and will order an accounting
for profits.
New Jersey Zinc Co. alleged that in 1926 Mr. SIngmaster, while in its
employ as general manager of its technical department and under contract
to disclose and assign to it all patentable ideas originating with him while so
employed, conceived the idea of incorporating pigments into cellulose mass
-V. 136. p. 1031.
from which rayon filaments are spun.
----New Orleans Cold Storage & Warehouse Co., Ltd.
Dividend Rate Decreased.
A dividend of $1 per share was recently declared on the capital stock.
par $100. payable March 29 to holders of record March 23. This compares with quarterly distributions of $2 per share made from Sept. 1931 to
and including December 1932.-V. 133. p. 1937.
-Suspends Dividend.
-----New York Trap Rock Corp.
The directors, at an adjourned meeting held this week, took no action
on the quarterly dividend due April 1 on the $7 cum. pref. stock, no par
value. The last regular quarterly dividend of $1.75 per share was paid on
this issue on Jan. 3 1933.-V. 136, p. 1732.
Northwest Bancorporation.-New Vice-President.
Clarence E. Drake, Assistant Secretary and trust officer of the Minnesota Loan & Trust Co., who will retain that office, has alsb been'made Vice.
President of the Northwest-Bancorporation in charge of the latter's newly
created trust department.
-Bancorporation, on the advice of a committee which
The Northwest
carried on an extensive investigation, has decided to reduce the
number of members handling trust business from 25 to 11, confining such
activity to the larger centers and creating a trust development depart-V. 136, p. 2082.
ment.
The New York StockExchange on March 23 ruled that the common and
class B stocks of this company shall not be quoted "ex" the proposed
distribution of one share of common stock in the Pan American Southern
Corp. on March 27. The committee, however, ruled that all certificates
delivered after that date must be accompanied by due-bills.
Suit Shifted to Federal Court.
A suit demanding the return to the Mexican Petroleum Co., Ltd.of
sold to the Pan-American Petroleuni &
Del. of stock in its subsidiaries
Trarisport Co. on the ground that the sale caused a loss to the Mexican
Petroleum stockholders, was transferred March 27 from the New York
Supreme Court to the Federal Court for trial. The action is brought by
Carl Levis, who contends that the directors of the Delaware corporation
were controlled by the Pan-American Petroleum & Transport Co., which
owned 95% of its stock. The complaint asserts that control of the PanAmerican, which was held by the Standard Oil Co. of Indiana was sold
to the Standard Oil Co. of New Jersey, which put its own officers in charge
of Mexican Petroleum, and that although the selling price of the majority
of the Mexican Petroleum stock was $11,245,000, no money changed
hands but a credit was given Mexican Petroleum on $14,000.000 alleged
to be due from it to Pan-American. The plaintiff also alleges that PanAmerican acquired property worth $3,500,000 without payment.
-V. 136.
p. 2082.
-Incorporated.
-Pan American Refining Corp.
This company was incorporated in Delaware on March-16 1933 with
an authorized stated capitalization of $15,000,000 to transact any manufacturing or mining business.
See also Pan American Petroleum & Transport Co. in last week's
"Chronicle," page 2082.-V. 136. p. 2083.
-Incorporated.
Pan American Southern Corp.
This company was incorporated in Delaware on March 18 1933 with
an authorized stated capitalization of *3.500.000 to deal in coal, gas, &c.
See also Pan Amer. Petroleum & Transport Co. in last week's "Chronicle."
page 2082.-V. 136. p. 2083.
V altame 136
Financial Chronicle
••Paramount Publix Corp.
s,
-Stock Off List.
-
Because of the company's failure to maintain transfer offices in New
York City, the common stock of $10 par value was stricken from the list
of the New York Stock Exchange on March 31.
Federal Judge Bondy on March 30 reserved decision on an application
of Samuel Zirn for an order removing Charles D. Hillee and Adolf Zukor
as receivers for the Paramount Publix Corp. and gave the attorneys one
week in which to submit briefs. David L. Podell, counsel for Mr. Zukor,
said his client would not be a candidate for trustee, an office which is
scheduled to be created by election on April 3.
The temporary receivers have notified the New York transfer agent and
registrar that they can no longer be responsible for charges for their services
in transferring and registering stock certificates of the corporation. However Empire Trust Co. as transfer agent and Chemical Bank Ss Trust Co.
as registrar are willing to continue to perform such services after April 1
1933 for such stockholders as may desire the same for a fee of $1 for each
transfer and 30 cents for each registration, to be paid by the stockholder
at the time when the certificates are presented to the transfer agent. This
,arrangement will continue until further notice.
-V. 136, p. 2083.
& Tilford, Inc.
-To Change Par Value.
-
The stockholders will vote shortly on changing the par value of the common stock from no par to $1 par value shares -V. 135, p. 3867.
Parmelee Transportation Co.
-Interest Payment
See Checker Cab Mfg. Corp. above.
-V. 135- p. 3368.
,
Penick & Ford, Ltd., Inc.
-Earnings,
"Earningsfor the first quarter of 1933 will be fully equal to those of the
for
like 1932 period," President F. T. Bedford said at the annual meeting of
stockholders held on March 28.
"1 think the condition of our company is very health) to-day," he said.
,
"Corn syrup sold to confectioners by the industry during the first two months
of 1933 showed an increase of from 5% to 10% over the like period last
year. There has been a greater demand for lower priced package goods."
Profit for the quarter ended March 31 1932, after deducting depreciation,
&c., but before Federal taxes, was 5175,831.-V. 136, P. 1566.
*--(J. C.) Penney Co., Inc.
-Decreases Authorized Stock.
The stockholders
on March 21 voted to decrease the authorized classified common stock by $5,000.000, all of which had been retired by conversion or retirement as of Dec. 311931.-V. 136, p. 2083.
"Pennsylvania Carpet Corp.
-Receivership.
-
Edward A. Ilaggenmuller, President of the corporation, and William K.
Shoemaker, of the Land Title Building, Philadelphia, have been appointed
ancillary receivers for the corporation under bond of 825,000 by the U. B.
District Court at Philadelphia, with authority
continue the business
until further orders from the Court, in an order to
signed by Judge Welsh.
Appointment of ancillary receivers at Philadelphia follows an involuntary petition in bankruptcy filed March 24 in the Federal Court of Southern
New )(orig, and on March 25 the appointment of Paul E. Mead, Vice
President of Irving Trust Co., as receiver in an order signed by Judge
Robert P. Patterson of U. S. District Court of Southern New I ork.
The petition stated that the adeged bankrupt has carpets, rugs, raw materitus and supplies in New York, Philadelphia and Boston of $350,000.
and claimed that on date of filing of the petition the corporation was insolvent, with liabilities as of that date of almost $3,000,000 and assets of
less than that amount.
Pennsylvania Co.for Insurances on Lives and Granting Annuities.
-Reduces Quarterly Distribution.
-
2257
company had been formed to segregate current assets in order to secure
bank creditors, made it possible to take over the liquid assets.
-V. 132.
p.3731.
Pirelli Co. of Italy (Societa
Dividend.
-
Italiana
The company has declared a dividend of$2.57 per share on the' American"
shares for the year 1932, payable April 4 to holders of record March 27.
This compares with $2.58 per share paid on April 15 1932, $3.13
on April 10 1931, 83.14 per share on April 8 1930 and $2.88 per per share
share on
March 19 1929.-V. 134, p. 3291.
Pittsburgh-Erie Saw Corp.
-Dividend Halved.
-
A quarterly dividend of 12% cents per share has been declared
common stock, no par value, payable April,1 to holders of record on the
March
20. This compares with 25 cents per share paid on Jan. 1 last, and
37H
cents per share previously paid each quarter.
-V. 135, p. 4228.
Pittsburgh Hotels Corp.
-Protective Committee.
-
A protective committee for holders of the outstanding
(closed) mtge. 5%% sinking fund gold bonds, due March $9,960,000 1st
1948. which
are in default of interest and sinking fund payments, has 1been formed. '
Holders are asked to deposit their bonds with March 1 1933 and subsequent
coupons attached with the depositary, Fidelity-Philadelphia Trust
Philadelphia, Pa., or the sub-depositaries, City Bank Farmers Trust CO..
CO..
New York and Peoples-Pittsburgh Trust CO., Pittsburgh, Pa.
The Committee is composed of the following: William II. Donner, Chairman, Henry G. Brengle, Lewis H. Parsons, Philadelphia; Alexander 0.
Robinson, Pittsburgh; James G. Scarff, New York; and Lawrence Stern.
Chicago. Miles S. Altemose, Sec., 135 South Broad St., Phila. Pepper.
Bodine, Stokes & Schoch, Counsel, Philadelphia.
The bonds originally issued to the amount of 810,350,000. are secured
by a direct first mortgage on the lands and buildings of the William Penn
and, Fort Pitt Hotels, Pittsburgh, Pa., and by the pledge of the entire
capital stock of the subsidiary company which owns the furniture and
equipment of these hotels.
The Pittsburgh Hotels Corp. has been in receivership since
Sept. 193__.,0
default having occurred at that time under
and an issue of debentures of 52,400,000. a junior mortgage of 51,650,000
The
the interest on the first mortgage bonds up to receivers continued to Pal
interest
instalment due Sept. 1 1932 and continued to and including thefund
meet
requIrements up to and including March 1 1932.-V. the sinking
136, P. 1567.
Pittsburgh Terminal Coal Corp.(& Subs.).- Earnings.
Calendar Years1932.
Gross income from all
sources
82,944,211
Oper. cost, selling & gen.
expenses & taxes
2,820,967
Deple., arnort. & deprec.
689,169
Interest, mortgages. &c..
159,058
Net deficit
5724.982
Deficit Jan.1
2,108,144
Profit & loss credit
Gross deficit __ _ ___
Miscell. deductions
1931.
1930.
1929.
$3,571.538 34,609,990 85.427.087
3,457,039
722,376
148,121
5755.999
1,076,928
1,240
4.281,017
824,649
147.270
5.112,794
851,296
159,527
5642,945
5696,527
142.772 sur756,114
8,239
8.788
52,833,126 51,831,687 81.076,928 surS67,826
125.000
276,457
510.599
Deficit Dec. 31
$2,958,127 52,108.144 $1,076,928
$442.773
19ons
C32
.olidated Balance Sheet Dec.31.
A quarterly dividend of 90 cents per share has been declared on the capital
1931.
1932.
1931.
A sash
stock, par $10, payable April 1 to holders of record March 27. This com$
$
Liabilities$
$
pares with quarterly distributions of 75 cents per share made in preceding
Cash
38,350
49,744 Accounts payable_
169,930
214,900
quarters.-V . 136, p. 169.
Notes receivable_
20,515 Accrued liabilities_ 119,971
36.675
yAccts. receivable 417,167
409,464 Liabil.for matured
"'Pennsylvania-Dixie Cement Corp.-Reduction in Capital Inventory
80,134
92,399
bond int., &c.,
The stockholders will vote April 18 on changing the authorized capital
Other assets
123,280
257,745
unclaimed
8,316
75,587
stock from 200,000 shares of preferred stock, par $100. and 1,000,000 shares
Sinking funds__ _ _ 899,202
751,457 Funded debt
2,662,000 2,667,000
of common stock, without par value, to
xLand, plant and
shares of preferred stock,
Reserves
1,342,681 1,160,416
par $100, and 587,500 shares of common125,000par $1.-V.
equipment
14,913,025 15,593,352 Preferred stock_ - _ 3,233,700 3,233.700
stock,
136. P. 2083.
Deferred charges
107.315
Com mon
105,438 Deficit stock_ _ A2,000,000 12.000,000
Peoples Drug Stores, Inc.-Earnings.
2,958,127 2,108.144
Calendar Years1932.
1931.
1929.
1930.
Net sales
Total
16,578,473 17.280,115
516.180,162 $17,439.032 $16.759.666 $15,543,208
Total
16,578,473 17,280.115
Cost of goods sold
x After allowances for depletion, amortization
115,724,465 16,969,867 16.193.694J 10,898,289
and depreciation of
Expenses
1 3.889,852 56.507,383 in 1932 and $5,830,984 in 1931. y After allowance for doubtful
accounts of $14,830 in 1932 and $9,948 in 1931.-V.
Operating income---- $455,697
135. p.2843.
$469,165
5565 972
Other income '
.
$755,056 "--s Plymouth Cordage Co.
'‘
242,350
265,117
252,546
306,479
-Smaller Distribution.
A yarterly dividend of $1.12% ter share
has been declared on the
Total income
$698,048
capita stock. par $100, payable Apr 20 to holders
$734,282
5818,518 $1,061,535
Deductions
of record March 31
This compares with quarterly dividends of
99,457
27.877
53,825
57,130
share paid from
Federal income tax
86,795
April 20 1932 to and incl. Jan. 20 1933 and $1.25 per share previously.
84,482
92,991
110.485
$1.50 per
-V.135, p.4045.
Net profit
$511,795
$621,923
5671,702
8893,920
Dividends on pref. stock
Polygraphic Co. of America Inc.
143,981
154,066
157,625
-Halves Dividend.162,509
Common dividends_ _ _ _
A dividend of 25 cents per share has been declared on
122,737
124,550
126,834
the
pref. stock.
Par $100, payable April 5 to holders of record March 31. 8% distribution •
A
Balance,surplus
of 50 cents per share was made on this issue on Jan. 1p last,
$245,077
$467,857
5389,527
8604,577
as against
Earns, per sh. on corn.
egular quarterly payments of $2 per share previously.
-V. 135, p. 4396.
outstanding at close of
each year
Porto Rican American Tobacco Co. (& Subs.).-.
$3.00
$3.81
$4.12
$5.71
Earns.
-Cal. YearsConsolidated Balance Sheet Dec. 31.
1932.
1931.
1930.
1929.
Consolidated income-- 4250,541
Assets1932.
$185,636 $1,319,785 $2,127,683
1931.
Liabilities1932.
1931.
Interest, &c
bLand, bides., &c.$2,377,154 $2,588,392
353.328
423,837
435,1188
478,757
634% pref. stock _82,275,000 $2,352,200
Cash
1,239,020
617,153 cCommon stock__
146,600
146,600
Net profits after all
Notes & accts. rec. a97,401
132,973 Accts. pay. & acchgs., incl. inc. tax_def$102,787adef$238,200 68883,796
Inventories
2,382,566 2,671,397
681,648,927
crued accounts_ 983,765 1,025,760
Class A dividends
Lite insur. policies_
20,528
280,181
18,334 Dividends payable
713,157
713,125
30,684
30,684
Cash In banks unPee. taxes payable
86,796
84,481
Surplus
der reorganizaPn
22,132
def$102,787 def$518,381
9,805 Accts. of Inactive
5170.640
5935,802
Shares class A stock outSas. of inactive
subsidiaries
3,600
3,500
standing (no par) _ _
sub. companies_
3,500
203,768
203,768
d101 875
203,768
Mortgage payable_
51,600
51,000
Earned per share
Investments
32,958
Nil
42,847 M Wen. reserves
Nil
$4.33
Sle.28
31,302
23,065
Pref,sinking fund_
a Includes net income of Congress Cigar
74,708
21,070 Capital surplus
1,472,075 1,472,075
Contract deposits_
In proportion to the stock held in those Co. and Waitt & Bond, Inc..
11,969
10,422 Earned surplus_ _ 1,998,622 1,753,460
companies, and is before writeGood-will
658,191
down of inventories at Dec. 31 1931 to market
657,124
values, amounting to $189.
Deferred charges
159,819
which has been charged to surplus account.
173,308
b Includes $52,748 undistributed earnings for 1930 on Congress Cigar
Total
$7,079,946 $6,942,827
books of Porte Rican American Tobacco Co., Co. stock not taken up on
Total
$7,079,946 56,942,827
cludes other income of $308,357 and is after and $567,639 in 1929. c Ina Accounts receivable only. b After depreciation. C
depreciations of $128,480 inRepresented by
cluding depreication of $67,989. d Shares of
122.737 no par shares.
-V. 136, p. 338.
class A common stock (7%
cum.). Par $100.
Pick Barth Holding Corp.
-Stockholder Sues for $10,Consolidated Balance Sheet Dec. 31.
300,000.1932.
1931.
1931.
1932.
Assets
A suit to recover 510,300,000from a group of defendants was filed Mar.20 c Land, buildings, $
$
Liabilities$
$
aCI. A coin,stock-10,188,400
in the County Clerk's office in Brooklyn by Jacob Gold, a stockholder
machinery,&o__ 811,030
757,715 bCI.B corn.stock_ 4,293,979 10,188,400
in the corporation. Gold brought suit on behalf of himself and other stockInventory
5,000,000
619,155 1,224,998 Scrip
holders of the corporation, alleging that the plaintiff stockholders lost
2,893
Accts. receivable..
2,955
the
233,658
466,714 6% bonds
amount claimed through the stock and bookkkeeping transactions
Cash
of the
588,477
175,038 Accounts payable- 6,013,500 6,169,500
defendants.
42,996
Notes & loans rec..
71,880
14,593 Accts.pay.sub.cos,
The group of defendants includes Nathan S. Jones, formerly president
69,427
Adv. on tobacco_ _ 184,107
Drafts payable_
of the Manufacturers Trust Co. and his brother, Ralph Jonas, Manhattan
Invest, in cos. own
10,000
attorney, and a number of corporations with which they were connected.
Accrued interest,
bonds
53,416
The other defendants are the Manufacturers Trust Co., individually
taxes, &o
Notes rec., officers
10,831
Surplus
and as trustee under two indentures of trust agreement; the International &
& employees__ _
1,293,400 1,022,661
12,826
Industrial Securities Corp., the Goldman Sachs Trading Corp., the Atlas
Notes & mtge. rec.
17,984
Corp., A. G. Becker & Co., Robert C. Shaffner, David 13. Stern. James H.
Deps., claims, &c_
13,835
Becker and Moses E. Shire, all four as individuals and also as co-partners
Cap. stock Wain
trading under the name of A. G. Becker & Co.; Louis S. Posner, James J.
& Bond,
_ 2,599,773 2,599,773
Newman and Frederick Brown.
-V. 136. p. 1033.
Stock of Congress
Cigar Co.,Inc 15.248,214 15,580,987
Pickering Lumber Co.-Court Decision Favorable.
Inv. In other cos
2,502
22,501
Tho report to depositing bondholders issued March 19 by the committee
tges. 6. 0th.Inv25,447
the first mortgage 6% bonds due in 1946 states that as the result of
for
Good-will, &e
a
1,500,000 1,500,000
favorable court decision the receiver for the company had taken possession
Deterred charges...
19,618
108,243
of all of the assets of the Pickering Lumber Sales Co. These assets, it was
stated, included substantial cash balances.
Total
21.904,595 22,476,007
Total
The report says that the segregation of current assets in the Sales company
21,904,595 22,478,007
So a Represented by 203,768 sha. cl. A
resulted in there being insufficient cash to meet Dec. 1932, taxes.
The
200,000 abs. of no par value. c After corn. (no par) b Repreeentedlby
decision of the U. S. District Court, based on the argument that the
depreciation of $728.651 In 1932 and
Bales
2746,880 in 1931.-V. 135. p. 3535.
/1,
2258
Financial Chronicle
Portsmouth-Nausemond Bridge Corp.-Proof of Claim.
All persons holding first mortgage bonds dated Oct.1 1927.and debentures
-dated Oct. 11927. are required by order of the District Court of the United
'States for the Eastern District of Virginia, to present and prove their
.ownership of any of the above-mentioned bonds or debentures before
Special Master S. Burnell Bragg, at his office. Suite No. 350, Law ituilding.
Norfolk, Va.. on or before April 12.-V. 125. p. 259S.
April I 1933
Condensed Consolidated Deficit Account Dec. 311932,
Deficit:Tan. 1 1932
$463,341
Net profit for the year (as above)
96.795
Adjustment of 1931 branch managers' commissions, State and
local taxes and miscellaneous reserves
33,994
Adjustment in connection with purchase of Real Silk Hosiery
Mills, Inc.. preferred stock retired
21,204
Providence (R. I.) Washington Insurance Co.
Balance Sheet.
Per. 31 '32. Jan. 1 '32Dec. 3132. Jan. 1 '32.
Assets
843,452
Reserve for losses_ 887.511
Govt.. State and
municipal bonds 3.654,230 1,115.707 Reserved for un- •
earned prems_ 4,258,021 4.789,108
Bk.& tr. co.stock.s 3,560,720 4,154.480
2,987,442 Reserve for taxes.
URI. stocks & bds_
expenses & other
Anchor Ins. Co__ 1,377.490 1,972.090
274,509
225,934
liabilities
Preferred stocks_ 1,178.219
3,062.520
Other stics. & bds- 2,268,047 5.460,313 Contingency
3,000,000 3,000.000
100,000 Capital
Office building_ 100,000
2.159,813 8,303.700
578,582 Surplus
568,345
Casts
27,766
Bills receivable_2,042
Agents' balances X
874,389
883,807
other assets..
Balance, deficit
Dividends on preferred stock of subsidiary company
Provision for personal property and franchise taxes, prior year
Special reserves-For depreciation, obsolescence, &c., of machinery. Dalton. Ga.. plant
For deprec., obso &c.. fern. & fin., branch offices
For reduction of book value of inv. in stock of Keystone Knitting Mills (1928). Ltd., of England, to $1_
Write-down of salesmen's sample case equip. & demonstrators
To provide for loss which may be sustained in connection with
the agreement to purchase the common stock of Westcott
Hosiery Mills on or before Jan. 1 1934, based upon the
of
estimate - property value of Westcott Hosiery Mills by
directors of Real Silk Hosiery Mills. Inc
Loss on disposition of stock of sub. co. (Harford Frocks, Inc.),
less adjustment of deficit of sub co. at date of sale
Miscellaneous adjustment
43.593.799 17.210,769
Total
13,593.799 17.210,769
Total
-V. 135. p. 4396.
-Earnings.Provident Loan Society of New York.
1932. ' ' 1931.
Calendar Years$3.230,929- 53.400,923
Interest earned on loans
28,309
25,043
Interest earned on bank balances
12,122
' 416
Interest earned on 17. S. A. ctfs. of indebtedness
4.469 '
Profit on sale of U.S. A.ctfs. ofIndebtedness
Deficit Dec. 31 1932
Condensed Consolidated Balance Sheet Dec: 31.
Liabilities1932.
1931.
1932.
Assets$919,135 51,035,564 Reserve for taxes- $80,900
Cash
Other dahUlties__
53,392
Customers' accts.
526,175 Notes payable to
344,672
receivable
banks
500,068
Other accounts &
85,870 Accounts payable- 163,459
notes receivable
Accruals
117,566
Misc, accts. rec.,
Funded dent due
12,252
adv.,&c.
loans &
692,725 1,353,340 In current year. 111,000
Inventories
MisCellaneous deCash eurren. value
45,663
posits, &e
12,974
60,723
life insurance
•
Reserves
634,233
Prepaid exps. and
323,604 Funded debt Libdeferred charges 131,502
erty Hos. Corp- 556,000
40,879
1,101
Investments
4,498 Preferred stock of •
3,500
Special funds
54,163 subsidiaries._
76,000 60,654
Treasury stock- _ _
3,341,271 4,018,531 b Common stock_ 2,050,000
a Fixed assets
Preferred stock... 2,150,000
Good-will, trade1 Deficit
948,055
1
marks, &c
Total income
Interest on funds employed
Rent and maintenance
Real estate taxes and maintenance
Salaries and retirement plan premiums
0,eneral expense
Losses on auction sales of collateral
Adjustment of claims. &c
Depreciation of office equipment
Emergency unemployment relief committee
Provision for tax reserve
$3,272,564 $3,429,648
1,335,507
1,252,874
26,788
31,253
70,073
66.903
678,012
662,451
108,029
127.346
366,936
924,432
3.787
11,454
14.196
14,666
25,000
25,000
252.180
147,856
58.328
Profit and loss surplus
Comparative Balance Sheet Dec. 31.
1932.
1931.
1932.
Liabilities
Assets
Leans outstanding 26,399,735 27,191.826 Certificates of con20,179,500
tribution
Accr.int.thereon 1.842,181 1,724,432
882,272 Surplus from auc1,358,393
Cash
tion sales, due
1,250,000
(lets. of deposit537.818
borrowers
etts. of In.
192,943
Reserve for taxes
debtedness, due
500,078 Reserve for contin1932,cost
1,000,000
gencies
Temp.Inv. In otfs.
7,872,052
610,500 Surplus
of contrib'n, par
Accrint.on ctts.of
deposit & U.S.A.
8.338
Otis. of Indebt..
164,129
164,722
Equip., less depr_
5,000
Real estate
Sundry items in
17,664
19,281
suspense
$549,141
1931.
22,500,000
528,080
300,297
1,000,000
8,025,861
29,782,313 32,354,238
Total
29,782,313 32,354,238
Total
-V. 124. p. 3082.
Pure Oil Co.-Plans Oil Refinery Addition.
The company plans to spend $250.000 on its refinery at Toledo, Ohio,
increase its capacity from 1.000 barrels of refined gasoline daily to 3.000
to
barrels, according to reports from that city. A large still will be added
to the three already in operation.
Tire Sales Agreement.
The company has engaged to sell tires and tubes of the General Tiro Co.
service stations east of the Rocky Mountains, according to reports
In its
from Chicago. The tires will be sold under the trade-mark "Yale. V. 136. p. 2063.
-Stock Dividend Omitted.
'
--- s.Railways Corp.
The directors have voted to omit the quarterly dividend ordinarily
o
payable about April 15. A quarterly distribution of 27 in stock was made
on Jan. 15 last and on July 15 and Oct. 15 1932.-V. 135, p. 4397.
-Dividend Rate Halved.
Collar Co.
.'"--...Reversible
A quarterly dividend of 50 cents per share has been declared on the capital
April 1 1933 to holders of record March 21. From
stock, par 8100. payable
per share
April 1 1932 to and incl. Jan. 1 1933 quarterly distributions of
-V. 134. D. 2358.
were made as against $1.50 per share previously.
""•-..,.(Sabin) Robbins Paper Co.-Defers Dividend.
The directors have decided to defer the quarterly dividend due April 1
on the 7% cum. pref.stock, par $100. The last regular quarterly payment
-V. 126. p. 4097.
of l%% was made on this issue three months ago.
Rolph Navigation & Coal Co.-Bond Issue Defaulted.
An (Ague of $480.300 bonds matured has been defaulted according to the
San Francisco "Chronicle," which states:
Only $70,000 of the bonds are in the hands of the general public. More
than 3400.000 were acquired in the last three years by friends; of Governor
Rolph. The default will wind up forever the affairs of the Rolph Navigation & Coal Co. In March 1919, the firm floated $2.000.000 of 7% bonds.
Of this amount $,399,000 matured, leaving $1.601,000. In 1923 the company ran into difficulties. The bondholders agreed to accept 70 cents
-V.118.P. 1531.
on the dollar in cash and 30 cents in a new baby bond issue.
-New Directors,
Real Silk Hosiery Mills, Inc.
Elmer W.Stout,President of the Fletcher National Bank of Indianapolis,
of Indiand P. C. Riley. President of the American Creosoting Co.. alsodeath of
anapolis. have been elected directors filling vacancies caused by
the late Clement Studebaker, Jr.. and the resignation of Porter M.Farrell,
former President.
Since Dec. 31 last this company has reduced its notes payable to banks
to $25C.000 from $500.068. On Dec.31 1931 these notes payable amounted
to $2.053,787. It is further stated that current cash balance is about
to
$425,000 against $919.136 on Dec. 31 last. The difference was usedthe
handle
reduce bank loans and to build up inventories sufficiently to Efroymson
President G. A.
usual spring and summer increasing business,
said.
1929.
1930.
1931.
1932.
Calendar YearsNot
Manufacturing profit- _- $4.637,758 56.301,739 58,675.9991
Avail.
5,779.940 6,991.0421
adminis.exp---_ 3,782.508
Sell. &
5521.799 51,684.958 52,739.735
855,250
Operating profit
400,390
445.483
566,096
545.445
Depreciation
5309.805 1°88644,297 51.239.475 $2,339,345
Balance
93,088
68.004
Other income
$48.791 51.239.475 52,339.345
7
7
0 7.809
-Total income
37,547
180,790
189,338
113.475
Interest
184,192
167.539
Special charges
275.342
52,562
Federal taxes, &c
$96,705 loss$324,739 51,006,123 52,026,455
Net profit
163,536
158.678
43,230
Preferred dividends__
500.000
900,000
Common diva. (cask)
50,000
Common diva. (stook).$96.795 def$417,969 def$52.555 51.362,919
Balance, surplus
Shares of common stock
200,000
200,000
205,000
205,000
outstanding (par $10)
$9.31
$44.24
Nil
Nil
Earnings per share
$311,348
4.770
35,100
137,903
23,741
39.778
109.622
194,929
87,760
3,094
•
948,055
1931.
$59,346
61,149
2,053,787
211,120
127,157
111,009
14,766
337,903
667,0041
83,000
2,050,000
2,175.400
463,341
Total
55,557,539 57.488,287
$5,557,539 $7,488,287
Total
1932
a After deduction of depreciation reserves totaling $2,736,670 in
Represented by 205,000 shares of $10 Par value
and $2,097 454 in 1931. b
-V. 136. p. 1216.
-New Directors, &c.
Roosevelt Field, Inc.
Four repreoentatives of E. L. Cord, who recently acquired control of the
are among the 20 new directors of Roosevelt Field, Inc.,
Aviation Corp.
elected on Mara' 15. The Aviation Corp. owns a stock interest in Roosevelt Field, Inc.
The four Cord representatives on the board are C. Coburn Darling of
Providence, R. I., and P. G. Kemp,L.B.Manning and Lyndol L.Young,
all of Chicago.
George W. Orr of Garden City was re-elected President and Albert L.
Smith of New York was elected Chairman of the board of directors to
succeed Seth Low of New York. Graham B. Grosvenor, also of New York,
was re-elected Chairman of the executive committee. Harold Hathaway
of New York was elected Vice-President. W. D. Guthrie of Garden City
was re-elected Treasurer and A. C. Kennedy of Hempstead was re-elected
-V. 136. p. 1035.
Secretary.
Royal Indemnity Co. of
Dec. 31 1932.Assets
Mortgage loans on real estate
Government bonds
Municipal bonds
Railroad stocks and bonds...
Public utility stocks & bonds_
Miscellaneous stocks & bonds
Cash in offices and banks
Accrued Interest and rentsPrem. In course of collection_
Other assets
Total
235,000
3,223,461
165,058
10,534,987
3,285,586
4,509,226
2,286,204
303,538
2,290,935
399,498
$27,033,497
New
York.
-Balance
Sheet
LfabdtiiesRes,for claims & suits, legal.$10,738.601
Hes, for unearned premiums_ 5,911,665
Reserve for commissions on
outstanding premiums.,.
485,000
Lice. for taxes due or accrued_
240,000
Res.for sundry bills due & pay
37.000
Other liabilities
233,585
Voluntary additional reserve
for claims and suits
1,175,000
Contingency reserve
3,200,651
Capital fully paid In
2,500,000
Net surplus over all liabilities 2,511,993
Total
$27,033,497
Omitted.
-Rumford Printing Co.-Dividenddividend quarterly
ordinarily payable
No action has been taken on the
and
about April 1 on the common stock. On Jan. 3 last as on Oct. 1 1932
against $1.50 per
the company paid a quarterly dividend of 31 per share
share on April 1 and July 1 1932 and $2 per share previously each quarter.
-V. 135, p. 2006.
Rustless Iron Corp. of
America.
-Decision
to
Be
Appealed.
The American Stainless Steel Co.of Pittsburgh and Electro Metalurgical
Co.of New York will, it is said, appeal to the U.S. Circuit Court of Appeals
at Baltimore from a Federal court decision handed down in Baltimore.
March 2 in the patent infringement suit of the two companies against the
--V. 136. p. 1733.
Rustless Iron Corp. of America.
Safeway Stores, Inc.(& Subs.).-Earnings.
1930.
1931.
Calendar YearsSales
Cost of sake
Operating expense
Depreciation
Operating income_
Other Income
1932.
1929.
3
6
229,1714 8 246,783.999 219,284,707 213,496,254
4
178.862,849 196.318.809 178.710, 667205.247.032
42.800.362 41,109.429 34,157,8921
2,544.270 2,488.690 2.052.140
1.518.696
54,965.987 56,867,071 84,364,210 $6,730,526
123,003
172,217
126.055
208.313
$5,092.042 87,039.287 84,487.213 56.938.839
Total income
171,504
240,249
200.138
185,109
Interest. &c
Prov.for Federal & Can.
497.063
714,529
493,817
606.417
taxes, &c
Adjust, of assets of Can.
387,665
0142,141
subsidiaries
350,000
Res,for invent. adjust_
Prov. for probable loss
150,000
due to closed banks_ _ _ _
$4,390,227 $5.415,590 53,749.901 $6.147.313
•
Net income
690,069
866,621
559,997
Preferred dividends.- 1,016.261
2,159.464
2,780,840
3,584.968
3,597,571
Common diva.(cash)
Corn. & prem. on pref.
10,797
17.218
3,385
stock required
Add:Prov.for deprec.&
250,000
obsolescence
8268.194 $3,424,467
$696,782
def$223,605
Surplus
7,090,204 7,213,605 3,829.682
7.794,557
Previous surplus
Dr391.595
Common divs. (stock).
Cr7.570
Dr40,544
Adjustments
Profit & loss surplus__ $7,570,952 $7.794,557 87,090.205 $7,213,605
Earns,per sh.on average
amount shs. outstand$9.02
$4.82
$6.34
$4.22
ing during year
Financial Chronicle
Volume 136
Consolidated Balance Sheet Dec. 31.
1931.
1932.
Assets
Real estate, leaseholds, &o
y22,809,886
Cash
5,904,293
Accts. & notes reed 1,788,249
Inventories
18,406,512
Prep'd exp. & chgs 446,644
Invest. & advances 527,875
Treasury stock... 422,644
22,243,250
.
6,588,003
1,645,813
22,451,813
561,475
475,683
399,500
1932.
1931.
7% pref.stock_ _ _ 9,662,600 9,961,500
6% pref. stock _ _ _ 5,915,000 5,915,000
xCornmon stock__ 9,795,648 9,795,648
Paid In surplus_ _11,541,416 11,497,640
Earned surplus_ _ _ 7,570,952 7,794,557
151,650
8% pf. stk. of subs 135,825
Res, for rentals of
Stores vacated_ _ 493,083
Mtges. on real est.
23,700
73,600
& buildings_ ___
Has, for co-ord. of
1,462,611
warehouses, &c_
350,000
Res.for Invt. aeljt_ 350,000
132,401
Deferred income_
Accounts pay.
awed liabilities. 3,406,365 5,149,615
Divs. pay. (cash)_ 851,053 1,255,238
826,078
Fed, tax, res., &c. 560,462
Total
50,306,105 54,365,538
50,306,105 54,365,538
Total
• x Represented by 800,350 no par shares. y After depreciation of $9,
816.421 in 1932 and $8,927.888 in 1931.-V. 136, p. 1734.
....- -St. Paul Union Stock Yards Co.-Smaller Div.-.
`
,
A quarterly dividend of 50 cents per share has been declared on the
capital stock, no par value, payable April 1 to holders of record March 21.
This compares wfth 75 cents per share paid in each of the four preceding
quarters.
-V. 134, p. 4674.
'"'Schulte Retail Stores Corp.
-To Change Par Value.The stockholders will vote shortly on changing the par value of the
common stock from no par to $1 par value shares.
-V. 136. p. 170.
Scovill Mfg. Co.
-Granted License.-
The company has been licensed by the Dardelet Threadloch Corp., N. Y.,
to manufacture bolts and nuts with the Dardelet self-locking thread.V. 135, P. 1506.
Seaboard Oil Co. of Del.(& Subs.).
-Earnings.
-
2259
It will be manufactured in five domestic sizes, and ultimately in all sizes.
Distribution will be through utility companies, and list prices are substantially below last year. the announcement stated.
"Elimination of water in the cooling process of the gas refrigerator will
mean a substantial saving in operating, Installation and servicing costa,"
Mr. Springford said. "It should place the gas industry in a very much
stronger competitive position with respect to electric refrigeration."
-V. 136, p. 2085.
Sharon Steel Hoop Co.-New,Director.
George L. Collord of Pittsburgh has been elected a director. succeeding
W. W. Galbreath.
-V. 136, p. 1734.
Siemens & Halske (A. G.).
-Debenture Interest.
Interest for the 12 months' period ending on April 1 1933 is payable
upon the participating debentures, series A. on April 1 1933, at the rate
of 77 per annum, or $28 per $400 debenture, upon surrender of coupon
0
No. 4, at the office of the fiscal agent. Dillon, Read & Co., 28 Nassau
Street, N. Y. City.
-V. 136. p. 1218, 1035; V. 135. D. 3705.
(Franklin) Simon & Co., Inc.(& Subs.).-Earnings.
Year Ended Jan. 311932.
1933.
xGross profit
loss$1,358,791loss$619,287
Depreciation
183.250
157.793
1931.
1177,704
171,564
1930.
$582,852
163.034
Net profit
loss$1,542,041 log.4777,080
Miscellaneous earnings_ _
145,650
134,889
$6.139
157,814
$419.817
166,534
Total income
loss$1.107,152 loss$631,430
Federal taxes (estd.)_
$163,954
12.000
1586.352
55.000
Net income
loss$1,407,152 loss$631,430
Preferred dividends(7%)
177,506
161,054
Common dividends
$151,954
19:.748
72,855
$531,352
205460
409.282
Deficit
$83,590
$111.649
$808.935
$1,568,206
Shs. common stock outstanding( par 11)_ _ _ _
y150,000
y150.000
137.130
y150,000
Earns, per share
Nil
Nil
Nil
x After deducting from sales the cost of merchandise sold and selling and
general expenses. y No par shares.
-V. 134, P. 3996.
1031.
"-- ,Sloan & Zook Producing Co.-Ornits Dividend.
Calendar Years1932.
Operating revenue
The directors recently decided to omit the quarterly dividend ordinarily
13,069,066 12.178,224
Share of products accruing to operators of Kettlepayable about March 30 on the common stock, no par value. In each
- man Hills absorption plants
of the three preceding quarters a distribution of 25 cents per share was made
412.018
591,666
on this issue, compared with 50 cents per share previously.
1.008,681
Operating and general expenses
811,419
-V.134.0- 4575.
'-"
Smyth Mfg. Co.
-Halves Common Dividend. Operating income
1757,525
11.665,982
Other income
A quarterly dividend of 25 cents per share has been declared op the com52.305
61,866
mon stock, par $25, payable April 1 to holders of record March 27. This
compares with 50 cents per share paid each quarter from April 1 1932 to .
11,727,847
1809,830
Total Income
and incl. Jan. 2 1933 and 51 per share paid in each of the two preceding
261,333 . 140.674
Intangible development costs
quarters.
-V. 134, p. 2516.
Amortization of interest in Kettleman North Dome
.
Association (incl, service charge for use of facili-Dividend Deferred.
Sparks-Withington Co.
ties, representing this company's proportion of
The directors recently decided to defer the quarterly dividend duo
118.160
280,353
depreciation sustained by the association)
March 15 on the 6% cum. cony. pref. stock. par $100. The last cegular
Provision for depletion, depreciation, property
389,548
quarterly distribution of 1%% was made on this issue on nee 15 1932.
291,829
abandonments and lease amortization
36.162
37,737
-V. 136. p. 2085.
Provision for contingencies
Standard Oil Co. of New Jersey (Del.j.-Three Nel...
Net profit for year
1123.711
$858,172
360,118
Dividends paid
Sales Managers Named.
Continuing the consolidation of its domestic marketing activities, the
1198,054
1123,711
Balance
company has made C. G. Sherriled, Vice-President, manager of retail
Note.
-In order to present a proper comparison, items included in prosales, effective April 1. John E. Skehan, a Vice-President of the Standard
vision for contingencies in 1931, and which have been finally determined in
Oil Co. of Louisiana, has been made manager of wholesale sales, and E. A.
1932. have been given proper classification in the above statement.
Holbein, a director of the Delaware company, has been appointed manager
of tank-car sales.
Consolidated Balance Sheet Dec. 31.
It was announced that these three officials would direct sales operations
1931.
1931.1932.
1932.
In their respective divisions in the territories served by Standard Oil Co.
$
- A ssefs$
Liabilities$
$
of New Jersey, Stands_rd Oil Co. of Pennsylvania, Standard 011 Co. of
172,551
Cash
1,874,555 1,079,385 Accounts payable_ 204,799
Louisiana a_._n_d-the irolonial Beacoa 011 Co., Inc.
-V. 131, D. 641.
Short-term bonds,
Reserves for possiat par
39,000
ble losses on
-Earnings.- .
(
.) Starrett Co.
A co'ts receivable
eventualliquida359,543
259,808
Stocks of crude oil
For income statement for 6 and 12 months ended Deo. 31 see last week's
tion of sub. cos.,
and gasoline_ _ _ _
"Chronicle." p. 2056.
14,417
38,951
other than in
•
Balance Sheet Dec. 31.
4,213 004 4
,. ,000
Marls & suppliesCalifornia
20,765
10,974
1931.
Marketable secure.
1932.
54.000
723,000 Res. for oth. cont.
130,000
DtabilUiss1931.
1932.
Assets
Invest. In cap. stk.
-_ _
Deferred credits
98,1149
$51,712 AOCU3. payable and
$42,051
Cash
$40,087
4,97 ,5321 8,710,681
of Seaboard Oil
cCapItal stoa
.
.328
accrued expenses 110
Accts.receivableCo. of Delaware 450,583
523,763 Paid-in surplus.-- 1 9,747 1,849,747
149,499 Accr. Fed., State
116,513
customers
34,346
tt Props.,leaseh'ids,
21,135
Surplus arising fr'
Merchan. & supp- 1,886.361 2,096,214 & town taxes.
607,500
redue. in St
concessions, pit
634,057 Preferred stook... 807,500
Marketable secur_ 496,542
and equipment. 5,459,451 5,173,296
value of o par
24,409 x Common stock__ 1,500.000 1,500.000
23,254
Mtscell. accts. rec.
liook value of int.
value p. stock 3,733,149
40,625 Capital surplus... 2,4.53.830 2.450.756
Misceli. securities_
43,138
in casing gas pl't
271,005 Defic
4,819,054 5.329.374
Res. for skg. fund
Sinking fund for
38.250
int. In Kettle, Nor.
65,260
38,288 -for pref. stk__
65,303
Preferred stock_
254.048
Dome Assn____b1,841,094 1,791,398
86,087 Operating deficit_ 6,51,041
86,088
Treas. stk.-cora_
Deferred assets._ 153,789
160.57
yPlant & equipm't 1,233,246 1,279,691
16,306
14,509
Deferred charges
Total
10,213,177 10.0 .155
10,213,177 10,032,155
Total
$4.007,004 $4,416,891
Total
$4,007,004 $4,416.891
a After reserves of 12.332
Total
and 13,274,834 in 1931. b After
in 1932
depreciation
amortization of 1386.247. c Represented by 1,244,383 no par shares.
x Represented by 150.000 no par shares. y After reserve for
V. 136. P. 1901.
of 1955,588 in 1932 and $907.788 in 1931.-V. 136. P. 1568
.. '""--Seaboard Utili es Shares Corp.
"
-Changes Par Value.
1 he
stockholders h• ve approved an
to the charter reducing
tattlta I and changing the common stock amendment value to gi. par value.from no par
V. 135. p. 146.
Sears, Roe uck & Co.
-Amends Stock Purchase PlanObtains Retie( rOM Mortgage Liability.The stockho t
-Again Decreases Div.
Street Investment Corp.
State
declared on the
A quarterly dividend of 40 cents per share has been
common stock, no par value, payable April 15 to holders-ofrecord March 31.
compares with 50 cents per share paid in each of the three preceding
This
-V 136, p. 1734.
quarters and with 75 cents per share paid previously.
-New President, cte.Stein & Co.
(A.)
recent
A. M.Stein has been elected a director to fill a vacancy due to the
rs on March 27 approved the recommendation of the
directors to and the employees stock subscription plan of 1929 to dedeath of Samuel M. Stein, the former President. been elected President
Vice-President, has
crease the pric at which certain officers and employees may purchase an
Sigmund Stein, formerly a
Vice-Presideaat.-V. 134
aggregate of 1 ,000 shares of capital stock.to $25 from $50 a share. Under
and Treasurer, and A. M. Stein was made a
the amended plan the privilege to purchase stock expires Dec. 31 1938.
P. 3112.
The stock Is I eld in the
-Pays Interest.treasury.
(Hugo) Stinnes Industries Inc.
General It, bert E. Wood, President of the company,told stockholders at
ilie annual n eeting yesterday
Funds have already been received ;rem the above corporation for the
that the company had obtained relief from a
mitinont I
payment of the April 1 interest on the 7% debentures due Oct. 1 1946,
mortgage agreement
ability of
with the M tropolitan about $30,000,000 through a
it was announced on March 27 by Halsey, Stuart & Co. and A. G. Becker
The repo t for 1932 Life Insurance Co. company had sold $30,116,425
& Co.. joint fiscal agents.
indicated that the
mortgages eceivable, subject to repurchase. All of this amount, vrith the
The debentures were offered originally in October of 1926 and since
exception
that time sinking fund provisions have reduced the original issue of $12.
Insurance Co. is held by
Prudential
the Metr of 1600.600 held by theWood said. Life
t he
500.000 to 18,436,000.-V. 135. p. 4399.
h volitan company, Mr.
agreement
the Metropolitan that if one of these mongages b 11 an delinquent with would have to substitute a non-delinquent
Sun Investing Co., Inc.-New Director.
me
we
itions
William F.Byrne has been elected a director,succeeding Rollin A. Wilbur.
he explained. "Since the annual report was issued we have
obtainec. a
resigned.
-V. 136, p. 861.
am1 aisc e'"supplementary agreement waiving this provision or two years,
'
maturing in 1933 and 1934 will
an
-Defers Dividend.
be este Med agreement that all mortgages
Superior Portland Cement, Inc.
for three years providing that the company keeps up the
I nterest and taxes, which
The directors have decided to defer the monthly dividend due April 1
..if
amount to about $25.600 a month.
on the $3.30 cum. class A partic. stock, no par value. The last regular
substitute for delin(merits, e had run out of mortgages not delinquent, to
monthly payment of 273 cents per share was made on this issue on
back. The agreement removes
i his lia we would have had to buy them
March 1 1933.-V. 134, P. 2169.
ility
On any mortgage that becomes delinquent.
regard ess of for two years. this period of collection is extended for three
maturity date,
-Proposed Change in Par Value.
years, Mortgages maturing in 1933 or 1934, whether delinquent or not, "'""-Tennessee Corp.
will bi extended for three years.
The stockholders will vote April 27 on charging the gar value of the
6
$5 per share-V. 136. Ii• 208 .
common stock from no par to
this agreement. The Metropolitan
gave nothing
s Imp' recognized thein exchange for
situation and, furthermore, our mortgages have been
anion the few on which every dollar of interest and principal has been
Thompson Products, Inc.-New Directors.
pal.1
Sam W. Emerson and James L. Deegan have been elected directors.
TI e stockholders were informed that on a stock repurchase agreement with
W.M.Albaugh resigned from the directorate, but will remain as Secretary.
the
-V. 135, p. 4048.
Sons Store of New Orleans, acquired by
Sear wners of the L. Feibleman
,,., , Roebuck & Co., the latter had obtained an extension to March 15
1 3.
Thompson's Spa. Inc.-New Director.
agreement stipulated that the company woulduy
-V. 136. p. 1904.
r . The old shares of stock at 1100 a share on July I 1932.-V. 136.
on
- Henry E. Kingman has been elected a director.
attest 23,000
g5.
`
u
----Tobacco & Allied Stocks, Inc.-Reduces Stock. stack held
The stockholders have voted to retire 6,000 shares of capital
„,St rvel, Inc.-New Product Announced.In the company'a treasury, leaving 47,000 shares now outstanding with a
refrigerator is announced by II. II.
.....Y,...e' element of a new air-cooled gas
-V. 1:36, p. 1904. '
book value of $40.53 a share.
't"'" ford. President of Electrolux Refrigerator Sales, Inc., a subsidiary,
p
. n,
2260
Financial Chronicle
Timken Roller Bearing Co.
-Balance Sheet Dec. 31.
1932..
Assets$
x Property acct. _18,788.735
Cash
1,345.207
Securities owned _ _12,211,172
Notes receivable
20,781
Accts. receivable_ 551,334
Inventories
4,927,406
Other assets
2,955,999
Deferred charges
293,161
1931.
$
20.714,803
5,823,038
8,214,330
69,969
1,087,468
6,292,397
2,983,689
845,865
1932.
1931.
Liabilities$
$
y Capital stock___ 6,000,000 6,000.000
Accts. payable. _ _ 425,812
845,693
Acer. taxes., &c....
80,400
298,375
Reserve for contingencies, &c__ 1,055,689 1,382,762
Surplus
33,505,895 37,304,526
Total
41,073,797 45,831,358
Total
41 073.797 45,831,356
x After depreciation, drc.. amount ng to $14,042,129 in 1932 and $12.
144,421 in 1931. y Represented by 2,411,638 no par shares.
Our usual comparative income statement for the year ended Dec. 31 1932
was published in V. 136. P. 1904.
Truscon Steel Co.
-Earnings.
Calendar Years1932.
1931.
1930.
1929.
Gross sales
$10.445,956 $18,530,054 $28,616,237 $38.178,315
Net sales
9.784,853 17.287,080 27,053.270 36,090,469
Cost of sales & expenses_ 10,795,545 18,131,886 25,774,222 33.466.847
Operating profit _ _ _ _10881,010,692 def$844.806 $1,279,048 $2,623,622
Other income(net)
46,484
228.175
274.455
x787.164
Total income
def$964,208 def$616,631 $1,553,503 $3,410,786
Depreciation
351.720
303,378
359,376
Other deductions
339.184
Federal tax
120,000
300,000
Net profit
loss$1.655,115loss5616.631
. Bal.ofsub.earnings _
$1,130,125 $2,751,410
70,406
87,667
Total net profit_ _ _ _def$1,655.115 def$616.631 $1.200,532 $2,839,076
Preferred dividends_ _ _ _
60,181
242,003
247,493
251,568
Common diva.
(cash)....421,114
792,146
733.258
Corn. diva. (stk.)(6%)
397,281
Surplus
deal,715,296df$1.677.030
$160.893 $1,854,250
Shs. corn. stk. outstanding (par 310)
695.671
'700,536
662,169
618.148
Earnings per share
Nil
Nil
$1.44
$4.18
x Includes profits from sale of stocks and bonds in affiliated companies
of $454.045.
Surplus Account Dec. 31 1932.
-Balance Dec. 31 1931, $4,947.817
other credits.$50,783 total surplus,14.998.690 charges,net lossfrom operations for 1932, $1,655,114 depreciation charges applicable to prior years,
additional amount provided for years 1929 and 1930. 1211,327 provision
for year 1931.1337.635 dies, tools and rolls charged off. $404,026 appreciation of Cleveland permanent assets written off. $325,000 provision for
doubtful accounts
--estimated portion applicable to prior periods. $100,000
preferred divided paid ($1.75 per share), $60.180 plant rearrangement
account charged off, $54,925 adjustments of Argentine exchange principally due to difference between prevailing rate at Dec. 31 1931 and rate
then used as basis of conversion, $43,333 portion of employees' stock subscriptions, in excess of $10 per share, charged against capital surplus,
$35,848 inventory adjustments and reserve provided from surplus,$32.316
sundry development and deferred operating expenses at Cleveland plant
applicable to prior periods.$33,999 miscellaneous other surplus adjustments
-net. $33,071 balance Dec. 31 1932, 31.671.820.
Balance Sheet Dec. 31.
1932.
1931.
1932.
1931.
Assets$
S
Liabilities
y Real est., bldgs.,
Common stock_
mach'y & fixts__ 8,759,488 10,237,766 Preferred stock_ _ _ 6,956,710 7,005,360
__ 3,418,210 3,438,910
Cash
550,061
638,400 Notes payable_ _
1,281,635
800,000
Merchandise
2,057,071
x Accts. & bills rec. 1,813,606 2,696,733 Accta.,(4exPs.PaY,
payrolls;-,4c _ _
883,683
Accts. rec. fr. empl 104,199 2,842,070 Dep. on contract _ _ 418,023
106.705
1,864
3.
:
Other assets
123,042
Accr. real estate,
Other accts. rec....
24,218 taxes. &c
78,494
Investm.ts in MM.
Mortgage payment
36,836
companies
138,208
205,894 Reserves
40,254
18,52(
Miseell. supplies &
Adv, bill, on struct
prep. expense_
185,932 contract
19,607
81,250
Patents
192,691
213,341 Mtge. & land conDeferred accounts 212,887
70,896
tract payable._
26,000
Capital surplus_ 1,193,709 1,209,804
Appreo.of real est- 348,240
673,240
Profit &loss
129,872 3,064,774
Total
13,951,254 17,221,558
Total
13,951,254 17.221,556
s- After deducting $440,766 in 1932 and $358,961
freight, adjustments, &c. y After deducting reserve in 1931 for accrued
for property
ciation of $4,463,626 in 1932 and $3,673,787 in 1931.-V. 136, deprep. 171
Twenty-Ninth Street Towers (220 West
Corp.)., N. Y. City.
-Reorganization Plan.
-
29th
Street
The protective committee for the 1st mtge. 6% gold bond certificates
has caused the organization of a new company in New York and the vesting in it of title to the real estate known by the street numbers 214-220 West
29th St., N. Y. City.
The corporation has been organized under the corporate title of 29th Street
Towers Corp. and has a total authorized capital stock consisting of 10.000
shares of common stock (par Si), of which 7,401 shares are now outstanding. All of the shares are held by Russell S. Tucker. G. S. Gilpatrick,
0. A. Neumeister, G. Arthur Heermans and Thomas F. Corrigan, as voting trustees under a voting trust agreement dated as of Feb. 15 1933.
The same persons who are acting as voting trustees also constitute the
board of directors of the corporation, and its officers are Russell S. Tucker,
Pres.; G. S. Gilpatrick, Vice-Pres.; William C. Scott, Treas.; Thorburn
Reid, Jr., Sec'y; and Edward L. Ducker, Asst. Sec'y.
The corporation has obtained a loan of $75,000 and executed a
mortgage on the above-emntioned real estate to secure the same, andfirst
has
also executed a trust indenture to Bank of Manhattan Co., as trustee,
constituting a lien on its real estate subject to the lien of the first mortgage,
and providing for the issuance thereunder of $740,100 10
-year 3% sinking
'fund mortgage bonds.
The bonds are dated as of Oct. 1 1932, mature on Oct. 1 1942 and are
redeemable at any time on 60 days' notice at par plus int. They are issuable in denominations of $1,000.
$100, and are
principal only. Interest on the $500 and accrue from registerable as to
bonds will
Oct. 1 1932 ,the
first semi-annual coupon being payable April 1 19:33.
Bonds of the corporation, together with voting trust certificates for
shares of its capital stock, are now ready for delivery against surrender of
certificates of deposit at the office of the depositary. As set forth in
the
plan, each holder of a certificate of deposit is entitled, upon the surrender
thereof to Guaranty Trust Co. of New York, as depositary, at 140 Broadway, N. Y. City, to receive for each $100 of The Twenty-Ninth Street
Towers, 220 West 29t's St. Realty Corp. 1st mtge. 6%
gold bond certificates, represented by the certificates of deposit so surrendered:
$100 principal amount of the corporation's 10
-year 3% sinking fund mortgage
issued under trust indenture to Bank of the Manhattan Co dated bonds
as of
Oct. 1 1932; and 1 share of the corporation's stock represented by voting
trust certificates issued under voting trust agreement dated
as of Feb. 15
1933•
The committee consists of Russell S. Tucker, Chairman G. S. Gilpatrick, C. A. Neumeister, G. Arthur Heernaans and Thomas F. Corrigan.
Thorburn Reid, Jr., Sec'y, 420 Lexington Ave., N. Y. City.
New Securities Ready.
The Guaranty Trust Co. of New York as depositary is now
deliver to all holders of certificates of deposit for 1st mtge.prepared to
certificates issued under the agreement dated as of March 1 gold bond
1932, the
new securities as provided in the plan of readjustment upon surrender of the
certificates of deposit for cancellation.
-V. 136, P. 1905.
Union Oil Co. of California.-New Director.
Paul Gregg, Vice-President and Counse., has been elected a director,
succeeding Paul N. BoggS. resigned.
-V. 136: P. 1219, 1195.
April 1 1933
,
Tubize Chatillon Corp.
-Enjoined in Rayon Patent Case.
See
New Jersey Zinc Co. above.
-V. 136, p. 1904.
United Drug Co.
-New Directors.
Four new
directors have been elected to the
of directors, viz.•.
E. J. Grilling, Vice-President in charge of sales,board takes
who
the place of
the late Dan M. Chambliss, of Knoxville, Tenn., and as
W. E. Weiss, general manager of Sterling Products, Inc., new members.
Henry Bristol
of Bristol-Myers Co.,and Smith Richardson, President of the
Vick Chemical
Co.
-V. 127: p.837
United Dyewood Corp.
-Declares Quarterly Dividend.
The directors at an adjourned meeting held
quarterly dividend of 14% on the 7% cum. recently declared the regular
April 20 to holders of record April 7. Actionpref. stock, par $100, payable
had previously been deferred
on this payment.
-V. 136. p. 1736.
United Endowment Foundation, Inc.
-New
Trustee.
President, H. C. Williams, announces that the
Bank & Trust Co. of New York has been appointed Commercial National
trustee,
with trust agreements under which are issued Foundation in accordance
Trust Shares,
series A, Endowment Certificates, and Paid-up Endowment
Certificates,
as successor to the Harriman National Bank & Trust
Co. of New York.
-il. 136. p. 508.
nited States Lines, Inc.
-Stock- Off List:-
'The Chicago Stock Exchange on Mch 21 approved the
the list of the no par preference stk because of failure removal from
stock
to file financial
statements.
-V. 135, p. 2668.
United
States Rubber Co.-Makes Offer to Noteholder President F. B. Davis Jr., announces that the company offers to s.
of the 3
-year 6% secured gold notes of which $8,513,000 remain holders
in the
hands of the Public of an original issue of 115.000,000 and
which mature
June 11933,.30% in cash and 70% in new 3
-year secured 6%
There will be an immediate payment of 10% in cash as well as gold notes.
due June 11933 to all noteholders assenting to the plan priorthe coupon
to
1933, With payment of the additional 20% in cash upon surrender May 1
of the
notes when the plan is declared operative.
Holders are being urged to assent to the plan promptly and
obtain the
immediate cash payments referred to by presenting their notes to
Chemical
Bank & Trust Co.. 165 Broadway, N. Y. City, for stamping as accepting
the plan. In order to make the plan operative it is essential that
it be
accepted by holders of substantially all of the notes.
lib The new 3
-year 6% gold notes will be secured by pledge of the company's
1st & ref. mtge. 6% gold bonds, series B,due Jan. 11947. to the
250% of the principal amount of said notes, as against 133 1-3%extent of
security
under the maturing notes. The new notes will be dated June 11933,
will
mature June 1 1936, will be redeemable at the option of the
any interest date on 30 days' notice at their principal amount company on
and accrued
interest, plus a premium of % for each six months between the
redemption
date and the date of maturity, and will be issued in denominations of
$100,
$500, and $1,000 each in bearer coupon form, and with the privilege
of
registration as to principal.
"Because of the unpreeendented business and market conditions
Which
have prevailed, and their adverse effect upon the operation of the company,
the maturing notes cannot be refunded by the sale of new securities
usual manner," says the announcement. "The company's current in the
Is satisfactory butit is essential,in order to continue the company asposition
a
concern, that this position be maintained, as far as possible. Thegoing
offered to noteholders under this plan represents, in the Judgment ofcash
the
management, the maximum amount which can be safely spared
payment of these notes consistent with maintenance of adequate toward
working
capital. -V. 136, p. 1540.
United States Shares Corp.
-Liquidating
Dividend.
A liquidating dividend of $3.85 per share has been declared
United Common Stock Trust Shares, payable upon presentation of on the
certificates at the City Bank Farmers Trust Co., N. Y.
-V. 135, p. 4571.
U. S. Smelting, Refining & Mining Co.(& Subs.).
Earnings for Calendar Years.
x1932.
1931.
1930.
1929.
bNet earnings
34.453,535 $4,763,159 $6,599,802
$7,408,863
Res. for deprec.. depletion & amortization
2,458.3C3
2,258.400
2.900.146
2,589,996
income
11,995.232 $2,504,759 $3,699,656
$4,818,867
dends (77o)- -- 1,658.706
1,696,975
Prof.
1.702,225
1,702,225
videnets
535.361
Common
555.640
994,237
2,C84,467
($1.00)
($1.00)
Rate
41.625)
(770)
rVCS_-252,144
aAdditional r
1.003,194
1,032,175
$198,835
Balance, deficit _
Profit and loss surplus_ _ 7.430,408 $17,629,243 117.629,243 $17.629.243
Shares cons, stock out8.765
standing (par 350)_-54e.893
563,855
620,562
64
cEarnings per share.._
$1.48
$3.54
$5.02
a Additional reserves for asnor ation of property (being all surplus
earnings for year in excess of divi nd requirements). b Net
are after charging cost of prodsiction, s ling, expenses, reserve forearnings
Federal
taxes, &c. c On average nunsber of sh es outstanding during year
the
earnings for 1932 were $0.62, against $1
in 1931; $3.26 in 1930 and
$5.32 in 1929.
x Summary of consolidated profit and loss a ount for 1932:
after charging cost of production, but before educting selling,Earnings,
administration, examination and search for new prop
es, general expense and
corporate taxes and before providing reserves for depreciation,
depletion
and amortization, $5.133,318; add: other
net), $162,413,• total.
$5,295,731; selling, adm., examination and income f r new properties and
search
general expense, $659,612; corporate taxes (including rovision for
United
States and foreign income taxes). $182,584;
for depreciation,
depiction and amortization, $2.458,303; profit reserv
for yea 1932, 31.995,232.
Earned surplus, balance Dec. 31 1931,
$17,629,242; t tal, $19,624,474.
Dividends paid, $2,194,067; surplus
cost of properties and investments, appropriated for eduction of the
$10,000,000; earnt. surplus, Dec.
311932, 37,430,408.
President C. A. Hight states At their
1932 directors voted to reduce the earned quarterly meeth g in December
surplus
nsolidation by
$10,000,000 and to reduce the cost of properties of the c ng
as appearling in the conaccounts by a like amount: also, to
appropriate tl e total capital
surplus of $3,161.025 arising out of the purchase
stock of the company at less than par In further of common and preferred
reduction o the property
account. This action was taken as a conservative
recognition
of the existing conditions and downward revision measure n d
economic
values. The adjustment was made on the books of prices
as of close of business
on Dec. 31 1932 and has not affected the property
reserves cox Touted for,
and deducted from 1932 earnings.
Balance Sheet Dec. 31.
1932.
1931.
1931.
1932.
AssetsbProperty investCommon stock.._
ment account_ _45,385,438 59,704,068 Preferred stock_ _ -26,438.250 27,344,650
_ 23 437 400 4,042,500
Options and other
Cap. stk. & sur.
deferred charges 3,747,089 3,814,169 sub.cos.not of
held 1,292,694 1,667,273
U. S. Gov. secur_ 2,000,000 2,000,000 Cap. surp.
arising
Inventories
6,940,029 7,397,692 from pur. of stks
2,804,342
Stocks and bonds_ 178,578
203,312 Bonds of sub. cos_
140,200
Notes receivable dr
Scrip outstanding_ 118,900
412
413
loans
46,336
50,505 Unmatured Ma.
Accts. receivable
755,092 1,259,215
payment
Cash, call loans &
Curr. unmat.Prop. 375,000
certificates of dePayment
posit
a4,920,409 4,045,821 Accts. payable, &o 126,000
637,380
Drafts in transit_ 571,157
78.827
Res, for taxes, dco_ 317,553
717,865
26,704
Divs. declared_
57,642
542,348
Res, for conting._
2,605,987 2 45,809
Profit dr loss acct_ 7,430,408
17 .629,243
Total
63,972.972 78,474,783
Total
63,972,971 71 .474,783
a Cash only. b After all reserves.
-V. 135, P. 4399,
For other Investment News, see page 2264.
Volume 136
Financial Chronicle
PRaris and
2261
pacinnents.
PUBLISHED AS ADVERTISEMENTS
CANADIAN PACIFIC RAILWAY COMPANY.
FIFTY-SECOND ANNUAL REPORT—FOR THE YEAR ENDED DECEMBER 31, 1932.
directors soon after the trade depression made its appearance. Following, as it did, upon the economies of previous
years, the reduction in working expenses in 1932 of $18,574,623, or 15.17% below those of the preceding year as
against a reduction in gross earnings of $23,909,405, or
16.17%, must be regarded as gratifying. It is gratifying also
61 to be able to state that this result was attained without
$20,089,984.
Net Earnings
4,537,425.72 impairment of the property, or detriment to the public
Special Income
service. The working expenses for the year, including al
$24,627,410.33 taxes, amounted to 83.79 per cent. of the gross earnings, as
23,619,529.45 compared with 82.80 per cent. in 1931. Excluding taxes,
Deduct Fixed Charges
earnings was 80.42
$1,007,880.88 the ratio of working expenses to gross
Surplus
cent. and in 1931, 80.01 per cent.
750,000.00 per
Contribution to Pension Fund
As a result of improvements in car and train tonnage,
increase in the speed of freight trains, and saving in fuel
Balance transferred to Surplus Revenue
$257,880.88 consumption and overtime payments, the train cost of haulAccount
ing one thousand tons of freight one mile was reduced to
Half-yearly dividend on Preference Stock of
1931. In the maintenance
$2,745,138.42 $1.12 as compared with $1.23 in
2 per cent., paid October 1, 1932
policy of working the main shops for
of rolling stock the
limited periods in accordance with service requirements was
FOR YEAR ENDED
SPECIAL INCOME
continued, and [it is satisfactory to be able to state that
DECEMBER 31, 1932.
93.3% of the Company's freight cars and 84.7% of its
Net Revenue from Miscellaneous Investfreight and passenger locomotives are in serviceable condi$37,450.00
ments (Page 20 Pamphlet Report)
tion as compared with 87.4% and 71.3% respectively on
Interest on Deposits, Interest and Dividends
Class 1 railroads of the United States. With the lower cost
on Other Securities, Exchange, and results
of materials and supplies, a reduced scale of wages, and
2,962,782.31
of Separately Operated Properties
favourable weather conditions during the year, the ComNet Earnings Ocean and Coastal Steamship
pany was able to maintain road and structures at $2,890,000
1,034,354.28
Lines
less than in 1931. It was considered also that a severe cut
Net Earnings Commercial Telegraph and
could be made in advertising and other traffic expenses, and
News Departments, Hotels, Rentals and
a large saving was made in these items.
502,839.13
Miscellaneous
The ten per cent. reduction applied to the majority of the
$4,537,425.72 payrolls in 1931 was extended early in the year to the
remainder of the payrolls, following negotiations with the
employees affected, and on October 1, an additional fifteen
EXPENSES.
EARNINGS AND
President and fees
again show a per cent. reduction in the salary of the
Your directors regret that the accounts
of the directors, and an additional ten per cent. reduction
decline in net revenue. The following table of comparison
of officers and employees in supervisory positions
will show the progressive decline of gross and net income of in salaries
were applied. Your directors took steps also toward the
the railways of your Company since 1928. For the purposes
of the additional ten per cent. reduction to other
of this comparison the figures for the years prior to 1932 application
and negotiations with employees to be affected are
have been restated to include the operations of the sub- classes,
When these are effective in accordance
sidiary steam railways not included in railway accounts now in progress.
with the Company's proposal, the additional reductions will,
prior to that year.
on the basis of the payrolls for 1932, represent a saving of
Net
Working Expenses
Gross
Earnings
approximately $7,500,000 per annum.
(Including Taxes).
Year.
Earnings.
As a result of investigations concluded toward the end of
1928 ___ _$241,978,461.33 $189,028,331.53 $52,950,129.80
1929____ 223,320,906.54 178,406,920.47 44,913,986.07 the year, a further consolidation of official positions and
1930____ 190,100,272.08 151,074,420.16 39,025,851.92 reorganization of clerical forces have been made, which it
1931____ 147,846,118.93 122,421,352.43 25,424,766.50 is believed will result in a saving of approximately $1,500,000
1932__ _ _ 123,936,713.77 103,846,729.16 20,089,984.61 per annum.
Decrease
Your directors cannot conclud this recital of the Com85,181,602.37 32,860,145.19 pany's affairs without paying tribute to the loyalty and
from 1928 118,041,747.56
It will be seen that the recession of gross income in the zeal of all officers and employees, and their willingness to
period has been $118,041,747.56 or 48.78%. This may be accept all changes which the conditions of the times required.
SPECIAL INCOME.'
attributed entirely to the trade depression throughout the
world, in which your Company has merely shared the fate
said in regard to rail income and expenses
What has been
of all industries. No possible effort has been spared to applies in all respects to Special Income Account. In steammaintain and develop traffic, but it will be appreciated that ship operation the results were somewhat better than last
gross earnings, except within very narrow limits, are beyond year, but hotels and telegraphs both show a heavy decline.
control of the management.
There was also a decrease in revenue from investments,owing
It will be noted also that working expenses have been in large part to the fact that no dividend was declared by
steadily reduced, the total reduction for the period being the Consolidated Mining and Smelting Company, Limited,
$85,181,602.37, or 45.07%, but it will be appreciated that during the year. InterN3t on deposits declined, owing to
the necessity of maintaining the property and of providing reduction of rate and reduction of amount on deposit.
adequate public service set a limit beyond which reductions
LAND SALES.
cannot be carried. The greater part of the reduction in
can be ascribed to the
Sales of agricultural lands for the year were 59,581 acres
expenses which every year has shown,
policy of economy and retrenchment instituted by your for $803,663.52, an average of $13.49 per acre. Included
To the Shareholders:
The accounts of the Company for the year ended December 31, 1932, show the following results:—
$123,936,713.77
Gross Earnings
103,846,729.16
Working Expenses (including all taxes)
2262
Financial Chronicle
in these ,areas were 5,910 acres of irrigated land which
brought $42.15 per acre, the remainder averaging $10.33
per acre.
ACCOUNTS.
In view of the unsatisfactory results of controlled lines in
the United States an appropriation of $4,000,000 has been
made from surplus as a reserve to provide for the possible
future writing down of investm3nts in these properties.
A provision of $500,000 from the current year's income
account for steamship replacement, was deemed sufficient
in view of the amount already standing to the credit of the
reserve for that purpose.
The unemployment situation having shown no improvement during the past year, the Company continued to lend
aid to the extent of anticipating repair work. The expense
in connection therewith is being taken into the Company's
income accounts at the time the work would in ordinary
course have been performed.
From time to time in past years, your Company, either
as part consideration for its acquisition of control of certain
separat3ly operated subsidiaries, or for their subsequent
financing, entered into certain guarantees of their securities.
A table showing the extent of your Company's obligations
arising from these transactions is included in the financial
statements of the report. Statements showing surplus
revenue account, land surplus account and changes in
?rty investment are also included.
prop,
DIVIDENDS.
With the greatest regret, your directors must announce
that the general situation, and the result of the year's
operation, preclude the possibility of any further distribution for the year 1932 to either Preference or Ordinary
Stockholders. The excellent wheat crop, the fourth largest
in ten years, gave promise of an important increase in
gross earnings, but the decline in the market which commenced early in October and continued to the end of the
year, interrupted its movement, with the result that such
traffic was only slightly better than in the corresponding
period of 1931. With this decline in the basic industry of the
country disappeared also the hope which had been entertained of an increase of general traffic. Your directors can
only continue to exhort patience until the turn of the tide.
CAPITAL EXPENDITURES.
In anticipation of your confirmation, your directors authorized capital appropriations, in addition to those approved
at the last Annual Meeting, aggregating for the year 1932,
$426,730, and ask your approval of expenditures on capital
account during the present year of $1,609,787, of which
amount $1,310,500 represents the cost of materials already
purchased and in stock. The following are the particulars
of the principal items:—
Replacement and enlargement of structures in
permanent form
$137,667
Extensions to existing buildings
5,720
Ties, tie plates, rail anchors, ballasting, ditching
and miscellaneous roadway betterments
1,343,005
Replacement of rail in main and branch line tracks
with heavier section
2,787
Additional terminal and side track accommodation 16,368
Improving coaling and watering facilities
2,500
Installation of automatic signals
4,400
British Columbia Coast Steamships
1,000
Additions and betterments to equipment
77,266
The remainder is required for miscellaneous works to
improve facilities and effect economies over the whole
system.
ISSUE OF SECURITIES.
There were issued and sold during the year $12,500,000
Convertible Ten Year 6% Collateral Trust Bonds, secured
by pledge of Four Per Cent. Consolidated Debenture Stock
of the par value of $17,000,000, the holders being given the
right at any time during the period ending September 15,
1937, to convert their bonds into shares of the Ordinary
Capital Stock of the Company in the ratio of four shares to
One Hundred Dollars principal amount of the bonds.
Owing to financial market conditions no Preference Stock
or Consolidated Debenture Stock was sold during the year,
your directors deeming it advisable that the Company's
April 1 1933
requirements should be met by short term loans. Theseloans amount to $30,000,000, secured by pledge of $40,000,000, Consolidated Debenture Stock, and $5,000,000
bonds of Lucerne-in-Quebec Community Association.
For the purpose of meeting maturing obligations and
providing for capital and other requirements of the Company, your directors recommend that your authority be
given to the issue of Consolidated Debenture Stock, to be
disposed of by way of sale or by pledge as security for loans,
as market conditions and circumstances may warrant.
MINNEAPOLIS, ST. PAUL & SAULT STE. MARIE
RAILWAY.
Business conditions throughout the territory in which
your subsidiary the Minneapolis, St. Paul and Sault Ste.
Marie Railway Company operates were at a similar lov,
ebb as in Canada. Its gross earnings were only $12,596,141,
the lowest since 1908, although more than eight hundred
additional miles of railway were in operation. To meet thedeficit the Minneapolis, St. Paul and Sault Ste. MarieRailway Company borrowed $6,117,361 from the Reconstruction Finance Corporation and the Railway Credit
Corporation of the United States, your Company guaranteeing the payment of the loans to the extent of $2,000,000.
For some years the Wisconsin Central has not been earning its fixed charges, and recently has failed to earn even
operating expenses. As owner of practically all of its capital
stock and a large amount of its bonds, and guarantor of
some of its obligations, the Minneapolis St. Paul and
Sault Ste. Marie Railway Company met these deficits in
order to keep the line in operation. Toward the end of theyear, being unable to make further advances, the Minneapolis, St. Paul and Sault Ste. Marie Railway Company
suffered the line to go into receivership. It is, however,
continuing to operate the railway for the receiver.
AGREEMENTS.
Your confirmation and approval will be asked of the
following agreements made by your directors during the
past year:
1. Agreement dated November 15, 1932, between yot V
Company of the one part and The Canadian Northern Railway Company and Canadian National Railway Company of
the other part, whereby The Canadian Northern Railway
Company and Canadian National Railway Company are
given the joint use and enjoyment of the portions of your
line between Youngstown and Coronation, the Coronation
Terminals and between Coronation and Alliance, all in, the
Province of Alberta, on the basis of paying one-half the
interest charge on capital account and a wheelage proportion,.
with a minimum of. 20%, of maintenance and operation
expenses.
2. Agreement dated November 15, 1932, between The
Northern Railway Company and Canadian
National Railway Company of the one part and your Company of the other part, whereby your Company acquired"
the right to use a portion of the main lino and the passenger
station and freight shed of the Canadian National at Youngs...
town, Alberta, on the basis of paying one-half the interest
charge on capital account and a wheelago proportion, witha minimum of 20%, of the maintenance and operation
,
expenses.
3. Agreement dated November 15, 1932, between Thee
Canadian Northern Railway Company and Canadian
National Railway Company of the one part and your Company of the other part, whereby your Company acquired'
the right to use the line of the Canadian National from North
Battleford through Hamlin to Glenbush and from Glenbush
to Medstead, all in the Province of Saskatchewan, on the
basis of paying one-half the interest charge on capital
account and a wheelage proportion, with a minimum of
20%, of the maintenance and operation expenses.
ROYAL COMMISSION ON TRANSPORTATION.
The Royal Commission on Transportation, to the appointment of which reference was made last year, concluded its
work in September. Its Report, which has been widely
published, contains the results of an exhaustive study of all
phases of the subject. Of necessity, owing to their place in
the transportation field, the Report deals mainly with the
development and operation of the Government Railways
2263
Financial Chronicle
Volume 136
CANADIAN PACIFIC RAILWAY COMPANY.
GENERAL BALANCE SHEET, DECEMBER 31, 1932.
ASSETS.
Property Investment:
Railway, Rolling Stock Equipment, Lake and River Steamers and Hotels
Ocean and Coastal Steamships
Acquired Securities (Cost) _
Advances to Controlled Properties and Other Inv istments
Investments and Available Resources:
Deferred Payments on Lands and Townsites
Provincial and Municipal Securities
Miscellaneous Investments,(Page 20 Pamphlet Report), Cost
Assets in Lands and Properties
$871,789,071.34
116,408,253.10
178,868,015.71
$1,167,065,340.15
14,510,776.25
$50,870,516.27
792,721.29
33,303,263.64
55,795,581.95
Insurance Premiums Paid in Advance
Working Assets:
$20,195,758.95
Material and Supplies on Hand
3,986,902.23
Agents' and Conductors' Balances
584,308.67
Net Traffic Balances
Imperial, Dominion and United States Governments, Accounts duo for Transpor859,200.64
tation, &c
10,301,288.14
Miscellaneous Accounts Receivable
1,710,194.85
Special Deposits
15,173,490.69
Cash in Hand.
140,762,083.15
216,669.01
52,811,144.17
$1,375,366,012.73
LIABILITIES.
Capital Stock:
Ordinary Stock
Four Per Cent. Preference Stock
Four Per Cont. Consolidated Debenture Stock
Less: Collateral as below*
$335,000,000.00
137,256,921.12
$472,256,921.12
$455,911,548.74
164,500,000.00
Ten Year 5% Collateral Trust Gold Bonds (1934)*
Twenty Year 43/2% Collateral Trust Gold Bonds (1946)*
Twenty-Five Year 5% Collateral Trust Gold Bonds (1954)*
Thirty Year 43/2% Collateral Trust Gold Bonds (1960)*
Convertible Ten Year 6% Collateral Trust Bonds (1942)*
Twenty Year 43/2% Sinking Fund Secured Note Certificates (1944)
Less: Purchased by Trustee and cancelled Less: Amount held by Trustee--------------------------------------
291,411,548.74
12,000,000.00
20,000,000.00
30,000,000.00
25,000,000.00
12,500,000.00
$30,000,000.00
8,464,200.00
21,535,800.00
12,242.10
21,523,557.90
Mortgage Bonds:
• Algoma Branch 1st Mortgage 5 per cent
Lacombe & Blindman Valley Railway 1st Mortgage 5 per cent
Short Term Notes*
---------------------------------------------------------------------------Equipment Obligations.
$47,850,000.00
Less: Securities on hand with Trustee
6,000,000.00
Current:
Audited Vouchers
----------------------------------------------------------Pay Rolls
-----------------------------------------------------------------Miscellaneous Accounts Payable
3,650,000.00
273,700.00
30,000,000.00
41,850,000.00
4,722,604.20
2,481,233.04
5,717,741.68
Accrued Fixed Charges----------------------________________________________________________
Deferred:
Dominion Government Unemployment Relief
Reserves:
For Equipment Replacement
9,419,677.75
For Steamship Replacement
27,780,437.10
For Contingencies (net)
2,785,433.21
-----------------------------------------------------For Investments
4,000,000.00
For Exchange on Working Assets and Current Liabilities
727,790.81
12,921,578.92
1,389,678.33
1,447,222.71
44,713,338.87
Premium on Capital Stock Sold (Less Discount on Bonds and Notes)
66,390,903.49
Land Surplus--------------------------------------------------------------------------------- 120,967,867.17
Surplus Revenue
167,069,695.48
-----------------------------------------------------------------------------$1,375,366,012.73
L. B. UNWIN, Comptroller.
Note.—The Balance Sheet is expressed in Canadian Currency—Currencies other than Canadian having been converted
at the par of exchange.
AUDITORS' CERTIFICATE.
We have examined the Books and Records of the Canadian Pacific Railway Company for the year ending December 31
1932, and having compared the above Balance Sheet therewith, we certify that, in our opinion it is properly drawn up so
as to show the true financial position of the Company at that date, and that the statements of Income and Surplus Revenue
correctly set forth the result of the year's operations.
PRICE, WATERHOUSE & CO.,
Montreal, March 10, 1933.
Chartered Accountants,(England).
2264
Financial Chronicle
and those of your Company since 1922, when the various
government lines were consolidated. In its conclusions, the
Commission pronounced in favour of the continuance of
competition between the two undertakings, mitigated as to
some of its effects, by co-operative effort. It was recommended that a statutory duty should be imposed upon
them to "adopt as soon as practicable such co-operative
measures, plans and arrangements as shall, consistent with
the proper handling of traffic, be best adapted to the
removal of unnecessary or wasteful services or practices,
to the avoidance of unwarranted duplication in services or
facilities, and to the joint use and operation of all such
properties as may conveniently and without undue detriment to either party, be so used."
To enforce this duty, the Commission recommended that
Arbitral Tribunals be set up for each occasion, composed of
the Chief Commissioner of the Board of Railway Commissioners and of one representative of each of the two
Railways, with the addition, if requested by either party
in matters of major importance, of two additional members
nominated by the Exchequer Court of Canada; the decision
of a Tribunal to be final and binding, except on questions
involving jurisdiction. Among the subjects over which the
Arbitral Tribunals are to have jurisdiction are the following:
(a) Joint use of terminals.
(b) Running rights and joint use of tracks where there
are actual or functional duplications, or where such
may be avoided.
(c) Control and prohibition in respect of the construction
of new lines and provision of facilities and additional
services where no essential need of the public is
involved.
(d) The joint use of faeilities where this would promote
economy or permit the elimination of duplicating or
unremunerative services or faciliths.
(e) Abandonment of lines, services or facilities.
(f) Pooling of any part or parts of fnight traffic or of
passenger traffic.
Things necessarily incidental to the above enumerated
(g)
matters.
It having been announced in the Speech from the Throne
at the opening of the parliamentary session in October, that
a Bill would be introduced by the Government to give effect
United States Bond & Mortgage Corp.-No Connection
with Straus-Deposit of Bonds Urged.
The bondholders protective committee for the 61i% guaranteed collat,
eral trust of 1928 and 1929 announces that the committee has absolutely
no connection with S. W. Straus & Co., nor with any other committee,
whether or not organized by S. W. Straus & Co. or sponsored by it nor with
the United States Bond & Mortgage Corp. or any of its affiliates. The
committee further states:
In order fully to accomplish its purpose it is imperative that this committee secure the fullest possible representation of the above bonds, and
It is of the highest importance to you to make prompt deposit of your
bonds to obtain the protection afforded by this committee.
It has come to the attention of this committee that bonds have recently
been offered as low as $65 per $1,000 bond. The committee does not hesitate to advise you not to sell your bonds for any such nominal price, but
rather to deposit them with this committee.
We are confident that as a result of our efforts directed for the sole protection of the holders of the above described bonds bondholders who deposit
their bonds with this committee will obtain a much more satisfactory
amount for their bonds than any amount for which they can now be sold
In the market.
If you have been solicited to deposit your bonds with a committee recommended by S. W. Straus & Co., we strongly urge upon you that you pay
due consideration to the fact that our committee is a committee not organized or sponsored by any outside interest and devoting itself exclusively
to the protection of the above described issues.
-V. 136. p. 2087.
Universal Insurance Co., Newark, N. J.-Balance
Sheet Dec. 31 1932.Asse13Stocks and bonds
$3,347,128
Cash
160,069
Agents balance not over 90
days
20,495
Interest due and accrued
22,296
Amounts recoverable on paid
losses
20.974
75,190
All other assets
Total
-V.133, p. 4342.
53.646,152
Liabilities
Reserve for known and unknown losses
$341,304
Res. for unearned prem. on
unterminated risks
404,124
Due for borrowed money__ 847,249
Taxes unpaid
30.000
Other accounts payable
82,567
Contingency reserve
480.000
Capital
1,000,000
460,908
Surplus
Total
$3,646,152
Vorsec Company.
-Stock Off List.
The Chicago Stock Exchange on March 21 approved the removal from
the list of the no par participating preference stock because of the discontinuance of Chicago transfer agent and registrar.
-V. 136. p. 1570.
Warner Co. -To Omit Interest. -
•
The company has notified holders of the 1st mtge.,6% sinking fund bonds
that the directors have deemed it inadvisable at this time to pay the interest
due Apr. 1 1933, on the bonds," and tnat a plan for readjustment of the
capitalization of the company is being formulated, which it is expected, will
be submitted to security holders in tne near future.
Sales for 1932 amounted to $3.821,285,compared with $9,021,101 in 1931.
"Despite drastic reductions in operating expenses during the past two
years, including an average 45% cut in salaries and wages, in addition to
extensive lay-offs, the year 1932 resulted in a shrinkage in working capital
-V.134, p. 4000.
of approximately $400,000," the company said.
April 1 1933
to the recommendations of the Royal Commission, your
directors took early occasion to present to the Government
and to Parliament their views upon the subject. Accompanying this report will be found a transcript of a statement
which, by direction of your directors, was made to the
Standing Committee on Railways, Telegraphs and Harbours
of the Senate of Canada on November 17th, in which these
views are set forth at length.
It will be noted that it is the feature of compulsory
arbitration of differences upon co-operative measures to
which your directors took exception, since such measures
necessarily involve questions of control and administration
of the Company's undertaking. With the principle of
co-operation on a voluntary basis your directors are in
hearty accord,and,to give it the fullest effect, your directors
and officers have been in steady conference with the directors
and officers of the Government Railways to devise and agree
upon measures which will be productive of mutual economies.
STOCK HOLDINGS.
The holdings of the Ordinary and Preference Stocks of
the Company in December, 1932, were distributed as
follows:
ORDINARY
PREFERENCE Percentage of
PercentPercent- Ordinary and
No. of age of
No. of age of Preference
Stock
holders
holders Stock
combined
Canada
United Kingdom
and other British
United States
Other Countries__ -
35,101 19.50
87
.49
13.88
21,585 46.29 27,176
16,492 28.03
31
4,722 6.18
188
97.81
.57
1.13
61.53
19.90
4.69
77,900
27,482
RETIRING DIRECTORS.
The undermentioned directors will retire from office at
the approaching Annual Meeting. They are eligible for
re-election:
Mr. E. W. Beatty
Mr. W. A. Black
Hon. F. L. Beique, K.C.
Rt. Hon. Lord Shaughnessy, K.C.
For the Directors,
E. W. BEATTY, President.
Montreal, March 13, 1933.
-Receiver to Continue Operation.
(The) Washington Post.
The following is taken from the Washington "Post" of March 26:
Operation of the Washington "Post" was taken over March 25 by
Benjamin S. Minor, prominent attorney with offices in the Colorado Building, following his appointment as receiver by Justice Joseph W. Cox in
District Supreme Court.
Mr. Minor. in assuming the management of the "Post," immediately
issued the following statement:
"Under the decree of the Court, appointing me receiver, I am authorized
and directed to continue the operation of the business, including publication of the Washington 'Post,' daily and Sunday."
Appointment of a receiver was decided upon after counsel for Mrs.
Evalyn Walsh McLean had informed the Court that she had been unsuccessful in efforts to avert a receivership. This had been asked previously
by J. Harry Covington,representing the International Paper Co.,a creditor.
It was suggested to.the Court that Arthur D. Marks, business manager
of the "Post," be named co-receiver. Counsel for all parties concerned
expressed the highest regard for Mr. Marks, but the Court held that the business manager could do more to aid the receiver in his present
position
than as co-receiver. J, S. Flannery, representing the American Security
& Trust Co., co-trustee of the McLean estate, expressed the hope that Mr.
Marks and Ira E. Bennett, editorial director of the paper, be retained in
their present positiens to assist the receiver.
Weber 8c Heilbroner, Inc.
-New President.
-
M. M. Michaels has been elected President.
-V. 131, P. 959.
Wichita (Kan.) Union Stock Yards Co.
--Omits
Div.
The directors have voted to omit the quarterly dividend ordinarily payable about April 1 on the common stock, par $100. Quarterly
distributions
of 1% were previously made on this issue.
-V. 124, p. 661.
Willys Overland Co.
-Protective Group Named.
-
A protective committee to act for holders of 1st mtge.6%% bonds duo
on
Sept. 1 1933, has been formed. It is explained that none of the members
was in any way connected with the underwriting or original distribution
of
the bonds.
The issue is now in default on payment of interest and sinking
The committee has asked holders to deposit their bonds with the City fund.
Bank
Farmers Trust Co., New York.
The committee
of G. Munro Hubbard, Chairman, care of
J. G. White & Co.. Inc., 37 Wall St.. New York; George N.
Wall St., New York' Don M. Kelley, care of 0. M-P. Murphy & Co. 44
Lindsay, 52
Broadway. New York; Delafield, Thorne, Burleigh & Marsh, 20 Exchaioge
Place, counsel. New 'York; Clifford B. Reeves, Secretary, 43 Exchange
Place, New York.
The New York Stock Exchangb on March 31 struck from its list
common stock, $5 par value, and 7' cum. (non-conv.) pref. stock, the
0
$100
par value, because of the company's failure to maintain transfer offices
in
this city.
-V. 136. p. 2087.
Worthington Ball Co.
-Defers Class A Pref. Div.
-
The directors have voted to defer the quarterly dividend due April
15
on the $2 cum.class A preference stock, par $25. The last quarterly
regular
payment of 50 cents per share was made on this issue on Jan. 14
1933.
-V. 128, p. 4339.
Yosemite Holding Corp.
-No Dividend Action.
The directors have taken no action on the quarterly dividend due
April 1
on the $3.50 cum. pref. stock, no par value. The last regular quarterlypayment of 87% cents per share was made on this issue on Jan. 3
1933.V. 136, P. 173.
Financial Chronicle
Volume 136
2265
THE WESTERN UNION TELEGRAPHICOMPANY
INCORPORATED
SEVENTY-SEVENTH ANNUAL REPORT FOR THEIFISCAL YEAR 1932.
To the Stockholders:
The fact that the Western Union Telegraph serves practically every industry, and thus is an indicator of general
business, is reflected by the sharp decline of $25,723,000, or
23.7%, in operating revenues for 1932, compared with those
of 1931. However, total operating expenses, compared with
the previous year, were less by $19,035,000, or 20.6%. The
economy program initiated three years ago, when the effects
of declining business became apparent, was continued: wages
were substantially reduced, many telegraph office leases
were rewritten at lower rentals, and wherever it could be
done advantageously and without inconvenience to the public, adjacent branch offices were consolidated; since 1929
annual operating revenues have decreased $62,653,000, or
43%,and operating expenses $46,743,000, or 38.9%.
The policy of spreading available work among the largest
number of employees was continued, so far as practicable.
In January, 1932, the five-day week was established for
supervisory officers and their staffs. After conference with
the employees' representatives, wages were further reduced
10% on August 1, 1932, and other changes in working conditions were inaugurated. Vacations with pay were gcnerally abolished for 1933. The co-operation of the employes in
bringing about these reductions is beyond praise.
The capacity of the plant being ample, new construction
was curtailed.
On December 31, 1932, the Western Union system comprised 218,635 miles of pole lines, 3,894 miles of landline
cables, 1,861,485 miles of wire, 30,782 nautical miles of
ocean cables, and 21,950 telegraph offices.
Reserves for Depreciation and Development aggregated
about $41,500,000 at the close of the year.
At the close of 1932 there were 36,781 stockholders; of
this number 35,497 held one hundred shares or less, and of
these 30,402 held twenty-five shares or less. During the
year the total number of stockholders increased 1,427.
Speed of the New York-Bay Roberts-Penzance permalloy
cable has been increased by the Company's engineers from
1600 to 2400 letters per minute, providing eight channels of
300 letters each. The cable has been working satisfactorily
at this speed since September in direct operation between
New York and London. One channel has been extended
from New York to Montreal, thus providing direct working
between Montreal and London, and one channel has been
extended from London to Amsterdam for direct working
between Amsterdam and New York. Plans are under way
to assign channels for direct operation to other important
points. This direct point-to-point working eliminates manual intermediate handling and further improves the service.
Notwithstanding the decrease in operating expenses
brought about by economy measures, a high standard of
telegraph service has been maintained. The plant has been
kept in good working condition and the facilities are estimated to have a capacity for an annual business of approximately two and one-half times the volume of 1932. Even a
slight turn for the better in the general business of the
country should be favorably reflected in the Company's
revenues,
[SURPLUS ACCOUNT.
Surplus at December 31. 1931
593.333.051.46
Deduct:
Deficit for the year ended Dec.31,1932--- $842,595.43
Transfer to Surplus, by permission of InterState Commerce Commission, of unextinguished extraordinary expenditures incurred by the Company incident to revaluation by the Commission of the Company's landline property
2,105,402.30
Adjustments of Surplus (Net)
308,878.67
Dividend declared and paid
1.045,026.00
4,301.902.40
Surplus at December 31,1932,as per Balance Sheet
THE WESTERN UNION TELEGRAPH COMPANY
BALANCE SHEET DECEMBER 31, 1932
ASSETS.
Dec. 31 1932.
Property Account:
Plant, Equipment and Real Estate. Including properties
controlled by stock ownership or held under perpetual
$333,710,749.87
leases and merged in the Western Union System
Amount recoverable on the expiration of long-term lease
in respect of obligations assumed thereunder
1,180.000.00
$334.890.749.87
Other Securities Owned:
Stocks of Telegraph. Cable and Other Allied Companies
operated under term leases (not including securities
$5,236,781.60
held as Lessee)
7.375.209.80
Securities of Telegraph. Cable and Other Companies_ _ _ _
S12.611.991.40
INCOME ACCOUNT.
Gross Operating Revenues
:83.013,712.00
Deduct:
Operating Expenses, including Repairs. Reserved for Depreciation, Rent for Lease of Plants. Taxes,etc
80,068,437.54
Add:
Income from Dividends and Interest
82,945,274.46
1,568.250.99
$4,513,525.45
Deduct:
Interest on Bonds of The Western Union Telegraph Company
Deficit charged to Surplus Account
5,356.120.88
$842,595.43
Note.—Amount appropriated for depreciation and included in operating
expenses for 1932 was *4.221,00052.
39,265.085.70
Inventories of Material and Supplies
Current Assets:
Accounts Receivable, including Managers' and Superintendents' balances, etc. (less Reserve) for Doubtful
$9,677,934.22
Accounts)
254,793.53
Marketable Securities
4,677.788.90
Treasurer's balances
S14.610,516.65
Sinking and Insurance Funds (Cash and Securities)__
$241,895.29
32,274.790.94
Deferred Charges to Operations
$373,895,029.85
Total
LIABILITIES.
Dec. 31 1932.
Capital Stock:
Authorized
$105.000,000.00
S104.559,200.00
•
31.•,,,0.84
3104,527,969.16
Capital Stock of Subsidiary Companies
not owned by The Western Union Teleby
graPICpomies controledpany (par value):
o
perpetual
81,333,900.00
leases
Companies controlled by stock owner427.850.00
ship
1.761,730.00
Funded Debt:
Bonds of The Western Union Telegraph
Company:
Funding and Real Estate Mortgage
$20,000,000.00
4ji% Gold Bonds,1950
8.745.000.00
Collateral 5% Trust Bonds, 1938
Fifteen-Year 6 % Gold Bonds, 1936_ 15,000,000.00
Twenty-five Year 5% Gold Bonds.
25,000.000.00
1951
Thirty-Year 5% Gold Bonds,1960---.. 35,000,000.00
Issued
Less—Held in Treasury
Total
Bonds of Subsidiary Companies
‘—tess - . Treasury
—=71731d in
Total
Real Estate Mortgages
S103.745.000.00
56,500,000.00
3,143,000.00
53.357.000.00
$803,000.00
107,905.000.00
Total Capital Liabilities
THE WESTERN UNION TELEGRAPH COMPANY
INCOME AND SURPLUS ACCOUNTS FOR THE YEAR
ENDED DECEMBER 31, 1932
S89.031.149.06
$214,194.719.16
Current Liabilities:
Notes Payable
$1,500.000.00
Audited Vouchers and Miscellaneous Accounts Payable
6,650.008.87
Accrued Taxes (Estimated)
3,261.093.32
Interest and Guaranteed Dividends accrued on Bonds
and Stocks
1,288,951.41
Unpaid Dividends
22,297.21
$12,722,350.81
Deferred Non-Interest Bearing Liabilities, in respect of
proceeds of sales of securities and other property, held
under leases for terms expiring in 1981 and 2010, from
companies in which The Western Union Telegraph Company has,for the most part,a controlling interest, payable
on the terminations of the leases
$13,017.097.46
Reserves for:
Depreciation and Development—Land Lines and Cables_ :41.540.159.25
Employes' Benefit Fund
1,313.453.50
Other Purposes
2,076,100.61
:44 929,713.36
Surplus( s per Annexed Account)
la
Total
$89.031.149.06
3373.895.029.85
Financial Chronicle
2266
April 1 1933 ‘;
NORFOLK AND WESTERN RAILWAY COMPANY.
THIRTY-SEVENTH ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31 1932.
Roanoke, Va., March 28th, 1933.
To the Stockholders of the
Norfolk and Western Railway Company:
Your Board of Directors submits the following report for
the year which ended December 31st, 1932.
MILES OF ROAD AND TRACK IN OPERATION.
*Main Line
z Branches
Operated as second track
Other branches
1932
Miles
1.531.18
68.24
593.10
--- 661.34
Total miles
Lines operated under lease
JLInes oper. under trackage rights-
2,192.52
•
26.98
13.95
1931
Miles
1.531.10
68.23
627.89
Inc.(+)
or Dec.
(-)
miles
+ .08
696.12 -34.78
2,227.22 -34.70
26.88 + .10
13.95
2,233.45
618.14
13.18
1,735.81
2.268.05 -34.60
616.76 + 1.38
13.18
1.736.99
1.18
Totat miles of all tracks in oper _
4,600.58
4.634.98 -34.40
Average miles of road operated_ _
Average miles of track operated__
2.262.52
4,631.78
2.259.46
4.614.20
Total miles of road in operation__
Second track
Third track
Sidings and yard tracks
+ 3.06
+17.58
The decrease in miles of road in operation was as follows:
-Dora-Portion retired
.01
East leg of Wye
.02
Main Line Hagerstown to Roanoke-Portion retired
Flipping Creek Branch-Portion retired
.08
Potts Valley Branch-Portion retired
33.57
.54
North Fork Elkhorn Branch-Portion retired
Main Line Bluefield to Williamson-Portion retired
.04
Beaver Dam Branch (Abingdon Branch)
-Retired from operation 1.19
-35.45
Less
Chestnut Creek Branch-Extended
0. & 0. Connection-Waynesboro-Extended
Wye-Jacobs Fork Branch-Constructed
Tug River & K.Railroad-Poplar Creek Branch-Leased
Increase to agree with actual measurements
.39
.01
.16
.10
.19
.85
Net Decrease
34.80
- ain Line via Twelve Pole Line, Naugatuck to Kenova. 83.36 miles
R
operated as Branch.
z Big Sandy Low Grade Line operated as Main Line, First and Second
Track.
CAPITAL STOCK.
The capital stock authorized consists of $23,000,000 of
Adjustment Preferred stock and $250,000,000 of Common
stock, a total of $273,000,000, of which there were outstanding:
230.000 shares of Adjustment Preferred stock
1,406.507 shares of Common stock
$23.000.000
140,650,700
including 77 shares ($7,700) of Adjustment Preferred stock
and 24 shares ($2,400) of Common stock in the treasury
of the Company at the close of the year.
FUNDED DEBT.
The aggregate Funded Debt actually outstanding was as
follows:
Decrease.
Dec. 31 1932. Dec. 31 1931.
$85.131,500.00 $87.806,500.00 $2,675.000.00
Mortgage Bonds
Convertible Bonds (conver439,000.00
115,000.00
324,000.00
sion privilege expired)---7,070,000.00 3,270,000.00
Equipment Trust Obligations 3,800,000.00
City of Norfolk. Va., obligations (See note, page 5,
6,086.031.92
6,086.031.92
pamphlet report)
$95,132,531.92 5101.401.531.92 $6,269,000.00
Totals
MAINTENANCE EXPENDITURES.
The charges to Maintenance of Way and Structures Accounts were as follows:
1932.
$6.495.838.45
2,871.08
1.402.45
Total Expenses
Average per mile of road operated
Average per mile of track operated
The char
es to
1931.
$9.715,056.25
4.299.72
2.105.47
Decrease.
$3,219,217.80
1,428.66
703.02
Per
Cent.
33.14
33.23
33.39
Maintenance of Equipment Accounts were as follows:
1932.
Total Maintenance of Equipment Expenses
In which are included:
Steam Locomotives: Repairs, retirements and depreciation
Average per locomotive
Average per 1000 locomotive miles
Electric Locomotives (Double-units): Repairs, retirements and depreciation
Average per locomotive
Average per 1000 locomotive miles
Freight Train Cars: Repairs, retirements and depreciation
Average per freight car
Average per 1000 tons one mile
Passenger Train Cars: Repairs, retirements and depreciation
Average per passenger car
Average per 1000 passengers one mile
1931.
Increase(+) or
Decrease (-).
$11,136,166.09
$15.368.789.62
-$4,232,623.53
27.5
5,039,563.55
6.649.29
386.61
195.254.17
12.203.39
573.05
3,897.4529.27
79.74
.45
534,944.08
1.210.50
8.97
lelK Rgit ota
6,864.193.42
9.001.28
429.35
248,895.52
15.555.97
621.34
5,518,364.55
112.34
.51
733.591.29
1,647.59
8.93
99.41.RRR 44
-.1,824.629.87
-2.351.99
-42.74
-53.841.35
-3.352.58
-48.29
-1,820.835.28
-32.60
-.08
-198.647.23
-437.09
+04
-R4 ndo AA
26.6
26.1
10.0
21.6
21.6
7.8
29.4
29.0
11.8
27.1
26.5
Per
Cent.
Va .
•
There were in the shops undergoing and awaiting classified repairs at the close of the year 78 locomotives (16 of which
needed only light repairs), or 10.1 per cent., 11 passenger cars, or 2.5 per cent., and 1,295 freight and work equipment
ears, or 2.6 per cent.
TRAFFIC AND OPERATING REVENUE
COMPARISONS.
Comparison of traffic and operating revenue figures with
those of the preceding year shows the following changes:
Number of passengers
775.855
Average haul of passengers_76.85 miles
Rev,from pass. fares_ _41.673.662.89
Aver.rate per pass.per mite 2.807 cents
Revenue freight card_30,447.425 tons
Average haul offreight.. __282.25 miles
Revenue from freight
transportation
$58,851,539.88
Average rate per ton per mile .68o cents
Aver, tons of revenue freight
per train mile
1,364.69
Shipments of coal_ --24,896.394 tons
Shipments of coke
208,021 tons
Shipments of ore
99,429 tons
Shipments of pig and
bloom iron
11,152 tons
Shipments of lumber- - -A21,503 tons
decreased
417.093
increased
7.96 miles
$964,553.03
decreased
decreased
.403 cents
decreased 8.853,860 tons
increased
4.42 miles
34.96%
11.55%
36.56%
12.55%
22.13%
1.59%
decreased $15,442,381.71 20.79%
.001 cents
increased
.15%
37.09 tons 2.65%
decreased
decreased 8,213,111 tons 19.97%
84.384 tons 29.05%
decreased
decreased 150,519 tons 60.22%
decreased
decreased
31.515 tons 73.86%
291,108 tons 40.85%
EMERGENCY FREIGHT RATE SURCHARGES.
Your Company joined with other carriers throughout the
country in an application to the Inter-State Commerce
Commission for an increase of 15 per cent. in freight rates,
as an emergency measure. The application was presented
in June, 1931, and after hearings the Commission denied
the application in October, 1931, but authorized modified
increases in specified commodities, including coal, the principal commodity carried on your Company's line, effective
January 4th, 1932, and continuing to March 31st, 1933,
to help financially weak carriers not already in default meet
their fixed charges. The proceeds from the increases in
rates authorized were to be segregated from other income of
the carriers and pooled for the benefit of these carriers.
The carriers proposed and organized The Railroad Credit
Corporation, which was subsequently incorporated, to collect, receive and administer funds resulting from the increases in rates. The Railroad Credit Corporation is now
actively collecting and administering the distribution of
funds received by it, and loans are made bearing interest
at the current rediscount rates prevailing at the Federal
Reserve Bank in the New York District. The Commission
on March 7th, 1933, authorized a continuance to September
30th, 1933, of the above-mentioned emergency freight rate
surcharges.
REDUCTION IN WAGES.
In January, 1932, representatives of all organized forces
employed by the carriers met with a committee of railway
executives in Chicago, I'l., to discuss the matter of a reduction in wages which was deemed necessary by the managements because of the general conditions then prevailing.
As a result of this meeting it was agreed that wages of all
organized railway forces should be reduced 10 per cent, for
one year, effective February 1st, 1932, and a similar reduction was made also in salaries and wages of all officers and
employees of your Company, effective February 1st, 1932.
A second conference was held between the representatives of the organized railroad employees and the managements at the end of the year, when the 10 per cent, reduction in wages was continued to October 31st, 1933, with the
option to either party to reopen the matter of wage rates
June 15th, 1933.
TAXES.
Accruals for taxes in the year amounted to $7,200,000,
a decrease of $950,000 under the previous year. This
amount was made up of United States Government taxes,
$2,035,000, and State, County and Municipal taxes, $5,165,000. United States Government taxes decreased, compared
with previous year, notwithstanding an increase in the rate
of levy of 13 per cent., due to reduction in earnings. State,
4
County and Municipal taxes decreased due to lower levies
or assessments.
ADDITIONS AND BETTERMENTS.
WAY AND STRUCTURES.
73.41 miles of track were laid with 130-lb. rail making a
:
total of 1,817.31 miles of track nowaaid with this weight ofrail.
Volume 136
Financial Chronicle
2267
Three of the four new coal mines were placed in operation
' 112,233 cubic yards of stone and 16,396 cubic yards of
prepared slag were used in standard ballasting on the mainline. during the year. At the close of the year there were 134
At Lambert Point, Va., additional fire protection was companies organized for producing coal and coke on your
provided at Piers "L," "0" and "S," and Warehouses Company's lines, with a total of 192 separate mines, of
"D"and "E." Improvements in coal chutes on Coal Pier 3, which 151 were in actual operation.
to minimize coal breakage and accelerate flow of coal into
FEDERAL VALUATION FOR RECAPTURE.
vessels, and changes in rail system on Coal Piers 2and 3,to
The Inter-State Commerce Commission on February 13th,
permit handling of road cars on both piers, were completed.
1931, issued a Recapture Report against your Company,
A 100-ft. turntable was installed at Payne, Va.
An auto truck scale of 15-tons capacity was installed at based upon the Commission's valuation of your Company's
property, ascertaining recapturable Net Railway Operating
Rural Retreat, Va.
Telegraph and telephone iron wires between Norfolk and Income aggregating $31,698,689.00 for the three years
Petersburg, Lynchburg and Roanoke and Phoebe and For- 1924, 1925 and 1926, one-half of which, $15,849,344.51,
est, Va., on the Norfolk Division, were replaced with copper was ordered to be paid to the Commission.
Your Company takes the position that no recapture is
wires.
The signal pole line between Poe and Jack, Va., on the due for the years in question, and protest as to valuation
and subseauent recapture fixed by the Commission has been
Petersburg Belt Line, was reconstructed.
The renewal and strengthening of bridges on North Caro- filed. Hearings commenced on February 15th, 1932, and
lina Branch to permit use of heavier equipment was com- your Company had, as of the end of the year, advanced far
with the presentation of its side of the case.
pleted and these bridges put in service in April, 1932.
The Commission has made no report as to recapture for
At Vera and Dorney, Ohio, and Glen Lyn, Va., bridges
were strengthened by reconstruction of piers and abutments. any years since 1926, but on the theory of the CommisOn North Fork Branch 15 timber bridges were strengthened sion's present order your Company's operations in certain
by adding an additional stringer. At Batavia, Ohio,a of the subsequent years would show additional recapturable
steel bridge was retired by change in channel of Four Mile income which your Company will protest also as based on
Creek. At Villamont, Va., a bridge was strengthened by values insufficient in fact and in law.
'The cost of valuation work for the calendar year 1931 was
placing additional steel beams.
At Mangum Street, Durham, N. C., and at Mile Post 16 $568,482.18 and for 1932 was $459,930.05.
plus 4,381 ft., on the Lynchburg Belt Line, overhead highRELIEF FUND.
way bridges were widened. At Nottoway, Va., an overhead
At the close of the year the Relief Fund had 17,199 memState highway bridge was raised to improve approaches.
At Tenth Street, Roanoke, Va., an overhead bridge was bers, equivalent to 90.99 per cent. of the total number of
employees, a decrease in the year of 2,168 members and a
raised to provide additional clearance.
A reinforced concrete undergrade crossing was constructed decrease of 0.48 per cent. in the ratio of members to employees.
at Refugee Road, Columbus, Ohio.
PENSION RESERVE FUND.
Twelve grade crossings were eliminated during the year,
one by undergrade, eight by road diversions and three by
During the year 1932 there were 134 employees retired
and placed upon the Company's Pension Roll, making the
abandonment of line.
5.11 miles of standard right-of-way fence were constructed. total number upon said roll as of December 31st, 1932, 838,
a net increase of 41. The average pension at the close of
EQUIPMENT.
the year was $712.30 per annum, compared with the averNew equipment received during the year was as follows:
age pension of 16676.92 per annum at the close of 1931.
1 steam freight locomotive (built at Roanoke Shops).
92 hopper cars, 115,000 lbs. capacity, all steel (built at Roanoke Shops).
Appropriations to the Trustees of the Pension Reserve
4 tank cars (built at Roanoke Shops).
Fund are made annually, figured from actuarial tables, to
1 motorcycle.
provide pensions for all employees retired during the year
POTTS VALLEY BRANCH.
•
so long as they may live.
By orders of the Inter-State Commerce Commission of
The Fund's cash transactions during the year were as
July 18th, 1932;and September 30th, 1932, your Company follows:
was authorized to abandon 33.57 miles of its Potts Valley Cash in Fund December 31st, 1931
8177.351.25
738,746.57
Branch, extending from Oehl, Giles County, Va., through Appropriated December, 1932
Interest credited during year
199.684.56
Giles and Craig Counties, Va. and Monroe County, W.Va.,
91.065,762.38
to its terminus in Paint Bank, Craig County, Va., effective Paid Railway Company In reimbursement of
'
October 30th, 1932. Removal of track and bridges is now
pensions paid in 1932
6572,S61.85
in progress and will be completed about May, 1933. That Investments, Including Interest to date of purchase
318,686.18
portion of Potts Valley Branch between Potts Valley Junc- Taxes
25.74
891,253.77
tion, Va., on your Company's main line, and Oehl, Va., a
distance of 4.68 miles, will be continued in operation.
Cashi n Fund December 31st, 1932
$174,508.61
BIG SANDY AND CUMBERLAND RAILROAD
Since the establishment of the Pension Fund in December,
1925, the appropriations by the Company for pensions to
COMPANY.
The railroad, property and franchises of the Big Sandy retired employees have totaled $5,994,860.62 and $2,528,and Cumberland Railroad Company (including the lease of 037.03 has been paid by the Trustees to the Railway Comthe railroad and property of its subsidiary, the Knox Creek pany in reimbursement of pensions paid by it. At the close
Railway Company),which Company's new and reconstructed of the year the Trustees held securities of a face value of
lines were taken over by your Company and placed in opera- $3,743,000.00 (having a book value, including interest to
tion on July 1st, 1931, as the Buchanan Branch and. the date of purchase, of $3,547,115.50), and $174,508.61 in
Levisa Branch, were acquired by your Company by deed cash.
dated October 26th, 1932.
POCAHONTAS COAL AND COKE COMPANY.
The Big Sandy and Cumberland Railroad Company was
The Pocahontas Coal and Coke Company, all of whose
dissolved on December 7th, 1932; and the Company has
withdrawn from doing business in other States through which capital stock, except qualifying shares held by Directors, is
owned by the Norfolk and Western Railway Company, is a
it operated, and its assets have been liquidated.
land-owning 'company and does not itself mine and cannot
sell coal. Of its holdings of approximately 292,000 acres of
GUYANDOT AND TUG RIVER RAILROAD
land in Virginia and West Virginia, about 182,000 acres
COMPANY.
Construction on the Guyandot and Tug River Railroad, are under lease to operating companies. Its principal
from Wharncliffe, W. Va., on your Company's line, to income is from royalties paid by these operating companies
Gilbert, W. Va., a distance of 10.5 miles, authorized by the and from sales of timber.
Earnings for the year 1932 from royalties on total output
Inter-State Commerce Commission on July 23rd, 1928,
which was discontinued on November 1st, 1931, awaiting of coal mined and coke manufactured were $848,109.02
*completion by the Virginian and Western Railway Com- and from other sources $231,540.88, making total earnings
pany (a subsidiary of Virginian Railway Company) of its of $1,079,649.90 compared with $1,220,864.26 in 1931.
line into Gilbert, W. Va., has been resumed. The entire Operatingexpenses were $155,476.41 and taxes $117,656.87,
06,516.62. Sinking fund and
line, with exception of construction of the joint yard with leaving net earnings of
the Virginian and Western Railway Company at Gilbert, interest on funded debt, with other deductions, resulted in
has been completed. The grading for the joint yard will be net income of $135,975.88, an increase of $988.13 compared
completed in April, 1933. The track to be laid by your with the •preceding year. The output of coal from the
Company will be completed and the line will probably be Company's leased property in 1932 was 8,249,855 gross
placed in operation in July, 1933. The cost of construction tons and of coke 1,603 gross tons.
Under the sinking fund provision of the Pocahontas Coal
to December 31st, 1932, was $3,176,539.12. This railroad,
a subsidiary of your Company, is being constructed to pro- Lands Purchase Money First Mortgage, dated December
vide access to markets in the West for coal traffic originating 2nd, 1901,$206,310.49 accrued from royalties on coal mined
during the calendar year 1932. From the beginning of theon the Guyandot line and on the Virginian Railway.
operation of the sinking fund in 1906 to December 31st,
INDUSTRIES.
1932, the accruals from royalties have aggregated $7,715,During the year there were located on your Company's 551.91, and those from sales of lands $363,863.75, a total of
lines 106 new industries, with a capitalization of $4,930,000, $8,079,415.66 applicable to the purchase and retirement of
and.employing 2,741 persons.
mortgage bonds. Through this fund ,765,000 of bonds
There were also 47 additions to established plants, cost- had been purchased and canceled to December 31st, 1932,
ing $6,294,690, and employing 1,109 persons. One plant, and $209,000 subsequent thereto. The outstanding bonds
destroyed by fire, was rebuilt, and one plant re-established, on December 31st, 1932, were $11,235,000, and at the date
with an investment of $260,000 and employing 755 persons.
of this report $11,009,000 out of original issue of $20,000,000.
2268
Financial Chronicle
THE CINCINNATI UNION TERMINAL COMPANY.
-7-Under the mortgage of ThInnatftfnion
Company to the Guaranty Trust Company of New York,
Trustee,$12,000,000 First Mortgage 5 per cent. Gold Bonds,
Series C, maturing May 1st, 1957, were issued and sold in
January, 1933, making the total amount of bonds issued by
the Terminal Company $36,000,000, of which $12,000,000
are 43' per cent. bonds of Series A, $12,000,000 are 5 per
cent. bonds of Series B, and $12,000,000 are 5 per cent.
bonds of Series C. These bonds are guaranteed jointly
and severally by the seven railway companies owning the
passenger station and facilities now under construction at
Cincinnati, Ohio.
OBITUARY.
Isaac T. Mann, a member of your Company's Board of
Directors, died at his home in Washington, D. C., on May
18th, 1932. Mr. Mann was born at Fort Spring, West
Virginia, on July 23rd, 1863, and was educated in the public
schools of Greenbrier County, West Virginia, and privately.
His business career had been closely associated with banking
and the coal industry in the territory traversed by the lines of
your Company, which gave him an intimate and valuable
knowledge of conditions vitally affecting your Company
and its policies. He was exceptionally fitted for the position
of Director upon the Company's Board and as a member of
the Finance Committee, upon both of which he served from
May 25th, 1926, to the date of his death. His advice and
April 1 1933
counsel were always practical and helpful, and he will be
missed from the deliberations of the Company's Board.
Alexander S. Payne, Superintendent of the Norfolk Division of your Company's system, died on March 3rd, 1932.
Mr. Payne had served the Company in various capacities,
beginning as shop clerk in September, 1887, and advancing
to Superintendent of the Norfolk Division on Feb.16th,1923.
CHANGE IN BOARD OF DIRECTORS.
At a meeting of the Board of Directors held February
28th, 1933, the vacancy in the Board occasioned by the
death of Isaac T. Mann was filled by the election of Richard
K. Mellon of Pittsburgh, Pa.
CHANGES IN ORGANIZATION.
John T. Ellett, formerly trainmaster of the Norfolk Division, was appointed Superintendent of the Norfolk Division,
to succeed A.S.Payne, deceased, effective April 1st, 1932.
On February 28th, 1933, pursuant to the Company's
pension regulations, W. H. Wilson, Comptroller, was retired after nearly fifty years offaithful and effective service.
J. C. Cooke, formerly General Auditor, was appointed
Comptroller, and the position of General Auditor was abolished, effective March 1st, 1933.
The Board expresses to the officers and employees its
appreciation of the fidelity and capability with which they
have served the Company throughout the year.
By order of the Board of Directors,
A. C. NEEDLES, President.
INCOME STATEMENT.
1932.
1931.
Increase (-1-) or
Decrease (-).
Per
Cent.
Operating Income:
Operating Revenues:
-Freight
$74,293,921.59 -615,442,381.71
*$58,851.539.88
20.79
Passenger
2.638,215.92
1,673,662.89
-964,553.03
36.56
Mail
1,240.929.38
1,127,121.86
-113,807.52
9.17
Express
578,329.86
382,806.03
-195.523.83
33.81
All Other Transportation
327,337.83
219,787.30
-107,550.53
32.86
Incidental and Joint Facility Revenue
776,013.35
520,693.10
-255,320.25
32.90
Totals
179,854,747.93 -$17,079,136.87
$62.775.611.06
21.39
-Maintenance of Way and Structures
Operating Expenses:
69,715,056.25 -$3,219,217.80
$6,495.838.45
33.14
Maintenance of Equipment
15.368,789.62
11,136,166.09
-4,232,623.53
27.54
Traffic
1.338,269.32
1,516,369.07
-178,099.75
11.75
Transportation
20.750,502.29
15,831,447.39
-4,919,054.90
23.71
Miscellaneous Operations
198,252.40
238,897.78
-40,645.38
17.01
General
2,784.061.63
3,125.311.86
-341,250.23
10.92
Transportation for Investment-Credit
88.502.58
120,112.43
-81.609.85
67.94
Totals
$37.745.532.70
$50,594,814.44 $12.849,281.74
25.40
Ratio of Expenses to Total Operating Revenues
60.13%
63.36%
Net Revenue from Operations
$25.030,078.36
$29,259,933.49
$4.229,855.13
14.46
Tax Accruals
67,200,000.00
$8,150,000.00
-6950,000.00
11.66
Uncollectible Revenue
14.768.80
5,307.97
+9.460.83 178.24
Total Operating Income
$17,815,309.56
621.104.625.52 -63,289,315.96
15.59
-Hire of Freight Cars
-Net
Non-Operating Income:
$1,464,322.23
$1,887,443.77
-$423,121.54
22.42
-Net
Hire of Other Equipment
Dr.58,711.37
22,420.54
-81,131.91
----Net
Joint Facility Rents
Dr.59.822.88
Dr.86.983.77
-22.839.11
61.75
Totals
61,345,787.98
$1.872,880.54
$527,092.56
28.14
Net Railway Operating Income
$22.977,506.06 $19.161.097.54
63,816,408.52
16.61
Other Non-Operating Income:
-Income from Lease of Road
$3,020.60
$3,020.60
Miscellaneous Rent Income
122,610.31
93,792.27
-$28,818.04
2- .5I3
3
Miscellaneous Non-Operating Physical Property
136,038.60
82,893.15
-53,145.45
39.07
Dividend Income
8,070.67
11,313.67
+3,243.00
40.18
Income from Funded Securities
2,360,669.70
1,785,877.63
-574,792.07
24.35
Income from Unfunded Securities and Accounts
450,609.98
179,941.90
-270,668.08
60.07
Income from Sinking and other Reserve Funds
37.748.91
43,358.01
+5,609.10
14.86
Miscellaneous Income
6,510.86
3,762.89
-2.747.97
42.21
Totals
$3.125.279.63
$2.203.960.12
-$921,319.51
29.48
Dross Income
$26,102,785.69 -$4,737,728.03
$21.365,057.66
18.15
-Rent for Leased Roads
Deductions from Gross Income:
$100.453.28
$100.979.32
+$526.04
.52
Miscellaneous Rents_ _ __ __
4.505.91
1,959.45
-2,546.46
56.51
Miscellaneous Tax Accruals
1,760.14
5,313.29
+3.533.15 201.87
Interest on Funded Debt:
Mortgage Bonds
3,803,505.90
3.564,063.83
-239.442.07
6.30
Convertible Bonds
18,209.22
10.961.08
-7,248.14
39.80
Equipment Obligations
237.943.75
384,534.63
-146,590.88
38.12
Miscellaneous Obligations
303,661.28
303,661.28
Interest on Unfunded Debt
14,381.0:,
22.524.34
+8.143.26
5- .135
6
Income applied to Sinking awl other Reserve Funds
166,847.90
172.457.03
+5.609.10
3.30
Amortization of Discount on Funded Debt
120.933.59
106.564.32
-14,369.27
11.88
Miscellaneous Income Charges
24,657.17
26.711.54
+2.054.37
8.33
Totals
-.
$44,943,450.10
$4,553,139.20
-6390,310.90
7.90
621.159,335.59 /et Income- -- -------- ---,-- -=-_. -$16,811.918.46
$4.347,417.13
2055.
=Dividends on------------ Preferred Stock
-919.692.00
919,692.00
---Income Balance: Transferred to Profit and Loss
$20.239.643.59 -$4.347.417.13
$15.892.226.46
21 48
* Includes $1,502,216.43 additional revenue resulting from increases of freight rates and charges authorized by Interstate Commerce Commission,
effective January 4th. 1932, in Ex Porte 103,-15% Rate Case 1931. which has been cred ted to appropriate operating revenue accounts. This additional
revenue is turned over currently to The Railroad Credit Corporation and Charged in the Company's accounts to "Investments in Affiliated Companies."
PROFIT AND LOSS STATEMENT.
Increase (+)or
Decrease (-).
Per
Cent.
credits:
-Balance,January 1st
$157,236,722.15 $151,857,455.59
65,379,266.56
3.42
Credit Balance from Income
20,239.643.59
15,892,226.46
-4,347.417.13
21.48
Unrefundable Overcharges
13,634.83
150.30
-13,785.13
---ui
Profit on Road and Equipment Sold
33,700.77
-33.700.77
Donations for Construction of Sidings, dm_ 96,604.97
6,274.90
-90.330.07
93:50
Repayment by Trustees of Norfolk and Western "ension Reserve Fund covering
payments to retired employees
518,447.64
572,561.85
+54.114.21
10.44
Miscellaneous Credits
8.760.14
1.356.55
-7.403.59
84.51
Total Credits
178.147.514.09 -$9.817.789.04
6168,329,726.05
5.51
Charges:-APproPriation of Surplus for Dividends on Common Stock
$16,877,796.00 -$4,219,449.00
$312,658,347.00
25.00
Appropriation of Surplus for Investment in Physical Property
96,604.97
6,274.90
-90.330.07
93.50
Debt Discount Extinguished Through Surplus
1,300.00
-1,300.00
Loss on Retired Road and Equipment
16,634.44
4,598.12
-12,036.32
7- .56
2
Appropriation of Surplus to cover redemption of Norfolk and Western Railroad Company General Mortgage Bonds, at maturity
2,000,000.00
7,235.000.00
-5,235,000.00
72.36
Appropriation of Surplus to Norfolk and Western Pension Reserve Fund
695,381.82
738,746.57
+43,364.75
6.24
Adjustment in Accounts due to acquisition of Big Sandy and Cumberland Railroad
Company property
1,338,900.83
-1,338,900.83
Decrease in value of rails, etc., returned by Lessees and materials retired from temporary service
76,178.28
13,094.53
+63,083.75
Exchange in settlement of accounts with Canadian carriers
6,572.40
33.922.84
+27.350.44
*Delayed Income Charges
668,951.34
+668.951.34
---Adjustment of Equipment Depreciation Accruals for nine months to Dec.31st, 1932_
1,022,162.22
+1.022.162.22
--- Charges
8,773.51
Miscellaneous
96,826.94
+88.053.43
::::
Total Charges
$17.306.008.21
$26.290,058.50 -$8,984.050.29
34.17
lanlanect TIArnmber :list
$151.023.716.84 $151,857.455.59
-1833.72.R.7fi
KK
previous years charged to Property Investment but found to be includible in operating expenses and income; by permission
* Covers expenditures in
of Interstate Commerce Commission charged to Profit and Loss.
1932.
1931.
Financial Chronicle
Volume 136
2269
DETAIL OF DIVIDEND PAYMENTS.
Stock of Record.
Per
Cent.
Outstanding
Stock.
Amount of
Dividend.
April 30th. 1932
July 30th, 1932
October 31st, 1932
January 31st, 1933
No.
Payable.
Adjustment Preferred Stock:
May 19th, 1932
115
August 19th. 1932
116
November 19th. 1932
117
February 18th, 1933
118
1
1
1
1
$22,992,300.00
22,992.300.00
22.922,300.00
22,992,300.00
$229.923.00
229,923.00
229,923.00
229,923.00
4
Common Stock:
107
March 19th, 1932
108
June 18th. 1932
September 19th, 1932
109
December 19th, 1932
110
February 29th, 1932
May 31st. 1932
August 31st. 1932
November 30th, 1932
2%
2%
2
2
$140,648,300.00
140,648,300.00
140.648,300.00
140,648.300.00
$919,692.00
$3.516,207.50
3,516.207.50
2,812,966.00
2,812,966.00
$12.658,347.00
9
CONDENSED GENERAL BALANCE SHEET, DECEMBER 31, 1932.
Investments:
Investment in Road and Equipment:
Road
Equipment owned
Equipment in Trust
ASSETS
Sinking Funds (Account City of Norfolk bonds, see foot
-note, below)
Deposits in lieu of mortgaged property sold
Miscellaneous Physical Property
Investments in Affiliated Companies:
Stocks: Pledged
Unpledged
Comparison with
Dec. 31st, 1931.
$324,622,585.62
$104.491.828.22
32.120.636.78
$647.740.00
932,591.42
136,612.465.00
—$219,276.16
—14.040.33
$461.235,050.62
1,165.450.57
39,708.21
6,120,790.50
+145.281.70
—2,821.90
—85.166.45
$1,580.331.42
+20.00
Bonds
Advances
483,386.25
*10,948,989.01
—230.228.24
+1,596,613.89
Other Investments:
Stocks
Bonds
Miscellaneous
$25,000.00
30,220,804.01
900.00
13,012,706.68
—5,259,648.50
+900.00
30,246,704.01
Total Investments
Current Assets:
Cash:
In Treasury
In Transit
Held in Trust for Relief Fund
$511,820.410.59
$7,103,939.12
125.904.77
49,480.33
Special Deposits
Loans and Bills Receivable
Traffic and Car-Service Balances Receivable
Net Balances Receivable from Agents and Conductors
Miscellaneous Accounts Receivable
Material and Supplies
Interest and Dividends Receivable
Other Current Assets
Total Current Assets
Deferred Assets:
Working Fund Advances
Norfolk and Western Railway Company and Pocahontas Coal and Coke Company Joint
Purchase Money Mortgage Bonds
Cost of Securities held in trust for Relief Fund
Other Accounts
Total Deferred Assets
Unadjusted Debits:
Rents and Insurance Premiums paid in advance
Discount on Funded Debt
Other Unadjusted Debits
Securities Issued or Assumed—Unpledged:
Par Value of holdings at close of year
Total Unadjusted Debits
$7.279,324.22
538,120.00
16,205.89
1,369.206.49
161,436.76
567,164.02
4,720,269.98
87,149.27
38,827.55
-F3.587.613.26
--21.864.75
--6,969.98
+ 11,224.47
--102.815.02
--173,808.21
--563.539.47
--31.751.67
--76.161.16
14,777,704.18
$14,043.27
--50.00
11,235,000.00
2,542.117.97
74,150.00
--335,000.00
i-61,992.63
--1.850.00
13,865,311.24
$76,651.24
1.031,335.72
3,096,279.55
--44.095.42
--106,564.32
+181,897.52
$945.100.00
4,204.266.51
$544.667.692.52
LIABILITIES
Capital Stock:
Adjustment Preferred
Held in Treasury
$23,000,000.00
7,700.00
Common
Held in Treasury
$140,650,700.00
2.400.00
--$1,690,108.11
$22,992,300.00
„
.
$140,648,300.00
Total Capital Stock
Long-Term Debt:
alortgage Bonds
Held in Treasury
$163,640,600.00
$86,066,500.00
935,000.00
$85,131,500.00
115,000.00
3.800,000.00
6,086,031.92
Convertible Bonds
Equipment Obligations
**Miscellaneous Obligations
Total Long-Term Debt
Current Liabilities:
Traffic and Car-Service Balances Payable
Audited Accounts and Wages Payable
Miscellaneous Accounts Payable
Relief Fund (Cash held in Trust)
Interest Matured Unpaid
Dividends Matured Unpaid
FundedDebt Matured Unpaid
Unmatured Dividends Declared
Unmatured Interest Accrued
95,132,531.92
$329,254.20
1,579.480.24
91,044.79
49,480.33
741.912.00
1,438.50
12,000.00
229,923.00
671,759.18
Total Current Liabilities
Deferred Liabilities:
Cost of Securities Purchased for Relief Fund
Other Accounts
Total Appropriated Surplus
Profit and Loss—Balance
Total Corporate Surplus
+Q36.97
—340,636.78
+3,749.67
—7.216.02
+702,572.00
—2.834.25
+4,00C.00
—765.021.67
3,706,292.24
$2,542,117.97
30,914.80
Total Deferred Liabilities
Joint Liabilities:
Norfolk and Western Railway Company and Pocahontas Coal and Coke Company Joint
Purchase Money Mortgage Bonds
Unadjusted Credits:
Tax Liability
Insurance and Casualty Reserves
Accrued Depreciation—Road
Accrued Depreciation—Equipment
Accrued Depreciation—Miscellaneous Physical Proerty
Other Unadjusted Credits
Total Unadjusted Credits
Corporate Surplus:
Sinking Fund Reserves
Funded Debt retired through Income and Surplus
Additions to Property through Income and Surplus:
Road
Equipment
—$2,675,000.00
—324,000.00
—3,270,000.00
+61.992.63
—2,780.90
2,573,032.77
11,235,000.00
$4,138.987.96
281.553.08
13,038.387.17
40.971.047.03
1.554.166.24
2.791.330.51
—335.000.00
—949.271.79
+16.158.94
+562,444.74
+3,854.304.71
+72.914.70
+357.585.79
62,775,471.99
$640,061.43
9.235,000.00
+172,457.00
+2,000.000.00
44.705.985.33
151,023.716.84
+6,274.90
—833,738.75
$21.400,659.06
23.305,326.27
205,604,763.60
—$1,690,108.11
$544,667,692.52
•Includes additional revenue resulting from increases of freight rates and charges authorized
4th, 1932. in Ex Pane 103-15% Rate Case 1931, which is turned over currently to The Railroadby Interstate Commerce Commission effective January
Credit Corporation.
** Bonds of City of Norfolk, Va., issued to provide funds to purchase land and construct Municipal Terminals at Norfolk now under lease to Norfolk
and Western Railway Company, included in Long-Term Debt by direction of Bureau of Accounts of Interstate Commerce Commission.
•
Financial Chronicle
2270
April 1 .;
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-METALS
PETROLEUM-RUBBER-HIDES
-DRY GOODS
-WOOL
-ETC.
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editorial matter, in a department headed INDICATIONS OF BUSINESS ACTIVITY.
Friday Night, March 31 1933.
COFFEE.
-On the 25th futures fell 3 to 8 points in a dull
market. On the 27th futures declined 8 to 14 points in
bearish Brazilian cables and European and other selling.
A cable said that the Commercial Association of Santos
announced that sales of old crop surpluses will be entirely
voluntary and that all coffee not sold to the National Coffee
Department will have the privilege of entry to the Port of
Santos over the 1933-34 crop. The cable said further that
semi-officially it was announced that negotiations will be
advanced for the abolition of the five milreis emergency tax
on department purchases, and that the commercial directorates of Santos have withdrawn their resignations. Spot
coffee was in moderate demand. Santos 4s 9 to 9%c. On
the 28th inst. futures were quiet but prices were firm.
Santos closed 9 to 12 points higher and Rio 7 points up.
Sales approximated 7,000 bags. New York and New Orleans
interests were reported as buyers. The cost and freight
market was firm. As a matter of fact offers in this market
have only lost a fraction of the decline in futures since the
reopening of the Exchange. Spot prices were virtually unchanged. Santos 4s were quoted at 8.30 to 8.50e.for prompt
*shipment, Victoria 8s 7.10e. and Rio 7s 7.15e. Santos 4s
here were held at 9 to 9%c.
On the 29th inst. after a firm opening futures sold off and
closed 4 to 6 points lower in a quiet and narrow market. The
spot market was also easier. Cost and freights were unchanged. Basis Santos 4s for prompt shipment were quoted
at 8.30 to 8.503.: Victoria 8s, 7.200. for April shipment.
Mild grades were also lower. The possibility of a United
States government tax on coffee, while a subject of discussion,
was ignored at least for the time being as a market factor.
Maracaibo, Trujillo 93 to 9%c.; fair to good Cucuta 10 to
10%0.• washed 10% to 11%c.; Ocana, 9X to 9%e. Colombian dcana,9% to 10e.; Genuine Java, 17 to 210.. Robusta,
washed 8c.• Natural, 8 to 83j43.; Moehoa, 123!6 to 13c.;
Harrel-, 11 to 12c.; Abyssinian,103'to 10%e. Guatemala,
prime 103/b to 103c.; good, 10 to 103'Ic.; Bourbon, 93 to
%
3
9%0. Bucaramanga, natural, 93/i to 10e.• washed, 10% to
1030.; Tolima, Giradot and Manizales, 10 to 10Xc.; Medel'
4
lin and Armenia, 103 to 103'2c. Mexican washed, 93/ to
103'c. Liberian,Surinam,83'to 8%c. East India, Ankola,
18 to 25e.; Mandheling, 18 to 250. On the 30th inst. futures
advanced 2 to 9 points with a strong spot demand. Future
trading was dull with little outside news to stimulate it. Cost
and freights were unchanged. Trading has assumed a waiting attitude ever since the Brazilian government has proposed the purchase of all surplus Sao Paulo stocks. In the
spot market shippers were asking from 8.25 to 8.50e. for
Santos 4s prompt shipment. Rio 7s were quoted at 73 0.
/
and Santos 4s in the local market at 8% to 93Ic. To-day
futures closed 13 to 16 points lower on Santos and 4 to 6 off
on Rio. Spot coffee was quiet. Nothing new was reported
on the plan of the Brazilian government to purchase surpluses. Final prices show a decline on Rio futures for the
week of 11 to 19 points and on Santos of 19 to 22 points.
Rio coffee prices closed as follows:
Spot(unofficial)September
May
5
7
.rtinom.iDecember
July
5.15 nom.
4.99@nom.
4.92@nom.
Santos coffee prices closed as follows:
Spot (unofficial)
May
July
I September
8N§
7.64 nom.I December
7.34 nom.IMarch
7.14§nom.
7.05 - 6.95 ----
COCOA to-day closed unchanged to 3 points lower with
sales of 50 lots. May ended at 3.27c.; July at 3.380.; Sept.
at 3.48c.; Dec. at 3.61c. and Jan. at 3.67e. Final prices are
unchanged to 2 points lower for the week.
SUGAR.
-On the 25th futures closed unchanged to 2
points lower on hedge selling and disappointment over the
lack of further news regarding the proposed segregation plan.
Sales of futures were 11,500 tons. Spots were .98 and 2.98e.,
refined $4.20. On the 27th futures fell 1 to 3 points with
spot raws down to 2.95c. The sales of futures were 11,900
tons. There were no further reports about segregation. Of
actual sugar some 5,000 tons of Philippines and 15,000 bags
of Porto Ricos were sold. Cuba sold futures. • April shipments were offered in the London market at 5s. 11%d.equal
to .790. f.o.b. Cuba. The Cuba sugar movement for the
week ended March 25 was as follows: Arrivals, 144,909;
exports, 70,561; stock ports, 911,201. New York, 14,140;
Philadelphia, 9,430; Boston 2,902; Baltimore 5,499; New
Orleans, 11,715; Galveston, 3,120; Tampa,240; Mobile, 240;
Norfolk, 516; United Kingdom, 16,652; France, 791; Rotterdam, 4,049; Chile, 1,267. Grinding, 111. Refined 4.20c.
with a fair trade. On the 28th inst. futures closed from 3 to
5 points higher. Spot raws were steady at 95e. and 2.95e.
and 4.20c. was asked for refined. There was some Cuban
selling on the news that segregation there would be voluntary if at all, but the initial liquidation was not followed up.
London sold off slightly. Two more Cuban mills finished
grinding making the total to date 15.
On the 29th inst. futures closed 1 to 3 points up on trade
and investment buying. Cuban interests, however, were
reported to be persistent sellers. The volume of business
was larger, total sales amounting to 26,400 tons. Spot raws
remained at .95c. and refined at 4.20c. Interest largely
focussed on Washington news and the prospect of tariff
changes being put into effect by the present administration.
Nothing new was announced as to the segregation plan
although a meeting of the Cuban Institute was reported.
The London market was steady with only a small business.
Sellers were asking 5s. 113d. equal to about .79e. f. o. b.
Cuba. On the 30th inst. the main factors were the probability of Cuban segregation and the talk of tariff readjustment on sugar from Washington. Futures closed 4 to 5
points up. Refined demand was smaller but the price was
unchanged at 4.20e. One prominent operator in the futures
market was credited with having liquidated a line of 20,000
to 25,00J tons at a good profit. Total sales for the day were
large aggregating 57,750 tons. In the spot market, Pennsylvania was credited with having bought 4,200 tons of
Porto Ricos for the first half of April shipment at 2.95c.
delivered, while Arbuckle was reported to have purchased
1,600 tons of St. Croix for prompt shipment at the same
price. After that offerings tightened with 2.98c. the best
price reported. Willett & Gray's figures for the week gave
receipts as 77,393 tons, meltings 48,144, importers' stocks
90,330 and refiners' stocks 86,579 against 62,000, 44,000,
139,000 and 143,000 respectively last year. Some 19 mills
had finished grinding in Cuba to March 30. To-day futures
closed 1 to 3 points higher on reports from Washington that
something will be done to reduce the sugar tariff. Final
prices are 6 to 11 points higher for the week.
Sugar prices closed as follows:
December
spot (unofficial)
0.95
may
July
September
1.06
1 11
:
_ January
_ March
LARD futures on the 25th inst. closed 5 points higher with
grain markets stronger and offerings light. Cash prime,
4.80 to 4.90c.; refined to Continent, 50.; South America,
5 to 53e. On the 27th inst. there was a decline of 3 to 5.
points in the end with hogs and grain markets weaker and a,
small demand. Liverpool, however, was 3d. to 6d. higher.
Exports of lard were 881,710 lbs. Cash prime, 4.75 to 4.85e.;
refined to Continent, 5c.; South America, 5 to 5%c. On the
28th inst. futures early declined 10 points on liquidation by
tired longs but recovered some of this loss later on a stronger
wheat market and a fair demand. Closing prices were 5 to
7 points lower. Hogs were higher. Cash prime, 4.70 to
4.80e.; refined to Continent, 43/i to Sc.; South America, 5
to 53,-ic. On the 29th inst. futures closed 7 to 10 points lower
with a small demand. Export demand was slow with sales
estimated at 707,010 lbs. to Bristol, Antwerp,Fiume,Trieste,
Naples and Havre. Cash prime, 4.65 to 4.750.; refined to
Continent 43/80.; South America, 5c. On the 30th inst.
futures ended unchanged to 5 points lower. There was a
moderate amount of hedge selling and the demand was small.
Exports were 89,625 lbs. to Malta, Bergen and Oslo. Liverpool was unchanged to 3d. lower. Hogs were steady. Cash
lard dull; prime, 4.60 to 4.70e.; refined to Continent, 43/o.
:
South American, 5e. To-day futures ended unchanged.
Final prices are 15 to 17 points lower for the week.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Mon. Tues.
Sat.
Wed. Thurs. Fri.
March
4.32
4.37
4.27
4.20
4.15
4.15
May
4.42
4.47
4.37
4.27
4.25
4.25
July
4.45
4.52
4.55
4.35
4.35
4.35
September
4.62
4.55
4.67
4.47
4.45
Season's High and When Made. I Season's Low and When Made.
March
Mar. 16 1933jMarch
4.70
-3.72
Dec. 6 1932
5.42May
May
3.82
Dec. 6 1932
July
gar. 16 1933 IJUiy
4.95
3.92
Feb. 21 1933.
HOGS.
-On the 25th hog markets were steady to easier.
Receipts in Chicago approximated 6,000 as against 5,000
last year. Most of the trade there was from $3.85 to $4.00
with $4.05 the top price. Total receipts for the Western run
were 21,300 as against 18,600 for the same date last year.
On the 27th hogs closed easier in Chicago. Most of the business was transacted at prices from $3.80 to $3.95. The
close was $3.60 to $4.00. Receipts were heavy, totaling
32,000 at Chicago and 96,000 for the Western run against
Volume 136
Financial Chronicle
2271
78,600 for the same day last year. Recent high prices have ago. On the 28th inst. futures closed 2 to 5 points higher
brought out materially larger offerings which have caused a with moderate trading. Spot rubber was unchanged as to
decided setback in quotations. On the 28th business was price but was firmer in tone. The sale of 200 tons of No.11
quiet and prices were slightly lower as a rule early in the day. ribs at 2 15-160. March-Apr. delivery was reported. Future
A better demand sprang up later, however,and the close was sales amounted to 430 tons with a prominent Wall Street
practically unchanged from the day before. The average interest mentioned as the most prominent operator on the
price for the day's trading was $3.85 with the top $4.00. selling side. London was unchanged and Singapore unLight lights were quoted at $3.60 to $3.90, light weights changed to 1-32d. lower. May here closed at 3.03c.• June at
$3.75 to $4.00, medium weights $3.85 to $4, heavy weights 3.06c.; July, 3.10 to 3.12c.; Aug., 3.14c.; Sept., 3.18c.; Oct.,
$3.65 to $3.80 and packing sows $3.25 to $3.60. Receipts 3.200.; Nov., 3.25c.• Dec., 3.29c.; 1934, Jan., 3.33c.; Feb.,
were 20,000 at Chicago of which packers bought 17,000. 3.38c. and spot, 2.98c.
On the 29th inst. prices were generally lower, a last
On the 29th inst.,after a strong opening, prices turned weaker
and the close was barely steady. Most business in Chicago minute sale closing out the March position at 2.87c., 10
ranged from $3.80 to $4. with the top $4.05. Total receipts points'lower than the previous close. Other months were
for the Western run were 73,500 and for the Chicago market 1 to 2 points lower. Sales were 460 tons. London was
17,000. After a relatively weaker market on the 30th inst. steady to 1-32d. better and Singapore was unchanged to
during most of the day prices steadied near the close and the 1-32d. lower. Outside prices: Plantation R. S. sheets, spot,
decline on the top prices only amounted to 5e. Receipts 2 31-32c.; March, 2 31-32c.; April-June, 3 1-32 ..; Julywere small totaling 17,000 at Chicago. Most sales took September, 3 5-32c.; October-December, 334c.; spot standplace at from $3.75 to $3.95. Light lights were $3.50 to ard thick latex, 3 11-16c.; standard thin latex, 3 13-16e.;
4
$3.90, light weights $3.75 to $4., medium weights $3.85 to 'clean thin brown, No. 2, 23 e.; rolled brown crepe, 234c.;
$4., heavy weights $3.65 to $3.90 and packing sows $3.25 No. 2 amber, 234c.; No. 3, 2 7-16e.; No. 4, 2 5-16e. Paras,
Acre, fine spot, 63c.; up-river fine spot, 6c.• Centrals,
to $3.60. Packers bought 16,000 and shippers 1,000.
trading was.
PORK steady; mess, $17.25; family, $16.50 nominal; fat Guayule washed dried, 12e. On the 30th inst.' up with
backs, $11.50 to $14. Beef steady; mess nominal; packet very dull. Future prices closed 3 points down to 3
nominal; family, $10.50 to $11 nominal; extra India mess, only 17 contracts traded in. Spot and April No. 1 ribs were
quoted at 2 31-32c. London was 1-32d. down on the spot
%
nominal. Cut meats quiet; pickled hams 4 to 6 lbs., 53c.; and
Singapore was unchanged. It was the most featureless
6 to 10 lbs., 534c.; 14 to 22 lbs., 93.e.; 22 to 24 lbs., 9c.;
pickled bellies,6 to 8lbs., Mc.;8 to 10 lbs., 9e.; 10 to 12 lbs., day in years. To-day prices ended 2 to 3 points higher
Mc.; bellies, clear, dry salted, boxed, New York, 14 to with sales of 22 lots. Reports from leading tire companies
20 lbs., 631c. Butter, creamery, firsts to premium marks indicate a substantial increase in operations with the next
. ,
and higher score than extras, 1734 to 1834e. Cheese, flats, few weeks. Firmer London cables and good buying by a
1234 to 18e. Eggs,' mixed colors, checks to special packs, leading trade house sent prices upward. May ended at
3.03c.; July at 3.11 to 3.12e.; September at 3.20 to 3.21e.
113 to 153 c.
%
and December at 3.32 to 3.34c. Final prices are 1 to 3
OILS.
-Linseed was quiet with the price unchanged at points lower than a weke ago.
7.4 to 7.6e. for carlots. Paint dealers report sales for March
HIDES.
-On the 25th futures advanced 2 to 20 points
poor. Cocoanut, Manila, Coast tanks, 24 to 27 c.; tanks,
4
INTI)w York spot 33
4c. Corn, crude, tanks f. o. b. Western after some irregularity. On the 27th futures declined 10 to
nulls, 3 to 334c. China wood, N.Y. drums, carlots, deliv- 20 points closing with June 6.25 to 6.30, Sept. 6.50 to 6.55c.
ered, Sc.; tanks, spot, 434c.; Pacific coast, tanks, 434c. Spot hides were dull. On the 28th inst. after a weak openOlive denatured spot, Greek drums., 50 to Mc.; Spanish ing prices rallied and closed 5 to 10 points higher. Spot
drums, "55 to 58c.; shipment carloth, Greek, 47 to 50e.; prices were nominally unchanged but inquiry was more
Spanish, 53 to 54c. Soya bean f. o. b. Western mills, 33'i active particularly from tanners. The Argentine market
to 334c.; carlots, delivered N. Y. 4.6c.; L. C. L., Sc. Edible, for frigorificos was quiet. Sales of futures here totalled
olive, $1.35 to $1.55. Lard, prime, 834e.; extra strained 760,000 lbs. Closing prices: June 6.30 to 6.35e.; Sept.
winter, 734c. Cod, Newfoundland, 21e. Turpentine, 4234 6.60 to 6.65e.; Dec.6.90 to 7c.; March 7.15 to 7.30c. Packer
hides native steers 6c.; butt brands 53c.; Colorados 534c.;
4
to 4734c. Rosin, $3.15 to $4.95.
York City calfskins
Chicago light native cows, 6e.
COTTONSE7, D OIL sales to-day including switches, 77 9-12s 1.20c.; 7-9s 753.; 5-7s .600. New the 29th inst. futures
On
contracts. Crude S. E. 115 under May bid. Prices closed were easier
with active positions showing losses of 8 to 15
as follows:
points from the previous day. The trading was relatively
Spot
3.80 Bid August
4.0804.18
dull, total sales amounting to 640,000 lbs. Although packApril
3.80 Bid September
4.2004.28
May
3.90§3.99 October
4.22014.30
ers' stocks are unquestionably low tanners have been holding
June
3.95 4.05 I November
4.21 04.31
off from active bidding. Some 4,000 March frigorifieo hides
July
4.06
_I
the Argentine. On the 30th inst.
PETROLEUM.-Gasoline was raised le. by the Standard were sold at 6 1-16e in
of futures
Oil Co. in Buffalo and Niagara Falls and vicinity. If ad- prices again declined 5 to 15 points with total sales frigorifico
1,480,000 lbs. In the Argentine 8,000 March
vances recently announced are sustained there is a strong steers
sold at 5 11-16e., decline of Mc. from the last sale.
possibility of an early increase in the retail and service station
prices in the metropolitan district. The Standard Oil Co. Chicago was dull. Trading in futures was more active.
of New York advanced tankwagon and service station prices June closed at 6.05 to 6.10c.; September 6.45c.; Dec. 6.70
To-day futures
lc. at Boston, Providence, New Haven, Hartford, Bridge- to 6.75e. and March, 1934, 7. to 7.15e. to 6.10c.; Sept.
points lower with June
port and South Norwalk. The Atlantic Refining Co. raised ended 5 to 15 and Dec. 6.65 to 6.75e.5.90
Final prices are 30
prices Me. at Philadelphia, Pittsburgh and Wilmington. 6.36 to 6.460.
Sentiment was much better as a result of the oil conference points lower on September for the week.
OCEAN FREIGHTS were dull. Later more sugar was
in Washington during the week, but actual conditions do not
show any improvement. Some 20,000 barrels of crude oil moving.
CHARTERS included: 30.000 qrs. grain 10, Montreal, A. R. 6c. spot.
were said to have been sold in east Texas at 13e. as compared
Grain
New York-Bremen, 5;ic. Sugar.
-Cuba-Conwith the posted price of 50c. a barrel. Under ordinary cir- anent,booked: 4 loadsKingdom, 168. 9d.; middle April. Cuba to United
16s. 6d.; United
cumstances this would have caused a general slash by big Kingdom-Continent, 14s. 6d. Tankers.-Gulf, March-April, Port de
Bouc. 9s. 6d.,
crude oil purchasing companies but now that there is a defi- via Montreal, dirty. Trips.-West Indies. round. 90c.; Gulf to Plate.
80c.
nite movement on to shut down production in all fields for a
COAL.
-All the Atlantic tide water markets have been
two weeks' period, it appears doubtful if there will be any dull. Production has been low and demand has fallen off
reduction at all. The movement of crude oil out of east with the warmer weather. There has been some advance in
Texas including bootleg oil, is reported to exceed 900,000 prices in the Middle West in the cheaper
grades, but with
bbls. daily. The output in California has also increased, i.e. little volume of business. According to estimates furnished
100,000 bbls. a day within a comparatively short time. It by the Bureau of Mines, production of
bituminous for the
was said to be around 445,000 bbls. a day. Local conditions week ended
show little if any change. Tank car gasoline prices remained 000 tons for March 18th was 6,160,000 tons as against 7,738,the
unchanged. Bunker fuel oil grade C was steady ay 75e. spot at Pennsylvaniasame week last year. Anthracite production
mines was given as 920,000 tons compared
refinery. Diesel oil quiet at $1.65 same basis. Kerosene with 1,260,000 tons last year. Central
Illinois No. 5 and
was in less demand at 53'lc. tank cars, refinery.
No. 6 quoted lump at $1.50 to $1.75; egg, $1.40 to $1.65;
Tables of prices usually appearing here will be found on an earlier page in
nut, $1.25 to $1.50; mine run, $1.50 to $1.60 and screenings
our department of "Business Indications," in an article entitled "Petroleum
and Its Products."
at 80c. to $1.10. These quotations were predicated on a rail
RUBBER.
-On the 25th futures declined 1 to 6 points rate of $1.71. Belleville screenings quoted at 30e. sell dewith sales of 550 tons. On the 27th futures closed 1. to 5 livered at Chicago at about 45c. There has been little
points lower. London closed unchanged to 7-32d. lower. activity and not much prospect for any until trade conditions
The sales here 270 tons. March closed at 2.92e. to 2.95c. for change.
No. 1 Standard. May No. 1 B 2.99c.; July, 3.07c.; Dec.,
TOBACCO.
-Has been quiet with attention in the trade
3.27 to 3.28c.• Jan., 3.30 to 3.33o.; spot and March outside, centering largely in the proposed provisions of the Farm
2 31-32e. April-June, 3 1-32c.; July-Sept., 3.5-32c.; Oct.
'
- Relief Board. The Associated Cigar Manufacturers and
Dec., Me.; Spot Standard thick latex, 3 11-16c.• Standard Leaf Tobacco Dealers wish the segregation of cigar leaf from
thin latex, 3 13-160.; clean thin brown, No. 2, 29/c.; Rolled other'types in the application of the measure as far as tobacco
8
brown crepe, 234c.; No. 2 amber, 234c.• No. 3, 2 7-16c.; is concerned. The objections raised are to the effect that
No. 4, 2 5-16c.LParas, acre fine spot, 6c.; up-river, fine many of the provisions hardly apply to the methods of
spot, 6c. The United Kingdom stocks totaled 94,173 tons, marketing cigar leaf tobacco and that legal decisions would
a net increase for the week of 1,057 tons. The Dutch East be necessary to ascertain as to just who would be regarded
Indies shipment figures for February were below January, as as the "processor" in the interpretation of the law, i. e., the
well as February, 1932. Exports were 15,949 tons, against manufacturer or the packer. The other principal objection
17,400 tons in ,January and 17,425 tons in February a year appears to be the idea that the bill would tend to enlarge
2272
Financial Chronicle
tobacco production. Many growers contend that announcements to the effect that higher prices were prevailing due to
the curtailment of acreage planted would have the effect of
increasing the number of planters. While withdrawals of
finished tobacco products for February in most cases showed
a decrease as compared with the same month in 1932 the
amount of standard sized cigarettes withdrawn shows a gain
of 2.26%. This was generally attributed to the price cuts
in effect in the industry and the increase in output of packages costing 10c. or less. Havana dispatches to the U. S.
Tobacco Journal reported that Vuelta Abajo leaf stocks had
been considerably reduced and that keener competition was
anticipated for the better grades of the 1933 crop. February's export business to the U. S. of unmanufactured
tobacco was given as 2,449 bales with a value of $582,382.
Tampa reported an approximate return to normal demand
after the close of the banking holiday. Richmond adviees
state that tobacco growers have indicated to the Department
of Agriculture their intention to increase their acreage 22%
over their harvest of last year. Even so the 1933 acreage
would be about 13% below' that of 1931. Cigar dealers
almost without exception appear most sanguine over the
impending legalizing of beer. The consumption of cigars is
expected to increase materially after April 7th.
SILVER.- Futures on the 25th inst. closed at an average
decline of 6 points with sales of 875,000 ounces; March,
27.58 to 27.680.; May, 27.80c.; July, 28 to 28.08c.; Sept.,
28.25 to 28.38c.; Dec., 28.65e. On the 27th inst. futures
declined 6 to 7 points with sales of 1,300,000 ounces. March
ended at 27.61c.; May at 27.77 to 27.76c.; July at 27.96 to
28c.; Sept. at 28.18c.; Dec. at 28.51 to 28.65c.; Jan. at 28.63c.
and Feb. at 28.75e. Bar silver was %e. lower at New York
at 273,ic. and London was down 1-16d. to 17 7-16d. On the
28th inst. futures advanced 10 points on the average after
sales of 1,575,000 ounces; March, 27.68c.; May, 27.80c.;
July, 28.05c.; Sept., 28.28 to 28.40c.• Oct., 28.40c. and Dec.,
28.65c. Bar silver was up No. at kew York to 27%c. and
London advanced 1-16d. to 17Md. On the 29th inst. futures
again advanced 10 points with sales of 2,275,000 ounces and
A
bar silver at New York and London advanced to 275 c. and
17 11-16d. respectively. Here March ended at 27.75e.; May
at 27.90c.; July at 28.15c.; Sept. at 28.40e. and Dec. at 28.75
to 28.90c. On the 30th inst. futures dropped 20 to 25 points
with sales of 750,000 ounces. Bar silver at New York
dropped Xic. to 273.e. while London was off Nd.to 17 9-16d.
June here closed at 27.80c.• July at 27.94c.; Sept.at 28.15e.
and Dec. at 28.50e. To-day futures closed 20 to 35 points
lower with sales of 40 lots. London dropped 3-16d. to 17/d.
tc. Futures closed with
and New York was off Yie. to 27Y
Apr. at 27.25c.; May at 27.35c.; July, 27.60c.; Aug., 27.77c.;
Sept., 27.95c.; Oct., 28c.; Dec., 28.24e. and Jan., 28.36e.
Final prices are 35 to 50 points lower for the week.
COPPER was dull at around 5c. for second and possibly
third quarter shipment in the domestic market. Foreign
levels ranged from 5.02M to 5.10e. Futures here on the 30th
inst. closed unchanged with sales of 1 lot; April 3.856. bid,
May 3.90e. nominal with 5 points higher for each succeeding
month except December which was a traded price. In
London on the 30th inst. spot standard fell is 3d to £28 2s d6;
futures unchanged at £28 8s 9d; sales 50 tons of spot and 100
tons of futures; electrolytic dropped 5s to £32 5s bid and £32
15s asked; at the second session standard advanced is 3d on
sales of 75 tons of futures.
TIN was steady at 243/2c. for spot straits with demand
quiet. Tin plate operations here are 35 to 40% of capacity
against 50% the high of the year. Monthly statistics to be
announced soon are expected to be favorable. Trading in
futures has been the most active of the year. Sales on the
30th were 30 tons and the ending was 5 points lower with
April at 23.10e.; May at 23.200.; with 10 points higher for
each succeeding month. In London on the 30th inst. spot
standard dropped 12s 6d to £150 12s 6d; futures off lOs to
£151 10s; sales 250 tons of futures; spot straits dropped 2s 6d
.
to £156 7s 6d; Eastern c.i.f. London up lOs to £157 15s; at
the second session standard advanced lOs on sales of 5 tons of
spot and 70 tons of futures.
LEAD was in fair demand for May shipment, the books
for which were opened up on the 30th inst. Consumers have
about filled their April needs. Sales for March shipment
are estimated at 20,000 tons as against 13,000 for February
while bookings for April shipment have reached 18,000 tons.
Shipments during the first two months of this year averaged
15,000 tons monthly. Prices were steady at 3c. New York
and 23/sc. East St. Louis. In London on the 30th inst. spot
advanced is. 3d. to £10 8s. 9d.; futures unchanged at £10
12s. 6d.; sales 350 tons of futures.
piZINC was reduced another $1, to 3c. for prime Western
slab East St. Louis. Later on the price went to 2.90 to
2.95c. East St. Louis., The decline has attracted a little
more buying, but on the whole demand is still small.
In London on the 30th inst. spot advanced 2s. 6d. to £14
16s. 3d. and futures fell is. 3d. to £14 12s. 6d.; sales 100
tons of futures.
'STEEL-Inquiry broadened somewhat last week. Businesslin structural steel was still small but in a little larger
volume than recently. The scrap markets continued firm;
the7main feature being the continued shipments of iron and
steel snap to Japan. These included such items as 3,000
April 1 1933
tons of old rails from N. Y. subways and 2;500 tons of beams
formerly used in the old Hudson River bridge at Albany. On
the whole, business in March has been at a new low ebb for
many years and that during a month which normally registers
a pick-up in operations. The outlook is in rather sh rp contrast to present figures however. Structural inquiry is better, the railroads can hardly hold off n a certain amount of
buying much longer and the brewing industry will undoubtedly increase the volume of purchases. With the advent of
warmer weather buying by automobile manufacturers should
also increase materially.
-Sales in the New York district for last week
PIG IRON.
estimated at 2,000 tons compared with 2,500 tons the preceding week. The influence of the banking holiday was still
evident and inquiries were small. Later in the week inquiry
became more general although the volume of business remained at a low level. Steel scrap continued in good demand.
-Boston on March 27th wired a government reWOOL.
port which said: "The wool market is very quiet. While
quotations are steady and unchanged as compared with last
week, not enough business is being done to make a market.
Receipts of domestic wool at Boston during the week ended
March 25, estimated by the Boston Grain and Flour Exchange, amounted to 381,200 lbs., as compared with 3,193,500 lbs. during the previous week. Receipts for the year to
date amount to 20,425,200 lbs., as compared with 14,034,900
lbs. during the corresponding period last year." Boston advices on the 28th said: "Hesitancy and a slight easiness in
prices on some grades marked the wool market during the
past week. Sales were limited to small lots and odds and
ends. The top makers were in the market and picked up
odd lots at irregular prices. General trading, however was
practically at a standstill and this applied to tops, noils and
waste as well as to wool. The summer street merchants,
manufacturers and the finished goods market all appear undecided and are waiting to see what Washington is going
to do regarding the agricultural bill. The dealers want to
know what they can buy wool for and agree there is every
indication that the new clip will sell at relatively higher
prices." A government report from Boston later said:
"Practically no demand is being received for sizable quantities
of wool. The larger offerings, however, are being firmly held
at prices realized two weeks ago during the period of active
buying. Small quantities, closing out old accounts, sell at
prices irregularly lower than last week with this type of trading comprising the bulk of the business in the wool market."
In London on March 24 offerings of 9,345 bales were well
distributed to Yorkshire and the Continent. The full
recent basis of values was maintained on merinos but crossbred prices reverted to the opening decline of 5 to 10%
below January rates. Sellers were reluctant to meet the
lower bids and withdrawals were rather frequent. Sales
at pence per pound were:
Sydney, 459 bales, merinos. greasy. 9d. to 12d. Queensland, 708 bales,
merinos, scoured, 15d. to 18d. Victoria, 1.290 bales, merinos, scoured,
11d. to 16d.: greasy, 831d. to 1331d. West Australia, 488 bales, merinos,
greasy, 630. to 1031d. Tasmania. 203 bales, merinos greasy. 11d. to
.
17d.; crossbreds, greasy, 7d. to 10d. New Zealand, 5,626 bales, merinos,
scoured. 15d. to 17d.' greasY, 7d. to 19d.; crossbreds, scoured. 5Mcl. to
163id.; greasy, 331d. to 9d. Cape, 566 bales, merinos, greasy. 5d. to nid.
In London on March 27 offerings totaled 9,000 bales.
Liberal purchases were resumed by Yorkshire and the
Continent and values were equivalent to the previous week.
Sales at pence per pound were:
Sydney, 574 bales. merinos. scoured, 1431d. to 1531d..; greasy, 834d. to
1031d. Queensland, 780 bales, merinos, scoured, 1531d. to 1831d.;
greasy, 935d. to 1031d. Victoria. 653 bales, merinos, scoured,
,
to
d.br ivgieas 7d Ato 8 i a,
o efs.
br
t
1531d.; greasy, 8d. to 10 W.:cros: i d„71m toed d r h . ustrllid.
384 bales, merinos. greasy. 8d•
West Australia, 435 bales, merinos, greasy, 754c1. to Md. New Zealand,
3,198 bales. merinos, scoured. 1531d. to 1730.; greasy, 9d. to lid.; crossbreds, scoured, 930. to 15304 greasy. 131d. to 931d. Puntas, 2,810
bales. merinos, greasy. 531il. to 731d.: crossbreds, greasy, 631d. to 1034d.
New Zealand slip° ranged from 5d. to 10d.
In London on March 28 at the Colonial wool auctions
offerings of 6,950 bales about equally distributed to home
and Continent. Prices frequently in sellers'favor. Details:
Sydney. 1.458 bales, scoured merinos, 10d. to 16(1.; greasy, 7d. to
Queensland, 419 bales, scoured merinos. 14d. to 17d.• greasy, 731d. to
12d.
103,1d. Victoria, 940 bales, scoured merinos, 11d. to 14d.: greasy, 531d.
to 1231d. West Australia, 105 bales, greasy merinos, 8d. to 10d. New
Zealand,3.765 bales. scoured merinos, 1331d. to 1531d..scoured crossbreds,
731d.. to 1530.; greasy, 3d. to 1030. Kenya, 70 bales, greasy merinos,
6'%d. to 731d.; greasy crossbreds, 6d. to 7d. New Zealand slip° ranged
from 434d. to 1031d.. latter halfbred lambs.
In London on March 29 the second series of Colonial wool
auctions closed with offerings of 6,530 bales, which readily
sold on recent basis of values. Estimated purchases:
Home, 39,000 bales; Continent, 49,500. Of the 74,500
bales held over 66,500 bales were unoffered. Compared
with January rates Australian and South African merinos
were par to 5% lower. Puntas and New Zealand crossbreds
were 5 to 10% lower. Details of the 29th inst. sales:
Sydney, 68 bales, scoured merinos, 13 to 14d.; greasy, 931ci. to 103jd.
Queensland. 96 bales, greasy merinos, 8d. to 9d. Victoria, 456 bales,
to 1131d.; scoured crossscoured merinos, 143.6d. to 1530.; greasy, 6
breds, 734d. to 1031cl. South Australia, 85 bales; greasy. merinos, 6d.
to 931d. Wt Australia, 272 bales, scoured merinos, 1031d. to 1431d.
West
New Zealand, 2.745 bales, greasy crossbreds, 4d. to 10d. Puntas, 2, 11
bales, greasy merinos, 6d. to 8d.: greasy crossbreds, 531d. to 1131d. New
Zealand Billie ranged from 3;id. to 1031d., the latter for halfbred lambs.
The next series will begin on May 9.
WOOL TOPS futures to-day closed 50 to 80 points lower
with September 53.30e. and October 54.00e. Boston spot
58c., unchanged.
SILK futures on the 25th inst. declined 1 to 3c., New lows
were touched on all months from June on when the market
went to $1.11. Sales were 870 bales. .March closed at $1.10
to $1.14; April at $1.11 to $1.14; May at $1.12 to $1.14;
June, $1.11; July, $1.11 to $1.12; August, $1.11; September
and October, $1.11 to $1.12. On the 27th inst. the closing
was lc. lower to lc. higher after sales of 1,460 bales. March
ended at $1.11 to $1.15; April at $1.12; May at $1.11 to
$1.13 and later deliveries $1.11 to $1.12. There was considerable switching of April and May for October. On the
28th inst. futures closed unchanged to 2c. higher with sales
of 640 bales. Switching out of April into October was again
evident. Japanese markets were steady. April closed at
$1.12 to $1.14; May at $1.13; June at $1.12 to $1.13; July,
$1.13; August and September,$1.12 to $1.13; October, $1.11
to $1.13 and November, $1.13. On the 29th inst. the close
was unchanged to 2c. higher with exchanges of April for
later positions still evident. Sales were 890 bales. April
closed at $1.13 to $1.15; May and June, $1.13 at $1.14;
July, $1.13 to $1.14; August $1.14 and later months, $1.13.
On the 30th inst. futures ended unchanged to 30. lower with
sales of 640 bales. Foreign markets were generally steady.
April closed at $1.13 to $1.15; May and June at $1.12 to
$1.13; July and August, $1.11 to $1.12; September, $1.12;
October, $1.11 to $1.12 and November, $1.11. To-day
prices ended 1 to 2 points lower with sales of 85 lots, mostly
switches. May closed at $1.11 to $1.12; June at $1.10 to
$1.12; July, August and September, $1.10 to $1.11; October
at $1.10 and November at $1.10 to $1.11. Final prices are
2 to 3 points lower for the week.
COTTON
Friday Night, March 31 1933.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
71,916 bales, against 78,838 bales last week and 48,558 bales
the previous week, making the total receipts since Aug. 1
1932, 7,413,485 bales, against 8,866,335 bales for the same
period of 1932, showing a decrease since Aug. 1 1932 of
1,452,850 bales.
Receipts at-
Sat.
Galveston
Texas City
Houston
Corpus Christi...
New Orleans
Mobile
Pensacola
Savannah
Charleston
Lake Charles_ __ _
Wilmington
Norfolk
Baltimore
1,920
Totals this week_
5.714
Mon.
Thurs.
Wed.
Tues,
---___
4.906 22.283 71.916
2,866 4,:ii
345
123
3,378 '8,797
344
593
-_
35
106
54
169
96
636
____
_
42
____
- -2
0
12
'
----------__
,
2 MO
178
3,253
356
1,235
128
55
_
--42
R fiR1
20.07l1
Total.
9.356
1,357
1,167
94
1,795
480
Fri.
637 12,683
1.935 1,935
895 9.235 21.077
384 1,168
44
2,284 6,767 26,274
118 1,095 2,986
--------1,235
630
151
156
486 1,579
137
__
758
758
596
866
139
598
112
32
127
----127
5,904
1,764
1,101
The following table shows the week's total receipts, the
total since Aug. 1 1932 and stocks to-night, compared with
last year:
Receipts to
Mar. 31.
1932-33.
Stock.
1931-32.
This Since Aug This Since Aug
Week. 1 1932. Week. 1 1931.
Galveston
Texas City
Houston_ Corpus Christi
Port Arthur, &c
New Orleans
Gulfport
Mobile
Pensacola
Jacksonville
12,683 1,773,928
1,935 221,194
21,077 2,528,952
1,168 286,722
28,494
26,274 1,605,272
606
2,986 264,930
1.235 119.300
8,377
Savannah
630 129,564
Brunswick
35,696
Charleston
1,579 140,708
Lake Charles_ _ -758 151,825
Wilmington
866
49,372
Norfolk
598
46,752
N'port News --------8,689
New York
Boston
Baltimore
127
13,104
Philadelphia
Totals
2273
Financial Chronicle
Volume 136
1933.
1932.
18,490 2,172,182 734,771 774,167
4,027 227,162
47,918
55.496
16,861 3,079,570 1,719,936 1,417,427
1.044 425,973
69.107
69.173
25.171
2,975
22.447
50.444 1,702,233 1,022,870 1,077.049
10.032 426.493 124,649 211,678
31,948
60,082
3,920
26,686
10.177
215
16,952
3,262 304,708 154,470 258.701
29,375
319
53,327 113,145
313 116.829
73,000
756 136,214
61,568
48.700
24.696
1,225
18,425
61,914
1,328
52,443
62,322
13
287
76
867
22,099
77
198,525
19,696
2,532
206,188
12,393
2,693
5,389
71.916 7.413.485 115.587 8.866.335 4,362.512 4.362.766
In order that comparison may be made with other years,
we give below the totals at leadmg ports for six seasons:
Receipts at- 1932-33. 1931-32. 1930-31. 1929-30. 1928-29. 1927-28.
8,622
10.690
13.660
5,845
5,006
13.786
8,938
18,214
2.866
2,082
11,641
11,862
23,129
2.730
4.135
23.546
14,396
16,109
4.066
11.466
409
521
1,572
796
974
641
1,274
724
1,569
2,073
3,312
1,616
Galveston_ __ _
Houston
New OrleansMobile
Savannah......
Brunswick_
-Charleston-Wilmington.. _
Norfolk
Newpo't News
All others..___
12,683
21,077
26,274
2,986
630
5.223
13,313
6,776
1.054
2,820
3,648
Total this wk_
71,916
115.587
53,101
49,351
59,884
80,232
1,579
866
598
18,490
16,861
50,444
10,032
3,262
319
313
1,225
1,328
Since Aug.1 7.413.485 8,866.335 8.077,351 7,583.282 8,537.674 7.414.742
The exports for the week ending this evening reach a
total of 75,739 bales, of which 8,417 were to Great Britain,
1,576, to France, 25,551 to Germany, 9,066 to Italy, nil to
Russia, 21,940 to Japan and China, and 9,189 to other
destinations. In the corresponding week last year total
.exports were 178,394 bales. For the season to date aggre-gatetexports have been 6,055,113 bales, against 6,782,060
baleslin the same period of the previous season. Below are
the exports for the week.
Exported to
Week Ended
GerGreat
Mar. 31 1933.
Exports from
- Britain. France. many.
Galveston
Houston
Corpus Christi_ _
Texas City
New Orleans_ _ _ Lake Charles
Mobile
Pensacola
Savannah
Charleston
Norfolk
Los Angeles_ _ _
2,599
449
5,627
1;666 13,066
516 2,847
1,329
814
825
308
1,210
1,697
21,940
3;i58
:
5:iii
9,189 75,739
650
10,504
123
561
1,576 25,551
9,066
52,458 28,872 178,394
43,335 11,707 122,314
28,938 29,601 27,852 10,673
13,154 13,585 27,999 12,534
Total 1932
Total 1931
938 13,468
2,910 24,063
353 6,315
2,328
3.375 19,026
634
634
28 3,069
533
410
4,033
308
1,210
541
752
5,206
3,792
211
8,417
Total
Total.
1,888
-556
2,647
Japan&
Russia. China. Other.
Exported to-
From
Aug.1 1932 W
Japan &
ussta China. Other.
Mar.31 1933. Great
GerExports from- Britain. France. many. \
Total.
'
Galveston_ __ 200,2271179,247 215,052 144,206
Houston _ _ __ 212,833 284,935 408,486194.345
42,3091 18,803
Corp. Christi
33,121 60,601
49,2261 2,901
Texas City__
39,463 18,052
263
3,990,
Beaumont_ _ _
802
670
El Paso
1
New Orleans_ 289,959 105,245 249,881176,709
23,5551 10,874
Lake Charles.
8,215 25,782
Mobile
71,779 14,722 116,872 21,529
3,197
136
4,147
Jacksonville _
21,194
48,709 1,447
Pensacola._
-1135
7,036
4,980
Panama City
54,256 7,228
87,375 2:5Ri
Savannah
10,676
_
_ 17,618
Brunswick
_
95,823
59,825
_
Charleston
3,508 17:51111
Wilmington
6,974
136
16,958 1,294
Norfolk
100
506
Gulfport
1691
6
1,299
New York_ _
52
Boston
11,4861
238
3,674
Los Angeles_
50
100
2,012
San Francisco
Seattle
513,817 247,880 1,500,429
387.523287.128 1,775,250
80,414 38,761 274,009
10,628 19,804 140,074
322
6,047
15,372
15,372
323,521121,226 1,266,541
30,623 11,601 110,650
39,430 15,994 280,326
15,104
24
7,600
5,366, 2,596
_1 12,016
1
15,222, 5,232 171,663
35,696
5,700, 1,702
2,000 8.908 166,556
1,600: 22,608
43' 25,634
229,
606
2,261
4871
3001
3,567
320 3,1951
92,775 8,7081 116,881
442' 33,891
31,287
5
4351
440
1 069.097693,422 1.358,197!596,177
1,546,760 791.4606,055,113
Total
Total 1932 _ _ 1,000,931 345,331 1,297,523'536,559 ___ _ 2,864,l85737.531'6.782.060
Total 1931 _ _ 954,792871,978 1,452,550406,005 29,279 l,224,486602,211'5,541.301
-It has never been our practice to include In the
NOTE -Exports to Canada.
above table reports of cotton shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and it is impossible to give
returns concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow in coming to hand. In view
however, of the numerous inquiries we are receiving regarding the matter, we will
say that for the month of February the exports to the Dominion the present season
have been 9,671 bales. In the corresponding month of the preceding season the
exports were 14,433 bales. For the seven months ended Feb. 28 1933 there were
123,488 bales exported, as against 119,483 bales for the seven months of 1931-32.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard Not Cleared for
Other CoastGerGreat
Mar. 31. at
- Britain. France. many. Foreign wise.
Galveston
New _Orleans
Savannah
Charleston_ _
Mobile
Norfolk
Other ports*
4,500
7,282
4,000 5,500 26,000
2,565 15,127 3,543
100
1,315
150
6,411
3.000
2,500
c000 40;6E6
Total 1933.. 16,097 9,215 24.627 76,054
Total1932... 26,462 16,523 24,829 115,362
Total 1931_ 13.395 10,883 16.143 70.339
* Estimated.
Total.
Leavng
Stock.
691,771
994.353
154.370
53,327
8,176 116.473
52,443
so:000 2,169,982
3,000 43,000
28,517
100
-566
-&56
.
3,800 129.793 4,232,719
8,353 191.529 4,171.237
4.098 114.858 3.592.510
COTTON.-Dming the week the tendency has been downward. The technical position is strong, but cotton seems to
have followed the uncertainty prevalent in the securities
market more than other commodities. The announcement
by Henry Morgenthau that co-operative loans would be
liquidated shortly hurt cotton more than anything else in
view of the fact that more than half of the loans involved
are on cotton. On the 25th inst. prices ended unchanged
to 3 points higher, shorts being uneasy at the smallness of
offerings, and the steadiness of the trade and other demand.
The jump of 2c. in wteat also tended to help cotton. Talk
of an increase in acreage was much in evidence, but other
factors dominated for the moment. The cotton was wanted'
and prices were firmer.
On the 27th inst. prices fell 20 points, in fear of adverse
farm laws and taxes. Early quotations were firm, but, later
on, pressure told as the market met renewed selling. Foreign selling was heavy toward the close, especially from
Liverpool. Southern liquidation was not large. General
gossip to the effect that the House Farm Bill might go
through the Senate without any of the ameliorating amendments which have been counted upon had a deterrent effect
upon trading. World consumption of American cotton during February totaled approximately 1,095,000 bales as
against 1,180,000 bales in January, 1,093,000 bales in February last year, and 898,000 bales in February two years
ago, according to the New York Cotton Exchange Service.
The total for the seven months of the season to Feb. 28 was
7,990,000 bales compared with 7,219,000 bales in the corresponding period last season and 6,275,000 bales two seasons
ago. The decline from January to February was 7.2%,
which compares with an average decline of 4.6% in the same
months of the seven seasons from 1925-26 to 1931-32. Accordingly, the decrease from January to February this season was larger in terms of percentage than the average
January-February decrease in the seven last seasons. A decrease from January to February is normally to be expected
because of the fewer working days in February. It will
2274
Financial Chronicle
April 1 1933
To-day prices dipped again, the close being 4 to 6 points.
be noted that total world consumption of American cotton
lower than the previous day. Liverpool came 2 to 4 points.
in the seven months of this season to Feb. 28 was 771,000
better than due, and our market at first responded. Later
bales larger than in the same period last season. Liverpool
in the day selling developed from the South, Liverpool and
cabled: "Liverpool futures quiet, steady. Bombay selling
the Far East. A weakening stock market helped the downabsorbed by straddle buying of March 1934, on narrow
ward trend. Aside from foreign and Wall Street events,
parity over New York. Spot trade slow. Basis on medium
most of the news was bullish. Heavy rains occurred In
and lower staples of American still below replacement cost.
the central belt, where they were not wanted. Reports from.
Market sentiment rather mixed. General disposition to
Washington were to the effect that differences in Ideas.
await clarification of Washington's policy, especially as
asto the Farm Relief Bill would be ironed out. The general
regards farm relief, gold standard and extent to which
opinion was that co-operatives' cotton would not be sol&
public investment is likely to offset deflation of banking
immediately, as indicated by Morgenthau's statement yestersystem. Attention is also directed to difficult situation
day, and although business was still slow in print cloths,
regarding June war debt instalment and deterioration of
more activity had developed in Worth Street, with promise
German trade balance."
of a better inquiry soon. There is a growing feeling that
On the 28th inst. prices closed 10 to 13 points higher in a
commodity markets will lead the way in any speculativedull market, which showed an irregular trend for most of
revival. Final prices for the week show a decline of 11 to
the session. The opening was practically unchanged from
13 points. Spot cotton ended at 6.30c. for middling. or 20
,
the close of the previous day, but professional liquidation
points lower than a week ago.
with selling by spot houses and co-operatives broke the
price and the more active months sold off 2 to 7 points. Staple Premiums
Differences between grades established
Liverpool sold on the decline, but Wall Street, wire houses 60% of sMrage 01 for deliveries on contract
am markets Quoting
Apr. 6 1933
and New Orleans bought. Sentiment veered to the optifor deliveries on
are the average quotations of the ten
April6 1933.
mistic side later in the day, however, and contracts became
markets designated by the Secretary of
1-inch &
15-16
scarce. Washington news and the way in which it was
Agriculture.
longer.
Inch.
interpreted governed the speculative element to a large
Middling Pair
.24
White
.08
Pending banking legislation was looked on as conextent.
.63 on
Strict Good Middling_
do
.24
.08
.51
do
structive, and the Farm Bill and other similar measures
Good Middling
do
.08
.24
.40
do
Strict Middling
.24
do
.08
for the time being. Lancashire was dull,
were forgotten
.28
do
Middling
.24
.08
do
Basis
with little doing in cloths, although yarns were somewhat
Strict Low Middling.20
do
.os
.25 oft Mi&
Low Middling
.18
do
firmer. The higher prices at the South brought out offer.07
52
do
*Strict Good Ordinary
do
84
do
ings in larger supply, but even so they were well below
*Good Ordinary
do
1 18
do
Middling
American Crop
Good
those of the same period last year. The
Extra White
4000 do
Strict Middling
do do
.26
Service reported that according to all early season advices
do
Middling
do do
Even
do
an increase was looked for in Texas acreage. "Our correStrict Low Middling-- do do
25 off do.
Low Middling
do do
spondents indicate considerable acreage was being planted
52
doGood Middling
.08
.24
Spotted
.24 on do.
to cotton in South Texas, where truck crops were damaged
.24
Strict Middling
.08
do
Even
do•
Middling
.08
.20
do
by recent cold weather. From other sections of the State
.26 Ott de.
*Strict Low Middling.-- do
.52
do
crop reports state that feed crops are abundant and are
*Low Middling
do
85
do.
.20
.08
Strict Good Middling-Yellow Tinged
practically worthless from a cash crop viewpoint. ThereEven
do.
.08
.20 Good Middling
do do
22 off do
fore, cotton offers a better cash outlook to growers than
.20
Strict Middling
.08
do do
37
do.
*Middling
any other crop, even at present low prices. Texas crop
do do
.57
*Strict Low Middlingdo do
reporters, like those in other cotton belt States, are disposed
do
*Low Middling
do do
1.19
do
to smile indifferently at the farm leasing plan." As to
.19
Good Middling
.08
Light YellowStained-- .33 oft do
*Strict Middling
do do
do ... .59
Oklahoma, the same Service stated: "Eearly season farmdo
*Middling
do do
do -- .86
doing operations in Oklahoma point to a very substantial in.19
Good Middling
.07
Yellow Stained
52 off do
*Strict Middling
acreage for the 1933 crop. On account of
do do
crease in cotton
.87
do
*Middling
do do
1 18
do
the poor returns from grain crops, especially wheat, a con.2o Good Middling
.os
Gray
20 off do
.08
.2o Strict Middling
siderable acreage now in wheat will be planted to cotton."
do
38
do
*Middling
do
63
do
On the 29th inst. closing prices were 1 to 8 points lower
*Good Middling
Blue Stained
58 oft do
than the previous day, but the final reaction was from 15
*Strict Middling
do do
.85
do
*Middling
do do
1.18
to 20 points off from the high prices touched in the morning.
do
'Not deliverable on future contracts.
Liverpool came lower than due, but domestic buying set in
Liverpool's close, which started prices upward. One
after
The official quotation for middling upland cotton in the
prominent commission house was reported to have purchased
New York market each day for the past week has been:
about 15,000 bales of October, supposedly for a large specuMarch 25 to March 31Sat. Mon. Tues. Wed. Thurs, Fri.
lative operator. As the day wore on, however, cotton folMiddling upland
6.45
6.25
6.40
6.30
6.35
6.30
,
lowed the action of stocks and grain in advancing during
FUTURES.
-The highest, lowest and closing prices at.
the earlier part of the session, and then falling off. The
trade did not like the news from Washington to the effect New York for the past week have been as follows:
that the Farm Bill as it went through the House was likely
Saturday, Monday, Tuesday, Wednesday, Thursday,
to be passed by the Senate also. Worth Street reported a
Friday,
Mar. 25. -Var. 27. Mar. 28. Mar. 29. Mar. 30. Mar. 31.
small volume of business but a better inquiry. Spot trading
Aprflwas small in volume and at somewhat lower prices. AccordRange.. 6.30- 6.30 6.26- 6.26
ing to the Government weekly weather report, planting and
Closing. 6.30- 6.11- 6.24 -- 6.16- 6.22- 6.16 -preparation of soil was in the main satisfactory, with the
MayRange__ 6.35- 6.41 6.18- 6.37 6.15- 6.40 6.24- 6.44 6.25- 6.35 0.21- 6.34.
exception of crop work in the north-central districts.
Closing_ 6.38- 6.39 6.19- 6.20 6.35- 6.34 6.24- 6.26 6.30 -- 6.24 -On the 30th inst. cotton trading slowed down perceptibly, JuneRange---- -but futures closed at from 1 to 7 points up. Waghington
closing 6.48- 6.27- 6.39- 6.33- 6.37 -- 6.32.
news was largely ignored, and better spot business with
JulyRange
6.50- 6.58 6.35- 6.53 6.30- 6.57 6.40- 6.57 6.40- 6.52 6.37- 0t5
trade price fixing were the principal factors which conClosing. 6.55- 6.56 6.36- 6.38 6.46- 6.47 6.42- 6.43 6.45- 6.46 6.40tributed to the market's strength. Liverpool cables were
Range....
slightly better than due, but New York forged ahead of
Closing. 6.61- 6.42- 6.53- 6.49- 6.52- 6.47Liverpool's influence, and under the impetus of a good
Sept.
Range__ 6.72- 6.72- - 6.69- 0.69
demand from brokers with Continental and co-operative
Closing. 6.71- 6.49- 6.62- 6.56- 6.58- 6.53affiliations advanced 8 to 11 points over the close of the
previous day. Liverpool and hedge selling were largely
Range- 6.70- 6.77 6.54- 6.71 6.49- 6.76 6.61- 6.80 6.61- 6.72 0.57- 6.72Closing. 6.74- 6.75 6.55- 6.56 6.65- 6.66 13.64- 0.65- 6.66 6.60- 6.61
responsible for the subsequent tapering off of prices, toNoy.gether with the announcement of Henry Morgenthau Jr.
Range-6.78- 6.78-- Closing_ 6.81 - 6.61 - 6.71- 6.69- 6.71 - 6.67that all of the holdings of co-operatives against which loans
Dec.
had been made would be sold. This appeared to mean that
Range._ 6.87- 6.90 6.66- 6.84 6.62- 6.87 6.72- 6.90 0.73- 6.82 6.706.83
Closing_ 6.88- 6.68- 6.78- 6.74- 6.75 6.78- 6.74some 1,600,000 bales in the hands of co-operatives would
Jan.
(1934)
be put on the market. Although such action, if taken, would
Range__ 6.91- 6.97 6.76- 6.92 6.69- 6.93 6.80- 6.97 6.80- 6.89
Closing_ 6.94- 6.95 6.76- 6.86- 6.81- 6.84- 6.78- 6.90
probably mean lower prices for a time, the prospect of the
6.81 Feb.
removal of such an amount of cotton overhanging the market
RangeClosing. 7.00- 6.81 - 6.02- 6.86- 6.91could not fail to be of benefit in the long run. Aside from
6.87Mar.
this, another view was very much to the fore. If the Smith
Range_ 7.06- 7.06 6.86- 7.05 6.84- 6.99 6.92- 7.09 0.93- 7.01
6.90-- 7.05.
George Bill were to be enacted Government holdings would
Closing. 7.07- 0.86- 6.98- 6.92- non
not be dumped on the market but would be withheld until
- Range of future prices at New York for week ending
such time as conditions would warrant its liquidation. The
Mar. 31 1933 and since trading began on each option:
weather was generally favorable. The spot market was
quiet,•with middling upland quoted at 6.35c., a 5-point ad- Option for
Range for Week.
Range Since Beg timing of Option.
vance. Bombay cabled the Exchange: "Consumption of
Mar. 1933__
5.53 Dec. 8 1932 9.84 Aug. 29 1032
Indian cotton in India during February totaled 185,000 runApr. 1933__ 6.26 Mar. 27 6.30 Mar. 25 5.90 Dec. 2 1932 6.77
May l933
6.15 Mar.28 6.44 Mar.29 5.69 Juno 8 1932 9.93 Nov.11 1932
ning bales against 204,000 bales in January and 184,000 bales
Aug. 29 1932
June1933
0.02 Nov. 28 1932 6.92
in February last year. Total consumption during the seven
July 1933._ 6.30 Mar.28 6.58 Mar. 25 5.75 Dec. 8 1932 10.00 Mar. 16 1933
Aug. 29 1932
months from August through February this season was
Aug. 1933
6.00 Dec. 3 1932 7.06
Sept. 1933_ _ 6.69 Mar.28 6.72 Mar. 25 6.07 Dec. 8 1932 7.39 Oct. 10 1932
1,436,000 bales as against 1,371,000 bales during the same
Sept.30 1932Oct. 1933._ 6.49 Mar.28 6.80 Mar. 29 5.93
8 1932 7.50
portion of last season and 1,288,000 bales two years ago." Nov. 1933_ 6.78 Mar.30 6.78 Mar.30 6.50 Dce. 21 1933 6.78 Mar. 16 1933
Feb.
Dec. 1933._ 6.62 Mar.28 6.90 Mar. 25 6.30 Feb. 6 1933 7.66 Mar. 30 1933
Liquidation for Carolina mill accounts early this week
Jan. 1934._ 6.69 Mar.28 6.97 Mar. 25 6.35 Feb. 6 1933 7.65 Mar. 16 1933
Mar. 16 1933
amounted to 20,000 bales, according to one estimate in the Feb. 1934
6.62 Feb. 24 1033
Mar. 1934._ 6.84 Mar.28 7.09 Mar. 29 6.84 Mar.28 1933 6.63 Feb. 24 1933
trade.
7.09 Mar. 29 1933.
THE VISIBLE SUPPLY OF COTTON to-night, as made
<up by cable and telegraph, is as follows: Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday) we add the item of exports from the United States,
,including in it the exports of Friday only.
Mar. 31Stock at Liverpool
Stock at London
Stock at Manchester
1933.
bales- 761.000
1932.
662,000
1931.
919.000
98,000
216.000
Total Great Britain
Stock at Hamburg
Stock at Bremen
.Stock at Havre
-Stock at Rotterdam
Stock at Barcelona
• Stock at Genoa '
• Stock at Ghent
'Stock at Antwerp
Total Continental stocks
1930.
853,000
223.000
106,000
859,000
878.000 1,142,000
959.000
564.000
270.000
21,000
92.000
117.000
328,000
182.000
24,000
89,000
110.000
533.000
392,000
13,000
111.000
61.000
460.000
305.000
8,000
93.000
63,000
1.064,000 -733,000 1,110.000
929,000
Total European stocks
1.923.000 1,611,000 2,252,000 1,888.000
41.000 114,000 203.000
India cotton afloat for Europe.-- 67.000
American cotton afloat for Europe 204.000 325,000 245,000 254.000
75.000
59,000
81,000
'Egypt,Brazil,&c.•afFtfor Europe 47,000
'Stock in Alexandria, Egypt
508,000 666,000 684,000 527,000
Stock in Bombay, In
785,000 659,000 946,000 1.295.000
Stock in U. S. ports
4,362,512 4,362,766 3,707.368 1,798.941
Etock in U. 8. interior towns-.-1,874.180 1,847.155 1,312.856 1,113,592
11,778
30.387
24,838
'U.S. exports to-day
Total visible supply
9.795.530 9,623,308 9,332,002 7,154.533
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
450,000 310,000 452.000 380,000
73,000
91,000
Manchester stock
63.000 135,000
-Continental stock
998.000 677.000 1,006.000 854.000
American afloat for Europe
204,000 325,000 245,000 254.000
U. S. port stocks
4,362.512 4.362,766 3,707.368 1.798.941
U. S. interior stocks
1 874,180 1,847,155 1,312.856 1,113,592
,U.S. exports to-day
11.778
30.387
24.838
Total American
East Indian, Brazil &c.Liverpool stock
'London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c.. afloat
'Stock in Alexandria, Egypt
*Stock in Bombay, India
7,976,530 7.687,308 6.826,002 4.473.533
311.000 352.000 467.000 473.000
35.000
66.000
67,000
47.000
508,000
785,000
81.000
56,000
41,000
81.000
666,000
659,000
33.000
132.000
75,000
104.000
114,000 203,000
59,000
75,000
684,000 527.000
946.000 1.295.000
1,819,000 1,936,000 2.506,000 2.681.000
7,976,530 7,687,308 6,826,002 4,473,533
"Total visible suPily
9,795,530 9,623,308 9,332.002 7,154,533
8.85d.
5.76d.
-Middling uplands, verpool
4.81d.
5.154.
10.50c. 16.60c.
Middling uplands, New York
6.30c.
6.30c.
Egypt, good Sakel, Liverpool
7.854. 10.20d. 15.05d.
7.904.
Peruvian, rough good, Liverpool_
6.60d.
4.594.
Broach. fine, Liver_pool
4.534.
4.42d.
7.954.
5.40d.
Tinnevelly, good, Liverpool
4.664.
4.681.
Total East India, Scc
'Total American
Continental imports for past week have been 71,000 bales.
The above figures for 1933 show a decrease from last
week of 76,032 bales, a gain of 172,222 over 1932, an
increase of 463,523 bales over 1931, and a gain of 2,640,997
bales over 1930.
-that is,
AT THE INTERIOR TOWNS the movement
'the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year-is set out in
detail below:
Movement to Mar. 31 1933.
Towns.
A
Movement to Apr. 1 1932.
Ship- Stocks
menu. Afar.
Week. I Season. Week. 31.
, Ship- Stocks
runts. Apr.
1.
Week. Season. Week.
Recetpts,
Ala.,BirmIng'm
761 36,328
Eufaula
188,
7,885
Montgomery.
126' 39024
Selma
1071 55,721
Ark.,Blytheville
505 184,525
Forest City__
481 23,021
Helena
5221 76,737
Hope
159 51,129
Jonesboro.
,673
Little Rock__
866, 134.375
Newport._
135' 48,883
Pine Bluff_ __ 1.200 116,857
Walnut Ridge
86 65,212
,Ga., Albany._.
2
1,376
Athens
60 24,415
Atlanta
1,993 221,577
Augusta _ _ 2,482 109.533
'Columbus_ __-- 16,970
Macon
216 18,268
'Rome
95 11,836
La., Shreveport
447 73,444
811 123,454
Ilbs.,C1arksda1e
Columbus_
108 15,236
797 128,405
Greenwood
191 34,702
Jackson
Natchez
100
8,116
Vicksburg_..
55 34,156
Yazoo Cit7._
6 32.027
Mo., St. Louis_ 2,120 125,479
210 26,949
N.C.,Greensb'ro
Oklahoma
15 towns*___ 1,602 706,172
S.C., Greenville 4,147 121,771
Tenn.,Memphis 29.0391.706,130
Texas, Abilene_
394 83,285
Austin
55 21,968
47 18.308
.
Brenham__ .
Dallas
778 91,19
Paris
68 51,92
1
6,448
Robstown__.
Ban Antonio15, 10,800
Texarkana
84; 43,880
Waco
213, 71,819
Total AR Marna
2275
Financial Chronicle
Volume 136
Receipts.
697
115 8,663
20
223 8,763
25
88 55288
331
410 48,420
881
4,253 45,108
326
1,162 16,142
500
1,142 37,693
167
579 19,949
75
30: 3,066
811 62,760 2,184
300
1,412 12,610
484 47,605 2,64
104
2.348 815
35
____ 3,166
250
500 50.175
1,973269,552429
1,28
2,626 .
106
__ 21.729
100
80 40.214
167
50 13,987
348
473 66,844
3,055 46,390 2.752
23
194 12,561
601
1,695 74,797
354 26,492 _
9
1 5,718
90
1,014 12,649
135
668 16,298
177 2.085
2,119
184
100 24,675
71,625
12,322
38.220
85,415
119,023
33,190
75,301
59,267
20,958
174.169
48,241
168.667
46,921
5.294
37.619
76.140
175.847
57,287
31.196
13,661
110.022
193,503
21,406
168,442
25.652
12,317
40.952
47,117
123,071
18,6
570 28,642
52 7,807
991 80,497
96 67,968
1.651 50,085
478 18,761
1,000 45,219
45 14.638
1.399 4,156
2,75 65.423
600 18,725
2.950 58.354
1,792 9,361
55 4,271
250 40.935
167 166,218
2.848122.029
456 26.018
170 37.793
50 10,763
2.594 85,503
2,893 93,089
430 12,256
2,435 90,151
---- 28,785
1,596 5,734
1,324 14,043
200 21,397
2,085 1,151
143 20,715
4,336 72,324 2,019 612,418 6,818 57,211
3,473 101,141 7,961 145.2:: 3.532 81,035
36.778458,209 27,5741,823,895 27,493404,881
150
463
222 55,171
746 1,099
352 2,823
28,055
5 3,325
282 6.310
158 19,736
105 9,075
543 141,742 2,925 25.272
1,074 22,092
426 96.7 • 1,124 10.138
573 10,995
949
38
6 31,127
305
---387 1,030
159 17,787
367
64
850 13,360
123 63,775
404 18,642
942 13,398
208 80,880
280 12,380
An rulAd 70A 70Q 7A RAO 1Q7A910
CA 0.174 9/5 055 75 CIA IR.171AA
*Includes the combined totals of 15 towns In Oklahoma.
The above totals.1show that the interior stocks have
decreased during the week 28,911 bales and are to-night
27,0851ba1es more than at the same period last year. The
receipts at all towns have been 6,202 bales less than ;the
same week last year.
NEW YORK QUOTATIONS FOR 32 YEARS:
The quotations for middling upland at New York on
Mar.31 for each of the past 32 years have been as follows:
1933
1932
1931
1930
1929
1928
1927
1926
24.80c.11917
28.604.11916
28.854.11915
18.104.11914
12.25c.11913
41.754.11912
28.304.11911
34.254.11910
6.304.11925
6.20c.11924
10.704.11923
16.45c.11922
20.95c.11921
19.70e. 1920
14.454. 1919
19.254.11918
9.88c.
10.50c.
10.95c.
11.65e.
8.15c.
15.354.
9.954.
9.004.
19.20c.11909
12.104.11908
9.804,11907
13.50c.11906
12.60c.11905
10.90c.11904
14.40c.11903
15.10c.11902
MARKET AND SALES AT NEW YORK.
Saturday__ _
Monday
Tuesday _ _ _
Wednesday_
Thursday _ _
Friday
SALES.
Futures
Market
Closed.
Spot Market
Closed.
Spot. Confect Total.
Quiet.5 Ms.dec- _ Steady
Barely steady._
Quiet,20 pts.dec _
Quiet, 15 pts. adv.,. Barely steady
Quiet,10 pts.dec__ _ Easy
Quiet, 5 pts. adv.._ Steady
Quiet, 5 pts. dec. Steady
624
1,050
400
200
228
860
.
6- 666
624
1.050
400
200
6,228
860
3,362 6.000 9.362
81.673 197.800 279.473
Total week_
Since Aug. 1
-OVERLAND MOVEMENT FOR THE WEEK ARD
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
-1932-33-Since
Week. Aug. 1.
2,119 126.091
4,080
215
400
13.782
395
3,327 114.178
6,172 278.810
Mar.31-
Shipped
Via St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
12.228
Total gross overland
Deduct Shipments
Overland to N. Y., Boston, dtc__. 127
284
Between interior towns
3.675
Inland, &c.,from South
4.086
Total to be deducted
-1931-32---Since
Week. Aug. 1.
2.085 128.327
8
23.744
380
81
3,583
6,135
7,034
129.642
343,024
537,341
12,264
632.279
13.571
7,789
124,954
376
259
3,073
23.299
9.338
176.450
146,314
3,708
209.087
Leaving total net overland*___- 8,142 391,027
*Including movement by rail to Canada.
8.556
423,192
The foregoing shows the week's net overland movement
for
this year has been 8,142 bales, against 8,556 bales the
the week last year, and that for the season to date
aggregate net overland exhibits a decrease from a year ago
of 32,165 bales.
-1931-32--
-1932-33
Since
Since
In Sight and Spinners'
Week. Aug. 1.
Week. Aug. 1.
Takings.
8,866.335
71,916 7,413.485 115.587
Receipts at ports to Mar.31
423,192
8.556
391.027
8,142
Net overland to Mar. 31
Southern consumption to Mar. 31 98,000 3.403.000 100.000 3,180.000
178,058 11,207.512 224,143 12,469,527
Total marketed
474,538 *25.723 1,057,128
*28,911
Interior stocks in excess
Excess of Southern mill takings
646.858
196.973
__....
over consumption to Mar. 1198.420
-149,147
Came into sight during week
14.173,513
11.879.023
Total in sight Mar. 31
750.068
15.037
668,144
North.spinn's's takings to Mar.31 20.869
•Decrease.
Movement into sight in previous years:
Bales.
12.668.387
13.481,370
14.137.585
Bales. I Since Aug. 1129.55011930
114.51011929
159,08511928
Week1931-Apr. 4
-Apr. 5
1930
-Apr.6
1929
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations
OTHER MARKETS.
for middling cotton at Southern and other principal cotton
markets for each day of the week:
March 31.
Galveston
New Orleans..
Mobile
Savannah
Norfolk
Montgomery...
Augusta
Memphis
Houston
Little Rock_ _ .._
Dallas
Fort Worth _ _ _ _
Closing Quotations for Middling Cotton on
Monday. Tuesday. Wed'day. Thursd'y. malty.
Saturday.
6.30
6.37
6.25
6.28
6.43
6.10
6.53
6.15
6.30
6.12
6.00
6.00
6.10
6.19
6.05
6.10
6.25
5.90
6.40
6.00
6.10
5.94
5.80
5.80
6.20
6.32
6.15
6.22
6.37
6.10
6.53
6.10
6.20
6.07
5.95
5.95
6.20
6.26
6.10
6.15
6.30
6.05
6.45
6.05
6.15
6.00
5.85
5.85
6.20
6.26
6.15
6.20
6.35
6.15
6.50
6.20
6.20
6.05
5.90
5.90
6 15
6.26
6 10
6.19
6.29
6.10
6.44
6.15
6.15
6.00
5.85
5.85
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
Mar. 25.
Monday,
Mar. 27,
Tuesday, Wednesday. Thursday,
Mar. 28. Mar. 29. Mar. 30.
Friday.
Mar.31.
April
May
8.38- 6.19- 6.32- 6.26- 6.28- 6.26- 6.26
June
July
6.53- 6.35- 6.47- 6.40- 6.42 6.44- 6.40- 6.41
August.
September;
6.74- 6.54- 6.67- 6.61- 6.62 8.63- Bid 6.60October
.November
December_ 6.87- 6.89 6.67 Bld. 6.80 Bid. 6.74 Bid. 8.75- 6.78 6.72 Bid.
Jan.(1934) 6.93 Bid. 6.73 Bid. 6.86 Bid. 6.80 Bid. 6.81 Bid. 6.78 Bid.
February.
6.90- 6.91 Bid. 6.90 Bid.
March_ _
Tone
Quiet.
Steady.
Steady.
Steady.
Steady.
Steady.
Spot
2276
Financial Chronicle
WEATHER REPORTS BY TELEGRAPH.Reports to
us by telegraph this evening denote that cotton planting
advanced in southern Texas and there have been scattered
reports of seeding in some East Gulf sections. In most
other sections, rainfall though moderate was sufficient in
conjunction with previous rains to keep the top soil too wet for
working.
Memphis, Tenn.
-The river is thirty-three feet and rising.
The ground is too wet for farm work.
Rain. Rainfall.
Thermometer
Galveston, Tex
3 days 0.80 in. high 75 low 60 mean 68
Abilene, Tex
1 day 0.01 in. high 86 low 50 mean 68
Brownsville. Tex
2 days 0.03 in. high 82 low 68 mean 75
Corpus Christi, Tex
1 day 0.02 in. high 80 low 66 mean 73
Dallas, Tex
2 days 1.07 in. high 76 low 52 mean 61
Del Rio, Tex
3 days 0.05 in. high 90 low 56 mean 73
Houston, Tex
2 days 0.24 in. high 78 low 52 mean 65
Palestine, Tex
4 days 3.06 in. high 78 low 50 mean 64
San Antonio, Tex
3 days 0.14 in. high 86 low 56 mean 71
New Orleans, La
1 day 1.06 in.
mean 68
Shreveport, La
6 days 3.52 in. high 80 low 40 mean 60
Mobile, Ala
1 day 0.51 in. high 77 low 52 mean 64
Savannah, Ga
1 day 0.01 in. high 76 low 46 mean 61
Charleston, S.Chigh 76 low 51 mean 64
Charlotte, N. C
1 day dr:04 in. high 69 low 36 mean 51
3
Nashville, Tenn
3 days 0.90 in. high 79 low 41 mean 59
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
Mar.31 1933. April 1 1932.
Feet.
Feet.
11.7
10.9
33.0
24.2
13.5
34.7
14.3
17.1
35.3
29.9
New Orleans
Memphis
Naahville
Shreveport
Vicksburg
Above zero of gauge..
Above zero of gauge_
Above zero of gauge..
Above zero of gauge_
Above zero of gauge..
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Weekl
Ended
Receipts at Ports.
1932.
1931.
Stocks at Interior Towns.
1930.
1932.
1931.
1930.
eiptsfrom Plantations
1932.
1931. 1930.
Dee.
30- 182,588218.;',. 122.3772,213,3742.219.56 1.777,081164.246220.741 98.714
Jan.
1933. 1932. 1931. 1923.
1932.
1931.
1933. 1932. 1931.
6_ 194,020353,609 115,570 2,169,330 2,208.9681,750.859 149,976 341,014 89,348
_.. 168,774 274,657106.80. 2,167,243 2,198,0541,725,164 166,687 265.743 81,110
20.... 188.072241.478 80.428 2.165,999 2,175,407 1,696.148 186,828 218.831 51,412
27_ 198,981 280.442115.'2338,401 2,158,461 1.658.37z 171,383263.498 77 269
Frb.
8__ 182.110223.645106,9. 2,118.211 2.123,944 1.627,316 161,920 189.128 74.897
10._ 121,16324:„848 106,1062,084.0262,102,990 1,588,762 86.978228,894' 67,552
17-_ 1 2 48 175.417 113.4382,648,0632.080.961 1,556.997 66,517 153,382 81.873
__ 122,954 161.669 119.3622,014,6662,032,312 1,514,682 89.557113.020: 77.047
Mar.
3-- 101,012184.065118,571 1.977,796 1,997,909 1.461,836 64,142 149,6621, 65,725
10__ 7k,119 158,701 93,477 1,934,1391.981.1161.420,753 58.462121,908
17_ 48,558 125,715 68,13! 1,032,947 1,908,510 1,379,376 10.666 73,109 41.083
26.762
24__ 78.838 130,968 61,7361.903,091 1,872,878 1,349,018 49,682[ 95,3361 31,378
31_ _ 71,916115.587' 53,101 1,874,1801.847,155 1,312,856 43,005 89,864 16,939
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1932 are 7,814,894 bales;
in 1931-32 were 9,851,662 bales and in 1930-31 were 8,806,214
bales. (2) That, although the receipts at the outports the
past week were 71,916 bales, the actual movement from
plantations was 43,005 bales, stock at interior towns
having decreased 28,911 bales during the week. Last year
receipts from the plantations for the week were 89,864
bales and for 1931 they were 16,939 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons from all sources from
which statistics are obtainable; also the takings or amounts
gone out of sight for the like period:
Cotton Takings,
Week and Season.
1932-33.
Week.
1931-32.
Season.
Week.
Season.
Visible supply Mar. 24
9.871.562
9 689 3::o
Visible supply Aug.I
7,791.048
6,892,094
American in sight to Mar.31.
149,147 11,879,023
198,420 14.173.513
Bombayreceipts to Mar.30-..
106,000 1,682,000
68,000 1,264,000
Other India shipls to Mar.30
335.000
261.000
Alexandria receipts to Mar.29
14.000
850,000
15,000 1.278,000
Other supply to Mar. 30_59_ _
396.000
7,000
6.000
414.000
Total supply
10.147,709 22,933,071 9,976.755 24.282.607
Deduct
Visible supply Mar. 31
9.795,530 9,795.530 9,623.308 9,623,308
Total takings to Mar.31_a___
352,179 13,137,541
353.447 14.659,299
Of which American
245,179 9.801,541
289,447 11,002,299
p Of which other
107.000 3,336.000
64.000 3,657,000
* Embraces receipts in Europe from Brazil, Smyrna. West Indies, dm.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 3,403,000 bales in 1932-33 and 3,180.000 bales in 1931-32
-takings not being available
-and the aggregate amounts taken by Northern and foreign spinners, 9,734,541 bales in 1932-33 and 11.479.299 bales
in 1931-32, of which 6,398,541 bales and 7.822,299 bales American.
b Estimated.
EMENT FROM ALL PORTSJITUTAT7 751TWI'l
7. The receipts of India cotton at Bombay and the shipments
from all India ports for the week and.for the season from
Aug. 1, as cabled, for three years have been as follows:
1932-33.
March 30.
Receipts at
Week.
Bombay
Since
Aug. 1.
1931-32.
Week.
Since
Aug. 1.
1930-31.
Week.
Since
Aug. 1.
106,000 1,682,000 68,000 1,264,000 81,000 2,474.000
Exports
fromBombay
1932-33..
1931-32..
1930-31_
Other India1932-33__
1931-32._
1930-31_
Total all
I932
-33__
1931-32__
1930-31_
April 1 1933
For the Week.
Since August 1.
Great Conti- Japan&
Great
Britain. neat. China. Total. Britain.
2,000
2,000 27,000 31,000
1,000 11,000 12,000
15,000 56,000 71,000
9,0001
Conti- Japan &
neat.
China.
Total.
29,0001 196,000 724,000 949,000
15,000: 107,000 691,000 813,000
95,000, 517,
1,377,000 1,989,000
71,000i 264,000
69,0001 192,000
106.000, 328,000
335,000
261,000
434,000
2.000 2,000 27,000 31,0001 100,000 460.0001 724,0001,284,000
_ 1,0
11,000 12.0001 84,000, 299,0001 691,0001,074,000
3,000 21,
56,000 80.00e 201,000 845.00(i1.377,0002.423,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
38,000 bales. Exports from all India ports record an increase
of 19,000 bales during the week, and since Aug. 1 show an
increase of i10,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
Alexandria, Egypt,
Mar. 29.
1932-33.
1931-32.
1930-31.
Receipts (Cantars)This week
Since Aug. 1
70.000
4.336.968
75,000
6.149.621
135,000
6.116,033
Export (Bales)
-
This Since
Week. Aug. 1.
This Since
This Since
Week. Aug. 1. Week. Aug. 1.
To Liverpool
4,000 109,360 1,000 162,035
To Manchester, &c
82.081
122,987
To Continent and India_ 8,000 346,322 11,666 441,473
To America
1,000 27.986 1.000 18.180
98.476
89,554
11,6645 415,950
11,055
Total exports
13.000 565.749 18,000 744.675 11,000 615.035
Note.
-A canter is 99 lbs Egyptian ba es weigh abor 750 lbs
This statement shows that the receipts for the week em dMar.29 were
70,000 cantars and the fore gn shipments 13,000 bales.
MANCHESTER MARKET.
-Our repo.c received by
cable to-night from Manchester states that the market in
yarns is active and cloths is quit. Demand for both India
and China is poor. We give prices to-day below and leave
.
those for previous weeks of this and last year for comparison:
1932.
32s Cop
Twist.
d.
Dee.80-- SW:NO
1931.
8ki Lbs. Shirt- Cotton
Om, Common Iltddrg
to Finest.
Upl'ds.
s. d.
s. d.
8 2 08 5
tam19 33.
6._ 8%(g)10% 8 3
13_ _ 814010
83
20.... 89(0 974 83
27___ 89(15 914 8 3
Feb.
8.„. 8"
894 8 3
10._ 89405 9% 8 3
17_ _ _. 83.415 994 8 3
24.... 8340 994 8 3
March
8 - 8 @ 634 8 3
.__.
10_ __ _ 834 54 994 8 3
17___ MO 914 8 3
24-- 8,4© 934 8 3
31 ____ fl itch 9148 3
32s Cop
Twist.
d.
d.
5.29
8;./ Lbs. Shirt- Cotton
ings, Common Middrg
to Finest.
Upl'ds.
8%CPI°If
s.d.
s.d.
0 ® 84
d.
8.89
0
(0)
®
0
6
6
6
6
5.33
5.30
5.25
5.15
19 3 .
85010%
0
0
89(01014
854141014
0
89(@103j
1
55
55
(g)
tat
4
4
4
4
5.33
5.41
5.52
5.50
0
@
@
(g)
6
8
6
6
4.94
5.09
4.95
4.95
89((g)103(
894(41094
9 551034
9 @1034
1
1
1
1
(g)
(g)
(g)
@
4
4
4
4
5.587
5.59
5.95
5.79
0
(4)
©
®
a
6
6
6
6
6
4.79
5.17
5.26
8.13
5.15
9 551034
8505109(
89i(g)10%
8%919,,
8% Le am'
1
0
0
0
0
15
55
(g)
@
a
4
3
3
8
3
5.73
5.51
5,51
5.115.
4 81
-Shipments in detail:
SHIPPING NEWS.
Bales,
CORPUS CIIRISTI-To Bremen-March 24
-City of Omaha,494
494
To Gdynia-March 24-Cit v of Omaha. 100
100
-City of Omaha, 1,026_ _March
To Hamburg-March 24
27-Grandon. 1,327
2,353
-West Harshaw, 1.938
To Liverpool-March 28
1,938
-West Harshaw, 661
To Manchester
-March 28
661
-West Harshaw. 516
To Havre
-March 28
516
-West Harshaw, 179
To Ghent
-March 28
179'
-West Harshaw, 74
To Rotterdam-March 28
74
HOUSTON-To Bremen-March 23-Grandon, 6,429... March
-City of Omaha. 5,566
28
11.995.
To Havre
-Phoenicia. 781
-March 27
781
To Dunkirk-March 27
-Phoenicia, 279
279.
-Phoenicia. 1,070
To Ghent
-March 29
1,070'
To Hamburg-March 23-Grandon, 1.071
1,071
-Tripp, 300
To Naples
-March 30
300,
-Tripp, 2,935
To Genoa-March 30
-Buenos Aires Meru. 2,567.. March 2,935,
To Japan-March 27
29-Hakubasan-Maru, 1,225
3,792
To India-March 29-Sllverwlllow, 1,400.._ _March 30
City of Lincoln, 440--------1,840.
-March 24
GALVESTON-To Liverpool
-Mercian, 746
740To Manchester-March 24
-Mercian, 957
957
To Gothenburg-March 24-Tugela, 50
50,
To Copenhagen-March 24
-Tugela. 231
231
To Gdynia-March 24-Tugela, 353
353
Bremen-March 24-Neidenfels, 3,239--March 25
To
Buenos Aires Maru. 2.305
5,544
To Hamburg-March 24-Neldenfels, 83
83
To Japan-March 24
-Patrick Henry. 2.448--Mar. 29
Buenos Aires Marti, 2.758
5,206
To Porto Colombia-Mar.29
-Tillie Lykes, 200
200.
To Cartagena-Mar.29
-Tillie Lykes, 104
104
NEW ORLEANS
-Mar. 24
-To Genoa
-Tripp, 1,103__ -Mar. 28
-Monflore, 2,567
-Buenos Aires Maru, 904 ..Mar. 22- 3.670To Japan-Mar. 23
Silveryew, 7.400
8,304
To Cartagena-Mar. 21-Contessa. 25
25
To San Fellpe-Mar.22-Zacapa,100
100To Porto Colombia
-Mar.25-Ttvivea,300
300
To Arica
-Mar.25
-Thrives,300
300
To Guayaquil
-Mar. 25-Tivives, 50
50To Oporto
-Mar. 25-0gontz. 1.475
1,475
To Fiume
-Mar. 29
-Giulia, 100
100
To Barcelona-Mar. 27-Sapinero. 250
250
To Venice
-Mar. 29
-Giulia, 1.177
1,177
To Tarragona-Mar.27-Sapinero,25
25
To Trieste-Mar. 29
-Giulia. 200
200
To China-Mar. 22-Silveryew, 2,200
2,200
To Gothenburg-Mar. 28
-Tortugas, 200
200
To Gdynia-Mar. 28
-Tortugas, 650
650
Financial Chronicle
Volume 136
Bales.
300
CHARLESTON-To Bremen-Mar.27-Wildwood,300
8
-Mar.27-Wildwood,8
To Hamburg
-Ingram, 800; City of Balti-To Bremen-Mar. (7)
NORFOLK
1.210
more,410
147
-To Liverpool
-Mar.25-Pacific Enterprise, 147_
LOS ANGELES
541
-Pacific Enterprise, 541
-Mar.25
To Japan
825
SAVANNAH-To Bremen-March 28-Wildwood, 825
816
-March 30-Delilian, 816
To Liverpool
1,831
To Manchester-March 30-Delillan, 1,831
561
To Genoa-March 29-Monrosa, 561
123
PENSACOLA-To Venice-March 28-Giulia, 123
410
To Barcelona-March 28-Veerhaven, 410
232
-Mercian, 232
-March 24
TEXAS CITY
-To Liverpool
217
-Mercian, 217
To Manchester-March 24
1,329
To Bremen-March 24-Grandon, 1,329
550
-Patrick Henry, 550
To Japan-March 25
484
-Phoenicia,484
-To Ghent
-March 23
LAKE CHARLES
150
-West Moreland, 150
To Gdynia-March 29
188
-March 26
-West Madaket, 188
MOBILE
-To Liverpool
626
-West Madaket, 626
To Manchester-March 26
209
To Bremen-March 17-Haka, 209
130
To Hamburg-March 17-Haka,.130
28
To Rotterdam-March 17-Haka,28
1,888
To Japan-March 20-Silveryew, 1,888
64
LOS ANGELES
-To Liverpool
-March 29
-Counsellor, 64
75.739
Total
COTTON FREIGHTS.
-Current rates for cotton from
New York, as furnished by Lambert & Barrows, Inc., are
as follows, quotations being in cents per pound:
High StandDensity. ant.
Liverpool .45e. .600.
Trieste
Manchester.45o. .600.
Plume
Antwerp .35o. .500.
Barcelona
Havre
.270. .40o.
Japan
Rotterdam .350. .50o.
Bhangba
Genoa
.400. .55o. Bombayz
Oslo
.460. .61o.
Bremen
Stockholm .42o. .57c.
Hamburg
•Rate is open. z Only small lots.
High StandDensity. arc!.
.50e. .65o.
.500. .650.
.350. .50c.
•
•
•
•
.400. .550.
.35e. .50e.
.35e. .500.
High StandDensity. ard.
.75e. .900.
Piraeus
.900.
Salonlea .750.
.500. .650.
Venice
Copenh'gen.38c. .530.
.40e. .55e.
Naples
Leghorn .40e. .55ei,
Gothenberg.42e: .570,
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &e.,at that port:
Mar. 10. Mar. 17. Mar. 24. Mar. 31.
51.000 53.000
45,000
47.000
784,000 767,000 769.000 761,000
467.000 451.000 455.000 450.000
53.000 43.000
30,000
71.000
32,000 23,000
12.000
56,000
133,000 128,000 107.000 82,000
51.000 35,000
66,000
67.000
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday.
Monday.
Tuesday. Wednesday. Thursday.
Market,A fair
business
12:15 I
Quiet.
l
Du l.
Quiet.
Quiet.
doing.
P.M.
5.10d.
MId.Upi'ds
5.13d.
5.088.
5.13d.
5.17d.
Friday.
Quiet.,
5.15d.
Steady, Very etdY.
Steady,
Futures.1 Quiet, unQuiet,
Steady.
1 to 3 pts.
1 pt.
ch'ged to 1 2 to 3 pts. 7 to 9 pts. 4 to 5 pts.
Market
pt. decline, advance,
opened
advance, decline. advance.
decline,
Quiet but
Quiet, steady, tinQuiet,
Market,.1
Quiet,
Quiet but
Quiet,
pt.
41
2 to 3 pts. steady, 73 to 4 pts. 1 to 2 pts ch'ged to 1
decline. pt. decline,
P. M.
decline,
advance. pte. dec. advance,
Prices of futures at Liverpool for each day are given below:
Mar. 25
to
Mar. 31.
I
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
112.15 12.3012.15 4.00 12.15 4.00 12.15 4,0012.15 4.0012.15 4.00
p. m.p. m.p. m.p. m.p. m.p. m. p. m.p. m.p. m.P. m.P. m.O. m.
d.
New Contract.I d.
d. d. d. d. d. d. d.
d.
d.
d.
March (1933)__ __
4.92 4.93 4.94 4.86 4.87 4.93 4.90 4.92 -----------1
May
4.92 4.94 4.95 4.87 4.88 4.93 4.91 4.91 4.90 4.91 4.89
1
July
4.92 4.94 4.95 4.87 4.88 4.94 4.91 4.92 4.90 4.91 4.89
I
October
4.96 4.98 4.99 4.91 4.92 4.97 4.95 4.95 4.93 4.94 4.92
January (1934)1_ __ 5.00 5.02 5.03 4.95 4.96 5.01 4.99 4.99 4.98 4.98 4.97
March
5.03_ __ 5116 _ .... 4.99.. - 5.03_- __ 5.01 5.01 5.00
1
May
July
_ 5.09 _ __ 5.11 __ __ 5.04... -_ 5.08- __ 5.06... _ 5.05
1
1
October
5.12- __ 5.14 _ _ 5.07_ - 5.11_- __ 5.09.. __ 5.08
December
January (1935)1._ __ 5.17_ __ 5.19_ __ 5.12 _ __ 5.16__ __ 5.14.. _ 5.13
March
BREADSTUFFS
Friday Night, March. 31 1933.
FLOUIL-On the 27th inst. prices were 5c. lower with
rather better business. Prices lagged in following wheat
quotations upward but have appeared very sensitive to
any declining tendency in that staple. Mill supplies have
been much reduced. By Friday the market became steadier
although the trade as a rule did not advance its price
schedule. There were steady withdrawals under contract
but business continued on a restricted basis.
WHEAT has been steady despite the uncertain tenor
of impending legislation and declining markets for securities
and cotton. Poor winter wheat' conditions have helped,
together with a feeling that come what may in the matter
of farm relief legislation, the wheat farmer will be provided for as far as it is in the power of the Government
to do so. Wheat closed last week with a strong demonstration, final prices for the 25th inst. being % to lc. higher.
In the case of the May delivery particularly there was an
advance of 2c. from the low to the high of the day, which
was only %c. above the closing quotation. Cash markets
were very strong, and there was a manifest tendency upon
the part of farmers to hold back offerings even more than
they have for some time past. Better weather news and the
heaviness of Liverpool were ignored. The proposed farm
relief measure was looked at from several angles, but for
the time being at least its hopeful features were stressed
rather than the doubtful ones. The strong cash position
really dominated the market.
1
2
On the 27th inst. prices declined / to %c. on profit-taking
and Farm Board selling. After the recent sharp rise the
2277
technical position was weaker. Yet cash wheat was again
in demand. One authority expressed the belief that mills
had bought probably 10,000,000 bushels in all positions in,
the various markets since the bank holidays ended, probably
reflecting both uncertainty over farm-relief measures and
a decrease in stocks of flour. The drop of 3,151,000 bushelsin the domestic visible supply last week was something of a
surprise, the total falling to 135,922,000 bushels compared
with some 202,269,000 bushels in the same week last year.
4
1
2
Liverpool closed / to I/ c. higher. Winnipeg ended % to.
%c. lower. There has been quite persistent talk of moving
the Winnipeg Exchange to Fort William or Port Arthur
because of the onerous taxes levied on grain futures in
Manitoba.
On the 28th inst. prices sold up to a new high since the
reopening of the grain exchanges after the banking holiday.
The opening was slow, with quotations down from the previ- /
oils day from 34c. to over lc. Foreign markets were weak
and Liverpool, in particular, lagged. Soon, however, it
was apparent that offerings were not coming in the market,
bullish weather reports were stressed to a greater extent,
and sentiment switched to the constructive side. The close
/
was from 12 to 1%c. higher. Commercial stocks as of
March 25 were 77,000,000 bushels less than the 213,000,000
bushels of a year ago. World shipments were reported to
be continuing at a much higher level than last year, having
averaged more than 16,000,000 bushels a week, compared
with 8,000,000 bushels last August and 13,000,000 bushels
during September, October and November last year.
c.
1
2
On the 29th inst. prices closed / lower to 1%c. higher.
The May delivery was the weakest and receded nearly lc.
from the high price of the day. The open interest in the
May option has been cut to less than 59,000,000 bushels.
For once wheat was subordinate in interest to corn and
the coarse grains. A report from Winnipeg stated that a
large proportion of the membership of the Grain Exchange
there had voted to move to Fort William, Ontario, fearing
that the continuation of the heavy taxes in Manitoba would
ruin the grain trade in Winnipeg. It is understood that two
years ago the Ontario Government offered the Grain Exchange certain concessions to induce them to change their
location to that Province. Another factor would be the
increased dispatch of the shipping business in the market
from the proposed new location.
On the 30th inst. prices closed % to %c. lower. The
underlying factor was the uncertainty regarding the disposal of the remaining Farm Board wheat. Early in the
day it was announced that Henry Morgenthau Jr. had called
$157,000,000 in co-operative loans, and this stopped all bullish demonstration, even though it did not necessarily imply
that co-operative supplies held by the Farm Board would be
immediately liquidated. In the long run the unscrambling
of the Farm Board's position cannot help but be beneficial.
There was little export demand except for a few cargoes of
Manitobas out of Vancouver. Unfavorable crop reports
persisted from the Southwest, and there was substantial
buying attributed to millers. The open May interest was
still small, amounting to only some 57,000,000 bushels.
Liverpool was firm.
To-day wheat, in company with other grains, advanced,
disregarding the reactionary tendency of securities and
cotton. A private estimate that the 1933 domestic wheat
production would be the smallest in years had a strengthening effect. It indicated a harvest of but 355,000.000 bushels
of winter wheat in the United States this season as against
462,000 000 bushels last year and a 10-year average of
589,000,000 bushels. This unofficial report estimated the
condition of winter wheat as 65.3% against 75.8% for 1932
and a 10-year average of 79.4. Another bullish factor was
the announcement from Washington that there was no
wheat to be liquidated against the Farm Board co-operative
loans. Final prices show an advance for the week of
1% to 214c.
/
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
7334 734 744 7534 7434 75%
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO..
Sat. Mon. Tues. Wed. Thurs. Fri.
May
5234 5234 5334 5334 5234 5334
July
5234 5234 5334 54
5434 54%
September
5334 5234 5434 5434 54
54%
Season's Low and When Made.
Season's High and When Made. I
May
Dec. 28 1932
65
Aug. 10 19321May
4334
July
43%
Oct. 4 1932 July
Dec. 28 1932
6034
September' 58
Jan. 3 1933
Mar. 17 1933 September
4534
bAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
50
4934 5034 4934 4934 497
July
51
50% 5134 5034 5034 5034
October
52% 52
5234 5234 5234 .5234
INDIAN CORN has been strong, with an improved cash
demand and a renewal of speculative interest in coarse
grains. On the 25th inst. prices advanced % to Inc. to the
highest level since last December. Cash corn did even
(Continued on page 2185.)
For other tables usually given here sea page 2186.
WEATHER REPORT FOR THE WEEK ENDED'
March 29.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the influence of the weather for the week ended March 29,follows:
'Watheriiia7i Franges trot., day iO day uuring the weekwere ,tiVe
.--and marked. On the morning of the 21st an energetic "low" was central
over the western Lake region, with a secondary depression over the middle
Atlantic area, attended by widespread precipitation from the middle and'
upper Mississippi Valley eastward, with some snow as far south as Ten-
Financial Chronicle
2278
essee. During the following day or two there was a rather sharp rise in
temperature in the South and Midwest, and decidedly warmer weather
prevailed in the Eastern States;fair weather was the rule.
On the morning of the 23rd a depression was central over southern Plateau
districts. During the following few days it moved eastward across the
Rocky Mountains and interior valleys, reaching the eastern Lake region
by the morning of the 26th, attended by widespread precipitation east of
the Great Plains, with some fairly heavy falls locally in the interior valleys.
The latter part of the week had mostly fair weather.
Freezing weather extended as far south as western North Carolina and
eastern Tennessee to Cairo, Ill., in the Mississippi Valley; and to Amarillo,
Tex. in the Midwest. In Gulf sections the minima were generally from
50 to 60 degrees, and in the Ohio Valley from around 25 to 30 degrees. In
'
the Lake region and north-central districts the lowest temperatures reported
ranged from about 12 to 20 degrees, and readings as low as zero were confined to a few localities in the interior of the Northeast and the Canadian
Provinces. The lowest reported was zero at Northfield. Vt.,on the 24th.
Chart I shows that the week as a whole was unreasonably cold in the
-central valleys, middle Atlantic area, most of the Southeast, and in the
lower Lake region. The greatest deficiencies in temperature occurred in
the Potomac, Ohio, middle Mississippi and lower Missouri Valleys, where
the minus departures from normal ranged from 5 degrees to as much as 10
degrees. In the South the weekly means were near normal in middle Gulf
sections, considerably above normal in the west Gulf area and southern
Great Plains, and deficient in the northern cotton belt. The Northeastern
States had about normal warmth, and the northern Great Plains were
warmer than normal. West of the Rocky Mountains temperature departures were not large, as a rule, though they were subnormal by 3 to 5 degrees in the northern Plateau and northern Rocky Mountain sections.
While precipitation was rather frequent over the eastern half of the
country, Chart II shows that the weekly totals were mostly light to only
moderate in amount. The heaviest falls occurred in some central Gulf
sections, and the lower Missouri and central Mississippi Valleys, and
locally in the Northeast, but only limited areas had totals in excess of an
Inch. The amounts were rather heavy in Pacific districts from central
California northward, but a large area of the far Southwest, extending eastward to central Texas and Oklahoma, had a practically rainless week.
While rainfall during the week was mostly light to moderate, it was
sufficient, in conjunction with previous rains, to keep the top soil in a
saturated condition and too wet for proper working over large areas.
This is especially true in the Ohio Valley States, those immediately west
of the Mississippi River and the central portions of the cotton belt. In
these areas plowing and the preparation of soil for spring crops made but
little progress, although fair weather the latter part of the week was favorable and field work was resumed on the lighter soils, especially in the
western cotton belt. Elsewhere over the country seasonal farm operations made mostly satisfactory progress, though little work was possible
in north-central districts because of frozen soil or snows.
Corn planting progressed in Texas, and there are a good many reports
of planting in eastern and central Gulf sections; a little has been put in
as far north as South Carolina and Arkansas. Cotton planting advanced
In southern Texas and there were scattered reports of seeding in some east
Gulf localities. Oat seeding has made good progress in the Great Plains,
but little has been accomplished in the central valleys, because of wet
soil. Some spring wheat was seeded in the southern portions of the belt.
Tho heavy, wet snows of the week, melting slowly, greatly improved
the condition of the soil in the central-northern area, especially in Minnesota and Wisconsin, while snows were helpful in central Rocky Mountain
sections and in South Dakota and Nebraska. Also the soil is now favorable for good growth in the middle and south Atlantic areas, where farm
work shows better progress than in the interior. Moisture is still needed in
the Southwest, especially from western Kansas and eastern Colorado
southward, and also in soutn Pacific districts. The cool weather of the
past week caused no material harm to growing vegetation, tnough some
light frosts occurred as far south as northern Florida. Dry, warm weather
Is needed in all sections east of the Great Plains.
SMALL GRAINS.—Winter cereals continue in satisfactory condition in
most of the Soutneast and East, witn adequate moisture supplies reported
from the Middle Atlantic States. In the Ohio Valley condition of winter
wheat still varies from poor to good, although there was not much growth
during the week because of cool weather; in the eastern valley area there
was some injury from heaving. In most of the trans-Mississippi section
wheat is in fair to good condition, but in the more southwestern part of the
belt the crop is in poor to only fair shape, especially in Oklahoma, where
moisture is much needed in the central and western parts and some further
damage from winds occurred. In nortneastern and north-central Kansas
the weather favored wheat, but little progress was made elsewhere, while
In east
-central Colorado high winds and drifting sand caused some further
Injury, with moisture badly needed. In most of the Northwest winter
wheat is in satisfactory snape, except locally, but growth was retarded in
the l'acific Northwest due to cool weather. Rains are still needed in
southern California.
Spring work has begun in the southern spring wheat belt, although some
parts are too wet for much plowing; some wheat and barley have been
seeded in South Dakota. Oats have been mostly sown in south-central
and southeastern Kansas and are coming up to good stands; seeding has
been greatly retarded in the Ohio Valley, as well as in Missouri.
THE DRY GOODS TRADE
New York, ,Friday Night, March 31 1933.
Activity in textiles continues of a generally very limited
character, but there is modest improvement in a number of
directions as compared with recent weeks, and some lines
appear to be in the process of a continuous expansion for
spring consumption, though the majority reflect only
sporadic and disconnected spurts when they show any improvement at all. Spring buying to date is, in total, disappointing, of course, but there is surprisingly little disposition to dwell on that fact, in the absence of immediate
indications of a sudden pronounced general expansion in
buying, notwithstanding the nearness of Easter. The unsettlement occasioned by the recent banking crisis and some
aspects of the alleviatory legislative program which was
launched upon its heels are, of course, recognized as prime
causes of the intense caution which prevails in all trade
channels, at the moment, as far as making active commitments is concerned. But while textile markets share Wall
Street's dubiousness concerning the effects of some of the
legislation being prepared, especially the Farm Bill, a hopeful frame of mind appears to predominate. It is obvious that
the burst of optimism which found expression in sharp
rebounds in securities and commodities when the President
took his first dramatic action to stem the tide of panic and
lay a foundation upon which to rebuild a sounder economic
structure, has considerably abated. But it is pointed out
that the measures now being formulated are not amenable
to such dramatic and rapid enactment as was possible to
the emergency banking measure and the economy and beer
bills. The business world must now resign itself to the
-probability that the many other steps which must be taken
at Washington will almost certainly require comparatively
long-winded and more thoroughgoing consideration. Yet
Mr. Roosevelt's determination to get the necessary legislation is patent, and the predominant persuasion remains that
*his program will be completed in a relatively short time,
.and will prove, on the whole, effective. Inflation talk has
April 1 1933
again come into prominence, but the preponderance of
opinion is that, with a great proportion of maladjustments
In business and financial channels already corrected in a
natural way, the President's program will coincide with
and foster a genuine uptrend in prices and business activity
during the latter part of the present year without inflation.
Most textile commentators do not despair of a considerable
amount of belated spring business, even at this date,
especially in view of the known great shrinkage in inventories in retail and distributing channels. Further intensification of curtailment featured the week in silk goods.
Signs of scarcities are looming ahead, and buyers, who at
present seem not to realize fully the extent of the reduction
In primary stocks, may soon face acute shortages in a number
of directions. At the moment, however, there is little
new business, and severe credit stringency is hurting all
branches of the trade.
DOMESTIC COTTON GOODS.—Political uncertainties,
and especially the Farm Bill, naturally have a more direct
effect in restricting activity in cotton goods than in other
textile channels. While the trade has got new hope out
of indications that the Senate will probably alter the Farm
Bill in a manner considered constructive by the trade, there
has been no improvement in buying since the bill was first
announced, and primary, distributing and retail men alike
are apparently awaiting the actual passage of the bill,
probably in the hoped-for modified state, and its immediate
effects. These effects are viewed in a great many trade
quarters as incalculable, and hence designed to cause temporary unsettlement of confidence and corresponding restriction of operations. Whereas the purpose of the bill is to
raise prices, the point is made that it is everywhere regarded
with such distrust that the tendency at present is to depress
prices. Limited banking facilities in many sections of the
country, with a great many banks still closed or only partially open, and great sums still tied up in them, are another
primary source of enforced contraction in activity in the
trade, though encouragement is being derived from the
continuance of gradual reopenings of such banks from day
to day and week to week. The most gratifying factor at the
moment, however, is the better trend in retail activity, a
materially improved retail distribution being reported in a
number of quarters. Many large local stores reported decidedly better public demand this week than last, and seasonal probabilities are that the improvement will persist
and probably augment in coming weeks, especially in view
of the known meagreness of the general public's wardrobe
and household equipment. That such improvement will
inevitably find quick reflection in primary channels, provided it is sustained, is obvious, since retail supplies are
similarly inadequate. The gray goods market has continued
to hold up well this week against persistent bidding for conce'sions. Instances of definite refusal to accept business
at low bids are frequently cited, it is reported. The belief
that outside influences are basically responsible for the
slowness of business and the conviction that the granting
of concessions would only encourage a more bearish interpretation of such influances contribute to the steadiness of
prices in the face of absent buying interest except at unprofitable levels. Print cloths 27-inch 64x60's constructions
are quoted at 2%c., and 28-inch 64x60's at 2%c. Gray goods
39-inch 68x72's constructions are quoted at 3%c., and 39-inch
80x80's at 412c.
/
WOOLEN GOODS.—Markets for woolen and worsted
goods continued slow, reflecting a variety of influences, of
which the chief is general uncertainty concerning the new
political program; the desirability of certain of its parts,
notably the Farm Bill, and its potential effectiveness, as a
whole, in combating the forces of deflation. The trade also
feels, in common with other textiles, the restrictions attendant upon frozen funds in many communities which have
not as yet entirely recovered from the recent banking panic.
Men's wear markets continued markedly quiet. Few mills
are said to be ready to do business on fall lines as yet,
partly on the theory that too early offerings would invite
pressure on prices, whereas such pressure would tend to
be less strong if new offerings were postponed until a real
demand could be expected to be forthcoming. Where business is being done on fall lines keen competition is reported
in evidence, resulting in some scattered granting of
concessions, some mills being anxious to secure a good
proportion
of the early business in order to keep looms running
until
general demand develops. Demand for women's wear suitings and coatings is reported as continuing spotty,
persistent
rumors of large-scale dumping of spring goods at
sacrifice
prices being cited as a contributory factor in this respect.
Mills which have been holding supplies of spring goods
in
anticipation of a good pre-Easter spurt in demand are being
embarrassed by this news, which tends to undermine the
steady price basis they have been endeavoring to maintain.
Present sales are reported _as being restricted to constructions selling at under $1 per yard.
FOREIGN DRY GOODS.—With flax markets quieter and
steady in Europe, local linen markets received somewhat
better orders for dress goods, though volume remained
unsatisfactory. Household lines continued quiet and without
special feature. While business in burlaps showed
further
contraction, prices held steady. The burlap market seems
to be waiting developments, especially at Washington.
Light weights are quoted at 3.05c., and heavies at 4.30c.
Volume
136
Financial Chronicle
2279'
State and City Department
NEWS ITEMS
Arkansas.—Governor Signs Road Bond Refunding Bill.—
On March 28th the Ellis bill was signed by Governor J. M.
Futrell, thereby offering new 25-year State bonds bearing
3% interest for exchange to the holders of approximately
$146,000,000 of State highway bonds and other road obligations which bear interest at rates from 4% upward—V. 136,
p. 1592, thus placing the direct obligation bonds of the State
on a parity with road district and other obligations. The
measure was signed despite widespread protests from bondholders (V. 136, p. 2097), and a threat by the Attorney
General of Pennsylvania to institute suit on the $200,000
highway bonds held by that State in an effort to forestall
the refunding program. One year ago the Arkansas Legislature authorized refunding of $47,000,000 road district bonds
with revenue bonds, of which $15,000,000 had been issued
up to February 1933—V. 136, p. 874. An Associated Press
dispatch from Little Rock gave the following report on the
action, taken from the New York "Times" of March 29:
Governor J. M. Futrell to-day signed the Ellis highway bond refunding
bill, despite protests from bondholders and the threat of the Attorney
General of Pennsylvania to institute suit against the State of Arkansas.
The bill provides for the refunding of all State highway obligations, amounting to about $146,000,000. through issuance of new State bonds bearing 3%
interest and maturing in 25 years.
Numerous protests had been made to the Governor. The St. Louis
municipal dealers' group, representing holders of approximately $15.000.000 of Arkansas highway bonds, telegraphed a protest coupled with a
request that he call the Legislature back into special session to make
appropriation for payment of either principal or interest on the bonds.
A group of representatives of Eastern holders of Arkansas bonds, returning to New York after voicing their objections to the bill, declared that if
he signed the bill the Arkansas highway bonds automatically would become
secondary liens.
The latest protests against the bill were added to those of the States of
Pennsylvania. Nevada and Connecticut. The Attorney General of Pennsylvania, which holds $200.000 of the Arkansas bonds, threatened suit
against Arkansas if the refunding bill was signed.
Under the Ellis bill, the 3146.000,000 of highway obligations, including
the $84,000,000 of direct State highway and $7,500.000 toll bridge bonds,
the old road improvement district bonds and revenue bonds for which some
were exchanged, and 50% paving aid to cities for State highway continuations, would be grouped in the same class for refunding.
The objections of the bondholders are based on the reduced interest
rate, the extended maturities, and the grouping of all classes of bonds.
Bankers Seek to noted Holders.
New York bankers who marketed the various issues of State of Arkansas
highway bonds totaling $84,000,000 during the last few years, indicated
yesterday that they would apply every legal remedy at their command to
protect the holders of these bonds. The municipal bond law firm of
Thomson, Wood & Hoffman, New York, plans a thorough-going investigation of the situation and its recommendations will be the basis for action
of the bankers in behalf of the bondholders.
Thomson, Wood & Hoffman, and Rose, Hemingway, Cantrell & Loughborough of L'ttle Rock, approved the highway bonds and gave the opinion
that they were "full, faith and credit" obligations of the State.
The bonds were purchased at high prices by the bankers and sold to
Investors as a first lien on the gasoline and motor vehicle taxes.
Under the refunding law special assessment and road district bonds are
placed on a parity with them, and all maintenance charges placed ahead of
debt service.
Governor Vetoes Bond Purchase Bill.—The Governor
vetoed the Norfleet bill to provide for the repurchase of
State bonds offered at a discount, according to Little Rock
advices of March 28.
Arkansas.—Legislature Passed Two Proposed Constitutional
Amendments.—At the general election to be held next year
the voters will pass on two proposed amendments to the
State Constitution, as the result of favorable legislative
action taken at the session which adjourned on March 9—
V. 136, p. 1930. Recent news dispatches from Little Rock
reported on the proposals as follows:
"Two proposed constitutional amendments will be voted upon by the
electors of Arkansas as the result of action by the 1933 Legislature. One
woulti prohibit the issuance by the State of any bonds except by vote of
01 people or for refunding purposes
'The other would prevent any increase in the rates for property, excise
privilege or personal taxes except by vote of the people or by the votes of
three-fourths of the elected members of the Legislature.
"This proposed amendment also would limit the amount the Legislature
could appropriate for all purposes, except schools, highways, Confederate
pensions and debt service, to $2,500,000 in any biennium unless by threefourths vote of the Legislature. It also would require the Legislature to
pass the general appropriation bill provided for by the Constitution before
making any other appropriation."
Dade County, Fla.—Refunding Plan Offered to Bondholders.—Holders of the 5% bonds of this county maturing
serially from July 1 1933 to Oct. 11937, excluding special
tax school district and road and bridge district bonds, were
notified on March 31 by R. P. Barfield, Chairman of the
Board of County Commissioners, of a refunding plan under
which they will be asked to exchange at par such outstanding bonds for 25-year refunding 5% bonds to be dated April 1
1933.
Imperial Irrigation District, Calif.—Refunding Plan
Approved by State Association. —The recently completed refunding plan on the bonds of this district, which went into
default in 1932—V. 136, p. 690, was approved by the California Irrigation and Reclamation District Bondholders'
Association, it was announced on March 15 byJ. C.Whitman,
Executive Secretary. The Association, with a wide holding
of the bonds among its members,is said to have recommended
the deposit of bonds with the Bondholders' Protective Committee in furtherance of its progress.
Lakeland, Fla.—Bond Deposits Sought to Hasten Formulation of Refunding Plan.—The following call for bond deposits
was released by the Florida Municipal Bondholders' Protective Commmittee on March 29:
,
The Executive Sub-Committee constituted by the Florida Municipal
Bondholders' Protective Committee to give particular attention to the
settlement of the difficulties confronting holders of bonds of the City or
Lakeland. Fla., announce that it is essential for the protection of their own
interests that they co-operate by depositing their bonds with the Atlantic
National Bank of Jacksonville, Jacksonville, Fla., under the deposit
agreement dated Jan. 2 1932, and the schedule thereof relating to theCity of Lakeland, as amended. The Committee, together with the Execntive Sub-Committee, represent interests holding substantial amounts or
Lakeland bonds which have already been deposited.
The Sub-Committee has conferred with the City Commission of Lakeland in an endeavor to formulate a plan to prevent interest delinquenciesfrom accumulating even if interest payments cannot be immediately discharged in cash. Their conversations have progressed to a point where the
Executive Sub-Committee is hopeful that it may be able to announce a
definite plan of payment to its depositors within a reasonable time.
Inquiries for Information may be addressed to :lames A. Cranford, P. 0.
Box 1139. Jacksonville, Fla. Secretary of the Executive Sub-Committee,
which also includes George W. Simons Jr., Chairman: Kenneth M. Keefe.
and W. H. Zieverink. Copies of the deposit agreement and schedule may
be obtained from the Secretary of the Committee, Harry A. Dunn. 1101
Second National Bank Building, Toledo, Ohio,or Room 900. 115 Broadway,
New York City.
Maine.—Addition to List of Legal Investments for Savings
Banks. According to Boston news dispatches to the "Wall'
Street Journal" of March 29, Bank Commissioner Annis
has added to the list of legal investments for Maine savings
banks, the Peoples Gas Light & Coke Co.first and refunding
C 6s of 1957.
Massachusetts.—Senate Passes Bill to Modify Legal Requirements on Railroad Bonds.—According to a Boston news
dispatch to the "Wall Street Journal" of March 30, the Senate passed, by a vote of 19 to 15, a bill to modify the requirements for legality of certain railroad bonds for investment
by savings banks and trust funds. This bill is designed to
prevent throwing on the market large numbers of this type
of bonds which have been legal for investment, but which
might not be now or later because of the failure to meet requirements.
Assembly Passes 1933 Budget of $212,000,000.—On March
31 the Assembly passed and forwarded to the Senate the budget bill for 1933, calling for expenditures of $212,000,000,
with appropriations pared down to the lowest figure since
1927 in response to a wide demand for economy in State
government, according to Associated Press dispatches from
Albany. Approximately $5,000,000 was trimmed from
Governor Lehman's original recommendations. The bill
as approved calls for reductions in the salaries of all State
employees ranging from 6% for those receiving $2,000 to
33 9-10% for those receiving $15,000 a year or more.
New York City.—Charter Reform Bill Advanced for
Assembly Vote.—On March 30 the Assembly, without
opposition or debate,advanced to third rea ding the DesmondMoffat bill establishing a charter commission by initiative
and referendum and providing for a referendum on any plan
or plans devised by such commission. The bill, amended to
conform to the views of Governor Lehman, was advanced
for final passage in the Assembly, where its success is said to
be assured as a Republican party measure. After passage
in the lower house it will be sent to the Senate for action.
The proponents of the measure hope the Governor will
exert enough pressure to win to its support at least the one
Democratic vote required to insure its passage in the Senate..
In stating his approval of the amended bill Governor Lehman
is reported to have said that if it was not acted on he would
send a special message urging its passage.
New York State.—Governor Signs Niagara Bridge District
Bill.—On March 23, Governor Lehman signed the Niagara.
Frontier Bridge District Bill (Assembly Int. No. 1932),
which was introduced by Mr. Swartz, entitled:
AN ACT.
To amend chapter 594 of the laws of 1929 re-entitled by chapter 380 or
the laws of 1931 "An act creating the Niagara frontier bridge district, and
creating the Niagara frontier bridge commission, defining its jurisdiction.
powers and duties, to construct, operate and maintain certain bridges'
across the Niagara River, and make appropriation therefor" generally
and in relation to the acquisition ofland on Grand Island for a State parkway,
the issuance of bonds by said commission, the payment thereof, charging
tolls for the use of said bridges, and the duties of the State comptroller and
State superintendent of public works.
Legislature Passes Bill Declaring One-year Moratorium on
Home and Farm Foreclosures.—By a vote of 31 to 19, theSenate passed on March 29 the Nunan bill for a moratorium
on home and farm mortgages during the economic emergency.
The bill provides that there shall be no foreclosures when
interest and taxes are paid. In its original form the bill
applied only to homes (V. 136, p. 2098), and after it was
passed in the Senate for the first time it was amended by the
Assembly to include farms. The bill was sent to Governor
Lehman for his approval.
North Dakota.—Governor Prohibits Home Foreclosures.—
An Associated Press dispatch from Bismarck to the New
York "Times" of March 24 reports as follows on a proclamation issued by Governor Langer on the previous day,
indefinitely postponing the forced sale of land occupied by
owners and of their farm tools:
"Forced sale of real estate occupied by owners and of personal property
used for farming was prohibited indefinitely by Governor William Langer
in a proclamation to-day. Exceptions are to be made only if the owner
consents in writing to such a sale.
"The order, which modified a moratorium on all foreclosures and debts.
declared by the Governor March 4, along with a temporary bank holiday..
2280
Financial Chronicle
was interpreted by the State Attorney General as allowing mortgage fore'closures on homes and farms occupied by tenants.
"He advised Sheriffs to proceed under that interpretation and conduct
-sales on properties not occupied by owners.
"Governor Langer ordered State, county and township officers to 'perform no official act which will in any degree accomplish, aid or assist in the
foreclosure or forced sale of any home.'or in the disposal of property necessary to operation of a farm, unless the owner acquiesces.
" The general purpose and object of this proclamation is to preserve
the homes of citizens in this State and retain them in a position of status
-quo until a change in the financial conditions shall release our people from
a helpless situation, the Governor said."
Port of New York Authority. Annual Report Issued.—
'The 12th annual report of the Port of New York Authority
The
was made public on March 29, and it points out to the
-Governors and Legislatures of New York and New Jersey
that despite the general business depression it has maintained a strong financial position and its credit continues
gratifying. The report states that the gross income from
-operations in 1932 totaled approximately $10,000,000.
After deductions for operating expenses and $4,500,000 for
Interest, the net income available for reserves is put at 83,700,000. Plans for the proposed Midtown Hudson Tunnel,
the construction of which was authorized by the State
Legislature in 1931, are shown to be sufficiently advanced
to permit immediate start upon completion of financial
-arrangements. (See article on subsequent page.) Satisfaction is expressed in the report at the returns for 1932 of
the Holland Tunnel and the George Washington Bridge,
while the Staten Island bridges showed comparatively small
deficits under the circumstances. Activity was reported
in the signing of leases for space in the new Port Authority
Commerce Building in New York.
Texas.—Governor Signs New Gasoline Tax Bill.—A dispatch
from Austin to the Dallas "News" of March 22 gives the
-following report on a recently enacted bill, designed to end
the evasion of gasoline taxes. The bill had been signed on
the previous day by Governor Miriam A. Ferguson:
The signing of House bill No. 247 by the Governor Tuesday puts into
immediate effect the State's new gasoline tax law. All previous laws on
the subject are repealed. The new law contains teeth and comprehensiveness and is designed immediately to arrest if not end evasion of gasoline
taxes.
Adequate funds are provided from the gasoline taxes to secure efficient
enforcement of the new law.
Under the provisions of the old law, only distributors were brought under
the supervision of the State authorities. The new law creates a class of
dealers which includes all persons other than distributors who sell and
transport motor fuel in Texas. Comprehensive records are required to be
kept by all dealers and distributors showing the purchase and sale of
gasoline, kerosene, naphtha, distillate and casinghead or natural gasoline.
Violations Are Felonies.
All movements of these products must be under a uniform and con-secutively numbered manifest, subject to investigation by tax supervisors,
highway patrolmen and peace officers who, in the enforcement of the law,
have the right to stop motor vehicles to determine whether the taxes on
motor fuel have been paid.
All violations of the penal section of the law are felonies and conviction
authomatically forfeits the right to a distributor's permit for two years. In
addition, civil penalties are provided to be recovered in suits brought by
-the State.
A large number of expert tax supervisors and investigators under the
direction of the Comptroller of Public Accounts will cover the State
Immediately.
Loss of $4.000,000 Yearly.
It is estimated that the State has been sustaining a loss of at least $4,.000,000 annually through gasoline tax evasion in its various forms.
Utah.—Governor Signs 1% Sales Tax Bill.—Governor
Henry H. Blood on March 21 signed a bill providing for a
sales tax of 1% on retail transactions, the proceeds to be
used for unemployment relief, according to Associated Press
dispatches from Salt Lake City to the Des Moines "Register"
.of March 22.
•
Vermont.—Legislative Session Ends.—The thirty-second
biennial session of the State Legislature came to a close on
March 25,winding up a meeting of 81 days which was devoted
mainly to economy measures and new taxes. An Associated
Press dispatch from Montpelier to the Springfield "Republican" of March 26 commented on the session as follows:
"The 32d biennial session of Vermont's General Assembly adjourned
-to-day after a convention during which it reduced appropriations for the
-ensuing two-year period by 25%.cut State salaries and made all preparations
for the sale of 3.2% beer.
"After an overnight deadlock during which neither House nor Senate
would yield to the other on a bill to provide reimbursement to towns for
.loss by repeal of a tax on intangibles, the lower branch killed the bill,
-thereby retaining the tax, and on the 81st day of the session the legislators
left for home.
$14,071,281 Appropriated.
"The total appropriations provided for during the session were $14,071,281.
-a reduction of $4,700,000 from those of two years ago and $1.744,550 less
than the reductions recommended by Gov. Stanley C. Wilson in his budget
measure.
"The enactment of a bill providing machinery for the licensing and selling
.of malt and other fermented beverages containing not more than 3.2%
alcohol was hurried through during the last week and was signed by the
Governor. The legislators also provided for the holding of a constitutional
-convention to act on the ratification or rejection of the new constitutional
•amendment which would repeal the prohibition laws.
'Emergency banking laws were passed to care for the State's banks
.during the banking emergency and also enacted was a 'worthy debtor' law
which would delay foreclosure and attachment proceedings through chancery
•court action.
"The salary reduction to State officials and employees was estimated to
• cause a saving of approximately $175,000 to the State.
"Among other important legislation was a law taxing 'chain stores.' It
levies a tax on the gross retail sales ranging from K . 1 A on sales from
of ,
-$50,000 to $100,000 to 4% on sales over $2,000,000."
Washington.—Governor Signs Business and Occupational
Tax Bill.—On March 21 Governor Martin signed the business
and occupational tax bill passed by the Legislature at its
recent session—V. 136, p. 2098. Before signing the measure,
the Governor vetoed three sections which he considered to
be ineffectual as revenue producers. We quote in part as
:follows from an Olympia dispatch to the Portland "Oregonian" of March 22:
In signing the general revenue bill, Governor Martin called upon the
'people to regard the measure as an emergency law required to equalize and
-stabilize the common school system.
The bill, as approved by the Chief Executive, will raise not more than
36,000.000 a year, the Governor estimated.
April 1 1933
The Governor said he doubted whether the three sections in the bil
which were vetoed by him would have increased the total revenue to be
raised by the new law if they had been approved.
The sections vetoed provided for a tax of 6-10ths of 1% on the proceeds of services sold by any person, professional or otherwise, imposed
a tax of 1-10th of 1% on proceeds from agricultural products, and required that the 3% tax placed on water power and gas companies be shown
separately on the consumer's bill.
Utilities Are Hit.
Elimination of this last provision means that the utilities will have to
absorb the tax themselves or convince the Department of Public Works
that higher rates are justified.
Richard Hamilton, Secretary to the Governor,said the Governor's action
in vetoing the section imposing a tax on services sold or rendered virtually
had the effect of striking out the occupational tax feature of the measure,
making the new law more of a business and sales tax act.
The Governor described the taxes proposed in the sections vetoed as
'nuisances" and likely to cost more to collect than they would produce.
BOND PROPOSALS AND NEGOTIATIONS
AKRON, Washington County, Colo.—BONDS CALLED.—The
entire issue of 6% bonds, dated April 1 1918 and due on April 1 1933, is
reported to have been called for payment on April 1, on which date interest
shall cease. Payable at the Citizens National Bank of Akron.
ALFRED,Allegany County, N.Y.—BOND ISSUE BILL VETOED.—
Governor Lehman on March 22 'vetoed a bill providing for an issue of
$20,000 village bonds at not to exceed 6% interest. Funds were to be used
to retire outstanding obligations.
ALTAMONT (P. 0. Tupper Lake), Franklin County, N. Y.—BIDS
REJECTED.—The Town Clerk reports that the bids submitted at the
offering on March 27 of $40,000 welfare work bonds—V. 136, p. 1931—
were rejected. Bidders were asked to name an interest rate up to 6%•
Bonds are to mature serially from 1934 to 1936, inclusive.
ANNE ARUNDEL COUNTY (P. 0. Annapolis), Md.—PLAN RENEWAL OF NOTES.—A bill has been introduced in the State Legislature
authorizing the renewal of $750,000 outstanding notes which mature in 1933
as follows:$400,000 April 1,$50,000 April 25,$100.000 May 1 and $200,000
May 9. Repayment of the notes was originally scheduled to be made from
the proceeds of the sale of $750,000 4K% bonds, which were offered on
March 14 at which time no bids were received.—V. 136, p. 1931.
The County Commissioners informed the Union Trust Co. of Baltimore
on March 28 that the renewal notes will be dated April 1 1933 and mature
Oct. 1 1933. The rate of interest is 6%. County reserves the right to
call the notes on July 1 at par. Exchange of the notes may be made at
any time after April 1, when the new issue will be ready, or at the maturity
dates of the various blocks concerned.
ANSONIA, New Haven County, Conn.—BONDS NOT SOLD.—
Frederick M. Drew, City Treasurer, reports that no bids were-submitted
at the public offering on March 31 of $150,000 4K% coupon municipal
relief refunding series A bonds. Dated March 1 1933. Denom. $1,000.
Due $10,000 on March 1 from 1934 to 1948 incl. Principal and interest
(March and Sept.) are payable at the First National Bank of Boston.
Legal opinion of Ropes, Gray, Boyden & Perkins, of Boston.
Financial Statement (March 2 1933)
Last grand list
$24,336,499
Total bonded debt of the city (not including this issue)
$486,000
Sinking funds
$150,000
Population, 19,860 (1930).
ARIZONA,State of(P.O.Phoenix).—RECONSTRUCTIONFINANCE
CORPORATION LOAN GRANTED.—The following announcement of the
granting of a relief loan to this State was made public by the R. F. C. on
March 25:
"The Corporation, upon application of the Governor of Arizona, to-day
made available $201,453 to meet current emergency relief needs in 14
counties of that State during the month of April 1933.
'These funds are made available under Title I, Section 1, subsection (c)
of the Emergency Relief and Construction Act of 1932.
"In support of his application the Governor stated that the Arizona Legislature recently enacted measures designed to provide additional funds for
relief purposes. One of these measures provides for the diversion of a portion a the new sales tax, while another provides that a gas tax shall be
utilized for relief purposes effective July 1. The total estimated yield for
relief purposesfrom the two measures is said to be from $400,000 to $600,000.
"The R.F.C. heretofore has made available $1,049.213 to meet current
emergency relief needs in various political subdivisions of the State of
Arizona."
AUBURN, Cayuga County, N. Y.—BOND SALE.—The $402,027.94
coupon bonds offered on Marcn 28—V. 136, p. 2099—were awarded as
4.40s to the Guaranty Company of New York, at a price of 100.12, a
basis of about 3.37%. The sale consisted of:
$270,300.00 emergency relief bonds. Due March 15 as follows: $27,300
in 1934, and $27,000 from 1935 to 1943, incl.
131,727.94 refunding bonds. Due Marco 15 as follows: $13,727.94 in
1934: $13,000 from 1935 to 1942, incl., and $14,000 in 1943.
A list of the bids submitted at the sale follows:
Bidder—
hit. Rate. Rate Bid.
Guaranty Company of New York (purchaser)
4.40%
100.12
Batchelder & Co
4.75%
100.15
Halsey, Stuart & Co. and the Bancamerica-Blair Corp_ 5.00%
100.07
M. & T. Trust Co
5.00%
100.05
Roosevelt & Son and N. W. Harris & Co
5.207:
100.10
BADEN, Beaver County, Pa.—BONDS VOTED.—At an election held
on March 23—V. 136, p. 1233—the voters approved of $10,000 funding
bonds by a vote of CO to 28.
BALTIMORE, Md.—PROPOSE $12,000,000 RELIEF BOND ISSUE.—
A bill has been introduced in the State Senate by John H.Douse of the First
District of Baltimore empowering the Board o Public Works to issue $12,f
000.000 not to exceed 4K% bonds for the purpose of meeting past expenses
in connection with the city's unemployment relief program and to provide
for the emergency in the next two years. The bonds would be issued in
units of $7,000,000, dated as of Aug. 15 1933, $3,000,000, dated Feb. 15
1934 and $2,000,000. dated Aug. 15 1934. The entire issue would be known
as the "emergency relief and employment loan of 1933" and the several
County Commissioners and the Mayor and City Council are directed by the
measure to levy a tax of 5 cents against land property to meet the indebtedness. The Baltimore "Sun" of March 24 further commented on the proposal as follows:
"The interest on the bonds, to be fixed by the Governor,the Comptroller
and the State Treasurer, not in excess of4K %,would be paid semi-annually
and would be exempt from all State, county and municipal taxation, and
the principal would be paid within 15 years, it is provided. Of the total
loan, $4.445,625.07 would be paid to the city to meet the municipality's
expenditures for unemployment relief as of March 22 of this year.
"It is understood the State would carry the interest charges on the loan for
the first two years until the requisite revenue from the additional tax would
begin to flow in. The bonds would be issued for not less than $100, and
would be sold to the highest responsible bidder. Should the bids be insufficient, or should there be no bids, they would be offered at private sale,
provided they were not sold for less than par with accrued interest."
The payment of the loan would be effected through an annual ser al
system in the following fashion:
a$7,000,000 Redeemable. I 1:43,000,000 Redeemable.
02,000,000 Redeemable,
Due.
Amount.
Amount.
Due.
1 untl_
"
15
3337,000_ _ __Aug.D 1934 $A47,000 _ _Feb. 15 1935 396,000_ _ __Aug. 15 1935
352,000---Aug. 15 1935 151,000_ __Feb. 15 1936 101,000._ - _Aug. 15 1936
368,000_ - - -Aug. 15 1936 158,000 ___ _Feb. 15 1937 105,000- - - -Aug. 15 1937
384,000_ _ _ _Aug. 15 1937 165,000_ _ _ _Feb. 15 1938 110,000 _ _ __Aug. 15 1938
402,000_ _ _ _Aug. 15 1938 172,000_ ___Feb. 15 1939 115,000-- _ -Aug. 15 1939
420,000_ _ _ _Aug. 15 1939 180,000- - --Feb. 15 1940 120,00(L_ _ _Feb. 15 1940
438,000_ _Aug. 15 1940 188,000. _Feb. 15 1941 125,000_ _Feb. 15 1941
458,000_ ...Aug. 15 1941 196,000_ __Feb. 15 1942 131,000_ _ _Feb. 15 1942
479,000_ _ __Aug. 15 1942 205.000. _ __Feb. 15 1943 137,000_ _ _Feb. 15 1943
500,000— --Aug. 15 1943 215,000- _ _ _Feb. 15 1944 143,000_ ..Feb. 15 1944
523,000_ _ _.Aug. 15 1944 224.000._ _ _Feb. 15 1945 149,000- -Feb. 15 1945
547,000-- - -Aug. 15 1945 234,000_ - __Feb. 15 1946 158,01)9,,,..Feb. 15 1946
571,000_ _ -Aug. 15 1946 245.000..-Feb. 15 1947 163,000— _Feb. 15 1947
597,000- - --Aug. 15 1947 256,000..... _Feb. 15 1948 171,000_ _ _ _Feb. 15 1948
024,000._.-Aug. 15 1948 267,000_ -- -Feb. 15 1949 178,000.- --Feb. 15 1949
a Series A to O. b Series P to DD. c Series EE to SS.
Volume 136
Financial Chronicle
BONDED DEBT.
-The city reports a net bonded debt of $199,028,479.50, which is offset by sinking funds in amount of $29,502,719.15. The
res include $36,465,870 of water debt and water sinking funds totaling
$ .985,393.94, leaving the net city indebtedness, exclusive of water obligations, at $136,045.284.29, according to the Baltimore "Sun" of March 26.
which further stated:
1r "The taxable basis of the city for 1933 is $1,888,934,444. Thus, the
relation of the net debt as of Dec. 31 1932, to the taxable basis, is approximately 7.2%, or $3.819,875.21 in excess of the 7% margin allowed by some
States in figuring the borrowing limits of cities.
"Herbert FaIlin, Director of the Budget, points out, however, that
serial stock retirements this year, together with estimated.sinking fund
increments, will more than offset additional issues of stock, as will be seen
from the following:
"Other than Water Loans-Serial retirements, $3,065,000; sinking fund
Increments, $821,821.
"Water Loans-Serial retirements, $643,000; sinking fund increments,
$181,856.
"Total serial of retirements and sinking fund increments this year,
14.711.677."
BELMONT WATER DISTRICT(P.O. Belmont),San Mateo County,
Calif.
-BONDS NOT SOLD.
-The
issue of 55.4%
offered on Jan. 10-V. 136. p. 353 $45,000as yet been sold,water bonds
-has
according to
the District Manager. He states that annot
application has been made to the
Reconstruction Finance Corporation for a loan on these bonds. Due from
1936 to 1965.
BLACKFORD COUNTY (P. 0. Hartford City), Ind.
-BOND
OFFERING.
-Luther Speidel, County Auditor, will receive sealed bids
until 10 a. m. on April 25 for the purchase
of 140,000 5_% township poor
relief bonds. Dated April 25 1933.
Denom. $1,000. Due 12,000 semiannually on May and Nov. 15 from 1934
to 1943, inclusive. Interest is
payable on May and Nov. 15.
BOSTON, Suffolk County, Mass.
-BONDS SOLD TO SINKING
.FUND.
-As a result of
to complete negotiations the failure of Clearing House banks in the city
for extending a loan
March 29 was obliged to sell $1,635,000 bonds of $2,000,000, the city on
to the Sinking Fund Commis
sion, comprising()
3f
.biti11dint, $465,000 hospital and $250,000
9 5 oo
7
airport issues.
the proceeds.
will be used to pay teachers'
salaries due March 30 and the remainder,in addition
to funds in the treasury,
will be devoted to the payment
Interest charges. Funds now inon April 1 of $775.000 bond principal and
the sinking fund total about $1.500,000.
Last week the city failed
dated March 24 1933 and to receive a bid for an issue of $1,000,000 notes,
due Oct. 5 1933-V. 136, p. 2099.
LOAN OBTAINED.
-On March
House banks finally agreed to loan 31 it was reported that the Clearing
the $2.000,000, until Oct. 6 1933. at
% interest.
BRIDGEPORT, Fairfield County, Conn.
-SENATE PASSES
BOND BILL.
-A bill authorizing the city
bonds was adopted by the Connecticut to issue $1,600,000 refunding
Senate
amendment proposing broad supervisory powers ofon March 21. after an
the Board of Apportionment and Taxation had been
defeated.
BR1 DGEPORT, Morrill County,
Neb.-BONDS AUTHORIZED.
An ordinance is said to
passed on March 21, providing for the
Issuance of $9,500 bondshave beenimprovement
for street
districts Nos. 1 and 2.
BRIGHTON (P. 0. Rochester), Monroe County, N. Y.
-REQUEST
FIVE-YEAR MORATORIUM AND REDUCTION OF INDEBTEDNESS
.
-Taxpayers have presented a petition to the town
board requesting that
arrangements be made with bondholders for
a reduction of 50% in the
town's $6,296,000 of bonded debt
and
-year moratorium be declared
on the maturities of such adjusted that a 5
bonds, it was reported on March 27.
The petition, it is said, also asks
that the municipality refrain from further
borrowing.
BRISTOL, Hartford County,
-BONDS AUTHORIZED.
The Connecticut General Assembly Conn.
on March 30 passed two bills, under
the city to issue $825,000 welfare bonds
sarnmarreigensaillnoonrigng
BRUNSWICK, Cumberland
-No
-LOAN NOT SOLD.
bids were submitted at the public County, Me.
offerhig on March 29 of a $30,000 revenue
anticipation loan, dated March 29
1933 and due on Nov. 1 1933. Bids
were asked on a discount basis.
BUSHNELL, McDonough
-BOND SALE.
-The City
Clerk reports that an issue of County, 111.
$11,000 6% water works system bonds, due
In 10 years, has been purchased
by the Farmers & Merchants Bank of
Bushnell at a price of par.
BUFFALO, Erie County, N. Y.
-CONSIDER REFUNDING OF
$5.500,000 BONDS.
-The city council has under consideration the Mayor's
proposal to refund $5,500,000 bonds of the 88,647,705 maturing in the
fiscal year 1933-1934 as a means of lowering the tax rate for that
period
through a reduction in the appropriation for debt service. On
the city sold $4,000,000 3.80% refunding bonds, due from Oct. 5 1932
1933 to 1952
incl., to the First National
of New
a basis of about 3.78%.-V.Bankp. 2523. York and associates at 100.20.
135,
CALIFORNIA, State of (P. 0. Sacramento).
-RECONSTRUCTION
FINANCE CORPORATION LOAN GRANT.
-The following
ment of the granting of a relief loan to this State by the R. F. C.announceWas made
public on March 30:
"The Corporation, upon application of the Governor of California.
to-day made available $404,604 to meet current emergency relief needs
in
12 counties of that State for varying periods ending April 30 1933.
"These funds are made available under Title I, Section
of the Emergency Relief and Construction Act of 1932. 1,subsection (c)
"In support of his application the Governor stated that funds now
available or which can be made available at this time 'within the State are
inadequate to meet the relief needs in these political subdivisions for the
period covered.
"The R. F. C. heretofore has made available $6,551,953 to meet current
emergency relief needs in various political subdivisions of the State of
California."
CAPE MAY COUNTY (P. 0. Cape May C. H.), N. J.
-NOTE SALE.
-The Clerk of the Board of Chosen Freeholders has reported on the sale
of 816.000 6% tax anticipation notes as follows: $10,000, dated March 30
1933 and due on Juno 30 1933 were purchased by the Camden Safe
SzsTrust Co., Cape May, and the balance of $6,000, dated March Deposit
'
and due May 15 1933. was purchased by the Bank of Cape May. 15 1933
CHARLOTTE, Mecklenburg County, N. C.
-NOTE RENEWAL
AUTHORIZED.
-At a meeting of the City Council held on March 24 the
renewal of $60,000 in bond anticipation notes of the city, due at local
banks on April 3, was authorized. They will mature on July 3, and will
bear interest at the prevailing rate of6%. The notes are divided as follows:
130,000 sewer bond anticipation; $15,000 street improvement bond anticipation, and $15,000 street opening bond anticipation notes.
CHATTANOOGA, Hamilton County, Tenn.
-PROPOSED BOND
ISSUANCE.
-Mayor Bass is said to have asked for legislative approval of
a $500,000 short-term bond issue to refinance maturing serial paving bonds
on the assumption that the payment of paving assessments will fall far
below normal. The bonds falling due total only $200,000, and only that
part of the requested issue would be sold, according to report.
CHATTANOOGA, Hamilton County, Tenn.
-BOND ISSUANCE
CONTEMPLATED.
-The city is said to be considering the issuaunce of
$50 000 in short-term bonds to Day off past due paving assessments.
CHICAGO, Cook County, 111.
-WARRANT CALL.
-0. J. Taylor,
President of the Board of Education, has called for payment on or before
April 5 variously described educational, school building and playground
fund tax anticipation warrants.
With the payment on April 1 of $6.615,000 warrants issued in anticipation of 1931 taxes, the volume of warrants outstanding against the levy
tor that year and previous periods will be approximately as follows: 1931.
$20,000,000: 1930, $97,000 and $3,340,000 for 1929. All 1928 warrants
which were outstanding with the public have been retired.
CHICAGO SANITARY DISTRICT, Cook County, 111.
-TO SEEK
AUTHORITY FOR $155,000,000 BOND ISSUE.
-Thomas J. Bowler,
District President, announced on March 23 that authority to issue
2281
$139,000,000 6% bonds to complete the sewage disposal program ordered
by the United States Supreme Court and $16,000,000 refunding bonds to
replace obligations now in default will be requested of the State
Mr. Bowler has stated that the bonds would be issued without Legislature.
approval of
the voters. The enabling legislation has been prepared by William
Rothmann, Attorney for the District.
CHICAGO LINCOLN PARK DISTRICT, Cook County, Ill.
PROPOSE EXCHANGE OF $150.000 BONDS DUE APRIL 1 1933.A notice made public on March 29 by A. D. Plamondon, President of the
Board of Commissioners, advised holders of $150,000 park extension bonds
due April 1 1933 that interest due on the obligations will be
inasmuch as funds are not available for payment of principal paid although
exchange
be made of 6% refunding bonds, series 1933, on ths, basis of par for will
par
for the maturing obligations. Interest on the reftending obligations will
be payable in April and October and they will mature on April 1 1943.
These refunding bonds, it is stated, are paybale from unlimited ad valorem
taxes levied on all taxable property within Lincoln Park District and
the proceeds of now uncollected taxes levied for the years 1928 to after
1933
inclusive have been applied on the payment of principal and interest of
outstanding bonds of the Commissioners of Lincoln Park, the balance
will be used to purchase these refunding bonds in the market at not to
exceed par ana accrued interest.
CLARK COUNTY (P. 0. Vancouver), Wash.
-BONDS NOT SOLD.
-The $62,000 issue of 7% refunding bonds offered on March 25-V.
p. 1749
-was not sold as there were no bids received, according to 136.
the
Prosecuting Attorney. Due in from 2 to 20 years, optional after 10 years.
COLLINGDALE SCHOOL DISTRICT (P. 0. Darby), Delaware
County, Pa.
-BOND OFFERING.
-George
Baumert, Borough Secretary, will receive sealed bids until 7 P. M. on April 17 for the purchase of
$33,000 4, % coupon refunding bonds. Dated April 15 1933. Denom.
4
$1,000. Due April 15 1953. Interest is payable in April and October.
The bonds, it is said, are free from all taxes, except succession or inheritance
levies, whicn are now or may hereafter be levied and assessed thereon by
or under the authority of the Commonwealth of Pennsylvania of the
United States of America. The issue is registerable as to principal. A
certified check for 2%,payable to the order of the District, must accompany
each proposal. The approving opinion of Townsend. Elliott & Munson,
of Philadelphoa, will be furnishea the successful bidder. Bids should be
addressed to the Secretary at 408 Clifton Ave., Collingdale.
CONCORD, Merrimack County N. H.
-LOAN NOT SOLD.
-The
city failed to receive a bid at the public offering on March 31 of a 1200,000
revenue anticipation loan, due on Dec. 12 1933.
COOK COUNTY (P. 0. Chicago), 111.
-TAX COLLECTIONS.
Collections up to March 15 1933 on account of the 1931 real estate tax
levy amounted to $42,841,000, or 50% of the amount of the levy, according to report. The fifteenth was the last day on which payments would be
made without penalty. Plans are now being made to accept payment of
the second half of the 1931 real estate levy in monthly installments. It
was further noted that payments up to March 18 1933 on account of the
levies for the years 1928, 1930 and 1931 amounted to 85.1%, 73.25% and
59.08%, respectively.
BONDS NOT SOLD.
-It is reported that no bids were submitted at an
offering on March 27 of $1,600,000 5% poor relief bonds, dated Feb. 1
1933 and to mature serially on Feb 1 from 1934 to 1952, incl. Denoms.
$1,000. $500, $100 and $50. Principal and interest (February and August)
are payable at the County are payable at the County Treasurer's office.
Legality approved by Chapman & Cutler of Chicago.
COOK COUNTY FOREST PRESERVE DISTRICT (P.O. Chicago),
111.
-PAY 8545.000 ON DEFAULTED PRINCIPAL AND INTEREST.
-Emmett Whealan, President of the Board of District Commissioners, on
March 30 instructed Rudolph Mulac Jr., Comptroller, to make payment
on April 1 of $545.000 defaulted bond principal and interest. The figure
includes $500.000 of series A improvement bonds which matured on Jan. 1
1932. Funds for the payment came from the 1931 tax levy. Mr. Wheaten
said that further payments on defaulted obligations would be made as
rapidly as the receipt of tax money would permit.
CUYAHOGA FALLS CITY SCHOOL DISTRICT, Summit County,
Ohio.
-BONES NOT SOLD.
-No bids were obtained at the offering on
March 27 of $23,000 6% refunding bonds, dated April 1 1933 and due
$1,000 semi-annually on April and Oct. 1 from 1934 to 1945 incl.-V.136
P. 1750.
DEARBORN SCHOOL DISTRICT, Wayne County, Mich.
-NOTE
OFFERIAG.-Sealed bids addressed to Roy D. Renton, Secretary of the
Board of Education, will be received until 8 p. m. on April 7 for the purchase of $50.000 5% tax anticipation notes, dated April 1 1933 and due
on Feb. 1 1935. Denoms. $10, $5 and $1. A certified check for 5%
must accompany each proposal.
DELTA COUNTY (P. 0. Delta), Colo.-W41RAN7S CALLED.
-It
is stated that various special school fund, and county fund warrants were
called for payment as of March 1 1933; interest ceased on March 20 1933.
According to report, they will be paid upon presentation at the office of
the County Treasurer.
DERBY, New Haven County, Conn.
-BONDS APPROVED.
-At an
election held on March 25 an issue of $50,000 unemployment relief bonds
was approved by a vote of 493 to 206. The bonds are to bear interest at
a rate of not more than 5% and the date of sale and other particulars will
be determined by the Board of Aldermen.
DETROIT, Wayne County, Mich.
-PLAN CREATION OF DEBT
REFUNDING COMMISSION.
-It is reported that a special election has
been called for April 3 to consider the proposed creation of a debt refunding
commission for the purpose of seeking and effecting a readjustment of the
funded debt of the city. The conimission would consist of Mayor Frank
Murphy, Frank Couzens, the City Comptroller and two other members.
Mayor Murphy recently stated that some action must be taken to relieve
the taxpayers of the heavy debt service charges occasioned each year in
the payment of municipal indebtedness. The present financial scale of the
city's obligations calls for the payment of $34,000,000 in principal and
interest charges in the fiscal year 1933-1934, according to the Mayor.
Current tax collections, it is said, are barely sufficient to cover municipal
operating expenses, exclusive of debt service.
DOVER AND FOXCROFT WATER DISTRICT (P. 0. Foxcroft)
Me.
-BOND SALE.
-The Chase Harris Forbes Corp. of Boston, purchased
on March 23 an issue of $45,000 funding bonds as 5s. at a price of 100.04,
a basis of about 4.99%. Dated April 1 1933 and due 85,000 annually from
1936 to 1944, inclusive.
DUTCHESS COUNTY (P. 0. Poughkeepsie), N. Y.
-BOND OFFERING.
-Moses Lamont, County Treasurer. will receive sealed bids until
2 p. m. on April 6 for the purchase of 8150,000 not to exceed 6% interest
coupon or registered bonds, divided as follows:
$100.000 highway bonds. Due $5,000 on March 1 from 1934 to 1953. incl.
50,000 emergency relief bonds. Due $5,000 on March 1 from 1934 to
1943, inclusive.
Each issue is dated March 1 1933. Denom. $1,000. Rate of interest
to be named by the bidder in a multiple of 5.i of 1% and must be the same
for all of the bonds. Principal and interest (March. and Sept.) are payable at the Falikill National Bank St Trust Co., Poughkeepsie, or at the
Chase National Bank, New York. A certified check for 53.000. payable
to the order of the County Treasurer, is required. The approving opinion
of Clay, Dillon & Vandewater,of New York, will be furnished the successful
bidder.
(The above bonds were originally scheduled for sale on March 8 but
postponed owing to the general banking holiday then in effect-V. 136.
p.1750.)
••••
s T dLC0.
A onB iss e
l
/u M
County, N. Y.
-BONDS DEFEATED.
-At an election held on March 21 an adverse vote of 67 to 53 wasicast_in
connection with the proposed issue of $30.000 water works bonds
EAST ORANGE,Essex County, N. J.
-TO RETIRE $360.000 BONDS.
-City Treasurer Clapp has arranged to pay off on April 1 a block of $360.000 water bonds representing the first of the obligations sold in connection
with acquisition of the Orange Water Co. plant on April 1 1903. On
Dec. 1 1933 payment will be made of $500.060 water department bonds of
the
411.
2282
Financial Chronicle
-John A.
-BOND OFFERING.
ELIZABETH, Union County, N. J.
Mitchell, City Comptroller, will receive sealed bids until 11 a. m.on April 11
for the purchase of $117,600 44% coupon or registered street improvement
bonds. Dated April 1 1933. Denom. E1.000. Due April 1 as follows:
$7,000 from 1934 to 1942, incl., and $9,000 from 1943 to 1948, incl. If
the bids received do not permit of the award of 4(% bonds, then offers
of 1% and limited
based on a higher rate, expressed in a multiple of
to 6%, will be considered. Principal and interest (April and Oct.) are
payable at the National State Bank of Elizabeth. No more bonds are to
be awarded than will produce a premium of $1,000 over $117,000. The
bonds will be prepared under the supervision of the Continental Bank &
Trust Co., of New York, which will certify as to the genuineness of the
signatures of the officials and the seal impressed thereon. A certified
check for 2% of the bonds bid for, payable to the order of the city, must
accompany each proposal. Legality to be approved by Reed, Hoyt &
Washburn, of New York City.
-The
-TEMPORARY LOAN.
ESSEX COUNTY (P.O. Salem), Mass.
Gloucester Safe Deposit & Trust Co. of Gloucester, was awarded on
March 28 a $200,000 revenue anticipation loan at 2.72% discount basis.
Due on Nov. 7 1933.
Bids submitted for the issue were as follows:
Discount Basis.
Bidder2.72%
Gloucester Safe Deposit & Trust Co.(purchaser)
2.95%
Chase Harris Forbes Corp
3.77%
Merchants National Bank of Salem
3.83%
Cape Ann National Bank
-The $30,000 Issue
-BOND SALE.
FARIBAULT, Rice County, Minn.
-was
of coupon sewer bonds offered for sale on March 28-V.136, p. 1750
purchased by the Security National Bank & Trust Co. of Faribault. as 4s.
at par. Due $5,000 from 1934 to 1939 inclusive. There were no other
bidders.
FILLMORE COUNTY SCHOOL DISTRICT NO.45(P.O. Preston),
-MATURITY.
-The $16,500 issue of 434% semi-ann. funding
Minn.
-is
bonds that was purchased by the State of Minnesota-V. 136, p. 2100
due in from 5 to 15 years.
-BOND PAYMENTS.
FLORIDA, State of (P. 0. Tallahassee).
We are informed that the State Board of Administration has made arrangements for payment on March 15 on account of maturing or delinquent
bonds and(or) coupons in the following counties:
Total Amount.
County and Name of Bond Issue$30,000.00
Bay, Sp. R.& B.series 20-60
9,000.00
Bay, toll bridge bonds
2,100.00
Clay, Spec. R. St B. Dist. No.3
2,100.00
Clay, Spec. It. & B. Dist. No. 11 for No. 5
2,100.00
Clay, Spec. R. & B. Dist. No. 11 for No. 9
4,500.00
Flagler, Spec. R & B. Dist. series 1
5,625.00
Hillsborough, $470,000 highway (Temple Ter.)
69.04
Martin, (St Lucie) 1910 road and dock series 1
719.55
Okeechobee.(St. Lucie) 1910 road and dock
19,110.00
Orange,6% road bonds (issue 1921). series 1-745
12,950.00
Orange,5% road bonds (issue 1921). series 746-1273
18,700.00
Orange,54% road bonds (issue 1921), series 1274-1953
10.917.00
Orange,54% road bonds (issue 1921), series 1954-2300
555.00
•
Osceola, Spec. R.& B.series 1
9,250.00
Pinellas, $370,000 road bonds
4,800.00
Polk, $400,000 Vero road bonds
1,200.00
Polk, Polk City-Lake Co.road
1,260.00
Polk, Lakeland-Kathleen-Socrum
480.00
Polk, Socrum-Pasco Co. road
2,370.00
Polk, refunding bonds series R-1
3,450.00
Polk, refunding bonds series R-2
1.890.00
Polk, Spec. R.& B. Dist. No.7 bonds
13.170.00
Polk, Spec. R.& B. Dist. No. 10 bonds
18,150.00
Polk, Spec. R.& B. Dist. No. 11 series 1
5,920.00
Polk, Spec. R.& B. Dist. No. 11 T. Wts
Polk, Spec. R.& B. Dist. No. 12 bonds
660.00
Polk, Spec. R.& B. that. No. 13 2d issue
1,380.00
Polk, Spec. R.& B. Dist. No. 14
8,332.50
Polk, Spec. R.& B. Dist. No. 16
3,025.00
Polk, Spec. It. & B. Dist. No. 17 T. Wts
1,080.00
St. Luoie, 1910 road and dock bonds series 1
2.750.00
Sumter, $750,000 Sumter County road bonds
16.250.00
FORDSON SCHOOL DISTRICT (P. 0. Dearborn), Wayne County,
-II. S. Mitchell, Business Manager of the
-NOTE OFFERING.
Mich.
Board of Education, will receive sealed bids until 8 p. m. on April 3 for the
purchase of $87,000 not to exceed 6% int. tax anticipation notes. Dated
April 1 1933. Subject to redemption at any time by the Board of Education, on publication of a notice ten days in advance of such redemption,
in the official publication of the minutes of the Board, said redemption to
be not later than May 1 1935. Denoms. as designated by the purchaser.
Prin. and int. are payable at the office of the Board of Education. A
certified check for 5% of the amount bid, payable to the order of the Board
of Education, must accompany each proposal. The approving opinion of
Miller, Canfield, Paddock & Stone of Detroit will be furnished the successful bidder.
(No bids were received at an offering on March 14 of $29,000 notes of
similar nature. At that time Mr. Mitchell said the notes would be issued
in denoms. of $5 and $1 and distributed locally in payment of payrolls
-V. 136, p. 1932.)
and other expenses.
-BONDS NOT ISSUED.FORT WORTH, Tarrant County Tex.
It is stated by Geo. D. Fairtrace, City Manager, that the sale of the
bonds, scheduled for about March 1$200,000 5% street improvement
V. 136. p. 1056, was not held because of the bank moratorium. He says
that the issue will be placed on the market some time after April 4.
FRANKFORT INDEPENDENT SCHOOL DISTRICT (P. 0. Frank-Sealed bids will be
fort) Spink County, S. Dak.-BOND OFFERING.
received until 8 p.m. on April 10 by 0. J. Haag, District Clerk, for the
purchase of a $7,000 issue of school bonds. Interest rate is not to exceed
6%. payable M. & N. Denom. $500. Dated Nov. 1 1932. Due on
Nov. 1 as follows: $500, 1933 to 1936, and $1,000, 1937 to 1941, with
privilege of pre-payment on any interest paying date. Prin, and int.
payable at the Irnion Investment Co. of Minneapolis. No certified check
s required.
FREDONIA SCHOOL DISTRICT NO.6(P. 0. Flagstaff), Coconino
County, Ariz.
-It is reported that at an election
-BONDS DEFEATED.
held on March 20 the voters rejected a proposal to issue $15,000 in 6%
school building bonds,
GALION, Crawford County, Ohio.
-BONDS AUTHORIZED.
-Issuance of $11,860 city's portion irnpt. bonds is provided for in an ordinance
recently adopted by the city council. Bonds are to be dated not later than
Oct. 1 1932 and mature on Oct. 1 as follows: $3,000 from 1934 to 1936 incl.,
and $2,800 in 1937. Interest is payable in April and October.
GALVESTON COUNTY (P.O. Galveston), Tex.
-BOND PAYMENT
REPORT.
-It is stated by I. Predecki, County Auditor, that the principal
and interest maturing on Feb. 1, Aug. 1, April 10 and Oct. 10, on the following bonds, will be paid promptly on presentation at the office of the State
Treasurer in Austin, on the date of maturity: Special road bonds of 1910,
1913, 1925, 1926 and 1928; causeway bridge bonds of 1911, 1917 and 1919.
GARFIELD COUNTY(P.O.Glenwood Springs), Colo.- WARRANT
CALL.
-Various ordinary county revenue, county road and bridge, poor
fund and advertising warrants are called for payment on April 5, according
to report.
GENEVA, Ontario County, N. Y.
-BOND OFFERING.
-J. Hayward
Brown, City Treasurer, will receive sealed bids until 10 a.m. on April 1
for the purchase of $30,000 53 % coupon or registered refunding bonds.
Dated April 1 1933. Denom. $1,000. Due April 1 1934. Principal and
interest (April and October) are payable at the Guaranty Trust Co., New
York. The bonds,it is stated, are payable from taxes on all taxable property
of the city within the limits prescribed by law, and will be sold subject to
the approval of the Common Council. A certified check for $500, payable
to the order of the City Treasurer, must accompany each proposal. Pointing out that the approving opinion of Clay Dillon & Vandewater, of New
the official notice of sale
. York, will be furnished the successful bidder,
further states that no claim against the city for attorney's fees or service in
investigation of the legality of the issuance or execution of the bonds
the
will be allowed.
-RECONSTRUCTION FIGEORGIA, State of (P. 0. Atlanta).
-On March 29 the R. F. C.
NANCE CORPORATION GRANTS LOAN.
April I 1933
made public the following announcement of a relief loan grant to this State
The Corporation, upon application of the Governor of Georgia, to-day
made available $306.006 to meet current emergency relief needs in 27
political subdivisions of that State for varying periods ending April 30 1933.
These funds are made available under Title I, Section 1, subsection (c)
of the Emergency Relief and Construction Act of 1932.
In support of his application the Governor stated thatfunds now available
or which can be made available within the State at this time are inadequate
to meet the relief needs in these political subdisivions.
The R. F. C. heretofore has made available $790,915.22 to meet current
emergency relief needs in various political subdivisions of the State of
Georgia.
-ADDITIONAL DETAILS.
GEORGM, State of (P. 0. Atlanta).
The $2,000,000 loan that was negotiated with a group headed by the First
-is dated March 15
National Bank of Atlanta at 54%-V. 136, p. 2100
1933. and matures $1,000,000 on Jan. 15 and an. 31 1934.
-ADDITIONAL DEGIBSON COUNTY (P. 0. Trenton), Tenn.
TAILS.
-The $106,800 issue of school notes that was purchased by local
-was sold at 6%. at par, to the following: Merbanks
-V. 136. p. 1932
chants State Bank of Humboldt, the Tennessee Bank of Trenton, Trust
Co. of Trenton, and the Bank of Commerce of Trenton. Due in 6 months.
G1RARDVILLE SCHOOL DISTRICT, Schuylkill County Pa.-The Pennsylvania Department of Interne
BONDS AUTHORIZED.
Affairs has approved of $16,000 judgment bonds.
-BOND ELECTION -It is reGLENWOOD, Pope County, Minn.
reported that an election will be held on April 11 in order to vote on the
proposed issuance of $38,000 4 % sewage disposal plant bonds.
-BOND SALE.
-The Cape
GLOUCESTER, Essex County, Mass.
Ann National Bank of Gloucester has purchased an issue of $60,000 4%
water bonds at a price of 100.09. a basis of about 3.99%. Dated April
1 1933. Due $4,000 on April 1 from 1934 to 1948 incl. This issue wais
-V.136. p. 2100.
recently authorized by the City Council.
GRANT COUNTY (P. 0. Williamstown), Ky.-INDEBTEDNESS
-The following report on the financial standing of this county is
REPORT.
taken from a Frankfort dispatch to the Louisville "Courier-Journal" of
March 21:
"Grant County, in all probability has the largest county warrant debt
of any county in the State, its total reaching $342,578.49, it was revealed'
to-day by Nat B. Sewell, State Inspector and Examiner, in a report filet
with Gov: Ruby Laffoon.
"In addition to the county warrants outstanding, the county owes.
5192.000 in road and bridge bonds, to be paid out of future revenues, and
$500 representing funds borrowed against anticipated revenue collections.
making a total indebtedness of $535,078.49.
"There is $30,653.04 on deposit in the sinking fund of the county for
retirement of the debt. Salaries of officials aggregate $8,300 a year. Col,
lections of $6.66 were reported from the County Judge and County Court
Clerk. The salary roll is:
"County Judge, $1,560; County Attorney, $1,000; Circuit Court Clerk,
/240; Jailer. $990; Superintendent of Schools, $2.160; County Road Commissioner, $1,250: County Health Unit,$350; Keeper of County Infirmary,
$400; County Physicians, ten at $25 each, $250, and County Livestock
Inspector, $100.
GRANTS PASS IRRIGATION DISTRICT (P. 0. Grants Pass),
-BOND PAYMENT CONTEMPLATED -We
Josephine County, Ore.
are advised by our Western correspondent that the bondholders are to
consider a plan in the near future whereby they would be paid off on their
holding on the basis of about 25 cents to the dollar.
-BOND ELECTION.
-It is
GREAT BEND, Barton County, Kan.
reported that an election will be held on April 4 in order to vote on the
proposed issuance of 5150,000 in power plant construction bonds.
GREENE COUNTY (P. 0. Springfield), Mo.-BOND ISSUANCE
-It is stated that an election will be held in the near
CONTEMPLATED.
future to vote on the issuance of $25,000 in county tuberculosis sanitarium
bonds.
-BONDS VOTED.
GUYMON, Texas County, Okla.
-At the election.
held on March 21-V. 136, p. 1932-the voters approved the issuance.
of $50,000 in 6% semi-ann. gas distributing system bonds by a count of
Due in 15 years from date of issuance.
374 "for" to 40 'against." HADDON TOWNSHIP (P. 0. Westmont), Camden County, N. J.
-PLAN PRIVATE SALE.
-Richard Griffith,
BIDS FOR BONDS
NO
Township Clerk, reports that no bids were submitted at the offering on.
March 28 of $73,000 not to exceed 6% interest coupon or registered bonds
-and that M. M.Freeman & Co. of Philadelphia, haveV. 136. p. 1932
'
been appointed agents to effect, if possible, private sale of the obligations.
The offering consisted of $39,000 at. asst. bonds, dated March 1 1933 and
due on March 1 from 1935 to 1940 incl. and $34,000 at. asst. bonds, dated
Feb. 1 1933 and due on Feb. 1 from 1935 to 1940 incl.
HARMONY SCHOOL DISTRICT (P. 0. East St. Louis), St. Clair
-At an election held on March 20 the
County, 111.
-BONDS VOTED.
voters approved of an issue of $19,500 school bonds.
-BOND ELECTION.
-An election will
HAVRE, Hill County, Mont.
be held on April 3, according to report, to vote on the proposed issuance
of $95.000 in gas line construction bonds.
HAYWARD FREE HIGH SCHOOL DISTRICT (P. 0. Hayward),
Sawyer County, Wis.-BONDS DEFEATED -It Is reported by the
District Clerk that at an election held on March 17 the voters rejected a
proposal to issue 510,000 of 6% refunding bonds by a count of 121 "for"to,
152 "against."
HOMER, Dakota County, Neb.-BONDS AUTHORIZBE-A resolution is reported to have been passed by the Village Council providing for
the issuance of $7,500 in 5% refunding bonds.
HOPEWELL TOWNSHIP SCHOOL DISTRICT (P. 0. New
Sheffield, R. F. D.), Beaver County, Pa.
-BONDS NOT SOLD.C. C. Bell. District Secretary, reports that no bids were obtained at the
offering on March 29 of $15,000 43-% school bonds.
-V. 136. p. 1750.
Dated April 1 1933. Due $5,000 on April 1 in 1938. 1943 and 1948.
HOWARD COUNTY (P. 0. Kokomo), Ind.
-ADDITIONAL INFORMATION,
-With regard to the issue of $61,486 6% poor relief bondsawarded on March
and C. W. meNear 3 to Walter. Woody & Helmerdinger of Cincinnati,
& co. of Chicago, jointly. at 100.16, a basis
of about•
-we are advised that prin, and semi-ann. int.
5.96%-V. 136, p. 1750
(May and Nov. 15) are payable at the County Treasurer's office and that.
have been approved as to legality by Smith, Remster, Hornthe bonds
brook & Smith of Indianapolis.
HUBBARD VILLAGE SCHOOL DISTRICT, Trumbull County,
-The 510.000 6% refunding bonds, dated
-BONDS NOT SOLD.
Ohio.
April 1 1933 and due $1,000 on April and Oct. 1 from 1934 to 1938, incl.
placed on sale on March 27-V. 136, p. 1932
-were not sold, as no WI
were obtained.
-PLAN FOR COLLECTION OF SALBS TAX.
ILLINOIS (State of).
The Chicago "Journal of Commerce" of March 25 reported as follows on the
plan evolved by retailers in Chicago for application of the new 3% State
sales tax, effective April 1 1933, which was provided for in a bill signed by
-V. 136. p. 2097.
Governor Horner, last week.
Archibald McLeish, Chairman of the Tax Committee of the Chicago.
Controllers' Association, announced the schedule for passing the tax to theconsumer as follows:
One cent on all sales from one to thirty-three cents.
Two cents on all sales from thirty-four to sixty-seven cents.
Three cents on all sales from sixty-eight cents to one dollar.
Three percent on all sales above $1.
The new tax applies to all sales of tangible personal property and must
be collected by the merchant and paid to the State between the 1st and 15th
of each month, beginning with May. Farm produce sold by the producer
and motor fuel are exempt from the tax.
INDIANAPOLIS, Marion County, Ind.
-5600A00
NOTES
SOLD.
-A group of local banks, including the Union Trust Co., Indiana
National Bank, Indiana Trust Co., Merchants National Bank and theFletcher Trust Co., purchased on March 22 an issue of 5600.000 6% school
notes, due on June 11933. Proceeds of the sale will be used to take care or
general expenses until the spring tax instalment Is received by the school.
city.
sciroor,
Volume 136
Financial Chronicle
2283
• "Mr. Baynard said the bonds would be handled in substantially the same
-LOAN GRANTED BY RE:IOWA, State of (P. 0- Dee Moines).
manner that is used in canceling a bond which has been paid. Two large
.-On March 30 the R. F. C.
CONSTRUCTION FINANCE CORPORAT ON
holes are punched in bonds which are paid and the bonds are then stored in
State:
Issued the following announcement on a relief loan grant to this
the State's vaults. Mr. Baynard said the highway bonds would be
"The R. F. 0., upon application of the Governor of Iowa, to-day made
punctured and then stored in the vaults of the State Treasurer.
political
available $26,235 to meet current emergency relief needs in seven
"The paper represents the unsold balance of an authorized highway
subdivisions of that State for periods ending April 30 1933.
bond issue of $35,000.000 which was advertised for sale about a year ago.
1, subsection (c)
"These funds are made available under Title I, Section
Fifteen million of the issue was purchased through a participation plan
.of the Emergency Relief and Construction Act of 1932.
whereby creditors of the Highway Commission received 80 cents on the
meet
"The Corporation heretofore has made available $1,589,052 to
dollar on their debt and allowed the pledging of the bonds to pay them
current emergency relief needs in various political subdivisions of the State
that amount. The $15,000,000 bonds, which were handled by the Pyramid
of Iowa."
Securities Co., are now being used as collateral for a $12,000.000 loan out
-BONDS AUTH01?,of which the creditors got their 80%. The $20,000,000 portion which were
Washington County, Tenn.
• JOHNSON CITY,
was
printed and signed in anticipation of a sale have been kept in bank vaults.
IZED.-A bill providing for the issuance of $165,000 refutiellng bonds
but to prevent any possibility of their getting in channels of trade they are
passed by the Legislature and the bonds are now being prepared, accordto be canceled, it was explained.
to report.
"The Aetna Casualty and Surety Co. was substituted as surety in place
-It is reported
ELECTION.
-BOND
JORDAN, Scott County, Minn.
of the Union Indemnity Co. for the McDonald Engineering Co. and the
4hat an election will be held on April 5 in order to vote on the proposed
was substituted in place of the Union for Sienesbonds. Denom. $1,000' Royal Indemnity Co.
%issuance of $9,000 43j% semi-annual funding
Helmers, Inc., the American Bridge Co. and the McClintic-Marshall Co.,
-and $500. Dated from issuance. Due on July 1 as follows: $500. 1938 to
contractors for the New Orleans bridge."
1943, and $1,000 in 1945 to 1947, 1949, 1951 and 1952.
LYNDHURST TOWNSHIP (P. 0. Lyndhurst) Bergen County,
.-The issue of
-MATURITY
• KANZ COUNTY (P. 0. Genera), Ili
-The issue of 1110.000 5% coupon or
-BONDS NOT SOLD.
N. J.
4250,000 5% poor relief bonds purchased on Jan. 6 by Lawrence Stern &
registered general improvement bonds offered on March 27-V. 136, p.
price of99.46,
-Co. and A. G. Becker & Co., both of Cnicago, jointly, at aannually for a
-was not sold, as no bids were submitted. Dated April 1 1933 and
1933
$50,000
-mature
a basis of about. 5.20%-V. 136, p. 356
due on Aprill from 1935 to 1948, inclusive.
period of,6 years. Previously, the maturity schedule had been given from
-SPECIAL BOND ELECTION
LUDINGTON, Mason County, Mich.
1934 to 1948 incl.
-City officials have decided to hold a special eleetion this
PLANNED.
-We are
. KENNETT, Dunklin County, Mo.-BOND ELECTION.
spring for. the purpose of voting on a proposed issue of $340.0110 municipal
informed that an election will be held on April 4 in order to have the voters
light,and power plant construction bond issue. Original plans called
pass on the proposed issuance of $20,000 in sewage disposal plant bonds.
for consideration of the measure at the regular April 3 election, ban because
-BONDS NOT
Wash.
KLICKITAT COUNTY (P. 0. Goldendale),
of regulations permitting only property owners to pass on bond issues
it was thought too much confusion might result.
-The $34,825.57 issue of coupon or registered county bonds offered
SOLD.
-was not sold as there were no bids received.
March 24-V. 136, p. 1595
.on
McKEAN TOWNSHIP SCHOOL DISTRICT (P. 0. McKean) Erie
Int, rate not to teamed 6%, payable senal-annually. Due in from 2 to 16
-Issuance of $10,000 school funding
-BONDS APPROVED.
County, Pa.
years from date of issuance.
bonds has been approved by the Pennsylvania Department of Internal
-REJECT LOAN Al' 6% INAffairs.
• LACONIA, Belknap County, N. H.
-Mayor Charles E. Carroll on March • 29 instructed City TEREST.
MAPLE HEIGHTS CITY SCHOOL DISTRICT, Cuyahoga County,
Treasurer Clarence S. Newell not to complete arrangements for the sale
Ohio.-BO,ND OFFERING.-Trarry M. Simler, Clerk of the Board of
-of $75,000 tax anticipation notes, bearing 6% interest, to a Boston bank.
Education, will receive sealed bids until 12 M.(Cleveland time) on April 15
$400,000 on
-on the ground that the State has between $300,000 and therefore he
for the purchase of $16.750 6% refunding bonds. Dated Feb. 1 1933.
-deposit in Boston institutions drawing only 1% interest and
Due Dec. 1 as follows: 31,500 from 1934 to 1936 incl. and $1.750 from
was opposed to paying 6% interest on the loan desired. Mayor Carroll
'
1937 to 1913 incl. Int. is payable in J. & D. Bids for the bonds to bear
said that he asked Governor Winant to make the money available to
.
interest at a rate other than 6%. expressed in a multiple of X of
rates."
New Hampshire cities at "reasonable
will also be considered. Prin. and int. are payable at the office of Mr.
LAKE CHAMPLAIN BRIDGE COMMISSION (P. 0. Ticonderoga),
Simler. A certified check for $200. payable to the order of the above-BILL PROVIDES FOR ADDITIONAL $1,000,000
mentioned official, must accompany each proposal. The approving
Essex County, N. Y.
ZONDS.-Under the provisions of a bill introduced in the State Senate
opinion or the Attorney-General will be furnished the successful bidder.
on March 13 and in the Assembly on March 14 the Bridge Commission
-BONDS APPROVED.
MARCELLUS, Onondaga County, N. Y.
Is empowered to issue an additional $1.000,000 bonds, to bear interest
At an election held on March 22 a vote of 134 to 27 was cast in favor of
at a rate not to exceed 5% and mature within a period of not more than
electric plant bonds. Amount not stated.
the proposed issue of
.50 years. It is further provided that the bonds may be sold at public
-LIST OF BIDS.
-At the offering
-or private sale on an interest cost basis to the Commission not in excess
MASSACHUSETTS.(State of).
of 5%. The bill also contains provisions with respect to the purposes
on March 24 of two notes of 81,000.000 each, which were awarded to
for which the bonds may be sold and the revenues to be used providing
of Boston at interest rates of 2.73% and 2.23%.
the First National Bank
or repayment.
emittr d erest.
sub
-V. 136, p. 2101-the following bids were Rais of eni
respectively
-E. S. Gilmour,
-BOND OFFERING.
LEONIA, Bergen County, N. J.
B
A
BidderBorough Clerk, will receive sealed bids until 8 p. m. on April 10 for the
2.73% 2.23%
bonds.
First National Bank of Boston (purchaser)
le.urchase of $212.000 51.6. 51i, or 6% coupon or registered impt.$10.000
3.13% 2.18%
(plus $700)
National Shawmut Bank of Boston
Dated March 1 1933. Denom. $1,000. Due March 1 as follows:
3.64% 3.49%
Halsey, Stuart & Co
from 1934 to 1953 incl., and $6.000 in 1954 and 1955. Prin. and int.
3.65% 3.14%
Merchants National Bank of Boston
(M. & S.) are payable at the Leonia Bank 8: Trust Co., Leonia, or at the
3.44%
Chase Harris Forbes Corp
• Palisades Trust & Guaranty Co. of Elizabeth. The sum required to be
3.00%
Northern Trust Co. (plus $150)
-obtained at the sale is $209,880 and bids submitted must be for not less
Bank of Manhattan Trust Co.,- Hallgarten & Co. and
than a price of 99. A certified check for 2% of the bonds bid for, payable
3.25%
Ladenburg, Thalmann & Co.(plus $133)
to the order of the Borough, must accompany each proposal. The approvA.
1933 $1,00 .000 issue, due March 15 1934; B-$1,000,000, due Nov. 23
ing opinion of Hawkins, Delafield & Longfellow of New York. will be
furnished the successful bidder.
(The above bonds were originally offered on March 27 and the sale
-Half of the above $2,000.000
FUNDS BORROWED FOR LOCAL AID.
postponed.
-V. 136. p. 2101.)
was obtained for the purpose orproviding funds for the Emergency Finance
Board which was created by the State Legislature as an agency for making
-TEMPORARY LOAN.LEXINGTON, Middlesex County, Mass.
loans to cities and towns on the basis of outstanding tax titles. The bill
The Lexington Trust Co. has purchased a 3175.000 revenue anticipation
authorizing existence of the Board was signed by Governor Ely on March 1
loan at 3.47% discount basis. Dated March 31 1933 and due on Dec. 5
-V. 136, p. 1747. Cities which have already made application for loans
basis.
1933. The Second National Bank of Boston bid on a 4.15%
are re rted as follows: Fall River, $500,000; Lowell, $500.000; Revere.
$300,
and Chicopee. $110.000.
-At the
LINCOLN, Lancaster County, Neb.-BOND ELECTION.
-State Treasurer Hurley made award
ADDITIONAL NOTES SOLD.
to pass on the proposed
May election it is said that the voters will be asked
on March 31 of $2,000,000 notes at an interest rate of 3.22% as follows:
Issuance of $350,000 in storm sewer construction bonds.
$1,000,000 to the First National Bank of Boston and $1,000,000 to the
It is stated that the voters will also pass on a charter amendment to
National Shawmut Bank of Boston. The notes are dated April 6 1933
permit the city to issue bonds for any purposes having a maturity of less
and mature on April 2 1934. Each of the institutions named the same rate
than 10 years.
for the entire loan and the award was made in equal proportion. The
LODI,Bergen County, N. J.
notes, issued in accordance with the provisions of Chapter 49 of the Acts
-BOND OFFERING.-Joseph 13. Pac.ella,
of 1933, were sold for the purpose of providing additional funds for the
Borough Clerk, will receive sealed bids until 8 p. m. on April 10 for the
Emergency Finance Board. The current sale increased to $3,000,000 the
Purchase of $251,500 4%% coupon or registered -bonds, divided as follows:
amount borrowed for that agency and the law limits the total of such
1140,000 assessment bonds. Denom. $1,000. Due March 1 as follows:
borrowings to $10,000,000. The Finance Board, as previously noted, was
$20,000 in 1935 and $30,000 from 1936 to 1939 incl.
created for the purpose of making loans to cities and towns on the basis
111.500 general impt. bonds. One bond for $500, others for $1,000.
of outstanding tax titles.
Due March 1 as follows:j $7,500 in 1934; 17,000 from 1935 to
1939 incl.; $9,000 in 1940. and $10.000 from 1941 to 1946 incl.
-PROPOSED SALE POSTMEDFORD, Middlesex County, Mass.
Each issue is dated March 1 1933. If the bids received do not permit of
-John J. Ward, City Treasurer, reports that sale of the $30,000
PONED.
the award of 4).% bonds, then offers based on a higher rate, expressed
water main bonds, originally scheduled for March 24, has been postponed.
In a multiple of - of 1%, will be considered. Prin. and int. (M. & S.)
Dated March 1 1933 and due serially from 1934 to 1948 incl.
are payable at the
I Trust Co., Lodi. No more bonds are to be awarded
-Sealed
-BOND OFFERING.
MEMPHIS, Shelby County, Tenn.
than will produce a premium of $1,000 over the amount of each issue. A
bids will be received by 13. C.Miller, City Clerk,until 2.30 p.m.on April 11.
certified check for 2% of the bonds bid for, payable to the order of the
for the purchase of a $250,000 issue of coupon or registered water departBorough, must accompany each proposal. The approving opinion of Reed.
Hoyt 8c Washburn of New York will be furnished the successful bidder.
ment, series C bonds. Int. rate is not to exceed 6%, payable J. & J.
Denom. 31,000. Dated Jan. 1 1933. Due as follows: $17,000, 1935 to
LOGAN COUNTY (P. 0. Bellefontaine), Ohio.
-BONDS NOT
1948, and $12,000 in 1949. Prin. and int, payable at the city hall in
-1t. M. Painter. Clerk of the Board of County Commissioners,
SOLD.
Memphis, or at the fiscal agent of the city in New York. The approving
reports that the issue of $221,755.89 6% special assessment improvement
opinion of Thomson, Wood & Hoffman of New York, will be furnished.
bonds offered on March 25-V. 136, p. 1751-was not sold, and the sale
The bonds will be delivered in the City of New York or equivalent at the
has been postponed for a period of 30 days in the hope that better market
option of the bidder, if bidder so states in bid, naming the point of delivery.
conditions will obtain at that time. Mr. Painter states that the only
Delivery will be made on or before May 1 1933. The bidder will name
offer made was a request for a 30
-day option on the hum. The bonds bear
the rate of int. in multiples of X of I% and comparison of bids will be by
date of Jan. 1 1933 and will mature semi-annually on April and Oct. 1
taking the aggregate of int. on the issue at the rate named in the respective
from 19:34 to 1953, inclusive.
bide and deducting therefrom the premium bid the high bid shall be conLONG BEACH, Nassau County, N. Y.
-TAX SALE DEFERRED.
- sidered the one showing the lowest int. cost to the city. No higher rate
Mayor Frank Frankel during the course of a meeting of the city council
of int. shall be chosen than shall be required to insure a sale at par. The
on March 28, at which considerable objection was raised against the
bonds will be sold for par, or face value, plus int. to time of delivery, and a
proposed tax sale previously announced for June 15-V. 136, p. 2101,
premium if any be bid. No proposal blanks will be furnished and bidders
stated that the sale would be held in abeyance pending a study of the
are requested to submit bids in triplicate. A certified check for 1% of
financial affairs of the city, adding that if a sale is held it will not take
the amount bid for, payable to the city, is required.
place until August at the earliest and in all1probability will be confined
The bonds are all general liability, negotiable, serial coupon bonds, the
to the tax arrears of 1931 alone. Previously it had been stated that the
full faith and credit of the city bent pledged for the payment of both
June sale would cover arrears of $250.000 in 1931 taxes and $150,000 in
principal and interest as they severally become due. Further, the Board
1932 taxes.
of Commissioners are irrevocably pledged for the payment of both principal
and interest as they severally become due, by the fixing and maintaining
LONGPORT, Atlantic County, N. J.
-BONDS NOT SOLD.
-William
of such rates, tolls and rentals to be charged by said Water Department.
8. Gilmore, Borough Clerk, reports that no bids were submitted at the
Such charges shall also furnish sufficient revenue to pay all operating
offering on March 25 of $150,000 general impt. bonds and $15,000 sewer
expenses of the water works system and all necessary repairs and improveassessment bonds
-V. 136. p. 1933. Bidders were asked to name a rate
ments to the same.
of int. within a limit of 6%.
MICHIGAN, State of (P. 0. Lawing.)-RECONSTRUCTION
LOS ANGELES COUNTY SCHOOL DISTRICT (P.O. Los Angeles),
FINANCE CORPORATION GRANTS LOAN.
-The following is the text
Calif.
-It is reported that the Board
-CONTEMPLATED BOND SALE.
of an announcement issued by the R. F. C. on March 28, regarding a
of Supervisors has been asked to advertise for sale a total of $296.000 bonds
relief loan grant to this State:
divided as follows: $155,000 alimentary school district and $141,000 high
"The R. F. C., upon application of the Governor of Michigan, to-day
school district bonds.
made available $11,331 to meet current emergency relief needs in 12 political
subdivisions of that State during the month of March 1933.
LOUISIANA, State of (P. 0. Baton Rouge).-130NDS CANCELED.
The following report on the cancellation of a large block of unsold State
"These funds are made available under Title I, Section 1. sub-section (c)
of the Emergency Relief and Construction Act of 1932.
highway bonds, is taken from the Now Orleans "Times-Picayune" of
"In support of his application the Governor stated that funds now
March 22:
available or which can be made available within the State at this time
"The State highway advisory board to-day authorized the cancellation of
are inadequate to meet the relief needs in these political subdivisions during
$20,000,000 unsold State highway bonds and accepted new surety bonds
the period covered.
for contractors on the bridge over the Mississippi River at New Orleans to
"The Corporation heretofore has made available $15,710,240 to meet
take the place of those written by the defunct Union Indemnity co.
emergency relief needs in various political subdivisions of the State of
"The board appointed State Auditor L. B. Baynard Jr., State Treasurer
Michigan."
Jess S. Cave and A. P. Tugwell, chairman of the Louisiana Highway Commission, to puncture and cancel the highway bonds which were printed and
-On March 29 the Corporation anADDITIONAL LOAN GRANT.
signed but never sold or delivered.
nounced the granting of an additional loan as follows:
2284
Financial Chronicle
"Upon application of the Governor of Michigan
made available $4,219 to meet current emergencythe R. F. C. to-day
relief needs in two
political subdivisions during the month of March 1933.
"These funds are made available under Title I, Section
(c) of the Emergency Relief and Construction Act of 1932. 1, subsection
The Corporation heretofore has made available
current emergency relief needs in various political$15,721,571 to meet
subdivisions of the
State of Michigan."
MILTON, Norfolk County, Mass.
-TEMPORARY LOAN.
-The
National Shawmut Bank of Boston
anticipation loan at a 3.02% discount has purchased a $100,000 revenue
basis. Due on Nov. 8 1933. Bids
submitted for the issue were as follows:
BiderDiscount Basis.
BidderDiscount Basis.
National Shawmut Bank (purSecond National Bank of Boschaser)
3.02%
ton
3.37%
Jackson & Curtis
3 09% Lee, Higginson Corp
3.50%
First of Boston Corp
3 17% Day Trust Co
3 89%
Merchants Natl Bk.of Boston 3.229
MILWAUKEE COUNTY (P. 0. Milwaukee), Wis.-NO
TE REDEMPTION REPORT.
-The following report on the
which fall due on April 1, is taken from redemption of county mites
the Milwaukee "Journal"
of March 23:
"Milwaukee County has saved $6,000 by buying back
before maturity
part of $3,500,000 In corporate purpose notes, which are
due April 1.
County Auditor Frank Bittner said Wednesday. The
County has
$1,089,000 of the notes in the last two months, paying $1,112,100 redeemed
,including
a small premium and accrued interest, the Auditor said.
The National
City Co. of New York recently turned back $500,000 of the
notes for redemption in one block.
"The County's saving, under the plan, is in interest paid
to
notes who do not want to wait until maturity, and in avoidingholders of
a loss of
% interest daily by keeping cash on deposit.
"The County is required to pay 2% to the State board
of deposits en
bank deposits, but receives only g of 1% interest. It is expected
that
the County may redeem in advance $370.000 of courthouse
bonds, due
MINNEAPOLIS, Hennepin County, Minn.
-BOND SALE.
-The
two issues of public relief bonds aggregating $900,000, offered for sale on
March 31-V. 136, p. 2102
-were purchased by a syndicate
composed of
Lehman Bros.. Phelps, Fenn & Co., F. S.
all of New York, the First Securities Corp.Moseley & Co. Foster & Co.,
of St. Paul, the
-Dickey
Co., and Piper, Jaffrey & Hopwood. both of Minneapolis, Wells
Kalman & Co.
of St. Paul, and the Milwaukee Co. of Milwaukee, as follows:
$300,000 5% public relief bonds at par. Dated March
1 1933. Due
1160.000 from March! 1934 to tsas incl.
600,000 public relief bonds as 6s at page '• Dated
April 1933. Due
$120,000 from April 1 1934 to 19381ncl.
ADD/T/ONAL BOND SALE. -The above syndicate also
-L'
the $120,000 issue of park and parkway impt. bonds offered bypurchased
the Park
Board on the same day-V. 1,36, p.,2102
-paying par
April 11933. Due $6,000 from April 1 1934 to 1953 incl. for 58. Dated
CERTIFICATES NOT SOLD.
-The $1,000,000 issue of tax anticipation
certificates of indebtedness, also offered on March 31-V.
136.
was not sold. Interest rate not to exceed 6%. Dated April 1 j3 21021933. Due
on Dec. 11933.
MISSOURI, State of (P. 0. Jefferson City).
-RECONS
FINANCE CORPORATION LOAN GRANT-The following TRUCTION
announcement
was made by the R. F. C. on March 30 regarding a relief loan
granted to
this State:
"Upon application of the Governor of Missouri, the Corporati
on to-day
made available $9,830 to meet current emergency relief needs in
subdivisions of that State for the period April 1 to April 30 five political
1933.
"These funds are made available under Title I, Section 1,
of the Emergency Relief and Construction Act of 1932. subsection (c)
"The R. F. C. heretofore has made available $3,825,435 to
emergency relief needs in various political subdivisions of meet current
the State of
Missouri."
MONTGOMERY COUNTY (P. 0. Independ
ence), Kan.
-NOTES
AUTHORIZED.
-At a recent meeting the County Court ordered
of $224,000 county anticipation notes. Of these notes $195,000the sale
used to meet the general expenses; $25.000 will be placed in the will be
road
bridge fund, and the remainder will be applied to other county and
costs.
MURRAY COUNTY (P. 0. Slayton), Minn.
-BONDS AUTHOR:.
I7ED.-At a meeting held on March 13 the County
Commissioners are
reported to have passed a resolution providing for the issuance
of $54.000
43,1 7,, judicial and county ditch refunding bonds. Denom. $3,000,
and
one for $12,000. Due on July 1 1943.
NASSAU COUNTY (P. 0. Mineola), N. Y.
-PROPOSE $10,000,000
REFUNDING ISSUE.
-The Board of Supervisors has instructed County
Attorney H. Stewart McKnight to prepare the necessary
lation with regard to a proposed issue of about $10,000,0special legis00 refunding
bonds for the purpose of spreading over a 10
-year period all heavy relief
and land acquisition obligations, also bond principal and interest
which become due in 1933 and 1934. A resolution providing charges
refunding operation was placed before the Board of Supervisors onfor the
March
20 by Supervisor J. Russell Sprague.
Writing in connection with the above proposal, Phillip F. Wiedersum
,
County Comptroller, states that there are several bills pending in the
State Legislature to relieve financial conditions in various municipalities
and that upon enactment of a measure it is possible that the County may
take advantage of some of its provisions. However, no official information
is available as to what plans if any, the County has under consideration
with respect to bond financing in 1933.
NEWARK, Essex County, N. J.
-REDUCTION IN EXPENSES
ASKED AS CONDITION FOR LOAN.
-The Citizens' Advisory Finance
Committee in a letter sent to the City Commission on March 28 stated
that
arrangements would be made to obtain the 53,000.000 needed by
the city
for payrolls and other obligations due between now and June 1 1933 provided that certain fiscal demands were accepted by the Commission and
adopted immediately. These latter include a reduction of $2,000,00
0 in
1933 budget appropriations, an increase of $1,000,000 in
be raised by taxation for that period and an increase in waterthe amount to
rates sufficient
to produce added revenue of $500,000 annually. The Finance Committe
Includes certain Newark bankers who have been engaged recently e
in
attempts to obtain loans for the city in conjunction with
York banking
interests. The city has been unable to meet its MarchNewpayroll of $1,15
100,000.-V. 136. P. 2102. Mayor Congleton stated that complianc with
the terms of the bankers will necessitate an advance in the tax rateefrom
$3.16 per $100 valuation to $3.28 and a rise in the water rates of 25%.
It was announced on March 29 that all relief work in the city will be
taken over by the State Emergency Relief Administration. The city has
been appropriating $75,000 each month for such work and will be saved
that sum for an indefinite period, it was said.'
NEW LONDON, New London County, Conn.
-BOND SALE.
The 5425.000 coupon or registered floating debt bonds offered on March -28
-v. 136. P. 2102
-were awarded as Sc to the R. F. Griggs Co. of Waterbury, and Christianson, MacKinnon St Co. of New London, jointly, the
only bidders, at par plus a premium of $212.50. equal to 100.05, a basis
of about 4.997. Dated April 1 1933 and due on April 1 as follows: $43,000
from 1934 to 1938, incl. and $42,000 from 1939 to 1943, inclusive.
BONDS PUBLICLY OFFERED.
-A syndicate composed
Griggs Co., Christianson, MacKinnon & Co. M. F. Schlaterof the R. F.
Turner, Mansfield & Co. and Shaw, Andrich St Co.. the latter& Co., Inc.,
'
Hartford, made public offering of the above bonds on March two both of
30 at prices
to yield 4.307 for the 1934 maturity; 1935, 4.35%; 1936 to 1938. 4.40%;
1939 and 1940, 4.45%, and 4.50% for the maturities from 1941 to
1943,
incl. The obligations, it is said, are legal investment for savings banks
and trust funds in the States of New York, Massachusetts and Connecticut.
NEWCOMERSTOWN, Tuscarawas County, Ohio.
ING.-Ovel F. Better, Village Clerk, will receive sealed-BOND OFFERbids until 12 m.
on April 15 for the purchase of $8,440
% Church St. impt. bonds.
Dated April j1933, Denom. $422. Due $422 on April and Oct. 1 from
1934 to 1943 incl. Int.is payable in April and Otcober. Bids for the bonds
to bear int. at a rate other than 53%.expressed in a multiple of g of 1%,
will also be considered. A certified check for $100, payable to the order
of the Village, must accompany each. proposal.
NEWPORT, Newport County, R. 1.
-LOAN OFFERING7- 7
-W.
Norman Sayer. City Clerk, will receive sealed bids until 5 p.m. on April 4,
April 1 1933
for the purchase at discount basis of a $100,000
revenue anticipation loan.
Dated April 6 1933. Denoms. $25,000,
$10,000 and $5,000. Due on
Sept. 5 1933. The notes will be authentica
ted
validity by the First National Bank of Boston, as to genuineness and
Gray, Boyden & Perkins, of Boston. They are under advice of Ropes.
payable at the Boston
institution or at the office of the First of Boston
International Corp.,
New York City.
NEWTON (P. 0. West Newton), Middlesex
County, Mass.
-TEMPORARY LOAN.
-The Merchants National
chased a $250,000 revenue anticipation loan Bank of Boston has purDue on Oct. 26 1933. Bids for the issue were at 2.67% discount basis.
as follows:
BidderDiscount Basis.
BidderDiscount Basis.
Merchants National Bank of
Shawmut Corp
2 87
Boston (purchaser)
2.67% First of Boston Corp
Rutter & Co
2.76% Jackson & Curtis
:
88
Second Natl. Bank of Boston _2.82%
NEW YORK, State of (P. 0.
Albany).-RECONSTR UCTION
FINANCE CORPORATION LOAN GRANT.
-The
25 the following announcement of the granting of aR. F. C.issued on March
relief loan to this State:
"The Corporation, upon application of the Governor
of New York,
to-day made available $6.600,000 to meet current
emergency relief needs
in 67 of the 115 welfare districts in 40 of the 62
counties of that State for
the period April 1 to April 30 1933.
"These funds are made available under
of the Emergency Relief and ConstructiTitle I, Section 1, sub-section (c)
on Act
standing that the responsibility of the political of 1932 with the undersubdivisions and the State
of New York is not in any way diminished.
"In support of his application, the Governor stated
that funds now
available or which can be made available within the
State at this time are
inadequate to meet the relief needs.
"The R. F. C. heretofore has made available $13,200,0
emergency relief needs in various political subdivisio 00 to meet current
ns of the State of'
New York."
NEW YORK (State of).
-$25,000,000 BORROWED AT 3%
INTEREST.
-State Comptroller Morris S. Tremaine on March 29
$25,000,000 at 3% interest, due June 27 1933, with a negotiated a loan of
small group of New
York City banks, which are expected to retain the securities
in their own
investment portfolios. The proceeds of the sale will
be
part the State's share of educational costs in New York used to pay in
City and other
municipalities in the Commonwealth. The city, it
is said,
sum of$5,000,000, which will bring the total ofsuch advances will receive a
of the approximately $45.000,000 due the municipality to $38.000,000
for 1933. The
interest rate of3% compares with that of 1% paid on
financing done by the State on Jan. 11 1933 when the last previous public
for $50,000.000 notes, dated Jan. 19 1933 and due subscriptions received
Jan. 19 1934, totaled
$200,000,000. The issue was apportioned in amounts
from $1,250,000 to
$100,000. Permanent bond financing by the State has
not
to since Dec. 14 1932 when $30,400,000 bonds, comprisin been resorted
3gs and $15,000,000 3s, were awarded to the Chase-Harris g $15,400,000
New York and associates at an interest cost basis of Forbes Corp. of
represented the lowest rate at which such borrowing had 3.0271%, which
been
In about 25 years
-V. 135, p. 4248. Current quotations on accomplished
similar securities at present range from a 3.30 to a 3.70%
basis.
an issue of $75,000,000 2g,% notes maturingyieldMay 2 The State has
on
1933, which is
expected to be met without difficulty from revenues already
available and
April 15 tax receipts.
DISCUSS $50,000,000 RELIEF BOND ISSUE.
-Governor Lehman
has conferred with members of the Temporary Emergenc
y Relief Administration and leaders of both the Senate and Assembly relative
to authorization at the present session of the Legislature of a $50,000,00
0 unemployment,
relief bond issue, according to the "Herald Tribune"
of March 30. The
bonds would be submitted for popular approval at
the
in November 1933. In connection with the proposal, general election
it is pointed out
that the State has already expended $55,000,000 in
relief work since the
beginning of the unemployment relief emergency in
the
1931, including virtually all of the $30,000,000 relief late summer of
bond issue voted
for that purpose at the November 1932 election.
Finance Corporation has made loans of $19,800,000 The Reconstruction
for
the State, including an advance of $6,600,000 granted onrelief purposes in
March 25.
NORFOLK, Madison County, Neb.-BOND
ELECTION.
-At an
election to be held on April 4 the voters will be asked to
pass on the proposed
issuance of $50,000 in water,light and gas bonds.
NORTH ARLINGTON, N. J.
-TAX RATE LOWER.
Murphy, Secretary of the Bergen County Tax Board, -Robert B.
March 23 that the tax rate for the Borough in 1933 has beenannounced on
for each $100 of assessed valuation, representing a sharp fixed at 55.75
reduction from
the 1932 levy of $6.65 per $100. In 1931 the rate was $8.12.
NORTHFIELD, Rice County, Minn.
-BOND OFFERING.
-Sealed
bids will be received until 7:30p. m. on April 4, by A. W.
Bierman, Chairman of the Finance Committee, for the purchase of a $3,000
issue of 4%
semi-ann. poor fund bonds. Denom. $500. Due in 6 years.
(This report,
supplements the initial notice given in V. 136, p. 2102.)
OAK PARK, Mich.
-TO ISSUE NOTES FOR SALARY PAYMEN
TS.
-Starting April 1 the village will Issue 3% tax anticipation
notes
pal employees in payment of 50% of their salaries, according to municiThe notes will be secured by 1933 taxes which will be collected to report.
and redemption of same will be made on Oct. 1 and Nov. 1 on July 1
1933. The
notes may be used in payment of current or delinquent general
or special
taxes, Arthur W Stephens, Village Manager said.
OHIO, State of (P. 0. Columbus).
-LOAN GRANTED -The following announcement was made public on March 28 by the .
Finance Corporation regarding a relief loan granted to this Reconstruction
State:
"The R. F. C., upon application of the Governor of Ohio.
available $2,709,161 to meet current emergency relief needs to-day made
subdivisions of that State for periods ending April 30 1933. in 22 political
"These funds are made available under Title I, Section
of the Emergency Relief and Construction Act of 1932 1, subsection (c) •
standing that the responsibility of the political subdivisio with the underns
of Ohio to make every effort to develop their resources to and the State
provide relief
is not in any way diminished.
"In support of his application the Governor stated that
available or which can be made available within the State funds now
at this time
are inadequate to meet the relief needs of these political
subdivisions for the
period covered.
"The Corporation heretofore has made available
$12,574,776 to meet
current emergency relief needs in various political subdivisio
ns of the State
of Ohio."
OMAHA, Douglas County, Neb.-STATEMENT ISSUED
ON CITY
BONDS.
-The following is the text of a statement
Richard L. Metcalfe, Mayor, in regard to the rating ofissued recently by'
the
"I am sorry that anyone, in his zeal for the election ofcity's bonds:
his candidate,
should deem it necessary to make unjust attacks upon the
Certain speakers have sought to make it appear that it is credit of the city.
a reflection upon
Omaha's credit that the State of Connecticut does not
accept Omaha bonds
as investment for reserves.
"It is true that the State of Connecticut does not accept
city
bonds as investment for insurance and trust companies. This of Omaha
reason that Connecticut includes special assessment bonds is so for the
obligation bonds as the basis for State limitation for bonded with general
of cities. But Connecticut is the only State that does this and indebtedness
it does it for
the reason that, according to the ruling of the Connecticut
banking board,
the amount of bonds issued by a city must be limited to 7%
of
estate valuation of that city. Therefore. Omaha's outstandin the real
g bonds,
having exceeded 7% of the real estate valuation, are not
accepted by the
State of Connecticut, and all other cities are treated likewise.
"This decision is peculiar to Connecticut; no other State
it in no way affects the credit or selling power of Omaha has it, and
eastern market. For instance, according to the rules and bonds on the
down by the Banking Board of New York, city of Omaharegulations laid
bonds
ferred risks for investments for savings banks, trust companies and are preinsurance
companies. In New York and all other States,
commanding price of Omaha bonds nearly equalsexcept Connecticut, the
the price of New York
bonds and is much better than many other States.
"There are very few Omaha bonds on the market for sale and
you seldom
see an Omaha bond listed for sale. Whenever you do find
Omaha bonds
advertised, you find them at rates that will compare favorably
with any
city in the country. The bond quotation for Wednesda
show that Kansas City bonds are quoted at interest rates y, March 22 1933,
from
St. Louis bonds, 4.10 to 4.20%; State of Missouri bonds, 4.10 to 4.20%;
but these same quotations place Omaha bonds in far bettor 4.20 to 4.30%;
position, rating
them from 4 to 4.10%.
Volume 136
Financial Chronicle
"There is no justification whatever for these attacks upon the credit of
this city. Some of the very gentlemen who are making these unjust attacks
upon the credit of Omaha would be greatly shocked if any nubile or private
attacks were made upon the credit of the reputable banks or building and
loan associations of Omaha. By the same token, political speakers.should
not be willing to sacrifice the financial honor of their home town upon the
altar of partisan politicics."
OREGON, State of (P. 0. Salem).
-BOND SALE.
-The $1,500,000
Issue of State highway bonds offered for sale without success on March
15-V. 136, p. 1934-is stated to have since been purchased at a private
sale by a syndicate composed of the First National Bank, the United
States National Bank, the American National Bank, and the Canadian
Bank of Commerce, all of Portland, as foliows: $600,000 maturing on
April 1 1934 and 1935, as 6s, the remaining $900,000, due from April 1
3
1936 to 1938. as 4%s. Both blocks are reported to have been sold to
yield about 6%. The proceeds of this issue are to be employed in meeting
31,600,000 in State highway bonds maturing on April 1, according to the
Portland "Oregonian" of March 24.
OTEGO, Otsego County, N. Y.
-BONDS VOTED-The City Clerk
Informs us that at an election held on March 21 a proposal to issue $13,000
not to exceed 5% interest water system extension bonds was approved
by a vote of 85 to 32. Bonds are to mature $1,000annually and will probably be sold in April. Details of such sale will be made available by D. W.
Southard, Mayor.
OWINGSVILLE, Bath County, Ky.-BOND SALE CONTEMPLATED-We are informed that in the near future the city will offer for
sale a $13,500 issue of water system construction bonds, vot.ed at the general
election in November 1931. The money obtained from the bond sale will
be added to the $49,000 loan recently granted to the city by the Reconstruction Finance Corporation.
-V. 136, p. 1598, according to the City
Attorney.
PARAGOULD,Greene County, Ark.
-BOND SALE POSTPONED.
It is reported by the City Clerk that the company which has charge of the
engineering department of the municipal light plant proposition has not
as yet completed the necessary survey and therefore the sale or the $100.000
municipal light plant bonds, scheduled for March 20-V. 136. P. 1598,
has been postponed. Int. rate is not to exceed 6%. Due from March 20
1941 to 1958 incl.
PATERSON, Passaic County, N. J.-$1,250,000 NOTES AUTHORI7ED FOR SALARY PAYMENTS.-The Board of Finance on March 22
authorized the issuance of $1,250,000 6% notes to be used in payment
of municipal salaries during the months of March, April and May. The
notes will be in denoms. of $25 and $10 and mature on Dec. 15 1933. They
will be accepted in payment of taxes and for this reason are expected to find
ready favor with local merchants.
PIERCE COUNTY (P. 0. Tacoma), Wash.
-BOND SALE CANCELED.- We are now advised that the sale of the $560,000 issue of ceupon
funding bonds to John Nuveen & Co. of Chicago. as 5'.s at par
-V. 136,
p. 1752
-has been canceled, because of a technicality in the notice of call
for bids. Due in from 2 to 10 years.
PLAINFIELD, Windham County, Conn.
-BONDS APPROVED.
Issuance of $100,000 refunding bonds is provided for in a measure adopted
by the State Legislature under suspension of the rules on March 28.
PORT OF NEW YORK AUTHORITY, N. Y.
-AGREEMENT
REACHED ON TERMS OF $75,000,000 TUNNEL LOAN.
-The New
York "Times" of March 29 reported that, after a year's delay, the Engineers' Advisory Board of the Reconstruction Finance Corporation has
come to agreement with the Port of New York Authority Board on the
terms of the proposed loan to the latter body of $75,000.000 to finance the
construction of a mid-town tunnel under the Hudson River from 38th St.,
New York to Weehawken, New Jersey. Officials of the R. F. C. are said
to have agreed to expedite matters in connection with immediate financing
of the project. The "Times" commented on the delay incident to agreement
on the project and the compromise finally reached as follows:
"The tunnel loan had been delayed by failure of negotiators to agree on
the interest rate and security. Against the corporation's demand for 5%
the Port Authority's spokesmen, including Alfred E. Smith, acting for
Governor Lehman's emergency public works committee, held out for
4 Wt.%, as fair in times of normal financing.
Finally, on the same day that Mr. Smith conferred at Washington with
the corporation's board, a compromise on 43i% was reached and it remained
only for the corporation's attorneys to relax on their security demands.
Opposing Stands on Security.
"The corporation has taken the position that it should receive a lien
on all the revenues produced by the tunnel, but the Port Authority has
insisted that a part of the revenues be placed in a reserve fund to act as a
cushion against the possible impairment of is outstanding bonds.
"Studies conducted by the Port Authority and submitted to the corporation showed that construction of the new tunnel would divert 2,000,000
cars annually from the Holland Tunnel and another 1.000,000 from the
George Washington Bridge, together with revenues that otherwise would
accrue on the bonds underlying these facilities.
"In Niew of this, it was argued that the Port Authority should retain
part of the new revenues to safeguard its present credit position or that of
Its outstanding bonds, aggregating about $142,000,000.
"Under the agreement approved to-day, the Port Authority is to retain
a percentage of the new tunnel's revenues, but the exact figure was not
disclosed,"
POTTER COUNTY (P. 0. Coundersport), Pa.
-BONDS NOTSOLD.
-The issue of $30,000 4%% series B coupon Poor District Bldg. inapt.
bonds offered on March.29-V. 136. p. 1935
-was not sold as the one bid
received, an offer to purchase $4,000 of the bonds, was rejected. The
bonds are dated April 1 1933. Due $3,000 on April 1 from 1935 to 11944
incl. optional April 1 1938.
QUINCY, Norfolk County, Mass.
-TEMPORARY LOAN.
-The
Shawmut Corp. of Boston, purchased at private sale a $100,000 revenue
anticipation loan, due on Dec. 20 1933, for which no bids had been received
at a public offering on March 27.
READING, Barks County, Pa.
-FINANCIAL STATEMENT,
Regarding the award on March 22 of $300,000 434% funding bonds to
Leach Bros., of Philadelphia, at a price of 100.69, a basis of about 4.31%
-V. 136, P. 2103
-we have received the following in connection with the
city's finances:
Financial Statement (Feb. 15 1933)•
Tax rate (1933) Per $1,000.00
$9.00
Assessed valuation of real estate for 1933 (basis 66%) -3171.490,000.00
City bonds outstanding:
Councilmanic loans
2,956,000.00
Electoral loans
1.119,000.00
Councilmanic loan (this issue)
300.000.00
GroAs city debt
City sinking fund:
Councilmanic
Electoral
$4.375.000.00
$46,054.94
None
46,054.94
Net city debt
Water bonds outstanding
Water-sinking fund
$4,328,945.06
834.000.00
None
Water debt
Net debt (city and water)
(Exclusive of school district.)
Bonds to beredeemed during 1933
-City
Water
$834,000.00
$5,162,945.06
$253,000.00
43,000.00
Total
$296,000.00
Population (1930) census, 111,171.
RIDGEFIELD SCHOOL DISTRICT, Bergen County, N. J.
-BOND
-Arthur L. Dallery, District Clerk will receive sealed Ads
OFFERING.
until 8 p. m. on April 13 for the purchase of $50,000 5,
5;.6, 5.% or 6
coupon or registered school bonds. Dated May 1 1933. Denoms. $1,000
53j'
or $500. Due July 1 as follows: $3,000 from 1934 to 1945 incl., and $2,000
from 1946 to 1952 incl. Prin. and int. (J. & J.) are payable at the Ridgefield National Bank. No more bonds are to be awarded than will produce
a premium of $1,000 over $50,000. A certified check for 27' of the bonds
o
old for, payable to the order of the Custodian of School Moneys, nust
accompany each proposal. The approving opinion of Hawkins, Delafield
& Longfellow of New York, will be furnished the successful bidder.
2285
SALEM, Essex County, Mass.
-LOAN NOT SOLD.
-Charles G. F..
Coker, City Treasurer, reports that no bids were submitted for the $100,000.
revenue anticipation loan offered at public sale on March 30. Dated
March 31 1933 and due on Nov. 2 1933. Legal opinion of Storey. Thorndike, Palmer & Dodge, of Boston. Of the 1932 tai levy of $1,906,131, the.
uncollected amount on March 24 1933 was $560,000.
SALT LAKE CITY,(P. 0. Salt Lake City), Utah.
-BOND SALE.An issue of $100,000 4%% refunding bonds is reported to have been Purchased recently by Ross, Beason & Co.. Snow, Goodart & Co.. and associates, all of Salt Lake City, for a premium of $100, equal to 100.10, a
basis of about 4.74%. Due in 10 years.
SANDUSKY, Erie County, Ohio.
-BONDS RE
-OFFERED.
-The
issue of $10,630 6% special assessment sewer and paving bonds for which
all bids submitted on Jan. 3 were rejected-V. 136. p. 195
-Is being reoffered for award at 12 m. on April 17. Sealed bids should be addressed to.
C. F. Breining, City Treasurer. Bonds near date. of Dec. 1 1932 and are to.
mature serially on Dec. 1 from 1934 to 1943 incl.
SARANAP WATER DISTRICT (P. 0. Walnut Creek, R. F. D.)
Contra Costa County, Calif.
-BOND ISSUANCE CONTEMPLATED.
-We are informed that it is expected a $47,000 issue of5S% water system
construction bonds voted in April 1932, will be offered for sale as soon as
the State Supreme Court hands down a decision regarding the validation
of the Golden gate Bridge and Highway District bonds
--V. 136. p. 1595.
SEATTLE, King County Wash.
-MORATORIUM COMPLETED ON
PAYMENTS FOR MUNICIPAL RAIL WAY.
-The following item on an
agreement reached between this city and the Puget Sound Power & Light
Co. for a moratorium on the payments of the purchase price for the unpaid.pal.rallway, is taken from the March issue of the "Transit Journal":
"Negotiations for a moratorium on Municipal Railway purchase price
payments have been completed with Mayor John F. Dore, signing the.
Council ordinance accepting the offer of the Puget Sound Power & Light
Co. to extend the time of payment of the $833,000 due on March 1 1933 to.
March 1 1943.
"The Mayor signed after Corporation Counsel A. C. Van Soelen ruled
that a clause in the ordinance by which the city obligates itself to pay $208,400 due on March 1 as interest on the purchase bonds does not make the
general fund liable for the payment, as Mayor Dore had feared it might
tics. Mr. Van Soelen said:
"'The ordinance does not purport to extend the obligation of the city
beyond the original contract, and is in our opinion merely ancillary thereto.
The company has, however, by the limitations contained in its offer, made
it plain that it will regard the city's failure to pay said interest on the due
date as a breach of the purchase contract and as a failure of consideration
for the extension of time.'
"Replying to a specific inquiry, by the Mayor as to what the company
can do if the city fails to pay the principal instalment. Mr. Van Soelen
said 'the sole remedy' provided by the State Utilities Act authorizes the
bondholders to bring suit against the city and compel the city toast aside
funds.. the payment.
for
SENATOBIA, Tate County, Miss.
-BOND SALE.
-A $10,000 issue
of refunding bonds is reported to have been purchased at par by local
investors.
SHELBY COUNTY (P. 0. Sidney), Ohio.
-BOND OFFERING.
L. H. Harman, Clerk of the Board of Commissioners, will receive sealed
bids until 12 m. on April 11 for the purchaes of $7,200 6% poor relief bonds.
Dated Dec. 31 1932. Due March 1 as follows: $1,350 in 1934; $1,300 in
1935;$1,450in 1936:$1,500 in 1937,and $1,600 in 1938. Interest is payable
semi-annually. Bids for the bonds to bear interest at a rate other than 6%,
expressed in a multiple of % of 1%, will also be considered. A certified
check for $500.payable to the order of the County Auditor, must accompany
each proposal.
SHELL CREEK SCHOOL DISTRICT NO. 78 (P. 0. Washburn),
McLean County, N. Dak.-CERTIFICATES OFFERED.
-Sealed bids
were received until 11 a. m. on March 31, by Mable Bever. District Clerk,
for the purchase of a $1.000 issue of certificates of indebtedness. Due on
Jan. 20 1935.
SHREVEPORT, Caddo Parish, La.
-MATURITY
.-The $881,000
block of the $950,000 issue of 5% coupon semi-ann. liquidation bonds that
was purchased by the Continental-American Bank & Trust Co. of Shreveport, at par
-V. 136. p. 1239
-is due on Jan. 1 as follows: $14.000, 1934;
$15.000, 1935;$16,000, 1936:$17.000, 1937 and 1938'$18.000. 1939;$19.000
1940; $20.000. 1941; $21.000. 1942; $22,000, 1943 23.000, 1944 $25,000,
1945; $26,0
1946; $27,000, 1947; $28,000. 1948 $30,000, 1949
1.000,
1950; $33.000. 1951; $34,000, 1952; S36,000, 1953 $38,000, 1954
M00.
1955; 342,000, 1956; S44.000. 1957; $46.000, 1958 $49.000. 1959 $51,000.
1960 $53,000. 1961 and IMMO in 1962.
SPOKANE, Spokane County, Wash.
-BOND SALE.
-An if38110 Of
$100.000 5%% semi-ann. relief bonds has been purchased by the Spokane
and Eastern Trust Co. of Spokane, according to report. Due in from
2 to 10 years.
SPRINGFIELD, Clark County, Ohio.
-DEBT SERVICE FUNDS
AVAILABLE.
-0.0. Hayman, City Treasurer, reports that funds for the
payment of bonds and interest which matured on March 1, which had been
held up in transit as a result of the National banking holiday, are now in the
hands of the paying agencies and that payment of the obligations will be
made as follows: Those bonds and coupons which state on their fact that
they are payable at the City Treasurer's office are being paid at the First
National Bank & Trust Co. Springfield, while those representing on their
face that they are payable
the agency of the city of Springfield in New
York are payable at the National City Bank, New York City.
SPRINGFIELD TOWNSHIP (P. 0. Chestnut Hill), Philadelphia
-BOND OFFERING.
County, Pa.
-H. W. Billingsley. Secretary of the
Board a Commissioners, will receive sealed bids until 8 p.m. on April 18
for the purchase of $32,000 3%. 4. 45,1 or 4;i% coupon township bonds.
Dated April 1 1933. Denom. $1,000. Due April 1 as follows: $8,000 in
1935, and $3,000 from 1936 to 1943, incl. Bonds may be registered as to
principal only. Bidder to name one rate of interest for all of the bonds.
Interest is payable in April and October. The bonds and interest thereon,
it is said, will be payable without deduction for any tax or taxes, except
succession or inheritance taxes, now or hereafter levied or assessed thereon,
or on the debt secured thereby, under any present or future law of the Commonwealth of Pennsylvania or the United States of America, all of which
taxes the township assumes and agrees to pay. A certified check for 2%
of the amount bid, payable to Hugh Eble, Treasurer, must accompany each
proposal. The bonds are being issued subject to the favorable legal opinion of Townsend, Elliott & Munson of Philadelphia.
STEUBENVILLE, Jefferson County, Ohio.
-BOND OFFERING.
I. A.Cartledge,City Auditor, will receive sealed bids until 12 m.on April 12
for the purchase of$62,5006% revenue deficiency bonds,recently authorized
by the city council.
-V. 136, p. 2104. Dated April 1 1933. Due Oct. 1
as follows: $7,000 from 1934 to 1941 incl.. and $6,500 in 1942. Prin. and
int. (A. & 0.) are payable at the City Treasurer's office. Bids wi also be
considered for the bonds to bear interest at a rate other than 6%,as protided for in Section 2293-28 of the General Code of Ohlo. A certified check
for 1% of the amount bid, payable to the order of the City Treasurer.
MOBt
accompany each proposal.
STEVENS POINT, Portage County, Wis.-BOND SALE.
-The
$20,000 issue of 6% coupon special street improvement bonds that was
authorized recently
-V. 136. P. 1753
-has been purchased by an undisclosed investor. Denom. $500. Dated Dec. 1 1932. Due$4,000 from
Dec. 1 1933 to 1937, incl. Prin. and int. (J. & D.) payable at the office
of the City Treasurer.
STONINGTON,New London County,
-REFUNDING ISSUE
APPROVED-The above municipality hasConn.
been
Legislature to issue $150,000 refunding bonds. authorized by the State
SUFFOLK COUNTY (P. 0. Riverhead), N. Y.
-BOND AND CERTIFICATE A WARD.
-The $325,000 coupon certificates and bonds offered
on March 29-V. 136, p. 2104
-were awarded as 5.70s to Roosevelt &
Son of New York at a price of 100.12, a basis of about 5.65%. The sale
consisted of the following:
$250.000 work relief, series L, certificates of indebtedness. Due March 1
1935.
75.000 home relief bonds. Due March 1 as follows: $8,000 from 1934
to 1942, incl., and $3,000 in 1943.
Each issue is dated March 1 1933.
•
Financial Chronicle
2286
Apni d' 1933
The R. F. C. heretofore has made available 13.352.970 to meet current
emergency relief needs in various political subdivisions of the State of
Virginia.
. WALTHAM, Middlesex County, Mass..
--•FAILS TO OBTAIN LOAN.
-The city was unable to make cash payments to welfare recipients on '
March 28 because of its failure to negotiate a short-term loan from Boston
bankers. The municipality. it Is said, has $28,000 tied up in the Waltham
Trust Co., for which a conservator has been appointed.
.
-The Town WARE, Hampshire County, Mass.-LOANNOT SOLD.
Treasurer reports that no bids were received at the offering on March 28
of a $100.000 revenue anticipation loan, due in units of $50,000 each on '
Nov. 15 and-Dec. 15 1933. Bids were asked on a discount basis.
. ..
WATERBURY New Haven County,Conn.-RONDS AUTHORIZED. --A bill authorizing the city to issue $1,000,000 refunding bonds was-:
adopted by both branches -of the General Assembly under suspension of.
.
the rules, on March 28.
-BOND ISSUANCE
WAYNE COUNTY (P. 0. Goldsboro), .N. C.
-The County Auditor states that the bills reNOT CONTEMPLATED.
cently introdirced in the-Legislature to authorize the County to refund $100,-.
000 county bonds and to validate the issuance of $63,000 school refunding
-were only for the purpose of making exchanges
bonds
TENNESSEE, State of (P. 0. Nashville).-BOND BILLS INTRO-V. 136, p. 1239
-The following bills dealing Wei proposed bond issues, have been
DUCED.
with the present holders of county bonds and these bonds will not be offered
.
.
.
to the public.
introduced recently in the State Legislature:- Johnson City, abIll providing
,.Montgomery County,providing
1or3165.000 refunding bonds(later passed)
-BOND
. WESTCHESTER COUNTY'(P. 0. White Plains), N. Y.
for an election to vote $50,000 school bonds,and a bill providing for $20.000
-Charles M.,Miller. County Treasurer, will receive sealed .
OFFERING.
Jackson County bonds.
bids until 12 m.on April 4,ferthe purchase of$500.000 coupon or registered
Also on Morristown, a bill providing tor various refunding bonds; Erwin,. unemployment work relief bondlt Dated 4Prii 1 1933. Denom. $1,000.
to validate 1142,000 refunding bonds; Vrockett County.. providing for
Due $50.000 April 1 frorn 1934 to 1943, incl. Bidder to name the rate of
1200,000 refunding bonds; and another bill providing for 830,000 refunding
interest in a multiple of X of 1% and must indicate a single rate for the bonds of Renton.
entire issue. Principal and interest (April and October). are payable at the
,
County Treasurer's office. A certified check for 2% of the bonds bid for.
Washington'County, a bill providink for- $25. 000 refunding bonds, and
Payable to the order of the County Treasurer, must accompany each •
140,000 Erwin refunding bonds to be validated.proposal. The approving opinion of Hawkins, Delafield & Longfellow of
-A bill
BILL INTRODUCED TO AUTHORIZE STATE WARRANTS.
New York. will be furnished the successful bidder. The offering notice
la said to have been introduced in the House recently which would authorize
states that no bid will be accepted if the premium offered is greater than the
the State Comptroller to issue interest bearing wairranrs to pay debts,
interest on the bonds figured to maturity at X of 1%.
accounts, claims and unfunded obligations owed- by, the State. for which
Financial Statement (Match 29 1933.)
no funds or insufficient funds may be available in the State Treasury,
subject to limita ions and conditions as follows: The aggregate amount of
-14131, $1,808,950.060: 1932. 11.828.715,477.
Assessed valuation.
-Equalization table adopted by Board of Superthe warrants issued may not exceed $10,000,000. The warrants shall bear
Basis of Assessment.
-10% of assessed valuation.
interest from the date of issuance at the rate of 4% per annum, which
visors .838524097. Debt Limit.
Bonded Debt
1930
warrants and the interest thereoh shall be the absolute, direct and general
obligations of the State, for the payment of which the full faith and credit
1931.
1932.
1933.
Bonded debt
$49,161.445 $62,473.445 172,385,865 $80,554,160
of the State is pledged. The interest which such warrants bear shall not
Sewer debt
9.726,170 14.616,170 18.973,846
3,866,170
be compounded.
•
53,027,615 72,199,615 87,002,035 99,528,006
Full bonded debt
TERRE HILL SCHOOL -DISTRICT, Lancaster County, Pa.Floating debt
.
2,239,950.
-The Pmnsylvania Department of Internal Affairs'
BONDS APPROVED.
:
: .73 3.700.000
5,860.000 4895.a
000
2,755,000
' Floating debt (sowers
approving of $18,000 school funding hotels of
March 20 issued a certificate
.375
CountytaxrateperVie
.370
.347
the District.
Percentage debt service
40%
44%
to gross county budget
46%
55%
-REFUNDING BILL INTRON. Y.
TROY, Rensselaer County,
Percentage all other ex.DUCED.-Under the terms of a bill introduced in the Senate on March
enses to gross county
:20, the city is empowered to issue at any time after Dec. 1 1933 and during
60%
54%
56%
udget
45%
/934 such refunding issues as are declared necessary in that period. The
* Tax Collection Record,
Amount of refundings is not to exceed $370,000 and the measure does not
Total Levy (Incl. Special Collected as of
and welfare relief obligations.
-apply to maturing revenue deficiency
.
Districts, Excl. of Sewers) Mar. 1 1933
% Collected.
2
$6.749.299.32
$6,749,299.32
-BOND OFFERING.
100
- 1928
TRUMBULL COUNTY (P.O. Warren), Ohio.
6.869.693.62
6.869,693.62
100
1929
'David H. Thomas, Clerk of the Board of County Commissioners, will re7.696.245.64
7.696.245.64
100
1930
bids until 2 p.m. on April 17.for the purchase of $71,000 6%
-ceive sealed
7.627.304.55
7.627,304.55
100 0
1931
refunding bonds. Dated April 1 1933. Due $3,000 April and $4.000
8.708.108.81
8.675422.53
99.
1932
Oct. 1 1934. and $4,000 April and Oct. 1 from 1935 to 1942, incl. Bids
* Westchester County operates under a Special Tax Act, Chapter 105.
tor the bonds to bear interest (April and Oct.) at a rate other than 6%,
Laws of 1916, as amended. Fiscal year is the calendar year. Population.
'expressed in a multiple of 3I of 1%, will also be considered. A certified
1930, 520.947: 1920, 344.347.
'check for $710. payable to the order of the County Commissioners, must
accompany each proposal.
WEST HAVEN, New Haven County, Corm.--sREK $150,000 RE-A bill authorizing the town to issue $150,000 refundFUNDING ISSUE.
-BONDS AUTHORIZED.
-The
UNION, Union County, S. C.
ing bonds for the purpose of absorbing floating indebtedness incurred bea bill authorizing the city to issue
Governor is reported to have signed
cause of tax delinquencies was given a hearing on March 24 before the
05,000 of 6% refunding bonds. Due in 10 years.
Joint Legislative Committee of Finance. Issuance of the trends will neces-LOCAL TAX RATES
sitate a three-mill increase In the tax rate, according to town officials.
UNION COUNTY (P. 0. Elizabeth), N. J.
The above bill was quickly passed by both branches of the General
LOWER -The County Board of Taxation announced on March 23 tentaAssembly under suspension of the rules on March 28.
tive tax rates for 1933 of 10local municipalities, all of which show reductions
from the 1932levies. Thelist,as given in the Newark "News"of March 23.
-3100,000 RELIEF BONDS
WILL COUNTY (P. 0. Joliet), Ill.
follows:
-At a meeting on March 20 the County Board of Supervisors
VOTED.
1932. I Municiplialy- 1933.
1932.
Municipality- 1933.
authorized the issuance of $100.000 emergency relief bonds to be repaid
Cranford.
$3.72
$3.90
$3.34
Plainfield
from the county's share of State motor fuel tax refunds. The proceeds of
3.95
3.85 Springfield
4.03
3.38
Westfield
the sale will be turned over to the County Emergency Relief Commission
2.75
5.01 Linden
2.95
Union Township_ -- 4.53
to provide for relief purposes until May 15 1933.
4.19
5.31 Scotch Plains
4.49
4.77
Hillside
-BOND
WILLOWICK (P. 0. Willoughby), Lake County, Ohio.
3.82
3.28
Summit
OFFERING.-William C. Dettman, Village Clerk, will receive sealed bids
-BONDS NOT SOLD.
-No bids
UNIONTOWN,Fayette County,Pa.
until 12 m.(Eastern standard time) on April 25 for the purchase of 39,450
were submitted at the offering on March 27 of 160,0004% coupon funding
6% special assessment improvement bonds. Dated May 1 1933. Due
bonds, dated May 1 1933 and due $30,000 on May 1 In 1938 and 1943.Oct. 1. as follows: $450 in 1934 and $1,000 from 1935 to 1943, incl. PrinV. 136, p. 1935.
cipal and interest (April and Oct.) are payable at the Cleveland Trust Co.,
Willoughby. Bids for the bonds to boar interest at a rate other than 6%,
-BOND SALE.
-H. M.
Champaign County, Ohio.
URBANA,
expressed In a multiple of X of 1%, will also be considered. A certified
Crow, City Auditor, reports that the Sinking Fund Trustees have purcheck for $100 must accompany each proposal.
chased an issue of $1,000 5% fire truck purchase bonds, dated March 1
,
1933 and due $100 on March 1 from 1935 to 1944 incl.
WINCHESTER, Middlesex County, Mass. -LOAN OFFERING.
Raffle Y. Nutter, Town Treasurer, will receive sealed bids until 3 p.m. on
-BOND SALE.
-The
VENTNOR CITY, Atlantic County, N. J.
discount basis of a $300,000 revenue anticipaApril 5 for the purchase at
164,000 coupon or registered bonds offered on March 27-V. 136, p. 1935tion note issue, dated April 10 1933 and due on Nov. 10 1933.
-were awarded as 6s, at a price of par, to the Ventnor City National Bnak.
-BOND RETIREMENT
The award comprised:
WINTER HAVEN, Polk County, Fla.
Due March 1 as follows: $1,000 in
-At a meeting of the City Commission held on March 23 it was
REPORT.
138,000 general improvement bonds.
1935 and 1936. and $5,000 from 1937 to 1942, inclusive.
announced that $96,000 worth of city bonds were retired since Nov, 1 1932.
26,000 assessment bonds. Due March 1 as follows: $2,000 in 1935, and
$3,000 from 1936 to 1943, inclusive.
Each issue is dated March 1 1933.
Financial Statement.
-E rPECT REFUNDING OF $60.000.000
CANADA (Dominion of).
Financial Statement (Dec. 31 1932).
-The Dominion Government's only appearance in the
$28.001.931.00
ISSUE HERE.
assessed valuations (real and personal) 1932
Total
this country during the present year Is expected to be
3 955.138.58
financial market in
Total bonded debt
in connection with the refunding of 160.000.0004% coupon Treasury notes,
Analysis of Debt.
due on Oct. 1 1933, which were underwritten in the New York market a
$652,000.00
School bonds
year ago by an extensive banking group headed by the Chase Harris Forbes
582,000.00
Water bonds
Corp., of New York-V. 135. P. 2372. In addition, internal refunding
88,227.15
Assessment notes
operations will involve maturities amounting to 1219.971,850. according
56.500.00
Tax anticipation notes
to the report.
107,000.00
Tax revenue bonds
14.819.55
Emergency notes
-The city
CHICOUTIMI, Que.-PLAN $1,000,000 BOND ISSUE.
other bonds or notes:
council will apply to the Provincial Legislature for authority to issue
Any
1,825.000.00
Bonds
11,000,000 bonds.
71,847.20
Notes
-The council has decided
DURHAM, Ont.-BONDS AUTHORIZED.
10,456.10
-Cash in sinking fund
to issue $10,000 hydro-electric power bonds to mature in 30 years.
-Boardwalk, bulkhead, fire, fire
.Sinking fund-(bonds)
police. City park imp.,U. S. Lib.loan. water. sewer.
TOWNSHIP (P. 0. La Tuque), Que.-BOND OFFERand
LANGELIER
125,600.00
recreation pier
ING.
-Sealed bids addressed to J. D. Brassard, Socretary-Treasurer, will
803.629.72
Net debt (after all legal deductions)
be received until April 3 for the purchase of 13.500(I% road inapt. bonds.
2.56%
computed, according to statute)
Percentage of net debt (as
Due serially on Nov. 1 from 1933 to 1917 incl. Min and int._payable at
the Banque Canadienne Nationale in Montreal, Quebec or La TlIqUe.
Tax Collections Report.
Tax Collected. Tax Delinquent. % Delinquent
Levy.
Year
-It is announced
PORT COLBORNE, Ont.-BONDS FOR SALE.
$76.242.59
1928
that the town has an issue of 891,556 5 and 6% Improvement bonds, due
.0647
66,890.04
$967.096.15
$1,033,986.19
1929
In 10, 15, 20 and 30 installments, which it would like to sell.
.1164
120.965.64
918.307.67
1.039.273.31
1930
.1971
221,001.99
900,027.77
1,121.032.76
QUEBEC (City of).-MUNWIPALFZATION OF ELECTRIC SER1931
.3721
360,762.74
-The following statement on the action of the
608.767.67
969,530.41
VICES DEFEATED.
1932
Population last census. 6.674.
Provincial Legislature in defeating by a vote of 44 to 10 a proposal for
municipal distribution of electricity in the city of Quebec was made public
-LOAN GRANTED BY
VIRGINIA, State of (P. 0. Richmond).
on March 29:
-On March 25 the
.RECONSTRUCTION FINANCE CORPORATION.
"A proposal to municipalize electric services in the City of Quebec was
following announcement of the granting of a relief loan was made public
recently defeated by a vote of 44 to 10 in the Legislative Assembly of the
the R. P.O.:
by
Province of Quebec. The action followed the appearance of Premier
of the Governor of Virginia. the Corporation to-day
Upon appllcation
Taschereau before a committee of the Assembly, In which he laid down
made available $38.824 to meet current emergency relief needs In seven
the Government policy that it was not in the interests of the Province as
counties of that State.
a whole to imperil the credit or development of private enterprise.
available under Title I, Section 1, subseotion (c) of
-These funds are made
aft
The Premier stated that the Province of Quebec intended to adhere to
1932.
the Emergency Relief and Construction Act of
Its long established policy of power development by private companies.
application the Governor stated -that funds now availyo•In:support of his
at this time are inIn which $500.000,000 has been invested. Including considerable American
within the State
able or which can be made available
sapital. The City of Quebec Is served by the Quebec Power Co.
political sublivislons.
-:adequate to meet the relief needs in those
-The
-NOTE RENEWAL.
STRATFORD, Camden County; N. J.
Sorough Council on March 14 renewed $12.000 temporary impt. notes and
18.000 tax revenue notes, to mature in three months.
-BONDS CANCELED.SUTTON COUNTY (P. 0. Sonora), Tex.
It is reported that at a county-wide election held recently the voters
approved the cancellation of $155,000 out of a total issue of $175,000
-highway bonds.
SYLVAN BEACH FIRE DISTRICT (Verona and Vienna), N. Y.
-W. V. Cottman, Chairman of the Board of Fire
BOND OFFERING.
Commissioners, will receive sealed bids at the offices of Messrs. Coville &
Santry, Madison County Trust-ar Deposit Co. Bldg., Oneida, until 2 Pno•
on April JO for the purchase of $9,000 not to exceed 6% interest registered
,
fire house and equipment bonds. Dated Feb. 1 1933. Denom. 8_600.
Due $600 annually on Feb. 1 from 1934 to 1948, inCE •.Rate of interest to
be named by the bidder in a multiple of X of 1% and must be the same for
all of the bonds. Principal and Interest (February and August) are payable
at the Madison County Trust & Deposit Co., Oneida. A certified check
for 8200, payable to the order of the District, must accompany each
proposal. The approving opinion jof Clay, Dillon & Vandewater, of New".
York, Will be furnished the successful bidder.
g
$33.73
CANADA, its Provinces and Municipalities
@FedFRASER